How To Open A Bank Account For Your Offshore Business Setup In Dubai
As a business owner, it is important to have a bank account for your offshore business setup in Dubai. This allows you to easily manage and access your funds, make international transactions, and establish credibility with potential clients and partners.
Opening a bank account for your offshore business setup Dubai may seem like a challenge, but the process is actually quite straightforward. Here are the steps you need to follow:
Choose the right bank:
Dubai offers a variety of local and international banks that cater to offshore businesses. Each bank has different policies, minimum deposit requirements, and transaction fees. Popular choices include Emirates NBD, Mashreq Bank, and RAKBANK, as well as international banks like HSBC and Standard Chartered. Researching these banks will help in selecting one that aligns with your business needs.
Understand the requirements:
Banks in Dubai have strict regulations to prevent financial misconduct. To open a corporate account, offshore companies must meet certain eligibility criteria. The company must be registered in an approved offshore jurisdiction such as Jebel Ali Free Zone (JAFZA), Ras Al Khaimah International Corporate Centre (RAK ICC), or Ajman Offshore. Some banks also require proof of business activities and financial statements.
Prepare the required documents:
- A certified copy of the company’s certificate of incorporation
- Memorandum and Articles of Association
- Passport copies of company directors and shareholders
- Proof of business activities (contracts, invoices, or agreements)
- A board resolution authorising the account opening
- A reference letter from an existing bank (if required)
Submit the application:
Once all documents are ready, submit your application to the chosen bank. Some banks allow online applications, while others require in-person visits. A meeting with the bank’s representatives may be necessary to discuss the company’s nature, expected transactions, and compliance with regulations.
Meet the minimum deposit requirement:
Most banks require an initial deposit to activate the account. The amount varies depending on the bank and can range from AED 10,000 to AED 50,000 or more. Some banks also charge account maintenance fees, so it is essential to review the terms before proceeding.
After submitting the application and deposit, the bank will conduct due diligence. The approval process may take two to four weeks, depending on the bank’s verification procedures. Once approved, the corporate account is activated, and banking services such as online banking and international transactions become accessible.
