Guide on Opening Dubai Offshore Bank Account

by Vidhya Sethuraman 25, Nov 2022

best offshore bank accounts

As more and more offshore companies are getting incorporated daily in Dubai, the demand for offshore banking in the city has also risen significantly.

If you are looking forward to opening a Dubai offshore bank account but are unsure where to start, you have come to the right place.

So, let’s start with the basics first.

What is offshore banking in Dubai?

Offshore banking in Dubai means a company operating outside Dubai opening a bank account in the nation.

JAFZA is the only offshore location in Dubai which is in demand. 

Any individual or a business entity that wishes to set up or has already set up its own offshore company needs to open an offshore account to carry out its financial transactions.

You can open two types of offshore bank accounts in the city:

  • Offshore accounts for individuals
  • Offshore accounts for corporates

What are the Benefits of an Offshore Account in Dubai?

We have heard things like offshore account is illegal from almost everyone, and for many reasons, we know that those are baseless. The benefits of an offshore company are many, and so are offshore accounts in Dubai. Let us discuss them.

  • Save heavy taxes & get tax relief.
  • Deal in multiple currencies.
  • Handle foreign exchange transactions.
  • Securely store your money and assets.
  • Get expert investment advice.

What are the Best Offshore Bank Accounts in Dubai?

Opening an offshore bank account in UAE opens many possibilities, and let us look at some of the best offshore banks in Dubai for opening an account:

1. Noor Bank.

  • It is a renowned international bank with a global presence.
  • Regular trading, Asset holding, Investment, etc., are allowed.
  • The minimum average balance is USD 120,000 or equivalent.
  • Physical presence in UAE is a must.
  • Multi-currency accounts are permitted.

  2. Emirates Islamic Bank

  • It is a leading Sharia bank in Dubai that allows global transfers.
  • Here also, the account type is Corporate with internet banking facilities.
  • The minimum average balance is USD 200,000 or equivalent.
  • Must be physically present in the UAE.
  • Multi-Currencies such as AED, EURO, USD, etc., are allowed.

     3. Emirates NBD

  • It is one of the top offshore banks in Dubai.
  • Asset holding, Investment, Accumulation, etc., are permitted.
  • Here, the minimum average balance is USD 200,000 or equivalent.
  • Multi currencies are allowed.
  • The operational cost is average.

     4. RAK Bank

  • It is a popular offshore bank that allows international transfers.
  • A corporate account type with internet banking facilities.
  • Need to be physically present in UAE.
  • Here, the minimum average balance is USD 200,000 or equivalent.
  • Multi-currencies such as AED, USD, EURO, etc., are allowed.

     5. Commercial Bank International

  • It’s a renowned bank in the Middle East that permits global transfers.
  • Investment, Regular trading, Asset holding, etc., are allowed.
  • The minimum average balance is USD 50,000 or equivalent.
  • The operational cost is average.
  • Physical presence in UAE is required for account opening.

How to Open Offshore Account in Dubai?

You need to follow the below-mentioned steps to open an offshore account in Dubai. It is more or less similar to opening an offshore bank account in UAE.

Step 1: Complete your KYC.

The KYC process for bank account opening involves the following four test proofs:

(1) Proof of Identity,

(2) Proof of Residency, 

(3) Credit History Report, and 

(4) Proof of Wealth.

Step 2: Pay Initial Deposit.

After completing the KYC process, you must deposit money in your newly created account.

Step 3: Submit the required documents.

Documents Required for Opening an Offshore Company Bank Account in Dubai

Offshore Company Bank Account in Dubai requires the following documents

  • Memorandum of Association
  • Articles of Association
  • Certificate of Incumbency
  • Client profile
  • Company brochure with description
  • Attested certificate of good standing
  • Bank passbook ( past 6 to 12 months )
  • Document certificate by the Ministry of Foreign Affairs

After submitting the documents mentioned above, you need to wait for a maximum period of three weeks to open an offshore account in Dubai.

Once your bank account is activated, you can even get online access to your account.

What is an online offshore bank account?

The Dubai government has introduced a new and effective technique to ease financial transactions - Online Offshore Bank Account.

It allows you to manage your transactions from any part of the world.

Apart from this, the other features of an online offshore account are

  • 24/7 Availability.
  • Faster transactions.
  • Easy access.
  • Quick service.

Now that you’ve learned so much about Offshore Bank Accounts in Dubai, the next step is to decide how to open one for you.

While foreigners can complete this process independently, getting help from experts in this field is always better.

If you need guidance regarding opening your offshore account in Dubai, you must contact Commitbiz.

We are a leading business setup consultant in the UAE that provide all kinds of company incorporation services at a very affordable cost.

Contact us to learn more about our services.

FAQs

Can I open an offshore account in Dubai?

Yes, you can open an offshore bank account in Dubai, provided you have a valid residential visa.

Is an offshore bank account in Dubai legal?

Yes, holding your money and assets in Dubai offshore banks is not illegal.

Does Dubai have offshore banks?

Yes, several offshore banks are operating in Dubai.

What are the types of offshore accounts?

There are two types of offshore bank accounts:

  • Offshore accounts for individuals
  • Offshore accounts for corporate

Which is the best offshore bank account?

  • Noor Bank 
  • Emirates Islamic Bank  
  • Emirates NBD      
  • RAK Bank      
  • Commercial Bank International

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