With a robust economy, UAE is one of the top investment destinations at the global level. Whether you are interested in setting up an offshore business in UAE or shifting your assets to UAE, you need to have an offshore bank account in UAE for efficient management of your finances. IBM Global can help you open an offshore bank account Dubai without any hassles whatsoever.
Let’s see what an offshore account is. It is an account in an offshore bank. How does it differ from an account at a bank in a person’s country of origin? The difference is that in the case of an offshore bank account, it is an account in a country that's not the account holder’s country of origin.
Depending on the jurisdiction of the bank, offshore accounts in Dubai offer a host of benefits to the account holder. Zero tax on deposits is a major attraction. It is possible to open an offshore account without the account holder’s physical presence in a foreign country. In other words, the account-holder need not visit the country where the offshore account is hosted. Submission of all the relevant documents that certify the individual's identity and assets is the only requirement.
Employees working abroad too can enjoy amazing benefits by opening an offshore bank account. Yet another section of people who stand to gain immensely from an offshore bank account are those who travel abroad frequently. With an offshore account, they can keep and operate the same bank account from multiple countries, without going through the hassles of opening a bank account in different countries.
Another advantage is the security of your funds. If your country is politically or economically volatile, an open offshore bank account Dubai is a safe bet. UAE offers your assets a high degree of protection against financial volatility and insolvency. Also, an offshore account in Dubai or any other emirate protects your money against seizures in your home country. Add to these, the high confidentiality accorded to your business bank account in Dubai
There are other benefits including 24/7 access, attractive interest rates, greater privacy, and better investment opportunities that an offshore account offers.
Next, we shall examine the procedural formalities related to opening an offshore account in the UAE. You can open an offshore bank account online as well.
If you don’t have a business in UAE, it is not recommended to open an offshore bank account UAE, as it involves a lot more checks and balances and restrictions.
It makes better sense to get your offshore bank account opened by hiring the services of a consultancy such as IBM Global that can successfully complete all the formalities on your behalf and ensure due diligence. Also, our expertise can speed up the entire process.
Documents needed to set up an offshore bank account may vary according to the jurisdiction and business model. As mentioned earlier, the proper submission of valid, error-free documents is very important.
Regardless of the bank’s jurisdiction, you are required to present documents to prove your identity and assets. You will also need to provide proof of your physical address. With the UAE taking a strong stand against financial crimes and terror financing modules, it is essential to provide proof of authenticity of the submitted documents. As you can see, the documents and the process differ depending on whether the account is a corporate account or a personal account and if you are a UAE resident.
For non-UAE residents, the Ministry of Foreign Affairs all the documents are required to be certified/attested before submission. Additionally, you will have to physically sign on the bank account's verification document in the presence of the Banking Officer. A lot of banks may also demand details of your corporation's transactions, future profit estimates and list of business activities.
Offshore accounts can be a standard current account with online banking features along with savings accounts and currency services. A better and more powerful account is an offshore private banking account. With an offshore private banking account, you will get access to a full suite of investment products and wealth management services. The entities offering such private account services include offshore subsidiaries of major financial institutions; and some local banks in the UAE.
If you are a UAE resident, you can choose from over 300 offshore accounts. Choosing the right account can enhance your financial health.
IBM Global has the experience and expertise to guide you to open an offshore bank account in Dubai. We provide professional advice on the right banking solutions for you or your firm.
The requirements for opening a bank account in the UAE differ from one bank to the next. Although, in most cases, the presence of a key director or shareholder is essential.
The advantages of having a business account include the ability to track costs, calculate tax liabilities quickly, and manage cash flow.
Yes, you may create a business account in a variety of major international currencies other than UAE dirhams.
We can speed up the process of opening a corporate bank account in UAE using our expertise and experience. Our services are affordable and reliable.
