Truth is he can very well get a bank account opened for RAKEZ company with Payoneer, Bankera or Cimbanque. I've done so for my RAK company without any issues, I also have an account with DIB and used to have one with NOOR when it was still around. He'll need to visit the branches in person and talk with adequate managers, present his business plan and prove he's going to run a legitimate business. Since his business is solely online SaaS he can forgo the company completely too and opt for the freelancer permit instead too.
Alternatively he can create fake substance in the UAE by renting some office, hiring some staff even with that RAK company and/or make higher initial deposit. Lastly he can use someone else's bank account/company for payments. There are a lot of options.
Everyone wants to be saving on taxes yet no-one wants to do stuff in the grey zone, if you do it right the risk is minimal.
I only mention personal account use of countries as such because OP can get his bank account in an EU country and be getting away with corporate use of it for some time while he accumulates more funds for a more legitimate solution.
That's very outdated information about the UAE Banks and was last time valid back in the days in 2018.
About Bankera, Payoneer and other EMI's - whats the point of having running costs of 5-6k$ with a RAKEZ company if you have same banking options as a 500$
Seychelles company?
The sense in the Dubai Company Formation with Dubai Residence Visa is in the reliable retail banking access with real banks in the UAE - having 0% tax setup but still having a similar banking experience as in US/UK/EU.
You have the account with DIB because Noor bank merged or much more were moved under the DIB brand as they used this move to do a huge re-KYC on old outdated Offshore structures that were still banking with Noor Bank.
This move happened after COVID and since this move DIB focus on Corporate Banking starting from 1m$ and no longer on SME.
Exactly such outdated information leads to people like
@Hank Moody endup with a RAKEZ company and 2021 and additional end up in a never ending queue with DIB afterwards.
Going to a bank branch helps in 2021 exactly nothing - you will find in a bank branch either customer support or sales team - because of this people end up even with a monthly insurance of 500$ just for having a personal account.
From technical point of view no one of the big interesting banks (not talking about small pakistani banks without web banking lol) have the business account opening either outsourced to an online application were you can fail pretty easy if you don't know what you are doing or they have dedicated account opening teams that are based in some backoffice of the banks or the headquarters itself of the bank without walkin customer possibility.
A Freelance Permit costs you close to the same amount of money and you endup with 0 imporvement in terms of banking - exactly the opposite - banks don't like to open you an individual account for business purpose and they don't have any Freelance Business Accounts not to talk about no banker moves a finger for you as it's screaming you are small guy without any funds.
The EU is a joke advise if
@Hank Moody isn't a EU national - I suspect if he plays around with a St. Kitts passport same like the grey zone area stuff
Anyway everybody is responsible for hiw own luck - just my 2 cents straight out of the daily practice in October 2021.
Looks like Im the only one in the world who dont have any insurance and avoid all kind of insurance all the time. (I dont know how wise it is)
