How To Set Up An Offshore Company For 2020: A Guide From A To Z
BBCIncorp will guide you through complete steps for how to set up an offshore company, from preparation to incorporation process. Read below for more details!
Ras Al Khaimah is one of seven emirates constituting the United Arab Emirates (UAE).
The UAE has a stable and well-regulated banking sector. The country has built and maintained its status as the financial hub in the Middle East and the world’s leading financial centre.
The Central Bank of UAE takes main responsibilities for overseeing, developing and maintaining the soundness of the financial system. Specifically, the Banking Supervision Department will control over licensing of financial institutions, issue and make changes to legislation for effective management, enforce compliance by regulated entities.
The banking sector in the UAE is believed to be overcrowded by domestic and large international banks in comparison with population size. At March 2019, there are 22 national banks and 27 foreign commercial banks, totaling up to 60 licensed banking institutions with more than 800 branches of which domestically owned banks dominates the industry with over 85% and 90% in terms of gross sector assets and network coverage, respectively.
UAE banks follow the modern banking model with the utilization of technology advancement i.e. AI, Blockchain, banking automation… Moreover, there is no foreign exchange control, so funds can be easily moved in and outside the country. Accounts opened within UAE banks will be provided with a unique IBAN for international fund transfer.
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**Initial deposit is often blocked in offshore bank account; if so, this amount is often small.
However, banks in Hong Kong and Singapore do not freeze this amount, so you can use it freely. But you will be charged additional fee by not maintaining your account above min balance.
The below list shows general documents required by most banks. Additional documents might be needed depending on your case, so you might consider contacting us to get more details.