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IlBDX

New member
Hello!
Revolut blocked me my account today. amazing news!
Next Week I will start to open a new company or Singapore or Dubai.
In Dubai there are any bank that offers revolut like service? like virtual credit card?
In europe, which is the best alternative to revolut?
 

IlBDX

New member
Not shady business. I am both italian and israeli. They understood that my account is for business , but i can't open revolut business bc they dont support israeli companies..
 

rowena

Entrepreneur
Not shady business. I am both italian and israeli. They understood that my account is for business , but i can't open revolut business bc they dont support israeli companies..
All banks will close your account once they notice you're using a personal account for business purposes. You can open a freezone company and a bank account in Dubai but it will take time 3-4 weeks and cost you min $10K.
 

wellington

Entrepreneur
All banks will close your account once they notice you're using a personal account for business purposes. You can open a freezone company and a bank account in Dubai but it will take time 3-4 weeks and cost you min $10K.
Can this be done remotely?
Online Banking (euros?) compatible with crypto?
How would you inject a BVI corp into that?
 

JimBeam

Entrepreneur
Can this be done remotely?
Online Banking (euros?) compatible with crypto?
How would you inject a BVI corp into that?
You can open a company remotely, but you'll have to show up eventually to take care of the medical check, visa and residency etc.

There are banks that you can apply fully online (even for business account) but once approved they'll usually come to pickup signature specimen or deliver welcome kit (debit card + checkbook).
Most banks offer multi currency accounts so EUR is included - no issues. But currently the issue is the EUR exchange rate if you need to exchange EUR for AED (to pay company expenses, salary etc) as the spread is now 8-10% so you could lose 4-5% easily on the exchange. In UAE dollar is more preferred. (the spread for USD is about 0.5%) and AED has a fixed rate to USD.

Not sure if there is any point having BVI company in parallel with UAE one.
I don't see any benefits at all but if I'm wrong - please correct me.
 

James Spader

Forum Moderator
Staff member
Mentor Group Gold
Elite Member
Not sure if there is any point having BVI company in parallel with UAE one.
I don't see any benefits at all but if I'm wrong - please correct me.
agree very much on this part.

If you have the money to establish a business setup, then go with a Dubai company by @Fred - it's way better to go that route compared to a BVI company.
 

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