Business Account for U.A.E. resident in Dubai

[Outlander]

Was it long time ago? Do you have nominee shareholders?

I personally prefer DBS, especially that from personal accounts it is free to send transfers anywhere, e.g. EUR to Europe and beneficiary gets money in full. They are the only bank having such solution in place. All other banks including OCBC have hefty charges in place for international transfers, the only thing that change is a discount e.g. 50% on some fees if you are OCBC Premier etc.

It was last year and I reported my findings in another thread. No nominees, and only one shareholder.

 

[JustAnotherNomad]

Can you receive payments from clients in any currency in your SwissQuote trading account? I am in the process of moving to Dubai and I asked SwissQuote if they would open a business account for me - and they said flat out no and that they only offer trading accounts.

 

[qugo]

@eminem24 Which banks have you tried? As an alternative option, you can try Ebury. But they charge AED4000/year for one IBAN and AED 8500 one time setup.

 

[JimBeam]

@eminem24 Which banks have you tried? As an alternative option, you can try Ebury. But they charge AED4000/year for one IBAN and AED 8500 one time setup.

That's pretty expensive. Can't find anything about their other fees online.

 

[dxbfonca]

Try Transferwise Business account, they accept UAE businesses with freezone

 

[dxbkk]

Second TW. Ebury declined my application without reason for UAE company.

 

[BlueMist]

That's pretty expensive. Can't find anything about their other fees online.

Ebury 7-10 working days:

· For an onshore or freezone company:

o 8,500 AED for account opening, access to our EBO platform and access to local collection accounts.

o 4,000 AED per IBAN needed (These are held in the company name, and allow the business to invoice their clients with their own iBAN account under their name, and other IBAN's are only necessary should they want accounts in other currencies)

· For an offshore entity:

o 12,500 AED for account opening, access to our EBO platform and access to local collection accounts.

o 6,000 AED per IBAN needed (These are held in the company name, and allow the business to invoice their clients with their own iBAN account under their name)

· These are one off fees, and after they are paid there are no ongoing administration charges, and no minimum balances across any of our accounts.

 

[Martin Everson]

For an offshore entity:

o 12,500 AED for account opening, access to our EBO platform and access to local collection accounts.

o 6,000 AED per IBAN needed (These are held in the company name, and allow the business to invoice their clients with their own iBAN account under their name)

So $5,000 to open an account for an offshore company with an IBAN?

 

[BlueMist]

So $5,000 to open an account for an offshore company with an IBAN?

AED 12,500 = $3400. You get FR or DE IBAN for EUR, GB IBAN for GBP etc. Still expensive, not sure what their target clientele is and there is little known if their FX rates are any good.

 

[Martin Everson]

AED 12,500 = $3400. You get FR or DE IBAN for EUR, GB IBAN for GBP etc. Still expensive, not sure what their target clientele is and there is little known if their FX rates are any good.

I was thinking 12,500AED + 6,000AED = $5,000. You saying with 12,500AED you get an IBAN included with local account details?

 

[BlueMist]

I was thinking 12,500AED + 6,000AED = $5,000. You saying with 12,500AED you get an IBAN included with local account details?

It looks like. Otherwise what would they meant by "access to local collection accounts"?
It seems AED 4000 or AED 6000 per IBAN is only if the company wants additional IBAN in a different currency.

 

[yngmind]

I have seen a video on YouTube channel about money laundering scheme, some UK drug dealers made great scheme, they just been buying gold and selling it in Dubai. Probably after that schemes Dubai don’t wanna ruin its reputation and make uae it offshore country

been in Dubai recently btw like a month ago and got corona there lol

 

[clemens]

I was thinking 12,500AED + 6,000AED = $5,000. You saying with 12,500AED you get an IBAN included with local account details?

It is a lot of money for a simple guy wanting a bank account in the UAE - this money has to stay at the account for the live time of the account right?

 

[Martin Everson]

this money has to stay at the account for the live time of the account right?

I have no idea. Never even heard of Ebury before it was posted here.

P.S The money they are asking to open an account is preposterous.

 

[BlueMist]

I was thinking 12,500AED + 6,000AED = $5,000. You saying with 12,500AED you get an IBAN included with local account details?

Update: for AED 8,500 (onshore, freezone) or AED 12,500 (offshore) you get USD and AED IBANs.
If you want any other currency IBAN you need to pay extra AED 4000 or AED 6000.
AED and USD IBANs are held in UK with Barclays or Citibank.

I have not found anyone who would be using them though. I also never heard of them until recently, but they seem to have offices worldwide...

 

[BlueMist]

could you give some contact details? I would be glad to experiment and share the progress publicly

Simply write to [email protected]

 

[Crest]

I tried to open 3 accounts with them and the due diligence required is pretty thorough (to be expected), all got rejected unfortunately. To be fair the companies we attempted with didnt have the most straightforward structure and were UK partnerships. As I was told they started offering business accounts and got so many account requests from RAK ICC (offshore) that they have become stricter. They are predominantly an FX broker rather than a 'bank' which is why they are not well known in these circles. They aim to compete with the large FX brokers ie: FX Pro, Moneycorp, Argentex

 

[JimBeam]

Update: for AED 8,500 (onshore, freezone) or AED 12,500 (offshore) you get USD and AED IBANs.
If you want any other currency IBAN you need to pay extra AED 4000 or AED 6000.
AED and USD IBANs are held in UK with Barclays or Citibank.

I have not found anyone who would be using them though. I also never heard of them until recently, but they seem to have offices worldwide...

Do you provide USD accounts?
So let's say we need USD and EUR accounts. How much will that cost?
Where is the the USD bank address/country?
What are the running costs (monthly/yearly)?
How much does cost to send money (to other iban or swift)?
Do you offer cards?
Can withdrawals be made in cash in UAE?

Thank you for answering these.
I think it will also help other people on this board.

 

[JimBeam]

the more people will switch from USD the faster that toxic thing disappears I would encourage people to switch USD to EUR in the long run

That's another topic.
Due the nature of our business, we simply have to work with USD.
Also, EUR accounts are now being charged with negative interest, while USD is not (at the moment).

 

[Martin Everson]

the more people will switch from USD the faster that toxic thing disappears I would encourage people to switch USD to EUR in the long run

Couldn't agree more.