A business organization is a conversion of a concept that gets implemented to generate profits by giving commodities or services to the ultimate consumers. Setting up an offshore company in Dubai is a good way for business people. But offshore company bank account opening is important to handle your company’s financial matters. So, if you are looking to open such a bank account then you need to get the help of Taskmaster professionals who will help you during this process and make it reliable and smooth.
International trade, tax benefits, discretion, and access to international markets are among the benefits of an offshore bank account, but also the geographical diversification by not accumulating your wealth in just your home country. Dubai is the most vital financial hub of the world and gives numerous first-class banks. Moreover, to local banks, almost all the international banks are represented in the country.
How Do I Open An Offshore Account in UAE
This is possible to open an offshore bank account in Dubai or the UAE. In the first situation, a bank account is opened to protect the activities of the company, in the second, to manage personal monetary assets. Prior to open a corporate bank account, you should register the offshore company. In case you are making a plan to involve in international trading activities, then the existing offshore jurisdiction in the country would be to your benefit. Remember that offshore activities in the country would be limited. For instance, you would be capable to give financial services neither inside nor outside the emirate. Along with this, you cannot obtain a visa as a resident of the UAE, so you can’t utilize the status of a tax resident of the nation and more.
Banks Accounts for Offshore Companies in UAE
At this phase, the very interesting part starts. As we look in practice in the country, in almost 70% of cases, the bank refuses to open a bank account for your offshore company. This is, different business people have registered offshore companies in the IUAR, which don’t open a bank account for corporate use with international and local banks. The obstacles of open a bank account in UAE were discussed already, but in the situation of offshore companies, bank account opening becomes the exception instead of the practical standard.
The banks in the UAE are now more discussing the approved list of the nations whose residents they rarely open bank accounts for, neither private nor corporate. For instance, hence if you are Ukraine, Iran, and Syria the be ready for the fact that you would face issues even at the starting phase of presenting the documents.
Documents Required for Offshore Bank Account Opening
The essential documents for offshore bank account opening are a big set. Below is the list of major documents that you would require to be ready prior to apply for a bank account opening –
- An extract from the bank account of the parent company for the past 6 months.
- Accounts that would be utilized as evidence for certain transactions in the statement.
- Recommendation letter from the bank of applicant’s home country.
- Documentary evidence of conducting a small business for at least three years in the UAE or another nation with audited financial statements.
- The business plan of the company with forecast for suppliers, turnover, and clients.
- Legal documents and an ID card of the applicant
- UAE entry stamp in the passport
Benefits of Offshore Bank Account Opening
You should be considered as to why you need to open an offshore bank account or what advantages will you be getting by opening such a bank account. Well, the benefits are –
- Protection of savings
- Little or no tax
- Greater privacy
- Asset security
- Generation of higher returns
- The flexibility of currency diversification
- Easy money transfer
- Privileges and advantages from overseas exchange services
- Diversification of investment portfolio
- Dilution of political hazard
If you still have any kind of doubts then you can consult with our skilled professionals at Taskmaster. You can get the right guidance and assistance on bank account opening for an offshore company. We will find the most suitable solutions for you.
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