Dubai Account For Internet Income

Banks In Dubai | Save Your Internet Earnings In Dubai

Banks in Dubai: Discover how you can legally avoid taxes by saving your earnings in a Dubai bank account and it’s procedures

Banks in Dubai: If you have an online business, you can avoid taxes by saving your internet earnings in a bank account in Dubai.

Please invest 2 minutes of your time to watch the banks in Dubai video below. It spells out how you can benefit. Or if you prefer to read, then feel free to skip the video and go straight to the text below:

Banks in Dubai: An offshore company account

An offshore company enables you to secure special financial or asset protection advantages. It is easy to set-up, pays no taxes, is protected from foreign legal issues and remains confidential.

Did you know that you can form an offshore company to engage in international business without even having a physical presence in Dubai?

Bank account in UAE and more about money savings

Owning an offshore company in Dubai allows you to open a bank account there. To open a bank account in Dubai you will need:

  • Banks in Dubai | Save Your Internet Earnings In DubaiDocumented proof of your identity.
  • The nature of your business in Dubai.
  • The type of transactions you want to make using the bank account.
  • A minimum deposit of $10,000 U.S.

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Banks in Dubai: Confidentiality

It’s a criminal offense, in many offshore jurisdictions [but not in Dubai], to divulge the identity of shareholders and directors in an offshore company. The only exception would be under The Tax Information Exchange Treaty (TIET), which allows the release of this information in the case of individuals who are accused of avoiding taxes in their home countries.

Banks in Dubai: Setting up an offshore company

You can form an offshore company in the Jebel Ali free zone (JAFZA) in Dubai, which has a special offshore jurisdiction called Jebel Ali offshore.

Here’s how:

  1. Use reliable agents who are experienced and authorized to apply to JAFZA on behalf of clients or who have access to such an agent.
  2. Get an official quote for the work required.
  3. Suggest three names for the company. One will be chosen by the registration authority.
  4. Decide of the scope of activity the company will be involved in. Examples are investment in property, trade, consultancy or acting as a holding company.
    Decide the share capital.
  5. Name shareholders, partners, directors and secretary. Two directors are needed.

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Banks in Dubai: Necessary documents

The following documents must be provided to the agent:Banks in Dubai | Save Your Internet Earnings In Dubai

  • Notarized copy of passports of the shareholders and directors
  • Proof of address for each, which could be a utility bill in their names, showing a street address
  • A bank reference letter
  • A brief resume of each of the shareholders

Once your agents have these documents, along with fees, they will apply for company name approval. It will be approved only if it meets JAFZA offshore conditions and is available.

An application form, Memorandum of Associate and Share Certificates are signed by the shareholders, directors and secretaries, and submitted. The shareholders must be present at the time of the registration.

If all of the papers are in order, a company is chartered in three working days and you will receive a certificate of incorporation, memorandum of association and share certificate. You can now start business and open a bank account for your company.

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Dubai Account For Internet Income was last modified: January 24th, 2017 by Ramapati Singhania

Ramapati Singhania

He strives for excellence in all he does and brings out the best in his people through guidance, a strong vision and support. He is exceptionally open-minded, flexible, dependable, understanding and straightforward in all words and actions and encourages personal as well as professional growth.

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