Archive 29 October 2020

Offshore banking in Dubai

Offshore banking in Dubai

Dubai one of the major financial centers in the middle east. It is also regarded as an offshore jurisdiction with tax advantages, a stable economy and a globally competitive banking system. In terms of the country’s political and economic environment, the country is very stable in this directions. The country is easily one of the foremost offshore banking jurisdictions that has very high zero-tax privileges on foreigners and its citizens.

Dubai has been known to protect the account holders of banks in their country. They have implemented good measures to assure that the assets and wealth being injected by investors and account holders are secured and held in a high confidentiality standard.

Most expats who are entering Dubai is due to the fact that it’s one of the best locations to go in terms of infrastructure, lifestyle, entertainment and overall standard of living. But more than this, the country is known for being the primary destination of westerners who are burdened with heavy tax impositions by their governments.

You would be particularly interested to know that Dubai is home for some of the biggest banks around the world, which would include:

  • HSBC offshore,
  • Abbey National Offshore,
  • ABN Amro,
  • Dresdner,
  • Barclays.

All these banks have their international office in the country.


    Opening an account in Dubai

    The whole process of the bank account opening is dependent upon several factors, including the bank, your status whether you are an employee, an entrepreneur or a non-resident. However, here are the most common banking requirements in Dubai:

    • Personal identifier such as passport, national id, and a driver’s license.
    • Proof of billing (bank statement, electrical bill and other proofs that shows your actual residence)
    • Proof of income or revenue
    • Source of wealth proofs
    • A valid visa
    • Some banks would look for emirates ID however, since the process would normally be lengthy, banks would then resort to asking for the application forms instead.
    • Other requirements for companies and business are more stringent.

    Typically, opening a bank account in Dubai would prefer a UAE resident permit holder and an incorporated company on any of the free trade zones. Although these are not a requirement, it is just advisable since the process will be quicker.

    Non-residents in the country normally is given and can only acquire a savings account with an international debit card. It is up to the bank whether your risk profile and client value is enough to be eligible and availing other perks that the bank can offer such as correspondent banking and other optimized services in the bank.


      Advantages of a bank account in Dubai

      To name a few, here are some of the best benefits that you can enjoy if you go offshore in Dubai:

      • High security banking standards
      • Strict banking practices
      • Stringent bank secrecy protections
      • Multicurrency accounts in EUR, USD, GBP, CHF, YEN and AED
      • Direct bank wire transfers
      • Correspondent banking – IBAN and BIC
      • Asset management and diversification of asset/wealth portfolio
      • Direct access to Swift system
      • Merchant services

      Since Dubai is a tax haven in a direct sense, here are also some of the services that international entrepreneurs, business or companies can benefit from:

      • Asset Protection
      • Private Bank Accounts
      • Wealth Management
      • Portfolio Managers
      • Tax Consultation
      • Asset Management
      • Account Managers
      • Personal Financial Strategies
      • Inheritance Planning
      • Account Managers
      • Company Formation

      Although the Dubai would prefer on-boarding residents in the UAE, non-residents have all other options to choose from.

      The whole process of the application procedure for bank account opening is reliant upon the bank that you are applying, since they all vary in their individual requirements. Normally though, a personal bank account can be opened within a week, and a corporate bank account would take up to 4-8 weeks to complete altogether for other service providers. Also, chances of rejection is higher with the other service providers. However, if this service is outsourced from us, we can easily ensure that the process is shortened a bit and you can also have an opportunity to incorporate your company by that time. And should you move for an offshore company.

      Just food for thoughts, here are some important pointers to remember when going offshore in Dubai:

      • Offshore bank account opening in Dubai is quite fast and not too lengthy. Potentially, it could be done within 1 week if you have the right service provider or if your profile is attractable to banks.
      • Offshore banking in Dubai can be easily accessible to worldwide. Transactions such as wire transfers, payment processing and balance inquiry can all be managed through your online banking.
      • Dubai has a very lax rules on fund transfers.

        Benefit of a Mauritius offshore bank account

        Apart from being a tourist destination, Mauritius is an island nation that is well known in the global offshore scene. The country has been the primary destinations of global entrepreneurs, business and companies since the Mauritius offshore bank account industry is rather welcoming compared to other offshore countries.

        Practically speaking, entrepreneurs and companies can easily open a Mauritius offshore bank account because of its improved banking laws and superior banking sector. The on-boarding procedure in itself is not too complicated and is very accommodating global entrepreneurs who are in need of global solutions to their problems.

        We may well inform you that incorporating a company and opening a Mauritius offshore bank account are but some of our biggest strengths as a bank introductory firm and intermediary. When we accompany you in the process, your chances are incrementally increased as we move forward, sealing your chances of approval in a much higher possibility.

        Here are some of the most attractive features and benefits that a bank account holder in Mauritius can enjoy:

        Optimized Banking Security & Protection

        A Mauritius offshore bank account is well protected and secured in terms of keeping your wealth and assets safe. Deposits in the country are assured to not be disturbed by political or economic downturns unlike other jurisdictions. Online banking in Mauritius is very good, you can easily access your funds, make payments and receive profits anytime and anywhere. Perhaps its most attractive feature is with regards to confidentiality, wherein Mauritius itself has a strict policy on bank secrecy.


          Mauritius offshore bank account

          High Interest Rates

          Account holders in Mauritius can also benefit from high interest rates if compared directly with other offshore countries. This is very appealing to entrepreneurs who intend to maintain a hedge of their wealth and assets without having to worry about other things.

          Global Investment Opportunities

          Mauritius is a global offshore jurisdiction, with ties with multiple countries around the globe. Hence, investment opportunities are readily offered and available in banks of your choosing in the country. Clients of these banks would enjoy an access to investment fund managers and other investment firms that are secured and legitimate. Once you have an offshore bank account in Mauritius, you can easily tap on this financial facility and diversity your wealth and assets smartly through investment opportunities.

          Tax Optimization

          It is innate for offshore jurisdiction to benefit from tax reductions or exemptions. This fact is particularly true in Mauritius. Offshore banking in the country can open doors for any entrepreneur and account holder to seek tax reliefs through deposits, investments and savings with no worries on tax implications on their actions. This kinds of benefits can never be enjoyed if you are dealing with your country of origin where your tax residency is located at due to its high tax schemes to citizens. By the way, charges on bank account related transactions are very minimal since Mauritius has one of the cheapest maintenance cost compared to other offshore nations.

          Easy Global Access

          Mauritius bank account holders are given a unique advantage of having a technologically advance offshore online banking that makes it easy to access your bank account through telephone banking, mobile banking, and internet banking. Through this, you can easily access the funds in your bank account in the convenience of your home country or any parts of the globe. This way you can properly monitor the movements of your wealth and assets so that you can keep track on your financial standing on a need be basis without any hassles.

          How we can help you

          Our team of experts are ready to accommodate your request if you want to incorporate a company and open bank account in Mauritius. For years, we have been navigating through the banking and regulatory laws of the country, and we can ensure that the process will be quick, smooth, confidential and worriless if you obtain our bank introductory services in Mauritius. Once you become our client, you will benefit from an extensive ground up approach so that we can support and provide assistance to you in matters relating to your company incorporation or bank account opening application.

          Contact us now and our team of experts will speak to you about this in detail.

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