Offshore Company Bank Account Opening

Basic Document Required for Offshore Company Bank Account Opening

The necessary documents required for offshore company bank account opening is too large. Below is the list of key documents:

• The parent company’s bank account and/or the founder’s personal account for the last six months.
• Accounts are used as evidence for transactions in statements (3-5 accounts will suffice).
• Recommendation letter from the founder’s country bank.
• Documentary evidence of running the same business in the UAE or any other country for at least three years with audited financial statements.
• Future company business plans with forecasts for turnover, customers, and suppliers.
• Legal documents and owner’s ID cards in the United Arab Emirates.
• Passport with the UAE entry stamp.

Types of Bank Accounts You Can Open Offshore

There are two types of offshore bank accounts in Dubai:

• Current Account: This bank account provides easy and fast accessibility to money. The client can withdraw an amount at a notice moment and would have features like cash points and debit cards. The rate of interest on the current account is greatly reduced due to the bank’s requirement to keep enough liquidity to complete the demands of clients to withdraw.
• Savings Account:Savings accounts usually have a limit of funds withdrawn in one go. Often the banks need a fixed notice to pay the requested funds. This enables the banks to pay a high rate of interest as the bank requires less liquidity.

Advantages of Offshore Company Bank Account Opening

• High-security standards
• No credit scores
• Strict banking confidentiality
• Multiple currencies
• Direct bank transfers or through correspondent banks by IBAN and BIC
• Capital management and portfolio management
• Direct accessibility to online bank and phone banking
• Offer credit cards and debit cards

Eligibility Criteria for Offshore Company Bank Account Opening

• The presence of the company’s shareholders in the process of application is demanding the building of an offshore bank account. In case, this is not possible, there are two paths, either one representative of one bank would meet a customer in their country of origin or the customer would visit the foreign branch of the bank in another country to confirm the personal identity.
• Some banks can also need extra documents like a shareholder’s CV, business partner’s reference letter, existing contracts, business scheme, disclosure of fund’s source, memorandum, articles, and certificate of good evidence. In case the account is opened in the name of a shareholder’s company, the document of the shareholding company is required to be notarized by the court and the MOFA.
• For an offshore account, this must be assured that the banks have a “Know Your Customer” policy which is to identify the person who created an account and identify the beneficial owner if essential. The central banks have directed banks to carry out their customer’s due diligence process for offshore company bank account opening. This is why the banks would collect details about the primary business sector of the customer, the total number of deposits, main suppliers, revenues, clients, etc. The banks follow strict and international laws and regulations to identify funds of criminal origin.
• If you have an application form that is filled correctly and all required documents, have been provided, then it is guaranteed to open an offshore account in Dubai.

How We Can Help You

We are one of the best financial service providers in the UAE. Our first priority is to build the trust of our clients. We can offer our clients to open a bank accounts in various locations. We make your offshore company bank account opening process easy and trouble-free. We understand your all needs and desires.