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Meydan Freezone

diosmios

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Nov 6, 2020
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Hello and thank you for this forum and everyone's participation. I've been learning a lot.

There was a comment from @CaptK about Meydan being "useless, just as bad as RAK".

I was wondering if he could be more specific, and if anyone has an experience with Meydan, if they could kindly share feedback about their experience.

My aim:
- FZ
- Visa
- Corp Account > they say they facilitate this with Mashreq > any feedback?
- Pers Account

Thank you very much.
 
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@CaptK is right.

Don't go with the bottom of the barrel if you want to have more then 1 bank option.

Contact someone like @CaptK or us as we know what's working in practice.

You can try it by yourself with Meydan - I mean paying some learning money isn't bad - that's how we figuered it out.

But if you want to have a straightforward process go with something that is reliable.

If you go cheap - you always endup paying 2x times in the UAE.
 
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If you go cheap - you always endup paying 2x times in the UAE.
Good advise, you should take note of this. It applies for almost any service in this category. Go cheap and you ask for troubles.
 
Thank you @CaptK - if you got a Meydan FZ, you've got Meydan Pay. What's your feedback on this? I understand it's a wallet with an IBAN. There's no upper limit on amount you can hold according to them.
 
Thank you @CaptK - if you got a Meydan FZ, you've got Meydan Pay. What's your feedback on this? I understand it's a wallet with an IBAN. There's no upper limit on amount you can hold according to them.
I have never used them. I would be wary as they make those claims but in reality it’s bulls**t. There are various Neo banks in the UAE at the moment only the ones that associated with the big banks seem to work.
 
Thank you @CaptK - if you got a Meydan FZ, you've got Meydan Pay. What's your feedback on this? I understand it's a wallet with an IBAN. There's no upper limit on amount you can hold according to them.
It's an EMI white label - don't bother.

The whole point about the Dubai Company with Dubai Residence Visa is to get access to reliable retail Banks in a 0% Tax environment with minimum of bureaucracy involved.

If you don't intend to achieve this then you can go with a Seychelles IBC or BVI IBC and use some EMI banking - of course this shouldn't be the goal but gets you exactly the same like with a FZ + EMI banking for 20% of the cost.

That's not a recommendation as it's neither reliable or something for the long-term - however we want to make you aware if this before you get burned - or more your money get burned.

UAE is a great location - in our opinion actually the best taking in consideration all the pros and cons - but be careful with what you get offered.
 
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Depending on your business take a freezone that makes the most of sense and Check out WIO bank in the UAE they will open a Business bank account in no time and so far I have not heard anything about someone being rejected.

- Corp Account > they say they facilitate this with Mashreq > any feedback?
No way that you will get a Mashreq bank, without a real office and even then it depends on their mood
 
AED only for now right?
Ive heard they had plans to add USD but dunno if they already got to it.
They did launch USD 4 days ago and now run compliance like every other bank.

The few clients followed our instructions have now a Bank Account with AED/USD received at almost no compliance however for new applications it takes them a week to get back and it's unknown how long the compliance back and forth via e-mail takes.

The UI design and idea behind Wio is fancy and interesting however since they become more useful like a normal bank the compliance goes immediately up and it's the same if not even worse compliance proceedure (due to the fact they send you e-mails with 12-20 questions) like with every other bank now.
 
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