Hello. Can I open a business bank account in Dubai with no residential address? If so, which banks let's you open only with hotel address?
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Question Dubai Business Bank Account
- Thread starter offshore07
- Start date
Central Bank Guidance is:
At least 1 Authorized Signatory or Shareholder with at least 25% in Shares need to be a Resident to open a Business Bank Account.
That's the reason why it's almost impossible to open a bank account for a non-resident Offshore Company in 2022 as every opening is a potential Central Bank Guidance violation.
It takes literally almost nothing to get a Residence Visa through a setup like we provide it - it's such a big loophole still someone needs to be thankful for.
Managing an setting up an effectively working Offshore Company with Banking simply doesn't work in 2022 any longer without taking a plane.
At least 1 Authorized Signatory or Shareholder with at least 25% in Shares need to be a Resident to open a Business Bank Account.
That's the reason why it's almost impossible to open a bank account for a non-resident Offshore Company in 2022 as every opening is a potential Central Bank Guidance violation.
It takes literally almost nothing to get a Residence Visa through a setup like we provide it - it's such a big loophole still someone needs to be thankful for.
Managing an setting up an effectively working Offshore Company with Banking simply doesn't work in 2022 any longer without taking a plane.
All local Banks provide multi currency when the whole structure is setup with the necessary substance. AED/USD/EUR/GBP are standard and some provide even CAD/AUD/NZD/JPY/CNY/SAR.
Normal charges apply - monthly banking charges between 0-50$ and transfer fees for OUR 10-20$.
I can only repeat myself the Dubai Setup we provide is 10x times cheaper then setting up in 2022 a Seychelles IBC or whatever and get % fees for transfers and 2-3000 EUR/year maintenance fee with some Lithuanian or UK based High Risk EMI.
This city seems clearly over-hyped in these forums, indeed it is easy to form a company and get residence visa but it really stops there.
Company formation (despite relatively simple process) is incredibly expensive, far more than any other part of the world and full of high ongoing fees for any service or documents you will certainly require for you or your company down the road.
Then, the most complicated, to get a a bank business account is nearly impossible in any of main street major banks of the country, from massive requirements for economic substance, plus large deposits required, plus push for you to buy expensive bank products (like insurance policies, their favorite), plus a huge list of non-high risk activities banned (like consulting, project management, general trading, even real estate if you're not a major co. and don't dare to mention crypto). Even if you are able to tick all these boxes there is a great probability they still won't give you a abusiness account if you are a newcomer with a freezone incorporated company. If you overcome all that, it is a great place to live.
Company formation (despite relatively simple process) is incredibly expensive, far more than any other part of the world and full of high ongoing fees for any service or documents you will certainly require for you or your company down the road.
Then, the most complicated, to get a a bank business account is nearly impossible in any of main street major banks of the country, from massive requirements for economic substance, plus large deposits required, plus push for you to buy expensive bank products (like insurance policies, their favorite), plus a huge list of non-high risk activities banned (like consulting, project management, general trading, even real estate if you're not a major co. and don't dare to mention crypto). Even if you are able to tick all these boxes there is a great probability they still won't give you a abusiness account if you are a newcomer with a freezone incorporated company. If you overcome all that, it is a great place to live.
That's not true when it comes to having a Company Formation that grants you same time the Residence Visa you are looking at what else outside the EU? And even in the EU with Cyprus you are looking at same costs + taxes.
What you reflect here about the banking neither it was your own or some relatives experience or you just heard it from somewhere - shows clearly that there was no professional partner like us in place and if you think in 2022 you can go just random in a bank branch and go out with a Business Bank Account - well that's terrible wrong.
You need to have a professional partner with direct compliance access taking the labour worker Relationship Manager between you and the compliance out. It's all the time your "trusted" bankster between you and the compliance imposing minimum balance, investment products etc. otherwise he refuse to process your application - and that's one of the main reason why you should go with a reliable service provider like us - believe it or not but the user feedback here proofs it not only once.
I'm sorry for your experience and for sure there are banks we even don't work with because they don't target Business Clients at all however for the major banks we work with the here mentioned from me is in place.
You were talking about Business Activities - yes again a point we're a good consultant needs to step in and even our clients most if the time doesn't understand why we handle things like we do when it comes to the business activity however our concept is working and what you mention here is a great example what can go wrong - as some of our client reviews looks like everything would be easy as 1 2 3 but this is only because we let it appear in this easy way - it's hell behind the scenes even for us - still in difficulty are the chances for the people with the knowledge to navigate through all the pitfalls and hick ups.
Don't worry and that's fine - your comments are 100% valid and I hope more people read it so that we don't have to show the people why it's absolutely necessary using a professional partner in Dubai.
Are we talking a single dedicated IBAN for all currencies or isolated multiple IBANs like Wise ?
