What I am wondering about is, why are you even using the UAE company? Can’t you set up a company somewhere else like a UK LLP or single member US LLC and use that instead? Or do banks hate such entities just as much?
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- Thread starter dxbkk
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Yes confirmed.
Unless you are willing to share with them a lot of personal informations (other bank account / names of clients & suppliers / bank statement) AND AND AND put down at least US$ 200/250k in their fixed bank account under your NEW personal account that they will happy to open for you... "You give me something... I give you something in exchange"
By new UAE law banks are not allowed to hose business account for companies not resident in UAE.
For personal is another story..... so they will link both account BUSINESS and PERSONAL together.
What is this new law can you share a link?
Sharing personal information with a bank is quite common especually for opening of company ofshore account.
I will ask some banks and report i nthe thread if indeed. The uae banks no longer open company bank accounts For UAE ofshore companies like Rak ofshore.
I read it in the GULF NEWS newspaper in October last year when I was in UAE for vacation/work
I will ask my agent to source for it.
RAK FZ are officially blacklisted. No dare to approach a bank... they will simply not entertain any more same as IBC.
That seems very strange since thr big uae banks are partly government owned so why would government sell you a offshore company but deny you a bank account. I spoke with few agents that i had worked with before for other entities and asked for company formation in uae rak and uae bank accounts and they didnt mention that banks stopped accepting. However i iwill ask them again specifically and will ask the rakia authorty and the central bank of uae and the big 5 banks for this and report back in the thread
I was not clear enough, sorry.
Bank won't accept anything based on FLEXI DESK SHARE package.
By the way survey here around and you may read many facing trouble with a RAK FZE company (Flexi Desk package) in open a bank account....
Bank won't accept anything based on FLEXI DESK SHARE package.
By the way survey here around and you may read many facing trouble with a RAK FZE company (Flexi Desk package) in open a bank account....
But why is that such an issue? The flexi desk option gives you residency, then you can just use a company abroad like a UK LP, which has better reputation anyway.
Or you could use an EMI and a personal bank account.
Or am I missing something?
Or you could use an EMI and a personal bank account.
Or am I missing something?
Some banks will accept Flexi desk but will ask for Tenancy contract/Ejari.
Hi @alexrinse with no deposit doesn't make sense because the bank start asking why you want to open an account without deposit money there.
Yes GBP is possible and min. Deposit is 5.000 - 10.000 AED. Even for personal accounts in real banks this is an amount you have to deposit initial to satisfy the bank - I don't talk about the online banks without branch or support.
Yes GBP is possible and min. Deposit is 5.000 - 10.000 AED. Even for personal accounts in real banks this is an amount you have to deposit initial to satisfy the bank - I don't talk about the online banks without branch or support.
Right I was referring to business bank accounts.
For business account in DIB it's 50.000 AED.
Hi, did you (or anybody else) open the DMCC company?
Were the cost really around $30-40k? I saw some offers for this free zone which were much cheaper (incl. office space).
The full(accounting, audit, office space, license, visa etc...) one year running cost will be about min 15-20 usd. You can use AstroLabs for easy and afforable setup.
Audit depends on the Freezone(for ex. DMCC requires) but you need accounting(at least you should keep your records).
now you need audit for all companies and vat registretion above 120000 aed fro invoincig in mainland, remenber dubai free zone means you are free to establish company without local partner all other restrictions apply
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