All you need to know to open an offshore bank account in the UAE – UAE offshore companies and accounts

All you need to know to open an Offshore bank account in the UAE

This country known for oil exports and the wealth of its inhabitants, only allows residents to open Offshore bank accounts in their banks. However, depending on the entity chosen, the requirements will vary.

It is, therefore, necessary to obtain a residence permit in the United Arab Emirates. There are two ways to obtain a residence visa :

  • Work permit.
  • Investor visa. There are two different ways to obtain the investor visa: creating your own company in the free zone or the free zone of the Emirates or investing in real estate, which allows you to obtain high interest since the area is in a continuous process of revaluation.

Documentation needed to open an Offshore bank account in the UAE

Each bank establishes different requirements. However, all of them require general and equal documentation for all, depending on whether it is a natural or legal person.

PHYSICAL PERSON

If you have a residence visa you will have to present the following documentation:

  1. Photocopy of Passport with the stamp of entry to the country.
  2. Photocopy of the identification card (Emirates ID card).
  3. In case of working, it is necessary the letter of no objection signed by the employer for whom you work and which specifies the salary that will be paid to the worker monthly.
  4. Some banks may require a copy of the rental agreement to establish your mailing address.

LEGAL PERSON

The main shareholder and the director must present documentation related to passport and residence visa. In addition, other more specific documents are required, such as the bylaws of the company. Some banks in the UAE require a minimum opening deposit, which depends on the bank and the type of account, ranging from 3,000 to 100,000 euros.

Companies that want to open an Offshore bank account in the UAE must be transparent with the bank and the bank owner must physically meet with the bank. Some banks are applying KYC or Know Your Customer Policy, so they may require information from their clients about the origin of their funds or the type of activities in the account.

If you need assistance in carrying out all these procedures, do not hesitate to contact Foster Swiss.