Any growing business sooner or later faces the need ofopening offshore account abroad. But why abroad, whereasthere is a large number of banks and banking institutions in your homecountry. Let’s try to address the issue.
Local banks
In essence, all banks operating in your country, irrespective of their names, are local banks, i.e.domestic. That means that they are exposed to all risks existing in the country, are subject to the instruments of currency control and bank operations regulation and offer particularbank products interest rates. In contrast, offshore banks have different structure and operatein compliance with laws and procedures of other jurisdictions.
Needless to say that you can open bank account in foreign bank representative office operating in your country, but when it comes to significant financial assets, it would be better to consider the option of opening an offshore account. The banks in the United Arab Emirates provide excellent opportunities for opening foreign offshore accounts.
Foreign banks
Apart from economic benefits and advanced protection of financial assets, foreign bank account may be facilitated for executing bank transactions outside the country whendealing with foreign partners, etc.
Let’s consider some important aspects relating to openingforeign bankaccount and significant differences between various offshore accounts. In turn, we would try to be most helpful in opening bank account. We are aware of UAE banking sector that is based on our extensive professional experience. Besides, you can be assured that we shall offer you only proven banking institutions. If you choose us you may rely on guaranteed result, high level of service and maximum protection of your financial assets.
Types of bank accounts in the UAE
Business Bank Accounts
This type of bank accounts is maintained for facilitating extensive trading and other commercial operations viacompany accounts. As a rule, no restrictions apply to such accounts in terms of number of incoming and outgoing transactions.
It is worth mentioning that many banking institutions have requirements regarding cash assets turnover on the accounts or stipulate minimum remaining balance of financial assets on the account. When opening bank account, you may be required to deposit particular amount, which you can later dispose for your personal needs. If your company intends to operate worldwide and engage inbusiness- bank offshore account would be the best solution.
Savings bank accounts
This type of bank accounts is frequently used for depositing financial assets in foreign banks. It is well known fact that foreign banks frequently offer higher income yield conditionsrelating to savings accounts than domestic banking institutions. Terms and conditions of savings accounts may differ depending on the bank. Some banks have some fixed term of deposit within which you can notdispose your savings, whereas other banks authorize the free disposal of cash deposited to savings account, while interest is accrued on a daily basis on the basis ofaccount balance. A common requirement applied to this category is minimum balance of the account set forth by relevant bank.
Experience has proven that foreign banks savings accounts are an effective tool for depositing and maintaining of financial assets.
Investment bank accounts
Investment bank accounts in foreign banks can be opened by both legal persons and individuals. Minimum amount of deposit for opening investment account may constitute 25 thousand U.S dollars in small banking institutions whereas in large banking institutions this amount may be worth millions of dollars.
It should be noted that the best option for any business project will be combination of several bank instruments. Our specialists are ready to help you to choose the right banking institution and determine necessary bank instruments. All you need to do is to contact us. We will provide you with all relevant support and assistance in preparing necessary documents and opening offshore bank account abroad.
Time required for opening an account
Expressdocuments preparation and opening of account
If you need to open foreign bank account within short period of time, we will help youto deal with all formalities within 5-7 days. You should understand that selection of banking institution within limited period may bound theavailable options.
Note:
When opening bank account you can be assigned account number within first days of registration procedure. Such account you may specifyin concluded agreements and international contracts.
Standardaccount opening procedure
If opening ofa bank account is not urgent, the opening procedure shall be performed within two stages:
- Preparation and execution of required documents.
At this point you can fully rely on experience and expertise of our staff. If you promptly submit all relevant documents, the whole procedure will take up to 3 days.
- Banking institution approvals.
Any banking institution operating in the United Arab Emirates performs verification procedure of all provided information for opening an account. Such procedure can take from 3 to 10 days. Some banks may requirelonger periods for verificationranging up to 1 months. It is impossible to influence the standard applicable procedure. It is important to understand that upon submission of documents to the bank, respective bank regulations and norms would apply.
Not every bank is willing to open a bank account for foreign nationals not residing in the United Arab Emirates. Nonetheless, we offer banks that are characterized by loyal attitude to foreign nationals and are ready to provide banking services.
Standard bank accounts opened by foreign nationals may be subject to some restrictions and limitednumber of options. In order to solve this problem bank account should can opened for anoffshore company as opposed to private person.
Offshore accounts provideparticular advantages and maximum benefits. Some of them include: no reporting requirements and advanced account management possibilities. Having relevant bank payment card, you can withdraw cash in any country.
If you are interested in opening bank accounts in foreign bank, or if you need more information, please contact us. You can also visit other sections of our website and find all relevant information.
