UAE Offshore Bank Account Services

UAE Offshore Bank

Account Services

Accounts held offshore are those located outside of the country where the client resides. Any country outside the UAE, including an expat’s country of origin, is considered offshore for foreigners living or working in Dubai. Having an offshore bank account in the UAE and the Middle East is essential for many international expats in the UAE and the region. 

Instead of opening bank accounts in several different countries, expats can save time and effort by using offshore banking to handle their money. In addition, it simplifies the process of selling shares of your company and onboarding investors located within the UAE.

Offshore banking has gained significant importance in recent years because it easily facilitates managing your worldwide financial commitments. It also allows flexible transactions, a standard feature of these offshore bank accounts. With the advent of the Dubai International Financial Centre DIFC, Dubai has introduced an enormous business scheme that allows free trade within the city. Consequently, the city is expected to reach new heights in business.

A valid residence visa in Dubai is required to conduct offshore banking in Dubai. You can freely import and export funds once you open a bank account in Dubai. There is no need to declare your currency when entering the territories; you can move your funds in whichever way you choose.

Advantages of Offshore Bank Account in UAE

Offshore bank accounts offer tax advantages, international trade, discretion, access to global markets, and geographic diversification by not accumulating wealth solely in your homeland.

Among the advantages you will enjoy:

  • The highest level of security
  • The credit score is not required
  • A strict banking secrecy policy
  • Optional account currencies include EUR, USD, GBP, CHF, YEN and AED
  • Direct bank transfers or correspondent bank transfers via IBAN and BIC
  • Managing assets and diversifying portfolios Global SWIFT network access
  • Online banking and phone banking are available
  • Credit cards and debit cards
  • Online merchant services for credit card payments

Why Opt for Offshore Bank Account in UAE?

  • Offshore bank accounts provide valuable protection against political instability and currency fluctuations. In order to avoid risks such as bank insolvency, it's essential to find out how much money in these accounts is protected. 
  • A large number of expat offshore bank accounts offer extremely attractive tax rates - or none at all! 
  • Check your bank's competitiveness if you plan to send large sums overseas. Many offshore banks offer competitive exchange rates.

Offshore accounts have numerous advantages, but you should carefully read the agreement before choosing a bank. Using your cards in different currencies can result in additional charges, and paper statements could be charged instead of online statements. In some offshore private banks, you could face hefty charges if your balance falls below a certain level. Fees are often buried on the bank’s website, so make sure you check them all.

What is the Process for Opening an Offshore Bank Account in the UAE?

In order to open an offshore account in the UAE, you must provide the following documents: 

Accounts for individuals:
  • Passport with UAE entry stamp
  • Company business plan
  • CV with relevant experience
  • Legal company documents
  • Proof of company’s existence in other countries
  • Bank account statements
For corporate accounts:
  • Memorandum & Articles of Association
  • 6-12 months of bank statements
  • Documents certified by Ministry of Foreign Affairs
  • Client profile
  • Certification of good standing
  • Certificate of Incumbency

Offshore Business Bank Account

The steps for opening an offshore account depend on whether you are opening a corporate or personal account and if you are a UAE resident. You will need to certify documents if you are not a resident. Furthermore, you must sign to verify your bank account before the Banking Officer. Some banks may also request your corporation’s future transactions, profits, and information clarifying your activities. 

For your business or personal finances, we can assist you with choosing the right offshore accounts and banking services. Additionally, we will guide you through the regulatory requirements in the UAE or any more than 60 jurisdictions where we operate worldwide. If you would like to begin the process, please do not hesitate to contact us.

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