Looking for a RAK company and bank acct

RAS?

RAK FZ or IBC?

Are you planning to take up residence in UAE as well? Will the company have staff/directors in UAE?

acplo said:

Not wanting residency in UAE. Mainly want a offshore acct in UAE because I think it would be easier to transact in mena

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I think you want be able to open a corporate bank account for a non resident company in the UAE.

RAK is problematic in that it's an offshore jurisdiction within an already challenging jurisdiction. Non-resident banking is not really something banks in UAE engage with in general, outside of wealth management and/or very well connected people. Goes for the whole region, of which UAE is still the most internationally focused.

@EmiratesSetup might be able to shed some more light.

Nobody wanted my 10+ years old RAK company when I gave it away for free here. Enough said.

JohnnyDoe said:

Nobody wanted my 10+ years old RAK company when I gave it away for free here. Enough said.

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That usually applies to all jFreezone companies because bank goes through entire KYC once there is a share transfer. There is almost no benefit in taking over another firm.

You wont be able to get a corporate bank account with an offshore company unless you have a GM that is resident in the UAE.

RAK (Ras al Khaimah) is OK but we would always advise you to set up your company in the Emirate of Dubai. It is just easier in so many regards like opening a bank account, the visa procedure and renewal later on, amendments, etc. If you want to live in Dubai and you have a RAK visa its a definite disadvantage.

I am having a similar problem here. Would like to know the banking options for a RAK ICC company. Any advise please?

Addler said:

I am having a similar problem here. Would like to know the banking options for a RAK ICC company. Any advise please?

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If an EMI works you can try with Currenxie.

Jbb1 said:

If an EMI works you can try with Currenxie.

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Thanks. Any past or current experience with them?

Addler said:

Thanks. Any past or current experience with them?

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I have had zero issues with Currenixe. 50K+ per month from North America
Pretty ok to deal with.

Jbb1 said:

If an EMI works you can try with Currenxie.

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Thank you for this. Is currinxie Swift recognised by other banks? Any experince on that please? Our bank for example do not work with many EMIs. Thanks

Addler said:

Thank you for this. Is currinxie Swift recognised by other banks? Any experince on that please? Our bank for example do not work with many EMIs. Thanks

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It’s not a bank it’s an EMI, and yes they have access to SWIFT via their partner banks in most of the currencies.

The bank account is not under the EMI it’s on Barclays.

Jbb1 said:

It’s not a bank it’s an EMI, and yes they have access to SWIFT via their partner banks in most of the currencies.

The bank account is not under the EMI it’s on Barclays.

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Thank you very much. I am not entirely sure how EMIs work with the SWIFT system but the difficulty we are my having is that our current bank does not recognise many EMIs Swift codes.

Also where can I get USD Swift code of currinxie please?

Addler said:

Thank you for this. Is currinxie Swift recognised by other banks? Any experince on that please? Our bank for example do not work with many EMIs. Thanks

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No issues at all with any banks I have used.

M4S said:

No issues at all with any banks I have used.

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Thanks. It seems the bank we use is the issue. They recognize limited EMIs for outgoing transfer. Which is why we are already looking into banking alternatives for our RAK ICC business.