UAE offshore and free zone companies, including those registered through RAK ICC, JAFZA and Ajman, are frequently used for international trading, consulting and holding activity. Cross-border invoices are often priced in US dollars, so a USD account is a practical necessity. This guide explains the common hurdles and how to prepare.
Why UAE companies need a USD account
A USD account in the company's own name lets a UAE entity invoice international customers in their currency, pay suppliers without repeated conversion and maintain clear records for audits and tax reporting.
Why applications are often difficult
- Not every UAE bank serves offshore entities: Some domestic banks decline offshore or free zone companies or require UAE-domestic activity first.
- In-person meetings: Many UAE banks expect identity verification at a branch, which is difficult for founders based elsewhere.
- Activity restrictions: UAE offshore entities are generally limited in the domestic activity they may conduct, which narrows the set of willing banks.
- Minimum balances and fees vary: Balance requirements and fee structures differ significantly between institutions and entity types.
- Detailed AML documentation: Expect source-of-funds questions and, for established companies, requests for financial statements.
Documents you should expect to provide
- 1Certificate of Incorporation from the relevant registry
- 2Memorandum and Articles of Association
- 3Government-issued photo ID and proof of residential address for every director and beneficial owner
- 4A precise business description covering products or services, customers, the jurisdictions money comes from and goes to, and how funds will flow through the account
How to prepare
- Confirm your registry documents are current. Make sure the Memorandum and Articles reflect current ownership and directors.
- Prepare identity documents for every individual. Collect passports and recent proof of address for each director and beneficial owner.
- Document your source of funds. Prepare a short explanation of how the business is funded and how revenue is generated.
Frequently asked questions
Can a RAK ICC company open a USD account without traveling to the UAE?
Some providers offer remote verification and others require an in-person meeting. Confirm the process with each provider before you apply.
Do I need a UAE bank account before opening a USD account elsewhere?
Not necessarily. Requirements depend on the provider and on your company's activity, so ask each provider directly.
Questions to ask any provider
Whichever bank or financial technology provider you consider, ask for written answers to the same questions so you can compare like with like:
- Who holds the account? Identify the institution named in the account agreement and how deposits held there are protected.
- Which payments are supported? Confirm inbound and outbound ACH, domestic wires and international wires, plus any limits or restricted countries.
- What does it cost in total? Ask for setup, monthly, per-transaction and currency-conversion charges in one written schedule.
- How is onboarding completed? Confirm whether verification can be completed remotely and which documents must be certified, apostilled or translated.
- What happens after approval? Ask how often the provider refreshes due diligence and what information it may request later.
This guide is general information for business owners. It is not legal, tax or financial advice and does not describe the products, terms or eligibility requirements of any specific provider. Requirements change, so confirm current rules with your registered agent, accountant or adviser and with the provider you choose.