Are you considering to open an account in an offshore bank in Dubai? If yes, you might need to keep certain requirements and points in mind. Gone are the days when offshore banking was a difficult process. Today, this has become a world of opportunities for people across the planet. There are multiple ways to engage in offshore banking. And, many countries support foreigners, who are planning to open an account in their bank. One such destination would Dubai. And, this post focuses on how and why you should consider CAYMAN ISLANDSfor your next offshore venture!
In the beginning!
Few years ago, the process of opening an account in CAYMAN ISLANDS was a nightmare. Most people daunted the idea of visiting CAYMAN ISLANDS for an offshore account. However, this hefty process is no longer existent. This is mainly because CAYMAN ISLANDS has turned into a financially stable, and economically sound location for banking. Many CAYMAN ISLANDS banks are designed with a state of art technology. As a result, customers gain high levels of support, and compliance throughout the process. If you are planning to hold your account with a system that is both modernized and secure – CAYMAN ISLANDSwill be of great use to you. Nevertheless, you need to satisfy certain conditions when you want to open an account in an offshore bank in Dubai.
Benefits of an Offshore Bank Account in Dubai
Before you understand more on how to open an account, you should be aware of the primary benefits.
- The offshore bank account in CAYMAN ISLANDSwill give you absolute privacy. Information will not be shared with anyone. Yes, this is a common rule for all banking systems. But, the level of privacy maintained in CAYMAN ISLANDSis top notch.
- When you open an account in an offshore bank in Dubai, you will have complete tax exemption. There will be zero taxation charges on your companies. This means, your hard earned money will be safe, and untouched by third party policies. Many a times, tax optimization is a primary reason why people choose to open offshore accounts.
Basic Requirements of an Offshore Account in Dubai
Meeting the bank’s representatives
Few crucial requirements have to be maintained. And, if you are opening the offshore account for your company, the rules are a little different. Let’s begin with the simplest one. Company shareholders, who are involved in opening the offshore account should be present during the process. This means, they need to travel to Dubai, and remain available for signing papers. If the stakeholders are unable to travel to Dubai, they should hire a representative. It is the duty of the representative to meet the bank officials, and complete the process. In some cases, the stakeholders are allowed to visit another branch of the same bank in their local destination. The primary purpose of this visit is to confirm personal identity.
Next, you need to prepare all the necessary documents. This is quite similar to the process of opening a traditional bank account. Three crucial documents for completing the process are:
- Your company license should be presented.
- You must showcase the first few pages of your passport. If you are not a stakeholder in the company, the main pages in your MD Passport should be copied and submitted.
- The stakeholder’s visa papers should be presented. These papers must carry details of when the person entered into UAE.
In some cases, banks will ask you to present additional documents like a CV, reference letter, Memorandum & Articles, existing contracts, source of funds and a diagram of the company’s overall structure. These are important documents that carry more details about the company, and your purpose in UAE. Meanwhile, remember that all these documents should be notarized.
Know Your Customer
Moving on, you should be familiar with the “Know Your Customer” policy. As suggested by its name, this policy is required for identifying and creating an account for the specific stakeholder. The benefiting owner of the company should be recognized by the bank. This step is very important if you are planning to open an offshore bank account in CAYMAN ISLANDSfrom another country. As a part of this process, the offshore bank is likely to gather additional details like the total number of Fixed deposits you hold, the primary location of your business, and all your revenues. When it comes to opening an offshore account for a company, banks stick to international rules. And, these rules are very strict. These rules are important because the offshore bank account shouldn’t be a source of funds, which have originated from criminal sources.
The Final Steps
Once the above documents are ready, and the personal identity verification is done – you will be opened a bank account. Remember, all the documents should be filled without any flaws. If there are flaws, the entire process will become longer. In fact, you will be asked to resubmit your documents. On an average, the entire process will take between 5 days to three weeks. If the bank’s management and financial compliance team takes more time to analyze your documents – this process will extend a little longer. Yet, you don’t need to worry if all your documents are in place.
Based on the bank you choose in Dubai, you will be given a variety of additional features. For example, some banks delight their offshore customers with online banking facilities. Online banking will help you complete transactions remotely. Also, you don’t need to go through a tedious process for transferring or receiving money. Secondly, the banks can offer you stunning rates of interests. When compared with many Western Worlds, CAYMAN ISLANDSis known for delighting its customers with competitive interest rates. Before you sign on the final papers, ensure that you ask about the interest rates from your banker.
Your choice to open an account in an offshore bank in Dubai is a great one! However, you need to satisfy all the basic requirements, and you need to pull together the right set of documents for a smooth process.