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Bank account opening for LLC (United Arab Emirates companies

TheBig

New member
Hello, I am an Italian citizen and I am incorporating a company in Fujairah (IZFA) in the Free Zone. I will change residence soon, presumably or go to Switzerland or the Emirates. The company will deal with international trade. I've been trying desperately to open an account remotely for a month (due to the coronavirus I can't move).
I want to clarify that I don't want an offshore account as I have to work with European clients.

I have tried everything, for example CIM Banque was almost done, but only opens to companies incorporated in Dubai. Emirate banks require physical presence (I've tried them all through friends, but they don't open). What do you recommend? (No Belize, BVI, Mauritius, Puerto Rico etc ...)
I was told about Ireland, Cyprus and Malta but I can't find anything
 

NicolasMaduro

New member
I would just open a TransferWise account temporarily. Then move to UAE for real. Get an apartment. Get office space for your company. Apply for bank. When I was in UAE there was banks that opened business accounts for trading companies instantly. However, it required physical locations that they could "inspect".

If you don´t have a real office and a real apartment, then your best bet is RAK bank.
 

TheBig

New member
Can you give me the certainty that it will make me open an account with a company incorporated in the Emirates? What are the limitations of Transferwise? Blocks? Subsequent documentation?
 

clemens

Corporate Services
Mentor Group Gold
Cyprus can work for you if you go there, you will have to wait until you can travel around again and visit the banks. There are other banks in Switzerland so you may have to go there stay for some days and visit some of the banks.
 

TheBig

New member
I probably won't be able to move for months! In Italy everything is blocked for the Covid-19
 

clemens

Corporate Services
Mentor Group Gold
I probably won't be able to move for months! In Italy everything is blocked for the Covid-19
I think everyone in this World knows about the situation in Italy as well as most other places on earth. I also think that everyone is aware about the situation on earth and that it is impossible to travel anywhere.

So, there is no need to mention that all the time I think, if you ask such question and you get answers, then it may be for the future when the world behave normal again ;)
 

sullyferdinand

Active Member
Cyprus can work for you if you go there, you will have to wait until you can travel around again and visit the banks. There are other banks in Switzerland so you may have to go there stay for some days and visit some of the banks.
Unless he has a physical office in Cyprus, it will be almost impossible

Did you try to open a bank account in Cyprus for a UAE Freezone?
 
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Gediminas

Offshore Tax Advisory
Mentor Group Gold
Commercial Service
Business Angel
Hello, I am an Italian citizen and I am incorporating a company in Fujairah (IZFA) in the Free Zone. I will change residence soon, presumably or go to Switzerland or the Emirates. The company will deal with international trade. I've been trying desperately to open an account remotely for a month (due to the coronavirus I can't move).
I want to clarify that I don't want an offshore account as I have to work with European clients.

I have tried everything, for example CIM Banque was almost done, but only opens to companies incorporated in Dubai. Emirate banks require physical presence (I've tried them all through friends, but they don't open). What do you recommend? (No Belize, BVI, Mauritius, Puerto Rico etc ...)
I was told about Ireland, Cyprus and Malta but I can't find anything
Hi, drop me an email (click on the banner), if you won't solve your problems by yourself. I might be able to help you there.
 

clemens

Corporate Services
Mentor Group Gold
Unless he has a physical office in Cyprus, it will be almost impossible

Did you try to open a bank account in Cyprus for a UAE Freezone?
So true, but for people who have reading the forum it is as clear as that we are living in a world with lock down.

Ayway, YES YOU NEED A REAL OFFICE to be able to open a bank account in Cyprus, you need to have substantial business as it say.
 

sullyferdinand

Active Member
Since you suggested that Cyprus banks can onboard UAE Freezones, were you able to open a bank account for this type of companies?
 

Gediminas

Offshore Tax Advisory
Mentor Group Gold
Commercial Service
Business Angel
How will you help him? Perversk?
Not necessarily, Pervesk is only one of the EMI's that I had the most successful results with.

I don't have a direct answer yet, I would have to look through the case at first. But I am pretty sure I would be able to help.
 

