Offshore Bank Account In Dubai: Who Requires It & Documents Needed
A lot of misinformation is there surrounding the concept of offshore banking. But to put it simply, an offshore bank account is a legitimate financial tool that individuals and businesses use for security and protection.
Thinking that offshore bank accounts are illegal is a misconception. In fact, individuals can use it as a domestic account for holding company profits and managing investments. For a foreign entrepreneur setting up an offshore company in Dubai, opening these accounts offer a plethora of benefits:
- Asset protection
- Business privacy
- Higher rate of interest
- Securing a plan B for uncertainties
Documents for Opening an Offshore Bank Account
Though the list of documents needed for opening a bank account is extensive, here’s a compilation. Given the tediousness of the process, applying for a minimum of 3-4 banks may increase your approval chances. Documents you need to apply for opening an offshore bank account in Dubai are:
- The extract from the parent company’s bank account or founder’s personal account for the past six months
- Accounts that get used for evidence of transactions in statements
- The letter of recommendation from the founder’s bank in their home country
- A personal resume with the experience written on it
- Documentary evidence of setting up a similar business (not offshore) for a minimum of three years in a country with audited financial statements or UAE
- The business strategy for the future company with the forecasts for customers, suppliers, and turnover
- Legal documents of the UAE company alongside identity cards of owners
- The entry stamp in the UAE in the passport
With advancements in business opportunities, offshore company formation has garnered significant interest. But there are certain things every foreign entrepreneur needs to consider before applying for an offshore company bank account in UAE.
Foreign entrepreneurs who want to opt for the UAE offshore company registration can set up their business with a multi-currency account. But since an offshore account guarantees bank confidentiality, it’s profitable, secure, and offers immense freedom.
Does A Foreign Entrepreneur in Dubai Need An Offshore Bank Account?
The offshore bank account offers a higher level of security, profitability, and freedom. That’s why an offshore bank account can help your business grow even in the land of Dubai. Creating this type of account will help individuals avoid high service costs. They offer an incredible rate.
However, for a foreign entrepreneur who aims to set up their offshore business in the UAE, creating an offshore bank account might not be compulsory. The fact is that an offshore company in the UAE has the ability to activate multiple currency bank accounts. So it means that it can set up multiple currency bank accounts. It offers added flexibility to international companies and MNCs in fund management. MNCs create bank accounts in the preferred currency.
If you want to learn further about UAE offshore company registration, you can consult the professionals at Emirazbiz. Alternatively, you can also connect with the professionals if you want to inquire about how to create an offshore account.