Offshore Company Bank Account In UAE

Opening Of An Offshore Company Bank Account In UAE

In recent years, the financial industry has gotten increasingly convoluted. Nowadays, opening an offshore company bank account in UAE is fairly complicated. Banks all across the world have established new compliance and due diligence standards, as well as record-keeping and risk mitigation measures.

Dubai Offshore Company Bank Account

Many overseas businesses are eager to open an offshore bank account in Dubai. All UAE banks offer appealing international business facilities, such as a stable local currency exchange rate versus the US dollar, internet banking, and no restrictions on money repatriation.

However, if you wish to register an offshore bank account in Dubai, it is preferable to start a business in the UAE.

Banks may do further checks on your organization and business, wasting time and perhaps rejecting the account. International company bank accounts are classified as a “high risk” category by UAE banks.

All incorporation documentation of your foreign business must be legalized in the UAE embassy in the country of origin and the Ministry of Foreign Affairs in Dubai – this procedure is fairly costly. Only one paper requires complete legalization, which costs around 800 dollars. You’ll require around 5 of these.

The success rate of a foreign entity opening an offshore bank account in Dubai is normally relatively low. 

How To Open An Offshore Company Bank Account In UAE

In this situation, creating a bank account will be simpler, quicker, and less expensive. Creating an offshore corporation is the most cost-effective way to launch a business in Dubai. You can set up an account with a few of these local banks if you start a RAK offshore business:
  • Mashreq Bank 
  • Emirates Islamic Bank 
Your banking options will be significantly more comprehensive if you choose to start a company in one of the UAE’s free zones:
  • NBD Emirates
  • First Abu Dhabi Bank 
  • Mashreq Bank 
  • Emirates Islamic Bank 
  • ADIB
The UAE mainland business is the quickest in terms of creating a bank account, but it is more expensive in terms of yearly maintenance and requires a local resident as a service agency with 0% of the shares or a sponsor with 51 percent of the shares.

Documents Required For Opening An Offshore Company Bank Account In UAE

Prepare the following documents and information:

  • Bank statement
  • Proof of residency: a recent utility bill or any other document from the municipality showing your residence is acceptable.
  • CV with relevant work experience
  • A business description is a brief document that explains the nature of your company and how you want to run it.
  • Estimation of yearly revenue and first deposit into the new account
  • Names of potential customers and suppliers, as well as the countries where the transaction will be conducted

It is advisable to contact business setup specialists in Dubai like Damaar Business Setup Consultants, where you are most likely to be successful in creating an account, to assist you in assessing your situation and identifying the banks.


Maintenance Of Offshore Company Bank Account In UAE

To “activate” your account once it has been established, you must first deposit a minimum balance. The minimum balance amount is always discussed when you interact with your bank account establishing agent for the first time. 

After sending funds to your account, do not leave it idle. Because banks frequently “freeze” passive accounts when there are no transactions.