JimBeam

Active Member
Unless he has a physical office in Cyprus, it will be almost impossible
I agree it's difficult without an office.
Maybe it's possible if you have a really good introducer...


Did you try to open a bank account in Cyprus for a UAE Freezone?
I talked to my acct manager at Bank of Cyprus and he told me that it's impossible...
He said that they'll open it for USA, UK or EU companies but but not for any offshore zones or UAE.
 

sullyferdinand

Active Member
I talked to my acct manager at Bank of Cyprus and he told me that it's impossible...
He said that they'll open it for USA, UK or EU companies but but not for any offshore zones or UAE.
thats what i thought after i read the comment from clemens
its already super difficult for cyprus companies
 

Camille Württemberg

20 years tax advisor on-shore/off-shore
Mentor Group Gold
Hello, I am an Italian citizen and I am incorporating a company in Fujairah (IZFA) in the Free Zone. I will change residence soon, presumably or go to Switzerland or the Emirates. The company will deal with international trade. I've been trying desperately to open an account remotely for a month (due to the coronavirus I can't move).
I want to clarify that I don't want an offshore account as I have to work with European clients.

I have tried everything, for example CIM Banque was almost done, but only opens to companies incorporated in Dubai. Emirate banks require physical presence (I've tried them all through friends, but they don't open). What do you recommend? (No Belize, BVI, Mauritius, Puerto Rico etc ...)
I was told about Ireland, Cyprus and Malta but I can't find anything
Have you tried Singapore / Hong Kong ?
 

JimBeam

Active Member
Hello, I am an Italian citizen and I am incorporating a company in Fujairah (IZFA) in the Free Zone. I will change residence soon, presumably or go to Switzerland or the Emirates. The company will deal with international trade. I've been trying desperately to open an account remotely for a month (due to the coronavirus I can't move).
I want to clarify that I don't want an offshore account as I have to work with European clients.
If you move to the UAE than you just rent some shitty office and apply in couple more banks and you'll probably have your bank account within a month. Also, prepare your nerves.
It took me more than 3 months to get a UAE bank account opened (remotely) - but my company is registered in Dubai (not Fujairah).
Maybe I could help you somehow. Feel free to PM me. (I'm not a sales agent or anything).
 

Nicholas Van Orton

Silver Member
Mentor Group Gold
OP has his company registered in one of the lowest-profile UAE freezones. Nothing wrong with that, but as the tyranny of the 'developed siht world' tightens the grip on corporate structures around the globe, countries like the UAE, in order to maintain their 'white status' and not be blacklisted, are toughening the requirements for expats to have a full structure completed.

It is complicated enough these days for foreigners (not GCC citizens) to get the full banking setup completed when setting up in Dubai or Abu Dhabi, to try and go for the smallest ones. Wish you best of luck, but frankly, I'd consider a route change and set things up differently so you can first bank safely in the UAE (ie, also allowed to open somewhere else afterwards).

Tat's how I see it, unless guys like @Gediminas can help you with their own options.
 

TheBig

New member
Which structure do you recommend to operate in Europe?

The company would always deal with international trade
 

GrumpyMess

Entrepreneur
It is complicated enough these days for foreigners (not GCC citizens) to get the full banking setup completed when setting up in Dubai or Abu Dhabi, to try and go for the smallest ones. Wish you best of luck, but frankly, I'd consider a route change and set things up differently so you can first bank safely in the UAE (ie, also allowed to open somewhere else afterwards).
Is freelancer visa and personal bank account in UAE a good idea?
 

Nicholas Van Orton

Silver Member
Mentor Group Gold
Which structure do you recommend to operate in Europe?

The company would always deal with international trade
If you don't plan to relocate to the UAE, I'd say the option of Hong Kong Co + CIM Banque in Switzerland (something many providers offer, some posting here) might work.

If you don't plan to relocate to the UAE (or if you plan to) AND have some good pockets to pay for a serious setup, I'd be able to suggest something more complex out of Abu Dhabi, basically an all-in-one solution that can be found there since a few months ago. Again, this is not a casual set-up, would require around $30K for the whole setup, for a long-lasting and far-reaching structure.
 
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