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9. Open offshore bank account in United Arab Emirates

Main Kw: Open offshore bank account in United Arab Emirates

Secondary Kw: Offshore Bank In UAE Dubai, Offshore Bank Account, OFFSHORE BANK

How to Open offshore bank account in United Arab Emirates

These 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?

For 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 3,000.

Opening up Offshore Bank Account in the UAE for offshore companies

In 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.

Setting 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.

Besides 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.

Therefore, 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 failures.

Essential document list to Open offshore bank account in United Arab Emirates

There 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 proof.

·       The passport should have a UAE entry stamp.

·       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.

How to remotely set up an Offshore Bank In UAE Dubai?

The 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.

Did someone promise to help set up an Offshore Bank Account in the UAE? Are you misled?

·       It means 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.

·       Onshore 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.

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