- May 25, 2021
- Posted by: Nikhil Sharma
- Categories: Banks, Blog
Offshore banking is a word that is coined to define the activities of the bank that are carried out from remote locations. The offshore banks usually work in the same manner as traditional banks but with additional flexibility; money can be rapidly moved around various banks and desired in any currency. If you are wondering how to open an offshore bank account in Dubai and are unable to do it yourself. Then we at Taskmaster will guide you and assist you during the process and makes it easy and reliable.
Businesses with foreign investors tend to prefer offshore banking because it permits management via the Internet and the phone. For anyone who wants to travel outside of the UAE, the one thing is to make sure that the bank to which you apply is able to accept 24-hour banking, offer debit cards that are recognized internationally, and provide the ability to cheques in your preferred currency.
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Offshore Bank Account in Dubai
In the UAE, it is possible to open an offshore bank account as a company, i.e., private individual and corporate. In the first case, open an account to secure the activities of the company, and in the second, for the management of personal assets.
Prior to opening a corporate bank account, you have to register the offshore company. If you plan to engage in international trade activities, then the remaining offshore jurisdictions in the United Arab Emirates, such as RAK ICC, would be to your benefit. Remember that offshore activities in the UAE would be limited. For instance, you will be able to offer financial services neither in the Emirates nor outside its borders. Also, you can’t receive a visa as a resident of the UAE, so you can’t use the tax resident status of the country, etc.
As mentioned earlier the best way to achieve the task is to establish your own business in the United Arab Emirates. In this case, the process of opening a bank account will not only be easy but will also be cheap and fast.
To register an offshore company in the Emirates, you would require to contact a registration agent. You can also select a recognized agent from the offshore jurisdiction website. The offshore company registration process is relatively simple and takes 2 to 4 working days and it would take approximately $1500 to $3000 based on the process of the application.
If you select a RAK offshore company then the following is the list of local banks you need to consider:
- Mashreq bank
- RAK Bank
- Emirates Islamic Bank
Documents Required to Open an Offshore Bank Account in Dubai
The number of documents required to open an offshore bank account is too large. A list of the key documents to be prepared before applying for opening an offshore account in Dubai is given below:
- Excerpt from the bank account of the parent company and/or the founder’s personal account for the past six months.
- Accounts used as evidence for some transactions in the statement
- Letter of recommendation from the founder’s bank.
- Documentary evidence of running the same business for at least three years in the UAE or other countries with audited financial statements.
- Future company’s business plan with forecasts of turnover, customers, and suppliers.
- Legal documents and identity cards of the owners of a company in the United Arab Emirates.
- Valid passport with UAE entry stamp.
We at Taskmaster are able to complete these documentation processes in a short time. And also guide you through every step.
Features of Offshore Bank Accounts
The features of an offshore bank account are mentioned below:
- Absolute confidentiality
- Wealth management services
- Enablement of quick money management
- Easy transfer of international payments
- Flexibility to use multiple currencies
What are the benefits of opening an offshore bank account?
You should be wondering why to open an offshore bank account in Dubai or what benefits will you be able to avail yourself of by opening an offshore bank account. Well, the answer is mentioned below:
- Protection of savings
- Little or almost no tax
- Protection of Assets
- Higher privacy
- The flexibility of currency diversification
- Generation of greater return
- Privileges and Advantages from the foreign exchange services
- Easy money transfer
- Dilution of politics task
- Diversification of investment portfolio
These are the benefits that will delight you while opening an offshore bank account in Dubai.
If you want to open an offshore bank account in Dubai then, above we mentioned the things that will surely help you. We at Taskmaster also help you in completing your bank account opening process. If you are interested then contact us today.