Offshore Account Opening

A bank account that can be opened outside of your home country is known as an offshore account. This form of account is used to protect and safeguard your assets when making foreign transactions, as well as to take advantage of tax benefits. Dhanguard will direct you through the process and prepare the appropriate documents. We'd be happy to speak with you about the steps you need to take to open your own Offshore Bank Account. We ensure the contact between you and the bank is as effective as possible.

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Offshore Account

Many foreign companies are willing to open Offshore Account in UAE. All United Arab Emirates banks have attractive services for growth of international business. The services offered are stable rate of local currency against USD, online financial transactions, no limits on repatriation. Though, if you want to open a UAE offshore account, we at Dhanguard will assist you with the process as well as to prepare documents for the same. We would be happy to discuss with you what preparations you need to make in order to pave the way to your own Dubai offshore bank account. We make sure that the communication between you and the bank remains at a very efficient level.

An offshore account is a bank account that can be opened outside your home country. This type of account is used to protect and secure you assets and take advantage of the tax benefits while making international transactions.
Offshore bank account offers tax benefits, admission to international markets & currencies, asset protection and permit international transaction and access to investment products & asset management.

What are documents required for Offshore Account opening in UAE?

The documents required for opening of Offshore Account are as follows-

documents required for Offshore Account

Personal Bank Statement

This document is needed to show the source of funds for the applicant company.

Corporate Statement

If you have any other company, prepare a corporate statement and ownership documents. It is a big plus if you already have existing business based out of UAE.

Proof of residency

Recent utility bill or any document from municipality confirming address

Resume

You are required to submit your resume to show relevant experience

Business description

Short document which will explain the nature of your business and how you are planning to conduct it

Monetary Requirement

Assessment of annual turnover and primary deposit to the account that is needed to be opened

Details of the clients

Names with personal details of potential clients and supplies has to be mentioned. It is also required to mention the countries where the business will be conducted.

Maintenance of Offshore Account

Once your offshore account is opened, it is compulsory to deposit a minimum balance in the account in order to “activate” the offshore account. The minimum balance amount is always determined at the initial meeting with the concerned bank account opening officer.

If your account balance has fallen below the required minimum balance then the bank will charge you some monthly fees for maintenance of the account. The amount will vary from bank to bank depending on the bank and the type of account. 

What are the Benefits of Offshore Account in UAE?

The benefits of Offshore Account in UAE are as follows-

Benefits of Offshore Account in UAE

Stable Currency

Dirham will be considered as the only currency for all your transactions related to the Offshore Bank Account.

Full Repatriation of Funds

In the corporate world, repatriation generally refers to the transformation of offshore capital back to the currency of the origin country in which the business is based.

Online Banking

Opening of offshore account also provides you with the benefits of online banking.

Easy Withdrawals

Having an offshore account, the company can easily withdraw the required amount.

Quick Transfers

You can easily transfer funds to another after having a Business Account in UAE.

Why it is difficult to open Offshore Account in UAE?

The most important question is that why it is difficult to open a Business Account for Offshore Companies. As we are aware about the practice in the UAE, practically in 70% cases, banks refuses to open corporate accounts for offshore companies. This happens due to several investors have companies registered in the UAE as offshore companies that does not open business accounts with local banks or international banks.

The complications of opening bank accounts in the UAE are already discussed, but in the case of offshore companies, opening a business bank account in the UAE has become the exemption rather than the practical norm that is generally followed.

The banks in the United Arab Emirates are now more open to talk about the lists of countries for whom the banks of UAE rarely open accounts for neither business account nor personal account.

In addition to the sanctioned list of countries, banks also have a list of high-risk countries. For Examples the countries in the list of High-Risk are Cyprus, Malta, China, Russia etc. Documents of the organizers from these countries are reviewed extremely attentively and vigilantly. If the bank has decided to refuse to open an offshore account for any particular country or company then you will never know the reason for such decision from the bank.

It is recommended to carefully prepare the required documents on order to pass the scrutiny conducted by the concerned bank. Before filing with prepared documents, it is suggested to contact our specialized team to know the cause-effect link of failures, understand the prospects, and requirements of banks.

Offshore Account Related FAQ

Frequently Asked Questions