Keeping Money Safe

What Is Offshore Company | Use It To Safeguard Your Funds

What is offshore company: Offshore banking benefits, how it can be used, opening a bank account in Dubai

What is offshore company: Safeguard your funds using an offshore banking account in Dubai

You can safeguard your funds using an offshore banking account in Dubai by first opening an offshore company there.

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What is an offshore company?

An offshore company is one that is incorporated in a country other than the one in which the owner of the company lives. It has come to mean a nation where there are either no taxes or low taxes for individual or corporate foreigners.

What is offshore company: What are your offshore banking accounts benefits?

An offshore company enables you to acquire special financial or asset protection benefits.

The four main advantages of an offshore company are:

  • Easy set-up
  • Zero taxation
  • Protection from foreign legal issues
  • Confidentiality

In many offshore jurisdictions, it is a criminal offense to disclose the identity of the shareholders and directors of an offshore company.

The Tax Information Exchange Treaty (TIET) enables the release of such information in the case of individuals who are accused of evading taxes in their home countries, however, that need not be of concern to honest business people.

What Is Offshore Company | Use It To Safeguard Your Funds

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How it can be used to open an offshore banking account in Dubai

If you own an offshore company in Dubai then you can open a bank account there. It’s as simple as that. Also, opening a bank account in the name of an offshore company provides you with an additional layer of protection from those looking for information about your financial activities.

If you have assets of more than $100,000 U.S, an offshore company is worth considering. With an offshore banking account in Dubai, you can handle everyday needs or you can make investments.

Opening a bank account in Dubai

In order to be able to hold a bank account in Dubai, you will need to meet certain conditions. Documented proof of your identity, the nature of your business in Dubai and the type of transactions that you want to make using the bank account will be asked for.

In some offshore countries, you might need to make a minimum balance of $500,000 U.S. but in Dubai, the minimum deposit requirement is $10,000 U.S.

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What is offshore company: What do bankers need from you?

To open a bank account in Dubai you will need:

  • A letter describing the purpose of your offshore company and what the account will be used for
  • Evidence of your company’s existence, i.e. a Certificate of incorporation
  • A copy of your company’s charter
  • A directors’ resolution clearly authorizing the bank to act as a depository for the company’s funds
  • Firm evidence of the current directorships
  • Information about the shareholders seeking a banking relationship with them
  • Confirmation of your identity in the form of a passport or driver’s license
  • Bank references. Many, but not all banks require a letter of reference from another bank

In most instances, you will need to be present at the time of the bank account opening.

Since 9/11, banks have become leery of being prosecuted for money laundering. If you are making a large cash deposit, they will want to know from what source the money originated.

What Is Offshore Company | Use It To Safeguard Your Funds

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Keeping Money Safe was last modified: September 11th, 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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