Posted on 28-April-2019
Before we move any further, it is important to understand what exactly an offshore bank account is:
Literally, an offshore bank account refers to a bank account that operates outside your native country. In other words, if you have a bank account in any overseas bank, it will be regarded as an offshore bank account. These accounts offer a lot of advantages, both financial and legal, to their clients.
Some of the features of an offshore bank account are as follows:
What are some of the benefits of opening an offshore bank account?
As a businessperson, opening an offshore bank account will benefit you in a number of ways:
How can you open an offshore bank account?
Here are the steps you need to follow while opening an offshore banking account:
The KYC process requires you to pass three tests: Proof of identity, proof of residency, credit history report and proof of wealth.
An initial sum needs to be deposited in the account once the KYC tests have been passed.
Since most offshore bank accounts cater to corporate purposes, some more additional documents need to be submitted. They are as follows:
If you are looking forward to opening an offshore bank account, the UAE has been reputed to be one of the best options in the world to do just that. It is important to have an overseas bank account, as has been mentioned earlier. For any new business venture, an offshore bank account will provide added financial security, as well as an opening to embark upon international trade.