Banking for UAE free zone IFZA company

[TRGali]

Hi,

Which UAE banks (not EMI please) would you recommend to open a business account for a IFZA holding company? The company only has the standard flexi desk package that comes with the "basic IFZA licence", as for a holding the director only has to go there to sign resolutions a couple of times a year, so it does not feel like a need for a real office.

Simple and straightforward shareholding structure with no "risky country". The director is a UAE resident.

- Does Mashreq neobiz still do it?
- Wio would do that? Also with Wio, how are the transactions/adding new beneficiary 2FA, is it sms or using an app?

Any other bank you think of?
From your experience, would you recommend using the services of professional intermediaries or just to do it yourself?

 

[Clank]

Usually the freezone you incorporate on doesn't influence on the banking options, that has been my experience.

Most of banks will require you to have a physical office or personal address (utility bill or rental contract).

You can open an account with mashreq neobiz by yourself with a physical office, some Corporate Service Providers offer you a contract for an office for 3-5k AED per year.

With Wio you won't have those requirements but it's not a proper bank.

 

[TRGali]

Would you mind elaborating why Wio is not a proper bank?

You are saying that most banks would accept the personal address of the director to tick the office box? (The director is a real UAE resident all year long).

 

[Clank]

Would you mind elaborating why Wio is not a proper bank?

You are saying that most banks would accept the personal address of the director to tick the office box? (The director is a real UAE resident all year long).

If you can prove it with utility bills, yes. Just apply on the website they will ask for it.

 

[TRGali]

You mentioned Wio not being a proper bank, can we transfer hundreds of thousands EUR one shot from a subsidiary without them getting crazy or it's more for small amount type of bank?

 

[MillionCents]

You mentioned Wio not being a proper bank, can we transfer hundreds of thousands EUR one shot from a subsidiary without them getting crazy or it's more for small amount type of bank?

WIO is fine, my FZCO is using it since two years and we handle mid 6 figure transactions monthly with no issues at all. Payments from HongKong or NewYork never been an issue for WIO. You can set up a EUR or USD account with them too, pretty good and easy to use so def recommend it, but as stated above its not a "real" bank, its an online bank more or less, regulated here in UAE.

 

[TRGali]

Thanks guys.

Any one has experience with NBD for a business account?

 

[FZSAAS]

Thanks guys.

Any one has experience with NBD for a business account?

Yes, difficult and expensive to get an account. Are you in UAE at the moment?

Wio works well also

 

[Clank]

Mashreq would be your best option if you want a brick and mortar bank.

The rest excluding RAKBANK will be difficult to open.

 

[FZSAAS]

Feel free to DM if after ENBD, have a contact can help with them and DIB

 

[AlicaFunk]

Feel free to DM if after ENBD, have a contact can help with them and DIB

What's the benefit to DM you for an account opening, I can do that my self?

 

[FZSAAS]

I spent 4 months trying to open with a bricks and mortar bank, paid an agent in an EU company who failed, and finally found a decent agent in UAE who completed for me in 2-3 weeks.

No benefit to me, I just share the contact who helped me. I spent time and money to get the contact and company.

 

[nitehawk]

It’s very simple process to open Mashreq and Wio business accounts for Freezone. I did it online and took a few days. You can just open personal accounts at the others and transfer your salary or income there.

 

[TRGali]

Yes, difficult and expensive to get an account. Are you in UAE at the moment?

Wio works well also

The director of the company is in UAE permanently yes and will get the account access.

 

[5K1PP3R]

Just stay away from Commercial Bank of Dubai, CBD. This is what I had to deal with in addition to the frozen account. Totally insane. Also check the forms. Total 9 fu***ng forms and 40 pages of questions. Thanks, Fred, thanks IFZA.

To complete the ODD requirements kindly provide us with the following documents/information at the earliest:

1. Fully completed ODD form (All the fields are mandatory)
2. Latest valid trade license.
3. VAT Registration certificate, if not registered then the attached VAT confirmation form to be on company letterhead signed & stamped
4. Latest amendment to Memorandum of Association, that reflects ownership details as per latest trade license.
5. Service agency agreement/contract if service agent where applicable.
6. Board Resolution / Shareholder Resolution / Power of Attorney (POA) Official Legally Accepted
7. Document confirming the delegation of authority of the person(s) authorized to open and operate bank account (if any changes from the last).
8. Where entity identified as a shareholder - valid Trade license/incumbency certificate/share registry is required
9. Financial statements (audited/unaudited) or last three months bank statement of the primary account for other banks if any (NOT CBD).
10. Sanction Undertaking to be printed on company Letter head signed and stamped on all pages by the Authorized signatory
11. VASP undertaking letter to be printed on company Letter Head with Date , Stamp & Signature – Template attached.
12. CRS Form for entity - as applicable.
13. CRS Form for individual – for each shareholder / signatory
14. Proof of address of the entity (If the address does not match with Trade License or site visit report. Mandatory utility bill or tenancy contract required for all non-resident entities)
15. Please note any change in turnover from previously recorded Turnover in the system Vs declared in the form will require justification along with additional documents for verification
16. AML/CFT Questionnaire if client into Real Estate, Lawyers, notaries and other independent legal professions and independent consultants, Providers of corporate services and trusts & precious stones Business (Refer DNFB note below)
17. Proof of address is required for non-resident controlling parties/signatories/shareholders.
18. Affiliate form for all shareholders/ signatories
19. Proof of address for all shareholders/ signatories such as valid tenancy contract or latest electricity bill, if it’s under different name then the attached self-declaration form to be signed
20. Ownership documents which is valid or within the last 12 months to validate ownership information provided (Valid Trade license, MOA, Certificate of incumbency/share register/share certificate, etc.)
21. As part of the On-going Due Diligence procedure, we will be initiating a site visit to the office premises as one of the requirements to complete.

One of our bank auditors will be setting up an appointment on the details to be provided from your end:

SME-FIELD VISIT REQUEST
Company Name
Contact Person Name & Designation
Contact Number
Complete Address with Landmark
Exact Business Activity (if trading then confirm what kind of products)	​

 

[Lord Palmerstone]

Helped a European colleague/friend make a FZ company last year here in UAE.
The FZ agency helped and opened a Company A/C with Wio in a matter of hours, one can say a morning.
For that same colleague/friend, also after trying unsuccessfully with Mashreq Bank, approached my own bank FAB that I have been with since early 1995 (then NBAD), and asked them point blank, are you going to give my friend the same good service?
Within a few hours, he also had a personal account in UAE.