Opening a UAE bank account for an offshore company (RAK ICC, Jebel Ali Offshore) is possible but requires meeting specific bank requirements. Here is a complete guide for 2025.
UAE Offshore Company and Bank Account Challenges
A UAE offshore company (RAK ICC, Jebel Ali Offshore) can open a bank account in the UAE, but faces specific challenges. Challenge 1: UAE banks are cautious about offshore companies. UAE offshore companies do NOT allow the shareholder to hold a UAE residence visa. Without a UAE resident shareholder actively managing the account, banks face AML (anti-money laundering) and CDD (customer due diligence) challenges. Challenge 2: UAE offshore companies are commonly used for international tax planning, which banks scrutinise heavily under FATF (Financial Action Task Force) compliance requirements. Challenge 3: some UAE banks have policies that prevent opening accounts for pure offshore holding companies with no operational activity.
UAE Banks That Typically Accept Offshore Company Accounts
Banks that have historically accepted UAE offshore company bank account applications (subject to due diligence): Mashreq Bank, First Abu Dhabi Bank (FAB), RAK Bank (RAKBANK), and ADCB (Abu Dhabi Commercial Bank). Requirements: business plan (what does the company actually do?), source of funds declaration, KYC documents (passport copies, proof of address for all shareholders and directors), certificate of incorporation and MOA, audited accounts (for companies in operation for 12+ months), and personal bank statements of the shareholders (last 6 months). The bank is trying to understand who you are, where the money comes from, and what the money will be used for.
Alternative: Opening a Bank Account Outside the UAE
For some RAK ICC offshore companies: it may be more practical to open a bank account in another jurisdiction (Mauritius, Seychelles, Singapore, UK). These jurisdictions are familiar with UAE offshore structures. A UAE offshore company with an overseas bank account is a legitimate and common structure for international holding companies.