How to open an offshore bank account in Dubai?

Opening an offshore bank account in Dubai offers all those advantages of asset protection, privacy, and access to international banking. Major steps to be performed will be listed below in general.

1. Choose the Right Bank

Dubai has several offshore banking options for both international and local banks. Research things to consider like minimum deposit requirements, fees, and available services.

2. Select the Type of Account

Dubai banks provide both corporate and personal offshore accounts. Corporate accounts are usually preferred by businesses for tax planning and international transactions.

3. Determine Eligibility

Most banks require non-residents to have a Dubai-based offshore company before opening an account. Some international banks may allow personal offshore accounts.

4. Gather the Required Documents:

Common documents include:

• A valid passport copy
• Proof of address (utility bill or bank statement)
• Company documents (if opening a corporate account)
• A letter of recommendation from your current bank
• A business plan (in the case of a corporate account)

5. Make an Application

Some applications must be made in person, though some banks permit applications through authorized representatives in other locations.

6. Compliance & Due Diligence

The banks in Dubai are very particular about KYC and Anti-Money Laundering (AML) norms. Be prepared for verification calls and further documentation.

7. Pay the Minimum Balance

The minimum deposit amount varies from bank to bank.

8. Account Activation

Once approved, the bank will provide account details, and you can start using offshore banking services.

Use a financial expert in order to ensure compliance with UAE banking regulations and derive maximum benefit from it.