Many overseas businesses are eager to open an offshore bank account in Dubai. All UAE banks offer appealing international business facilities, such as a stable local currency exchange rate versus the US dollar, internet banking, and no restrictions on money repatriation.
However, if you wish to register an offshore bank account in Dubai, it is preferable to start a business in the UAE.
Banks may do further checks on your organization and business, wasting time and perhaps rejecting the account. International company bank accounts are classified as a “high risk” category by UAE banks.
All incorporation documentation of your foreign business must be legalized in the UAE embassy in the country of origin and the Ministry of Foreign Affairs in Dubai – this procedure is fairly costly. Only one paper requires complete legalization, which costs around 800 dollars. You’ll require around 5 of these.
The success rate of a foreign entity opening an offshore bank account in Dubai is normally relatively low.
