Dubai RAKEZ Company Set Up + Opening Business Bank Account Questions

[AbsetJW]

Greetings all!

I’m currently in the process of relocating, with my girlfriend, over to Dubai.

I’m thinking of setting up my company with RAKEZ.com.

I plan to set up a Freezone company to run my consulting business.

And, I’ll need to secure 2 visas - 1 for myself as manager and my 1 for girlfriend as an ‘investor’.

We plan to stay in Dubai all year and have a long-term contract on a rental apartment.

I will need a personal and business bank account.

Now, I’ve read a bunch of horror stories of people struggling to open a business bank account.

However, often these stories come from ‘business consultants’ who seems more interested in confusing you and telling you to set up a company in Dubai, instead of one of the Free-zones further out.

A friend of mine used an agent/consultant to set up his company - it was way outside of Dubai - and got a Mashreq Neobiz account.

And, he was charged a lot.

Most people are saying Mashreq Neobiz isn’t the best bank - but at the end of the day, it seems very straightforward to set up my own company + Mashreq Neobiz without the help of a consultant.

The above seems very simple to do alone - if using Rakez.com.

I called Mashreq Neobiz, and they said that you can open a bank account providing you have either:

A: An office

Or

B: A 1-year contract on a place and an Ejari.

Also, I see a lot of consultants saying Rakez.com doesn’t work because you need ‘substance’. But, the Ejari seems to suffice as substance.

My questions are:

1: Has anyone successfully set up a company and visas with Rakez.com?

2: For those of you with a Freezone company outside of Dubai, what business bank did you end up opening?

3: Does my plan seem doable? Or am I missing something?

Thanks all!

 

[Fred]

If you intend to live full-time in Dubai having your Residence Visa in RAK makes no sense.

You know that you have to go to RAK for everything like Driving License, Car Registration etc. ?

RAKEZ is somehow blacklisted and you are stuck at some point in the compliance if they even look at your case.

Worst case you have to do everything again or you pay 1000s of EUR to an EMI to have a fully fledged bank replacement.

So no horror stories here - just reality check.

Of course when your initial goal is to safe money then avoid as you pay till the final goal achieved which should be a business bank account.

Pay attention to the bigger picture and ask yourself if saving initial at the wrong end makes sense if you have a proper business which pays 0% tax from now on in the UAE.

@Millhouse is an existing client of us who did everything again with us after setting up a RAKEZ and was stuck for months with bank compliance - he were previously living for years in the UAE just not having a company so for sure it's no bulls**t you read here.

 

[AbsetJW]

I appreciate your response, Fred!

Would you recommend another Freezone?

 

[Fred]

Stick to Dubai and don't go with Meydan - if you want to have a positive outcome guaranteed consider our service.

You need to understand that everyone only cooks with water but of course it makes a difference if you do things once in a while or every day.

 

[bonox]

And if you decide to move on with your plans you want to take advantage of @Fred and his knowledge!

 

[ecool]

Stick to Dubai and don't go with Meydan - if you want to have a positive outcome guaranteed consider our service.

You need to understand that everyone only cooks with water but of course it makes a difference if you do things once in a while or every day.

Hello Fred, interested in your services. Can you please contact me?

 

[wheelspin]

Hello Fred, interested in your services. Can you please contact me?

Click on his banner and drop him an e-mail.

 

[M4S]

I appreciate your response, Fred!

Would you recommend another Freezone?

Just some free advice, pay Fred, take advantage of his knowledge and experience save yourself some headaches and time for a little bit of $$'s. Honestly found his service well worth the price.

 

[evotechh]

Hi,

From my expernice.

I use this zone: Creative City Free Zone Authority - Media Free Zone Authority

- easy
- cheap
- set up about 3 weeks but for extra fee 1-2 weeks

Your company will have 2 VISA ( so u can provide VISA(and ID) to ur girlfriend)

About bank account: Emirates Islamic Bank
You can open and use bank account without deposit it will work fine ( but you will be charged from bank every month) or you can deposit 10k USD.
its corporate banking

for personal use you can choose others ( I use HSBC)

About banking: They need only POA local - proof of address, as I know people do it for chas without real ejari, by the way If u open company - u will get VISA+ Emirates ID and If u have ejari its easy to open any bank in UAE, just check what they required for opening.

Regards!

 

[ImKing]

Just some free advice, pay Fred, take advantage of his knowledge and experience save yourself some headaches and time for a little bit of $$'s. Honestly found his service well worth the price.

can't agree more, he is helpful and trustworthy 100%

 

[M4S]

Hi,

From my expernice.

I use this zone: Creative City Free Zone Authority - Media Free Zone Authority

- easy
- cheap
- set up about 3 weeks but for extra fee 1-2 weeks

Your company will have 2 VISA ( so u can provide VISA(and ID) to ur girlfriend)

About bank account: Emirates Islamic Bank
You can open and use bank account without deposit it will work fine ( but you will be charged from bank every month) or you can deposit 10k USD.
its corporate banking

for personal use you can choose others ( I use HSBC)

About banking: They need only POA local - proof of address, as I know people do it for chas without real ejari, by the way If u open company - u will get VISA+ Emirates ID and If u have ejari its easy to open any bank in UAE, just check what they required for opening.

Regards!

How was Emirates Islamic for opening a business account?

 

[Fred]

Hi,

From my expernice.

