EMI for UAE/Dubai

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I will hit the TW $5m limit next month, so my only option is to receive funds to a EUR account and convert back to USD. Will swallow 0.37% fee + losses in FX.
You have pushed aprox 5 million US$ through Transferwise already? That's awesome, there was another thread where people discussed how much to put through TW and the amount was way smaller about 20K max. Thanks for this piece of information.

Ebury supports UAE companies now,
You said you had opened an account there it didn't went well out for you or what's the problem?

CIM Bank, no reply.
Did you try to pick up the phone and call them to arrange a personal meeting? It may help you to get an account with them if you really want one.

Cost to open new company for new TW acct, around $15k.
Is that a problem with 5M USD in turnover?
 

dxbkk

New Member
Mentor Group
You have pushed aprox 5 million US$ through Transferwise already? That's awesome, there was another thread where people discussed how much to put through TW and the amount was way smaller about 20K max. Thanks for this piece of information.
My business is very transparent and I receive regular payments from the same companies.

Did you try to pick up the phone and call them to arrange a personal meeting? It may help you to get an account with them if you really want one.
Good point. I'll do this tomorrow.

Is that a problem with 5M USD in turnover?
To be honest opening another TW would be my last resort option. I prefer to diversify, and also not risk/raise any flags that may harm my current account.

As per Rowena's advice, I will be opening a DMCC company and local office as soon as I can return to UAE in the next few months. I estimate this to cost around $30-40k. I will report back on here with my results!
 

EUR99

Building Trust
Entrepreneur
dxbkk what kind of industry is your company in ?

if you don’t want to disclose publicly no problem just trying to think of why there’s been so many declines
 

Nicholas Van Orton

Active Member
@dxbkk - Is your UAE business setup plan one for the long-term?
@rowena has already given you the basic input on 'legit setups' that should do for an "easy" local corp.bank a/c opening (though I insist on forgetting Emirates NBD at all costs nowadays, for a variety of reasons I don't need to go in detail, FAB or ADCB and even Mashreq/Noor are perfectly fine options). and honesty, I can't see the reasons behind using an EMI in the UAE instead of a bank (particularly if your answer to my Q is affirmative).
Your total cost estimate is fair (could be a bit higher, though (*)). The better you 'present' yourself (ie, not using a shared co-working office but renting a proper office, preferable in a 'prime' location such as Business Bay or JLT/DMCC), the easier it will be for you (and I daresay quicker). And bear in mind RE prices can always be negotiated lower in Dubai (one of the advantages of their perennial 'inventory glut' magic), up to 50% from asking price.
 
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dxbkk

New Member
Mentor Group
@dxbkk - Is your UAE business setup plan one for the long-term?
@rowena has already given you the basic input on 'legit setups' that should do for an "easy" local corp.bank a/c opening (though I insist on forgetting Emirates NBD at all costs nowadays, for a variety of reasons I don't need to go in detail, FAB or ADCB and even Mashreq/Noor are perfectly fine options). and honesty, I can't see the reasons behind using an EMI in the UAE instead of a bank (particularly if your answer to my Q is affirmative).
Your total cost estimate is fair (could be a bit higher, though (*)). The better you 'present' yourself (ie, not using a shared co-working office but renting a proper office, preferable in a 'prime' location such as Business Bay or JLT/DMCC), the easier it will be for you (and I daresay quicker). And bear in mind RE prices can always be negotiated lower in Dubai (one of the advantages of their perennial 'inventory glut' magic), up to 50% from asking price.
Yes it's long term.

I'll follow your advice regarding office space and reapply. Does the office need to be staffed also, will they make surprise visits?
 

Nicholas Van Orton

Active Member
No, not at all, no surprise visits or anything like that...it's just part of the 'substance' when applying for a corp bank a/c, that's all. Check out Bayut, Dubizzle or PropertyFinder (this one particularly) for offers. The new 'hot' (pun intended) area in Dubai is close to the DWC/Dubai South (Aviation) freezone, where the new metro line is being built and around the area where the Expo 2020 will be held. Offices here have a good reputation and will come cheaper. Also check out the Al Barsha area, which is less known but considered a prime spot in residential real estate.
Also, I forgot to mention in my earlier post that if your business activity is finance-related, you should definitely go with a DIFC company and office rent set-up. If you don't, it will raise a red flag and a lot of question marks, let alone the fact that since it is a regulatory body, you need it to obtain an 'official' internal license for dealing in financial activities, which one must have (this from my own experience).
For any other activities (IT, logistics, trade, etc), the aforementioned DMCC and/or DWC (Dubai South - Aviation), will do.
 

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