Many of our clients realise that the world of offshore is shifting and that there are numerous changes coming for the industry and for our clients.
The Octopus Group have always been able to offer their clients, when needed, anonymous ownership and non disclosure of banking facilities… however in 2016, 2017 and 2018 the new Automatic Exchange of Information Acts, will force many jurisdictions and banks to report to their regulators the ownership and the authorised signatories of clients accounts.
Much of the requirements placed on these institutions are still unclear, but some banks have already started taking the steps towards satisfying these impending requirements, and many of our longer term clients will know that banking has become tougher over the last 12 months compared to previous years due to these obligations.
These changes in the industry have prompted Octopus to look for new confidential and secure offshore opportunities for our clients and we strongly believe that the package detailed below is the most secure, confidential and useful structure currently available and it will give them peace of mind moving forward.
An offshore Ltd company incorporated in Ajman Free Zone, an area of the UAE, with a confidential banking facility in a choice of reputable banks in Dubai.
Benefits of our Ajman offshore bank account package:
The Ajman authorities and the UAE Banks long term commitment, is to protect client’s anonymity from outside investigation. (Unless committing crime within the UAE), thereby giving confidential ownership of both company and account.
The company is formed within 2 working days. Accounts are normally approved within 2 to 3 days after clients visit, with pre-approval prior to visit.
No requirement with Offshore company for Client to have a visa.
No requirement for clients company to have a physical office in Ajman/UAE.
No corporation tax for company.
Offshore Company can trade anywhere in the world – but NOT UAE.
Very few restrictions on the type of business accepted or the countries that are dealt with. Even higher risk business is usually accepted. Although all business is subject to some level of compliance review before approval.
Why do clients have to travel to Dubai?
NO bank in the UAE is allowed to complete and open a new banking facility unless the client has presented themselves to the banks representative in UAE (Dubai) and the bank have had sight of the clients entry visa, stamped in their passport when entering the country.
It is therefore a key part of the process that a visit is carried out by the client – with all preparation work done before the client books their flights, the visit can then be kept to a minimum of 2 working days within the country.
Please note the UAE’s working days are Sunday to Thursday morning.
Both banks offer ONE Visa card per company account.
The card is a Visa card and can be used anywhere in the world. Daily cash limit for withdrawals is 10,000 Dirham ie: approx. £2,000 per day.
The card also has a chip and pin facility.
The accounts also have internet, telephone and fax banking in English.
All multi currency options are also available and must be selected at time of application to avoid a second visit being required.
Minimum Balance requirements:
There are NO minimum balances are required with the main bank we propose, the second bank however has a minimum balance requirement for the basic account package of approx. £5,000, then £30,000 and finally £90,000 for the higher interest accounts.
- For Corporate Accounts:
Passport copies, CVs, one recent utility bill and bank statement, plus a brief business description/profile. If the bank considers the business activities to be of a higher risk, they may also reserve the right to request more KYC documents, although this is not typical.
Originals have to be couriered by Octopus to the Agent for collection of the company documents.
Incorporation and bank introduction, plus provision of registered
Office and registered agent: £2995
Annual renewal fees including registered office, agent and duty and filings: £2500
(Further clients expenses: Accommodation and flights to Dubai.)
Please note that fees have to be paid on application however, if the Bank reject an applicant at the time of pre-approval, all funds will be refunded.
Octopus Group and associates cannot guarantee that changes in the UAEs regulations may not affect the confidentiality of these structures, but at time of printing all assurances have been given by the Agent and Authorities in UAE to give clients comfort.