I use this zone: Creative City Free Zone Authority - Media Free Zone Authority

- easy
- cheap
- set up about 3 weeks but for extra fee 1-2 weeks

Your company will have 2 VISA ( so u can provide VISA(and ID) to ur girlfriend)

About bank account: Emirates Islamic Bank
You can open and use bank account without deposit it will work fine ( but you will be charged from bank every month) or you can deposit 10k USD.
its corporate banking

for personal use you can choose others ( I use HSBC)

About banking: They need only POA local - proof of address, as I know people do it for chas without real ejari, by the way If u open company - u will get VISA+ Emirates ID and If u have ejari its easy to open any bank in UAE, just check what they required for opening.

Regards!

How many years ago was this?

Emirates Islamic same like Emirates NBD which has in fact the same compliance as it's the same banking group stopped onboarding Fujairah companies years ago.

How was Emirates Islamic for opening a business account?

Send me a PM - get you 2nd business bank account done unless you want to go back and forth for months "Sir".

 

[Dandyline]

Hi,

From my expernice.

I use this zone: Creative City Free Zone Authority - Media Free Zone Authority

- easy
- cheap
- set up about 3 weeks but for extra fee 1-2 weeks

Your company will have 2 VISA ( so u can provide VISA(and ID) to ur girlfriend)

About bank account: Emirates Islamic Bank
You can open and use bank account without deposit it will work fine ( but you will be charged from bank every month) or you can deposit 10k USD.
its corporate banking

for personal use you can choose others ( I use HSBC)

About banking: They need only POA local - proof of address, as I know people do it for chas without real ejari, by the way If u open company - u will get VISA+ Emirates ID and If u have ejari its easy to open any bank in UAE, just check what they required for opening.

Regards!

Not so cheap, 25k AED per year.

 

[evotechh]

How many years ago was this?

Emirates Islamic same like Emirates NBD which has in fact the same compliance as it's the same banking group stopped onboarding Fujairah companies years ago.

Hi, it was 2 years ago in 2020.

Not so cheap, 25k AED per year.

per year?

I payed only once when opening compnay. Also I have to hold money at bank account about 10k usd.

and every 3 years I have to renew my visa and emirates ID - around 2-3k usd

In my case, when I opened the company, I did not want to stay in Dubai. Therefore, at that moment I need confirmation of the address (POA) and rented an apartment in Um al quwaine for 8k aed(year) . Um Al Quwain is the cheapest option if you don't want to stay here.

in total
Pay once when opening
hold money at bank account 10k
renew visa/ID 2-3k usd in 3 years(but 2 weeks ago I got email now for new clients every 2 years)
every year renew your license of company about 200usd
+ 8k aed per year for apartmanet POA (if u dont want live here) - but I know people do POA for 100 usd.

 

[Fred]

Hi, it was 2 years ago in 2020.

So almost 3 years ago - things changed since then.

Believe it or not - call me a bulls**t talker but a picture says more then 1000 words - we get such messages weekly.

Of course we can't do anything when other provider screwed it up.

Do it once right or live with the fact to endup paying more.

 

[Dandyline]

Hi, it was 2 years ago in 2020.



per year?

I payed only once when opening compnay. Also I have to hold money at bank account about 10k usd.

and every 3 years I have to renew my visa and emirates ID - around 2-3k usd

In my case, when I opened the company, I did not want to stay in Dubai. Therefore, at that moment I need confirmation of the address (POA) and rented an apartment in Um al quwaine for 8k aed(year) . Um Al Quwain is the cheapest option if you don't want to stay here.

in total
Pay once when opening
hold money at bank account 10k
renew visa/ID 2-3k usd in 3 years(but 2 weeks ago I got email now for new clients every 2 years)
every year renew your license of company about 200usd
+ 8k aed per year for apartmanet POA (if u dont want live here) - but I know people do POA for 100 usd.

You need to renew the license yearly which costs around 25K AED.

 

[ImKing]

LoL Indians doing business in Dubai - It must be a good business for you @Fred to take over all the bulls**t companies they create.

 

[RealDude]

LoL Indians doing business in Dubai - It must be a good business for you @Fred to take over all the bulls**t companies they create.

Are you a racist?

 

[JimBeam]

Just a few short tips from my personal experience:

1. Avoid RAKEZ and find a Free Zone in Dubai as that will help you a bit with opening bank accounts (a bit - not much). Setting up a company is not an issue. Usually it's done in 2-3 days. The issue is getting banking for your company.
2. For Mashreq Neo - I would use a flexi desk and get a ejari/tennacy contract. You might not need an office but you will most certainly need a place to stay (unless you plan on staying in hotels and short term rentals in that case just take the office).
3. For your GF, depending on her passport she might not need a visa. She could enter Dubai get 3months on arrival, then renew the visa for another 3 months (was done online and costs like 900 AED). Then she leaves Dubai for a week or so (go vist family or simply go to Oman, Bahrein or wherever) and then comes back and repeats the process. This might save you the hustle of getting another visa and save some costs. But it's really up to you. They changed number of thins for the visas so things might be even easier now.

 

[ImKing]

Are you a racist?

No I'm not at all. But sometimes I'm just tired of all the Indians that try to make a penny out of something they simply don't know s**t about. They just sell it and if the crap does not work they say..

Dear Sir
I'm sorry that you don't like my service, do you want to buy more?

OMG