9. Open offshore bank account in United Arab Emirates
Kw: Open offshore bank account
in United Arab Emirates
Kw: Offshore Bank In UAE Dubai,
Offshore Bank Account, OFFSHORE BANK
to Open offshore bank account
in United Arab Emirates
days, many people seem to be interested to Open offshore bank account in United Arab Emirates. Doing some research will help you to know how to take the
correct approach. You can open a corporate as well as a personal account in the
UAE. In the case of a corporate account, it is opened to secure your
organizational activities. The second type is to manage your personal finances.
What to do to open a corporate account?
You need to first register an offshore company. You may have plans
to deal with international trading activities. If so, then the prevailing
UAE-based offshore jurisdictions like RAK ICC are likely to provide you with
some advantage. However, UAE offshore activities are limited. But you cannot
offer financial services to the Emirates or even its border areas. At the same
time, a resident visa cannot be applied for in the UAE. You cannot even get the
status of being the country’s tax resident.
Who can help open up a company for Offshore Bank In UAE Dubai?
Emirates offshore company registration, you need to hire a reputed registration
agent. The agent should be located within the chosen offshore jurisdiction. You
can get hold of an accredited agent list. Agents are periodically removed or
added to the list by the jurisdiction. This depends on their being compliant
with the offshore jurisdiction requirements. The procedure involving
registration and preparing an offshore company can be simple. The time taken
for this process to complete is approximately 2-4 working days. The cost value
for the offshore company founders in the UAE may vary between USD 1,500 to
up Offshore Bank Account in the UAE for offshore companies
the majority of the cases, the banks in UAE might refuse to provide corporate
accounts to offshore companies. Several investors are found to own UAE
registered offshore companies. But they fail to open up a corporate account
here in the international or local banks.
up a bank account in the United Arab Emirates is a bit tough. But with the
guidance offered by the industry professionals, the process can become quicker
and simple. Dubai banks along with the other Arab Emirates now offer bank
accounts to citizens of preferred countries. However, residents of other
countries may find it tough to open accounts, be it private or corporate. For
example, citizens of Syria, Ukraine or Iran are likely to encounter problems
during the early stage when submitting crucial documents. Although they may have
bank account holders in the U.S., still Arab bankers may not favor them.
sanction countries, the banks may have a list of some high-risk countries, the
citizens of which are not offered bank accounts. Such high-risk countries
include Russia, China, Malta, Cyprus, etc. Documents submitted of the company
founders coming from these countries are reviewed vigilantly. The bank might
refuse to provide an offshore account, while not providing the exact reason. This
is because banks tend to follow their own internal rules.
citizens belonging to such high-risk countries should take professional help
while opening an account with an OFFSHORE
BANK. They need to be well
prepared with the essential documents to be submitted to the bank authorities. The
industry specialists are aware of the dos and don’ts, thereby helping clients
to overcome the hassles of opening offshore accounts. The specialists are known
to be aware of the local Arab market as well as the prevailing banking rules. They
communicate with the bankers daily, understand the requirements and expectations
of banks. They also know the cause-effect relationship associated with
Essential document list to Open offshore bank account in United
is a comprehensive list of documents to submit to open an offshore account in
the UAE. You need to go through the list of documents and prepare them in
advance. Following are the documents to be submitted:
· Bank statement of the last six months of
the company founder. It should be the company founder’s personal account and/or
the parent company.
· Documentary evidence to be submitted of
running a similar type of business, not necessarily offshore. It should be for
three years in the UAE or any other country. Also should be submitted its
audited financial statements.
· Recommendation letter from founder
residence country’s bank.
· Transaction accounts to be submitted as
· The passport should have a UAE entry
· Legal documents to be submitted for the
company to be established in the UAE along with the owners’ identity cards.
· The future company’s business plan along
with turnover forecasts, customer and supplier prediction.
to remotely set up an Offshore
Bank In UAE Dubai?
web is full of such questions pods by people from across the globe. Setting up
a corporate account in any reputed UAE bank is not possible remotely. Whether
you set up an account for your registered company in the Mainland or the Free
Economic Zones does not matter. The company’s director or founder must visit
the bank in person to complete the necessary formalities.
someone promise to help set up an Offshore Bank Account in the UAE? Are you misled?
your physical presence is not necessary for the bank’s branch where you plan to
have an account. However, you are to meet the banker. This is irrespective of
opening an account for your onshore or offshore company. Depending on your
banker’s flexibility, it can be done anywhere. However, the meeting should be
scheduled within the UAE jurisdiction.
To set up a
private account for personal purposes, you should have million dollars.
company owners can delegate the banker meeting process. An employee can be sent
for the purpose with a valid UAE visa. He/she can represent your company with
the banker. But for the offshore company bank account, the owner needs to meet
the banker in person within UAE jurisdiction.
The experienced consultant can help you Open offshore bank
account in United Arab Emirates without much hassle.