Offshore bank account opening in Dubai
Open an offshore bank account in the United Arab Emirates, which offers the following advantages:
- No restrictions on the transfer of funds
- You can use online banking to manage your account from anywhere in the world.
- Exemptions from taxes for your offshore business
The ideal option is to form an offshore company if you need to open this type of account with a UAE bank.
What businesses is an offshore company in the UAE suitable for?
IT companies that do not need to have a physical presence in the Emirates or hire staff may find this type of form appropriate.
Generally, foreign corporations choose to incorporate an offshore company for holding reasons or to conduct trade operations outside the United Arab Emirates. The offshore zones in the United Arab Emirates, including Dubai offshore, are a great place to start a business overseas.
Note: Foreign companies have fewer benefits compared to businesses based in a free trade zone or on the mainland. They face greater limitations, including being rejected for accounts and needing numerous documents. This leads to higher fees and banks unwilling to open accounts for them. The company’s owners will also go through a strict compliance process.
We advise speaking with experts if you wish to open an offshore business and bank account for it. On your own, you can collect and submit documentation, but your work may be useless. You run several risks:
The bank may view your actions as risky.
They might not open accounts for businesses similar to yours or
The minimum amount needed might be excessively expensive.
Therefore, even though it can be difficult, opening a bank account for an offshore business is feasible if you consider the complexity of local laws and the banking system and rely on the knowledge of experts in this area.
How can we help?
When it comes to setting up such a bank account, our business consultants at JSB Incorporation can help you with the following:
- We will thoroughly examine your situation, needs, and objectives to provide the best option for establishing an offshore business in the United Arab Emirates.
- We will assist in preparing the required paperwork and registering the offshore business with the relevant government agency.
- We’ll suggest the best banks for your business.
- We will set up in-person meetings and provide advice to trustworthy bankers in many banks.
- Until the desired result is obtained, we will monitor and supervise the account opening procedure.
Documents required to open an offshore bank account
- Compared to other account types, the list of paperwork required to open an offshore bank account is the largest. You must offer:
- Corporate documents (license, articles of association, memorandum of association).
- Bank statements and supporting documents (contracts, invoices, bills of lading, etc.) for transactions.
- A board resolution selecting a signatory to create a business account.
- If you own another business, prepare a company statement and ownership documentation. It is usually beneficial to have an established company outside of the United Arab Emirates.
- A recent utility bill or any other document from the municipality attesting to your address serves as proof of residency.
- Shareholders’ resumes with appropriate business experience.
- A thorough explanation of your company.
- The account’s initial deposit and estimated yearly turnover.
- Names of potential consumers, product names, and the countries where transactions will occur.
How to set up a company for an offshore account?
Registering authorities
The UAE offers two options for establishing an offshore business: JAFZA or RAK ICC. Another option is to register an offshore company in Ajman.
Timeline
It will take at least one week to complete the registration procedure.
Essential documents for offshore company formation
- Passports of shareholders
- CVs of shareholders with relevant business experience
- Original proof of residence
- Memorandum of Association
- Setup application
Don't miss out on this limited-time opportunity!
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contact us
Find us Here
Office No 20, 4th Floor, Al Moosa Tower 2,
Sheikh Zayed Road Dubai, United Arab Emirates P.O. Box 27614.
Get In touch
+971 4 824 4842
info@jsbincorporation.com
Send Your Inquiry
Advantages of offshore bank accounts in the UAE
There are various advantages for a foreign business that has an offshore bank account in the United Arab Emirates.
- It is a low-cost method of getting a license and beginning to do business internationally.
- It is possible to register the business remotely. However, a personal visit to the bank is required in order to open a bank account.
- The business enjoys tax benefits.
- The account’s ability to transfer money is unlimited.
- Online banking makes it possible to administer the account remotely.
Limitations of offshore companies that need bank accounts in Dubai
However, there are several limitations that offshore businesses must take into account:
- A resident visa is not available in the United Arab Emirates.
- They are unable to accept money from local organizations or engage in commercial activity within the United Arab Emirates.
- Without a license, they are unable to offer banking, insurance, or financial services.
- They are unable to rent office space.
- Opening a bank account is a more involved and time-consuming process.
- Banks carry out more comprehensive inspections.
- Opening comes at a larger expense. Every document costs about $1,000 and needs to be legalized.
Countries under risk
With the exception of businesses based in nations like Iran and Syria that are on the UAE’s sanctions list. Any foreign business can create an offshore company and open an offshore company bank account in Dubai.
The documentation stage will be more difficult for entrepreneurs from high-risk nations like China, North Korea, and Russia.
Although the list of these nations is constantly changing, business consultants can help reduce risks and challenges since they have the most recent knowledge.
Where to open an offshore bank account
For offshore companies in RAK:
You can apply to create an account with any of the following local banks if you set up an offshore business in Ras Al Khaimah (RAK):
- Mashreq Bank
- RAKBANK
- Emirates Islamic Bank
- Emirates NBD
- First Abu Dhabi Bank
For companies in UAE free zones:
You will have even more banking options if you select one of the UAE’s free zones:
- Emirates NBD
- First Abu Dhabi Bank
- Mashreq Bank
- RAKBANK
- Emirates Islamic Bank
- ADIB (Abu Dhabi Islamic Bank)
Offshore bank account management
You need to make a minimum deposit to activate your bank account after opening it. Your first appointment with your personal account manager is typically when you discuss the deposit amount, which varies based on the bank. Usually, business consultants are also aware of this need.
Because opening an offshore account is complicated and requires strict compliance, bankers often require a balance of at least AED 500,000 (USD 137,000). The bank will impose monthly maintenance costs if the average monthly balance is less than the minimum amount necessary. Depending on the bank and account type, these fees may vary from $10 to $100.
Conclusion
JSB Incorporation offers a seamless and reliable process for opening offshore bank accounts in Dubai. This service is designed to meet the needs of businesses and individuals seeking financial growth and security.
JSB Incorporation has years of expertise navigating Dubai’s banking landscape. They provide personalized support, ensuring compliance with legal requirements and unmatched efficiency in setting up offshore accounts.
Book your free consultation call today to get started.
FAQs
Both individuals and businesses can open offshore bank accounts in Dubai, subject to meeting the bank's requirements.
Common documents include a passport copy, proof of address, and company registration documents (for businesses).
Yes, opening an offshore bank account in Dubai is legal and regulated by the UAE's banking laws.
Benefits include tax efficiency, confidentiality, asset protection, and easy international fund transfers.
Yes, most offshore bank accounts offer online and mobile banking services for remote access.
Don't miss out on this limited-time opportunity!
We'd Love To Hear From You
contact us
Find us Here
Office No 20, 4th Floor, Al Moosa Tower 2,
Sheikh Zayed Road Dubai, United Arab Emirates P.O. Box 27614.
Get In touch
+971 4 824 4842
info@jsbincorporation.com