Corporate/Business Bank Account for UAE RAK Free Zone Company + Second Citizenship

[Helkins]

Almost the same here.

Created a company within Dubai South. Flexidesk and all with a acquaintances who is also someone who created companies for foreigners there as I'm working widely remotely for huge companies worldwide.

Everything was good until we reached the bank account creation. His contact within a bank went missing on him after 4 weeks of waiting.

We introduced a new request via someone they know in ENBD but no feedback there for the last 3 weeks.

I tried myself FAB and ENBD directly but they laughed at me (we are bringing close to 1M AED the first year) requesting unsustainable deposit (at least for the first 6 months). The bank clerks don't bother anymore to open some bank accounts dedicated to startup companies (or emerging companies), they flatly refuse to talk about it saying that "these accounts don't exist anymore" while they are widely advertised on their website

I also have requests in MAshreq NeoBiz (Mashreq Neo opened me a personal bank account) and Rakbank Starter but I'm still waiting for feedback 4 weeks after.

Same situation here, customers are eager to pay their invoices but no bank account to support the transfer.

Paysera and Paypal are something I'm looking into (at least for the 2 first months so I can get cash to create some - useless to me - substance in dubai). I will later on get an apartment here but need to get paid.

My EU customers told me that Paypal is not really something they would like to do on a recurring basis (apparently countries like belgium are not really into it between companies) and I'm wondering if Paysera could be a viable solution.

Will keep you posted guys

Problem is that flexidesk doesn't cut it these days and it's almost impossible to open any bank account with it. IMO all things considered banks in the UAE are crap and even EMIs are better. If you haven't heard from them, it means you probably never will.

PayPal won't work for you and I highly suggest not even thinking of touching it, I have around 19k USD frozen with them since 2018/19 and there is no sight of this money ever returning to me.

You can try with Paysera and Payoneer, I've been successful opening accounts with both using RAKEZ companies, mind that sometimes you need to fake your way through things, like utility bills and EJARI. From experience doing so even allowed me to get a Wise account. Those EMIs will want to see that your company actually there otherwise they'll be also reluctant in opening an account for you, just like UAE Banks are, but UAE Banks can verify docs and those EMIs won't.

 

[Fred]

@Zikki we open you the Business Bank Account in 2 weeks - guaranteed of course.

Send us an email if interested.

 

[Zikki]

Problem is that flexidesk doesn't cut it these days and it's almost impossible to open any bank account with it. IMO all things considered banks in the UAE are crap and even EMIs are better. If you haven't heard from them, it means you probably never will.

PayPal won't work for you and I highly suggest not even thinking of touching it, I have around 19k USD frozen with them since 2018/19 and there is no sight of this money ever returning to me.

You can try with Paysera and Payoneer, I've been successful opening accounts with both using RAKEZ companies, mind that sometimes you need to fake your way through things, like utility bills and EJARI. From experience doing so even allowed me to get a Wise account. Those EMIs will want to see that your company actually there otherwise they'll be also reluctant in opening an account for you, just like UAE Banks are, but UAE Banks can verify docs and those EMIs won't.

Paysera is ongoing and we are also thinking about Satchel.

How did you manage Payoneer? They are requesting a bank account :/

 

[uplana]

Paysera is ongoing and we are also thinking about Satchel.

both two good options for your setup as an alternative to the many other EMI's available for your needs.

Payoneer is an interesting topic of it's own, I failed totally to get an account setup with them, so if you know how to go about it without a bank account then please update us here.

 

[Zikki]

both two good options for your setup as an alternative to the many other EMI's available for your needs.

Payoneer is an interesting topic of it's own, I failed totally to get an account setup with them, so if you know how to go about it without a bank account then please update us here.

Same here. Payoneer requests a business bank account so we cannot proceed further as we were looking in payoneer for a iban bank account for receiving payment while we have a proper bank account getting created in UAE. So not a valid solution for us

 

[Zikki]

Paysera is ongoing and we are also thinking about Satchel.

How did you manage Payoneer? They are requesting a bank account :/

Paysera is still waiting for document review... in the meantime we contacted currenxie and they are way much responsive (already 4 communications in one day while paysera didn't move at all for 4 days)