Hassle Free Offshore Bank Account Opening in UAE

Let Fin Street Banking Consultancy be the connection between you and the bank We would gladly assist you in opening a bank account outside of your home company. Our team of experts will help you go through the process and preparation of documents as well.

Benefits of Offshore Account:

Stable Currency Online Banking Quick Transfers

Simply put, offshore banking refers to financial operations made from locations other than your home country. Some of the frequent reasons for choosing offshore banking facilities are the need for multi-currency loans or tax savings. However, different people and business account holders have different motives for doing so.

Offshore banking has become increasingly important in recent years due to the fact that it offers flexible transactions, which is a requirement of these offshore bank accounts, and makes it easier to manage your international financial commitments. With the establishment of the Dubai International Financial Center, or DIFC, which permits free trade in Dubai, which has recently developed a significant business plan.

Thus today Fin Street Banking Consultancy will discuss the opening of the Offshore Business Account in the UAE. So let’s get started!

What is an Offshore Business Account in the UAE?

Offshore Business Account is a kind of bank account which is owned by an overseas company and operated by a particular bank in the UAE. Majorly offshore companies opt for an offshore business account to moderate and incur their business transactions as well as make use of all other amenities provided by the bank as a part of daily banking procedures. Offshore business accounts often provide a wide range of benefits to the account holder. That’s why it is highly recommended to an offshore company to use an offshore business account in the UAE.

You can be rest assured that our team of experts will guide you at every step during the initiation of your business account. With a wide variety of services provided, Fin Street Banking Consultancy also assists in opening Mainland as well as Freezone Business Accounts in UAE, making the procedure easier and cost effective.

What are the Documents required to open an Offshore Business Account in the UAE?

We advise applying to 2 to 3 different banks if your company is registered in the UAE and you are getting ready to open a business bank account, to ensure that at least 1 to 2 of them will accept your application.

It’s necessary for you to furnish the below-mentioned documents to get your offshore business account-

A legitimate personal bank statement will help in demonstrating your source of funds

A recent utility bill or another document from your municipality that verifies your address is acceptable as proof of residency.

Personal Resume detailing relevant work experience

A brief document namely a business description that outlines your company’s goals and operations

Prepare a corporate statement and ownership documentation if you own another company. Having a business in the UAE is always advantageous.

estimation of the annual turnover and opening deposit for the new account

Potential customer’s and suppliers’ names, as well as the nations where the business will be performed, specified

A letter of recommendation from the bank of the company owner’s country.

For assistance in assessing your situation and locating the banks where the account opening for you is most likely to be successful, we advise getting in touch with our business setup specialists in Dubai.

Can you open an Offshore Business Account without having a registered company in the UAE?

Many overseas corporations are eager to create an offshore business account in Dubai. All banks in the UAE offer convenient services for doing business abroad, including no restrictions on money repatriation, online banking, and a stable exchange rate between local and US dollars. However, we advise starting a UAE business if you wish to open an offshore bank account in the UAE.

Why do we not advise opening an offshore bank account in Dubai for your foreign business?

Banks will perform more checks on your organization and business, which can waste time and might result in the account being rejected. UAE banks classify bank accounts held by foreign corporations as belonging to a “high risk” category.

All incorporation documentation for your foreign company must be legalized, an expensive process that must be done at the UAE Embassy in the nation of origin and the Ministry of Foreign Affairs in Dubai. The complete legalization of just one document costs around 800 USD. About 5 of these are required.

A foreign entity has an extremely low success rate when trying to open a bank account in the UAE. Banks will rather avoid the hazards.