The process of opening an Offshore Bank Account in 2019 is not as difficult as it once was. The UAE’s economic environment has remained financially stable as a result of various banking regulations. The UAE’s banks maintain their reputation of providing a high level of customer service while complying with international standards.
Nonetheless, there are requirements which business owners must follow in order to open an offshore bank account in the UAE. If you are not yet an owner of an offshore company, read one of our offshoring blogs, contact us for Free Advice and receive expert PRO assistance!
The Benefits of an Offshore Bank Account
Offshore banking benefits from having relatively few financial restrictions. Below you can find a list of advantages of an Offshore Bank Account:
- Full tax exemption
Dubai’s offshore owners benefit from 0% taxation, access to foreign banking facilities, as well as the ability to effectively pursue business outside of the UAE.
- Full confidentiality
An offshore company’s owners benefit from having the complete privacy of their details, the banks will also not disclose any information to other parties.
The Requirements of Opening an Offshore Bank Account
- Presence of the owner during the application process
If it is not possible to fulfill this requirement, a representative of the bank can meet the owner in his country of origin/place of residence or the owner will verify his/her identity at a foreign branch of the UAE bank.
The below-mentioned documents will be required for an offshore bank account opening:
- Offshore Company License
- Owner’s passport copy with a stamped entry permit into the UAE
- If the MD is not one of the shareholders, copy of the director’s passport (main pages)
In certain cases the banks will also need:
- Business plan
- Shareholder CV
- Existing contracts
- Memorandum of Articles
- Disclosed source of funds
- Certificate of good standing
- Reference letters from business partners
- Corporate structure tree diagram (Company Letterhead)
Offshore bank accounts are subject to KYC requirements (Know Your Customer) which determine the identity of the person opening the account, as well as the identity of the beneficial owner of the bank account (if applicable). These requirements are in compliance with strict international standards which aim to prevent illegal activities such as money laundering.
As mandated by the Central Bank, due diligence procedures are required, banks require the following information:
- The owner’s primary field of business
- Number of deposits
- Key suppliers
How We Can Help to open offshore bank account
With our assistance, you will be more likely to open your offshore bank account as we will make sure that you will understand the application process and know all of the required documents which need to be attached for clearing.
We provide advice and assistance which you can use to reduce the duration of the bank account opening process while increasing the chances of its successful completion. This process can be time-consuming due to the bank’s approval processes.
The process, policies, and requirements of opening an offshore account vary amongst most banks. If you require additional information regarding this topic, it might be best for you to consult with an expert. We can share our expertise regarding offshore bank accounts and assist you with the opening procedures where possible. Additionally, online banking facilities can be made available if you will not be able to attend the bank’s branches for each transaction.
Dubai Business Advisors will assist you with simplifying as well as speeding this process up to prevent you from encountering any obstacles with opening your offshore bank account!
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