Can You Open A Dubai Bank Account
With A RAK Offshore Company?
The answer is: yes and no.
Let us summarize the facts for you of having a Dubai bank account with a RAK Offshore Company.
- There are a lot of very good banks in Dubai. UAE banks are used to deal with international investors and they provide a level of service no longer found in the West.
- Dubai used to be one of the friendliest banking places in the world to open a bank account. However, with recent regulatory amendments, they have become more selective in who they accept. It highly depends on the business model. In any case you need to appear in person in front of the banker. They want to know who they are dealing with. (You can come into the office, meet the banker and sign all paperwork and be done in one morning).
- In order to deal with the above, in addition to banks, there are Electronic Money Institutes (EMIs) that allow for account opening without having to visit the UAE.
- You can have an account in multiple currencies. This means that there will not be any expensive conversions when you do business.
- You can open a corporate or personal bank account without a residents permit / visa in Dubai.
- You enjoy strong asset protection when you have a bank account in the UAE. It is difficult to freeze a bank account in the UAE or file a lawsuit against a RAK Offshore company. This means that your assets are much safer here than in the vast majority of countries in the world.
You can also use banks outside the UAE with a RAK Offshore Company.
Banks in the UAE offer conventional as well as Sharia compliant financial services. Sharia compliant products are based on profit sharing rather than interest. -this means that the banks will take a fraction of the risk Western banks take.
Click here to discover more about setting up. Discover more about the RAK Offshore Company.
