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Offshore Company Registration with Bank Account in Dubai

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UAE is the business hub in the Middle East. It attracts foreigners to start their business setups in different jurisdictions. One of the most popular choices is the offshore company formation in Dubai or UAE. It is because of the reason that the process is straightforward and smooth. It doesn’t need a ton of paperwork. Meanwhile, you don’t have to be physically present who operate your business. You also don’t need to have physical office space to set up your company. One of the most prominent benefits is you can open a bank account in Dubai.  

 The UAE economy is growing so fast. It offers world-class infrastructure, business-friendly policies, and 100% full ownership. In this blog, you will get more information about offshore company registration and how to open a bank account in Dubai. 

Here we will also discuss the zones that are premier choices for offshore company setup. Such as Ajman offshore, RAK offshore, or JAFZA offshore. 

Let’s get started. 

What is the meaning of an offshore company? 

An offshore company meaning is a business entity in Dubai. It gets registered in a jurisdiction where the business does not physically exist.   

UAE has its own several offshore jurisdictions, with three main options, Jebel Ali, RAK, and Ajman. Each of these jurisdictions has its own unique benefits and legal framework. It is important to consider which one is the best fit for your business.   

When we learn about United Arab Emirates it has several offshore jurisdictions. The most popular ones are JAFZA, RAK, and Ajman Offshore. All these offshore jurisdictions have their own benefits. You must consult a professional advisor before setting up a business in Dubai

What is the difference between onshore and offshore?

First of all, we will learn about an onshore business entity in Dubai. Onshore includes mainland companies that are established within particular areas of Dubai. These areas are regulated by the UAE government. You may need a local sponsor to start your business setup in Dubai mainland 

Whereas offshore business entity allows foreigners to set up their holding companies. To carry on commercial business activities. Offshore companies are not allowed to operate business inside the country. However, it is best for a business owner who wants to operate the business without having any physical presence in the UAE. 

How to register an offshore company in Dubai? 

Offshore company registration is a very straightforward and simple process. It doesn’t require much documentation. You need to follow these simple steps for setting up an offshore company in Dubai or in the UAE.  

Step 1. Choose the Offshore company jurisdiction 

Firstly, you need to choose from the options of offshore company jurisdictions. You can open your offshore company setup in JAFZA, RAK ICC, or Ajman offshore.  

Step 2. Trade name registration.  

The next step is to register your company name in UAE. You can choose a unique company name and get it registered with the relevant authorities. 

3. Sign the Memorandum and Articles of Association 

Get the necessary paperwork ready and submit it, including the MoA, identification proof, and address proof of all business partners. 

4. Pay the fees 

Make the required payments and register with an offshore company in the UAE. The process may take another 10 – 12 working days. 

5. Issuing Of Certificate of Incorporation 

After getting approvals from the chosen offshore jurisdiction, an Incorporation Certificate will be issued. 

Bank account card in Dubai

How to open an offshore bank account in Dubai? 

In order to open your offshore bank account in Dubai, you need to follow this step-by-step guide.

1. Choose a Bank in Dubai 

Check out some banks in Dubai that offer offshore banking services. Emirates Business Setup is also here to help you.  

2. Identify with KYC 

In Dubai, there are some strict rules you need to follow when you set up a business bank account in the UAE. You have to show the documents that prove you and your company’s identification. 

It includes: 

  • Passports copies for all the shareholders 
  • Proof of residence 
  • Personal or financial bank statements of the last six months, if required 
  • Certificate of Incorporation copy 
  • Memorandum of Association (MoA) 
  • Business plan 
  • Bank reference letter  
  • Any other documents, if required. 

3. Submit the application 

After you gather all the documents that a bank needs, you can submit them along with your application to the bank.   

4. Pay the Deposit 

After your bank is done with the due diligence process, you need to pay a required deposit. Now, you can fund your new account with an initial deposit.  

5. Get the account activation 

Once the bank approves everything, your offshore bank account in Dubai will be up and running. The bank will send you all the account info and online banking access. 

Offshore companies in UAE 

Ajman offshore company formation 

Ajman offers one of the cheapest offshore company formations in the UAE. You can find a lot of business opportunities in Ajman with so many startups such as shop. Ajman offshore company registration is also a very straightforward process.

You can obtain an Ajman offshore license in a few working days. Also, you can start your business without spending a lot of money. Offshore company formation in Ajman has so many benefits. You can enjoy 0% corporate taxes, 100% full ownership, and no local sponsor required. 

RAK offshore company formation 

Ras Al Khaimah offshore is another jurisdiction for offshore company formation in the UAE. It offers 100% foreign ownership, 0% corporate tax, easy licensing procedures, and a low-cost business setup.  

RAK offshore company registration takes only a few working days. It is quite simple and straightforward to obtain an RAK offshore company license in the UAE. Also, you are not required to lease an office space and can work remotely from your own country. 

JAFZA offshore 

Jebel Ali is a popular place in Dubai where many foreign entrepreneurs set up their businesses. It is one of the most popular choices among other offshore. JAFZA offshore is regulated by the JAFZA. Jebel Ali Free Zone is from the beginning in the market. You can set up business within 2 weeks or less in this offshore.

Documents required for JAFZA offshore company formation 

  1. A clear scan of the passport copy in jpeg or pdf is required.  
  2. Three Company Names ending with Limited. 
  3. Visa and Emirates ID if a resident of the UAE 
  4. CV with Email ID and Mobile Number  
  5. Personal Bank Statement first page with name and address (for address proof)

Cost of offshore company formation in UAE 

The cost depends on the chosen offshore in the UAE. In JAFZA offshore, the setup cost starts from 25,000 AED. It includes:  

  •  JAFZA formation fees  
  •  Incorporation Certificate / Certificate of Formation  
  •  MOA  
  •  Certificate of Incumbency   
  • Certificate of Good Legal Standing   
  • Professional consultation fees  
  • Office address and P.O Box  

Conclusion 

In conclusion, we discussed all the processes of offshore business setup and how to get an offshore bank account in Dubai or UAE. Dubai offers some great advantages and that’s what attracts business owners to set up their companies here.   

An offshore business entity allows you to have your own business bank account and company without the need for a physical office in the UAE. You can enjoy tax benefits and get full control over your business. However, the process is simple, but it still requires professional advice.  

Emirates Business Setup is here to help you. We offer offshore company formation services in the UAE.  

Contact us at +971585812301 or email us at [email protected] to know more.

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