So, Novel bank changed their banking partner a few weeks ago - and now inevitably - they're de-risking and closing foreign owned accounts (which was the whole point of Novel)
Sure enough got my email last night (infuriatingly AFTER they'd taken their annual premium fee for 2024):
Just to add...
A lot of business bank accounts (a great majority) no longer allow accounts for companies in the precious metals trade or even to those in related areas - such as offering marketing services to gold companies.
Which sucks if you work in gold :(
As for moving across borders it's no issue even...
Judging by this job posting looks like Revolut going to be a decent option in Dubai at some point soon...
https://www.revolut.com/careers/position/head-of-legal-revolut-uae-ecbfa3bf-8509-4436-ac34-f6ed76c3e1a8/
I almost missed this email but CBD biz account monthly fee is rising from 100aed to 2500aed for their basic account.
Crazy hike.
Sure you can reduce this by moving up to the next tier but there is minimum threshold of 375000 to be maintained in account.
Guess Wio about to get a lot more...
Personally I'm staying in Dubai as the pros far outweigh the cons. Didn't even find the summer heat too bad :)
On a practical note @Fred - I've been out of action due to family issues some of which you know about - but now I realize I need to get FZCO company sorted out relatively soon to...
I don't think the percentage is an issue rather the amount. You can pay yourself 100% of a company pre tax profits if the number is small.
Look instead to market averages for people in similar situations, roles and positions in the market you're working.
That 65% number given earlier as a...
I read yesterday that documents, invoices receipts etc (either original or copy) will need kept for 7 years. Was in one of the newspapers.
Can't find where I read it but this says the same thing - How long should documents be retained in the UAE? - Crown Records Management UAE
Was in similar position to you - except I do marketing for gold companies (also hated by banks) - and my set up with Wio was really easy, fast and the service has been superb. Also opened personal multicurrency account last month and it's also great. Just say you do marketing, and as Ancova...
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