uae onshore banking

jojojo said:

Martin - why the heck do you need so many bank accounts?!? Lol

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I guess I am a hoarder...lol. No one needs anything like that many accounts. It is an old habit and legacy left over from when I used to introduce clients to banks via my old company - you end up with a lot of lightly funded bank accounts to test banking services. I was opening around 1 account a month.

Fast forward to 2015-2019 and opening bank accounts has now become difficult and a luxury so I will hold on to them .

Martin Everson said:

I guess I am a hoarder...lol. No one needs anything like that many accounts. It is an old habit and legacy left over from when I used to introduce clients to banks via my old company - you end up with a lot of lightly funded bank accounts to test banking services. I was opening around 1 account a month.

Fast forward to 2015-2019 and opening bank accounts has now become difficult and a luxury so I will hold on to them .

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Hi Martin,
With your broad based experience and many accounts spread over the globe.
Would you have a suggestion where to go for a company corporate account? Formation is in RAK Offshore So its a Ltd company in RAK. Main currency required is USD and for trading medical consumable requirements, No pharmaceutical or medicines.. just single use throwaway stuff in hospitals.
Thanks

Hanif

USD + RAK + Medical = Problem

Hanif said:

Hi Martin,
With your broad based experience and many accounts spread over the globe.
Would you have a suggestion where to go for a company corporate account? Formation is in RAK Offshore So its a Ltd company in RAK. Main currency required is USD and for trading medical consumable requirements, No pharmaceutical or medicines.. just single use throwaway stuff in hospitals.
Thanks

Hanif

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You really want to fly there and speak some professionals that know how to setup a company and banking. Personally I will be in Dubai in a few weeks to get a company setup and hopefully some sort of banking. Honestly I don't understand the process as we speak but believe to learn from people there how to manage this.

Should I get something useful out of it then I will post here.

Admin said:

You really want to fly there and speak some professionals that know how to setup a company and banking. Personally I will be in Dubai in a few weeks to get a company setup and hopefully some sort of banking. Honestly I don't understand the process as we speak but believe to learn from people there how to manage this.

Should I get something useful out of it then I will post here.

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Hi Admin,

I lived in UAE for 13 years and am aware of local requirements, residency, company set ups, corporate & personal banking. I you need any advice prior to your visit please feel free to be in contact. Depending on the location and type of set up you are seeking we have excellent companies who have been great on service and pricing for the work they do.

My question is for a non resident (offshore) Company formed company. We already have a bank account, The formation, bank set up was done by a registered agent to RAK Offshore.
We are looking at a second bank account to ensure we have best facilities at our disposal.
I asked Martin as he disclosed the number of accounts he had I thought he may shed some light to areas we can explore further for this.

I saw his reply was not positive.
Odd as we did not find any objections when we structured this and from any of the banks we approached.
So far no negative reactions other than the comment from Martin.

Cheers.

Hanif said:

We already have a bank account, The formation, bank set up was done by a registered agent to RAK Offshore.
We are looking at a second bank account to ensure we have best facilities at our disposal.

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Would you mind sharing which bank opened you an account for a RAK offshore Ltd? I would be very much interested in it too...

Runway said:

Would you mind sharing which bank opened you an account for a RAK offshore Ltd? I would be very much interested in it too...

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Hi Runway..
Bank One in Mauritius.
UAE local banks have a high minimum deposit requirements which we don't feel warrant any need when no credit services are given in exchange, IE trade credit services.
If those were needed or given then further deposits are needed.
We have a long history to demonstrate to them in UAE but that makes no difference to the policy attached to any offshore company accounts.