UAE - FREE ZONE COMPANY - the best banks or EMI for the company

[Txaxandlxaxwxyxexr]

Hello everybody,
from what I see in this forum there are many people with an extended experience with bank or EMI for UAE free zone companies.
Nowadays, which account / accounts would "you" open if you had just formed a free zone company? Which solution would you choose for yourself?
I am very curious to hear your great opinions.

 

[exprtadvisrdev]

It all depends on the kind of business you have, but I would probably go with something easy like Bankera until I get more traction and move to a real bank

 

[Fred]

Which Freezone and Business we are talking about?

Depending on the information you provide we can suggest you an EMI.

If you don't want to mention this public just send me PM.

 

[Txaxandlxaxwxyxexr]

What about also local banking? Which uae local banks would you chose?
I am speaking more on a general Level.
Let's suppose a bank account for a service business that works mostly online, for example receiving referral payments, or video monetization payments, or even remote services payments...

 

[Fred]

Well on a general level I can't give any advise on a bank.

Make sure you go with a Dubai license with higher reputation then all the small emirates without real economy. Furthermore the license have to fit your business exactly. Source of funds is important as well - they have to fit what you mention during the company formation and bank account opening process.

If you want to discuss further send me an email or PM. Don't do the popular mistake and safe at the wrong end only to figure out that the formation wasn't setup right and no local UAE bank open account because of mismatch of the aboth mentioned.

 

[CaptK]

Something like a business services license should work for you.
You can contact the bankers in advance and supply them bank statements with invoices and or contracts. They can run it through compliance before you get there. Also have a decent amount as initial deposit. 10K is good but 50K plus is more interesting to them. You can start with 10K and if you take a bank savings product that you pay 1K a month into for 12 months. This can better your chances of opening a bank account.

Emirates ID and branch visit is mandatory. A UAE residential address plus a utility bill goes a long way to getting a bank account.

 

[ShillGates]

emirats id is possible without residential address, so you actually need to rent something and get dewa?(or buy)

looking for some assistance (paid not free )as to dubai bank accounts and so on, we got multiple mainland llc. 7 Figures+ amounts so looking for multiple options with a good backing - pm away

apologies if this seemed like hijacking thread.....

 

[Fred]

emirats id is possible without residential address, so you actually need to rent something and get dewa?(or buy)

looking for some assistance (paid not free )as to dubai bank accounts and so on, we got multiple mainland llc. 7 Figures+ amounts so looking for multiple options with a good backing - pm away

apologies if this seemed like hijacking thread.....

Can help you with that.

Especially for business bank account there is no personal DEWA or tenant contract needed. At least with the banks we work with. Just emirates ID, passport and comp docs together with supporting docs of the business. You simply mention the hotel you stay during the bank visit as personal address as the banker will tell you by himself "any address".

Of course there are banks that set dewa as a must but it doesn't apply to all banks for sure.

 

[Kilixos]

What if you live with friends ? Can you use their DEWA and sort of paper saying that you live with them in the same house ? Kind of accommodation certificate

 

[Fred]

If they own the property they can issue a Tenancy contract or if they are simply renting the house they can ask the landlord if he can include your name into the Tenancy Contract. That's not common usually there is just one tenant in the tenancy contract.

DEWA is on the name of tenant as the Ejari is in the name of the tenant.

Banks recognize if everything is under one name and you are married they see you live together. But that many different people live in the same house it's not typically in UAE. Don't forget about the religion and tradition here and they try to prevent people from sharing. in some areas it's even considered illegal.
It's a way many people do it in UAE but it's for sure not supported by the authorities.