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,
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.