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OFFSHORE BANK ACCOUNT

Navigating the global banking landscape has become increasingly complex in recent years. Opening an offshore company bank account may seem like a daunting task, but with the assistance of experts, the process becomes more manageable. If you are a new entrepreneur looking to open an offshore company bank account, you can rely on the professionals at Aura Vision Advisors to guide you through the process seamlessly.

Dubai banks and the other six Emirates have become more receptive to discussions about a list of countries for which they rarely open accounts for residents, whether private or corporate. For individuals from countries like Ukraine, Iran, or Syria, challenges may arise, even in the initial stages of document submission.

To successfully navigate the stringent bank checks for residents of high-risk countries, meticulous preparation of all required documents is mandatory. Before initiating the document filing process, consulting with experts familiar with the Dubai market, in regular contact with bankers, and well-versed in the expectations and necessary requirements of the bank is highly recommended. Such experts can significantly assist you in the offshore company bank account opening.

Basic Documents Required for Offshore Company Bank Account Opening

The list of necessary documents for offshore company bank account opening is extensive. Key documents include:

    • The parent company’s bank account and/or the founder’s personal account statements for the last six months.
    • Statements from accounts used as evidence for transactions (3-5 accounts are typically sufficient).
    • A recommendation letter from the founder’s country bank.
    • Documentary evidence of running the same business in the UAE or any other country for at least three years with audited financial statements.
    • Future company business plans with forecasts for turnover, customers, and suppliers.
    • Legal documents and owner’s ID cards in the United Arab Emirates.
    • Passport with the UAE entry stamp.

 

Types of Bank Accounts You Can Open Offshore

Current Account: This account provides easy and fast accessibility to money, with features like cash points and debit cards. The interest rate on the current account is typically lower due to the bank’s liquidity requirements.

Savings Account: Savings accounts usually have withdrawal limits, and banks may require notice for fund withdrawals. The higher interest rates on savings accounts are attributed to the lower liquidity required by banks.

Advantages of Offshore Company Bank Account Opening

  • High-security standards.
  • No credit scores.
  • Strict banking confidentiality.
  • Multiple currencies.
  • Direct bank transfers or through correspondent banks by IBAN and BIC.
  • Capital management and portfolio management.
  • Direct accessibility to online banking and phone banking.
  • Provision of credit cards and debit cards.
  • Eligibility Criteria for Offshore Company Bank Account Opening

The presence of the company’s shareholders in the application process is a requirement for opening an offshore bank account. If this is not possible, alternative arrangements can be made, such as a representative of the bank meeting the customer in their country of origin or the customer visiting the foreign branch of the bank in another country to confirm personal identity.

Some banks may require additional documents such as a shareholder’s CV, a business partner’s reference letter, existing contracts, business scheme, disclosure of fund source, memorandum, articles, and a certificate of good evidence. If the account is opened in the name of a shareholder’s company, the document of the shareholding company must be notarized by the court and the MOFA.

For an offshore account, it is crucial to ensure that the banks have a “Know Your Customer” policy, aiming to identify the person who created an account and identify the beneficial owner if necessary. The banks adhere to strict international laws and regulations to identify funds of criminal origin.

If you have correctly filled out an application form and provided all required documents, opening an offshore account in Dubai is guaranteed.

How Aura Vision Advisors Can Help You?

Aura Vision Advisors is a leading financial service provider in the UAE, prioritizing the trust of our clients. We offer our clients the opportunity to open a bank account in various locations. We simplify the offshore company bank account opening process, understanding your needs and desires to ensure a hassle-free experience.