GWS Middle East collaborates with several banks in the United Arab Emirates (UAE) to open a bank account for your UAE company. Therefore we strongly recommend the formation of a Free Zone company to have the proof of substance for the local banks.
Our client relationship managers perfectly understand the importance of a corporate bank account and will support you with a pre-approval if there should be any doubts.
The time frame for the offshore bank account opening depends on the chosen bank. It ranges from 24 hours up to 7 working days. Our professional client relationship managers take pride in providing a premium service to incorporate your company as quickly as possible, as well as to open your corporate bank account with utmost priority. The management of GWS chooses the banks accurately, in order to offer first class banks to its clients.
An offshore bank account is a bank account outside of your own home country. This is often used for asset protection, tax optimization and international transactions.
Offshore bank accounts often offer tax advantages, access to international markets and currencies, asset protection and enable international transactions as well as access to investment products and asset management.
Dubai is an international financial center and is characterized by the stability of the banks. As a zero-tax jurisdiction, Dubai offers tax advantages and enables access to international markets.
Only a few banks offer non-residents the opening of bank accounts, usually only for investment customers.
The account opening process in Dubai varies greatly from bank to bank and depends on the respective business model and background of the customer. In general, a bank account can be opened within a week. For corporate bank accounts, the opening process can take up to 4 – 8 weeks.
Opening a corporate bank account costs $ 950.
With the increasing digitalization of banks and their services, more and more banks are opening an account online, usually the original documents have to be then sent to the bank by post or courier.
To open an offshore bank account, a passport, proof of residence (e.g. utility bill) and a bank reference letter are usually required. The bank must also be informed of the source of funds.