Banking for UAE free zone IFZA company

[TRGali]

Hi,

Which UAE banks (not EMI please) would you recommend to open a business account for a IFZA holding company? The company only has the standard flexi desk package that comes with the "basic IFZA licence", as for a holding the director only has to go there to sign resolutions a couple of times a year, so it does not feel like a need for a real office.

Simple and straightforward shareholding structure with no "risky country". The director is a UAE resident.

- Does Mashreq neobiz still do it?
- Wio would do that? Also with Wio, how are the transactions/adding new beneficiary 2FA, is it sms or using an app?

Any other bank you think of?
From your experience, would you recommend using the services of professional intermediaries or just to do it yourself?

 

[Clank]

Usually the freezone you incorporate on doesn't influence on the banking options, that has been my experience.

Most of banks will require you to have a physical office or personal address (utility bill or rental contract).

You can open an account with mashreq neobiz by yourself with a physical office, some Corporate Service Providers offer you a contract for an office for 3-5k AED per year.

With Wio you won't have those requirements but it's not a proper bank.

 

[TRGali]

Would you mind elaborating why Wio is not a proper bank?

You are saying that most banks would accept the personal address of the director to tick the office box? (The director is a real UAE resident all year long).

 

[Clank]

Would you mind elaborating why Wio is not a proper bank?

You are saying that most banks would accept the personal address of the director to tick the office box? (The director is a real UAE resident all year long).

If you can prove it with utility bills, yes. Just apply on the website they will ask for it.

 

[TRGali]

You mentioned Wio not being a proper bank, can we transfer hundreds of thousands EUR one shot from a subsidiary without them getting crazy or it's more for small amount type of bank?

 

[MillionCents]

You mentioned Wio not being a proper bank, can we transfer hundreds of thousands EUR one shot from a subsidiary without them getting crazy or it's more for small amount type of bank?

WIO is fine, my FZCO is using it since two years and we handle mid 6 figure transactions monthly with no issues at all. Payments from HongKong or NewYork never been an issue for WIO. You can set up a EUR or USD account with them too, pretty good and easy to use so def recommend it, but as stated above its not a "real" bank, its an online bank more or less, regulated here in UAE.

 

[TRGali]

Thanks guys.

Any one has experience with NBD for a business account?