Best company incorporation service for UAE company?

[Nicholas Van Orton]

I concur with what @ledger posts. Setting up a FZE Company (which is the 1 shareholder type of incorporation, ie, the cheapsest one around) costs between $8 to $12K depending on the Free Zone (I suggest you look into Ajman and/or Umm Al-Qwain as these 2 are the cheapest and more flexible ones) and the type of license you choose. This will include 1 residence Visa for the owner/shareholder (who will be able, at a later stage, to sponsor residence visas for his dependents/couple). Also bear in mind that agents there (you may want to look at the list of registered agents for RAK ICC Registered Agents as a good starting point for reputable ones), will charge you between AED 2,500 (approx $700) and upwards of AED10,000 (approx $3,250) for the service.

* Company Renewal costs start around $6K (haven't seen anything less) per year. Visa renewal is after 2/3 years (the latter for company owners), and is betweem $1,300 and $2K all-in. I would avoid at all costs the previously good RAK (or other) Offshore type of company if you plan to do business banking in the UAE, as it's not going to happen. However, you might bank in Mauritius or Seychelles with that type of company (ABC Bank or Afrasia might accept you, but increasingly difficult).

 

[Larry]

* Company Renewal costs start around $6K (haven't seen anything less) per year. Visa renewal is after 2/3 years (the latter for company owners), and is betweem $1,300 and $2K all-in. I would avoid at all costs the previously good RAK (or other) Offshore type of company if you plan to do business banking in the UAE, as it's not going to happen. However, you might bank in Mauritius or Seychelles with that type of company (ABC Bank or Afrasia might accept you, but increasingly difficult).

100% right ! cheers mate

 

[Nicholas Van Orton]

@ledger thank you too for the valuable contributions for UAE setups

Hi @ledger , I'm looking for an agent to work with for a new structure setup un the UAE. If you give me your e-mail address (here or via PM, as @Admin deems best in order not to break any forum rules), we can discuss it.

 

[MrSoolmaan]

I'm setting up a RAK ICC company now, the fees for setup and first year are $3000 Second and subsequent years $2600 via a registered RAK ICC agent.


Features
• 100% Foreign Ownership
RAKICC International Company Regulations require no “local” shareholding.
• Choice of Law
Although all UAE companies follow UAE law, RAKICC have allowed the International Company to decide
which favored jurisdiction it wants applied for inheritance, disputes or any other matters. The law must be
cited in the Articles of Association.
• Business Activity
RAKICC have imposed very few restrictions on the activities of International Companies allowing for a wide
range of business activities to be carried out upon approval from RAKICC authorities.
• Can Own Shares in Local Companies
Despite a general prohibition on International Companies to conduct business with persons resident in
UAE, the Authorities frequently allow offshore companies to hold shares in both offshore and onshore UAE
companies (i.e. local LLC companies).
• Can Have a Local Bank Account
The International Company can hold a bank account in the UAE for the purpose of conducting routine
operational transactions and can also maintain professional relations with legal consultants, accountants
and management companies or other similar persons carrying out business within UAE.
• Easy Formation

Ras Al Khaimah International Corporate Centre (RAK ICC) Companies are considered to be International Business Companies (IBCs) of the same type like in classic jurisdictions - BVI, Belize, Seychelles etc. However RAK ICC Companies are more favored among all of them due to some factors: a company can have a bank account in the same country, the word "offshore" is not used in the corporate documents, the company holds the status of "international company".

 

[Nicholas Van Orton]

@MrSoolmaan Keep us posted if you can successfully open a corporate bank account for your RAK ICC. And provide agent details for further info, thx.

 

[MrSoolmaan]

Yes, will do. But from what I have understood, it should be absolutely no problem to open a bank account in the UAE for the RAKK IC company. Not sure if you want to open the account in a different country. I will first try in the country of my residence if this will not be possible, then I'll hop on a flight to the UAE. But I even think the agent can open an account on your behalf. Costs extra of course.

 

[Nicholas Van Orton]

Agent details that work this set-up for you will be appreciated. Web link, etc...as we'll all benefit from such info.

 

[sialala]

Yes, will do. But from what I have understood, it should be absolutely no problem to open a bank account in the UAE for the RAKK IC company. Not sure if you want to open the account in a different country. I will first try in the country of my residence if this will not be possible, then I'll hop on a flight to the UAE. But I even think the agent can open an account on your behalf. Costs extra of course.

I am looking for updates about bank acc for Your set up.
Good luck mate.

 

[Larry]

I am looking for updates about bank acc for Your set up.
Good luck mate.

