Offshore / Bank account

UAE Offshore Company Bank Account: Requirements

Registering an offshore company and opening a bank account are different decisions. The registry can issue incorporation documents. The bank decides whether to open an account. This page does not name a best bank, promise an opening, or set a timeline or minimum balance.

What the registries actually say

RAK ICC says account opening is done with the bank. RAK ICC supplies the incorporation documents for that application. Its banking guide is for registered agents, not a public approval. JAFZA’s 2023 offshore regulations allow an offshore company to hold an account in a UAE bank. That sentence permits the company to hold an account. It does not require any bank to offer one.

The UAE government describes the Central Bank as the supervisor of banks. Its public banking page lists documents for a personal account, such as an Emirates ID and a residence visa. Those are not a checklist for an offshore company. Company requirements differ by bank.

What to be ready to explain

UAE anti-money-laundering policy expects transparency around beneficial ownership, and banks are supervised for that. A bank may ask about the points below. Another bank may ask for a different set. Nothing here is a universal document list.

• Who ultimately owns or controls the company, and how that matches the registry record.
• Where the money comes from, and the wealth behind it, if the bank asks.
• What the company will actually do, and why a UAE vehicle is being used.
• Expected payments, counterparties, and countries.
• Contracts or invoices, if the bank asks for them.
• Where the directors and shareholders live, if that matters to the bank you approach.

A residence visa is a separate question from the company and from the account. See RAK ICC, JAFZA Offshore, and setup for non-residents.