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Create offshore company and bank account

I went through similar issues. Incorporated in AMCFZ in February, the bank account was a mission. I had a "friend," but it did take some time (a few weeks), and the bank is quite small and not very good.

MashreqNeo (or not Neo) will open a bank account for FZE even without an office and landline number, BUT they ask for personal DEWA in case you have opted for the cheaper "Flexi/hot desk option (there is a way to bypass that too).

Mashreq also gives 90 days grace period after the account has been opened without DEWA or lease not sure what happens after, from what I head banks terminate account right, left, and center. Small print: additional charge AED 250/month fee for FZE

According to a "friend" it largely depends on your line of business, anything IT, consulting, general trading, .... is seen as high risk. The bank takes therefore longer because there is a 2nd tier approval for high risk.

They also like ot ask for supplier invoces (I'm IT consultant, I have no suppliers), client invoces (try to invoice a customer without a bank account, when you are just starting) ), resume, business profile, personal statements and tons of crap.

Note: I am a resident with UAE ID
 
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I became a member of this forum, naively believing it was about helping one another. I found great help from e. g. @BlueMist, who I think has lived in UAE and provided me with great information.

After sharing my experience on this forum in the United Arab Emirates - AMCFZ Company thread, I was accused of all sorts of things. Hence, I decided not to share too much.

As already mentioned, I'm an IT consultant, AMCFZ seemed to have been the most logical option. Your situation might be different based on what you do. I suggest researching all free zones based on services you need (some even offer a bank account opening form within their portal), your line of business, budget, location..... Different free zones have different "permitted" activities. This is not like in other countries, where you incorporate and decide what activities to add. Here you are choosing a free zone based on your activity.

Interestingly, when I have spoken with a "friend" with 15 years of work experience in various UAE banks, the banks apparently do not care about which FZ you have incorporated in.

Another issue is, the situation is changing all the time; some banks were more accommodating in Feb but would not consider Flexi desk setup anymore, other than more conservative banks have opened their door.

Also, despite having UAE residency, Mashreq insisted I provide my residential address in my home country. Other (2) banks welcomed me with a sentence; "If you have UAE ID, we do not report to your home country." It stipulates they know what's going on :)

To help you at least a bit, without revealing too much info. In my case, I have asked the FZ relationship manager to hook me up with a bank account. The FZ does not charge for that. I got the phone numbers of three "friends." Some work for a particular bank, some are consultants charging $$$ for introduction to a "friend" in the bank, some will also accompany you. The guy I worked with even picked me up and drove me to the bank.

The company set up is done online. For the bank account and visa, you need to fly in; it's the law of the land. You need to be seen in person.

Be prepared to spend at least two weeks in UAE. Don't expect immediate account opening; as mentioned, four weeks + are standard. The bank I'm with couriers the debit card and a checkbook to any country if needed. I'd apply with all banks you can.

I also have a funny story. In Feb, I expected rejections for a personal bank account opening. So I have applied with four banks online, hoping to get one personal account. Within a few days (2-4), I had all four personal bank accounts approved and debit cards and checkbooks delivered by a courier to my hotel (you need UAE ID for that, though).

If you are under time pressure, I suggest spending extra $$$ on the VIP service by the UAE government to speed up your medical, ID issuance ... I was sorted within one week, including visa, ID, bank appointments, and even drivers license conversion (applicable to certain countries only).

Important: To keep your residence visa (I was issued three years visa) valid, you need to visit UAE at least every six months for at least 24 hours.
 
As a general rule, forget about remote, UAE banks are anything but remote. You have to go there, take a number, do the queue, and sign trillion papers for mostly anything regarding opening.
For a business bank account opening, you go to the bank or the BRM will visit you in your hotel/apartment. The business relationship manager also calls me every 3 months asking if all is ok trying to sell something. I do everything online, international wires, local transfers, additional account opening for other currencies.... For personal bank account, I have not seen the bank from the inside.
 

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