As more and more offshore companies are getting incorporated daily in Dubai, the demand for offshore banking in the city has also risen significantly.
If you are looking forward to opening a Dubai offshore bank account but are unsure where to start, you have come to the right place.
So, let’s start with the basics first.
What is offshore banking in Dubai?
Offshore banking in Dubai means a company operating outside Dubai opening a bank account in the nation.
JAFZA is the only offshore location in Dubai, so it is the most in demand.
Any individual or a business entity that wishes to set up or has already set up its own offshore company needs to open an offshore account to carry out its financial transactions.
You can open two types of offshore bank accounts in the city:
- Offshore accounts for individuals
- Offshore accounts for corporates
What are the Benefits of Offshore Account in Dubai?
We have heard things like offshore account is illegal from almost everyone, and for many reasons, we know that those are baseless. The benefits of an offshore company are many and so are offshore accounts in Dubai. Let us discuss them.
- Save heavy taxes & get tax relief.
- Deal in multiple currencies.
- Handle foreign exchange transactions.
- Securely store your money and assets.
- Get expert investment advice.
How to Open Offshore Account in Dubai?
You need to follow the below-mentioned steps to open an offshore account in Dubai. It is more or less similar to opening an offshore bank account in UAE.
Step 1: Complete your KYC.
The KYC process for bank account opening involves the following four test proofs:
(1) Proof of Identity,
(2) Proof of Residency,
(3) Credit History Report, and
(4) Proof of Wealth.
Step 2: Pay Initial Deposit.
After completing the KYC process, you must deposit money in your newly created account.
Step 3: Submit the required documents.
Documents Required for Opening an Offshore Company Bank Account in Dubai
Offshore Company Bank Account in Dubai requires the following documents
- Memorandum of Association
- Articles of Association
- Certificate of Incumbency
- Client profile
- Company brochure with description
- Attested certificate of good standing
- Bank passbook ( past 6 to 12 months )
- Document certificate by the Ministry of Foreign Affairs
After submitting the documents mentioned above, you need to wait for a maximum period of three weeks to open an offshore account in Dubai.
Once your bank account is activated, you can even get online access to your account.
What is an online offshore bank account?
The Dubai government has introduced a new and effective technique to ease your financial transactions - Online Offshore Bank Account.
It allows you to manage your transactions from any part of the world.
Apart from this, the other features of an online offshore account are
- 24/7 Availability.
- Faster transactions.
- Easy access.
- Quick service.
Now that you’ve learned so much about Offshore Bank Accounts in Dubai, the next step is to decide how to open one for you.
While foreigners can complete this process independently, getting help from experts in this field is always better.
If you need guidance regarding opening your offshore account in Dubai, you must contact Commitbiz.
We are a leading business setup consultant in the UAE that provide all kinds of company incorporation services at a very affordable cost.
Contact us to learn more about our services.