I'm also very interested. If you have very very good connection to bank maybe it will work. I hope @MrSoolmaan gives his feedback here about the success of his bank account opening

 

[Nauticalnomad]

I dont think its about the connection at the bank.. Unless its family etc.. The person filling in your paperwork gives it to someone in compliance and they say 'NO!" but good luck though. I have been trying for months and beginning to think i was scammed by the agency selling me the ideal setup for my situation.

 

[abdulkaddir]

I am looking for a company incorporation service that handles UAE companies formation.

It's difficult to know which ones are good and which ones are not.

Would like to hear your recommendations, specially from those that already have a UAE company and have used the service recommended. I am looking for a service provider that can help you with bank account opening as well as visas.

I would recommend IBG Consulting, Business Setup in Dubai, UAE Company Formation . They are indeed very professional and trust worthy.

 

[Larry]

I dont think its about the connection at the bank.. Unless its family etc.. The person filling in your paperwork gives it to someone in compliance and they say 'NO!" but good luck though. I have been trying for months and beginning to think i was scammed by the agency selling me the ideal setup for my situation.

I heard one time from an agent who was my former apartment host that he was able to get two times a bank account for ICC at NBD but in general he not recommend ICC at all.
And yes every agent that recommend ICC nowadays are scammers. there are no benefits compared to simple Seychelles IBC it‘s just more expensive.

 

[Nauticalnomad]

I heard one time from an agent who was my former apartment host that he was able to get two times a bank account for ICC at NBD but in general he not recommend ICC at all.
And yes every agent that recommend ICC nowadays are scammers. there are no benefits compared to simple Seychelles IBC it‘s just more expensive.

What do you mean "ICC"??

 

[Larry]

What do you mean "ICC"??

It’s the company type the whole thread is about. If you have a Freezone and are unable to get bank account there should be something wrong in your setup.

 

[Nauticalnomad]

It’s the company type the whole thread is about. If you have a Freezone and are unable to get bank account there should be something wrong in your setup.

Its gotten harder since November last year im told. The banks now want you to have a dedicated registered office and not the virtual office that the FTZ's sell you with the annual license setup. Its the banks that are requesting it now. Ive tried all the banks in the UAE.. I am not spending any more money on it. I am contemplating whether its worth continuing it for another year. I am looking outside the UAE for banking. The Internal UAE banking system sux anyways.. They still use cheques.. LOL That says it all!

 

[Larry]

Its gotten harder since November last year im told. The banks now want you to have a dedicated registered office and not the virtual office that the FTZ's sell you with the annual license setup. Its the banks that are requesting it now. Ive tried all the banks in the UAE.. I am not spending any more money on it. I am contemplating whether its worth continuing it for another year. I am looking outside the UAE for banking. The Internal UAE banking system sux anyways.. They still use cheques.. LOL That says it all!

Please don't blame the UAE banking system for the unsuccessful try to open a account there. I setup the last Freezone with bank account 1 week ago and there are still no problems. It's a Freezone with Flexi Desk.
You need to figure out if it's your type of license that is getting rejected.
If your agent tell you that he can't help you your agent is grab and it means that he have no good standing at the banks. If you have a Abu Dhabi or Dubai Freezone you can go with private banks in Switzerland.

 

[Nauticalnomad]

Please don't blame the UAE banking system for the unsuccessful try to open a account there. I setup the last Freezone with bank account 1 week ago and there are still no problems. It's a Freezone with Flexi Desk.
You need to figure out if it's your type of license that is getting rejected.
If your agent tell you that he can't help you your agent is grab and it means that he have no good standing at the banks. If you have a Abu Dhabi or Dubai Freezone you can go with private banks in Switzerland.

My problem is they asking for min 50K balance in Switzerland CIMbanque i think its called. I dont want to commit to that.

 

[mmueller]

How long have you been using this firm @abdulkaddir and what services?

Do you know their price for RAK ICC formation and yearly maintenance costs?

Granted they also have information about liquidation procedures on their website which is a plus in my book, most "agents" skip this information no doubt to price-gouge a company being wound down.

 

[TurnedToRobot]

Can you tell me what the time frame is it takes to setup a UAE company wit this firm Business Setup in Dubai, UAE Company Formation any hidden costs?

 

[Larry]

Can you tell me what the time frame is it takes to setup a UAE company wit this firm Business Setup in Dubai, UAE Company Formation any hidden costs?

The prices they mention on their website starting around 11.000AED this are there consulting costs. The Licenses start at around 17.500AED and need to be paid separately. Just the company incorporation take one week till the company is in the company register after that it depends if you want residence visa, bank account etc.
If there are hidden fees it can only be on the official side of the Freezone authority because the consultant shows his fees transparent. But you never know. If you are looking in german speaking agent I can suggest you one from Abu Dhabi with a little less fees and very friendly german language support. They provide All inclusive service for 8.000 AED that means company incorporation, visa support and help with bank account.