What is this new law can you share a link?Yes confirmed.
Unless you are willing to share with them a lot of personal informations (other bank account / names of clients & suppliers / bank statement) AND AND AND put down at least US$ 200/250k in their fixed bank account under your NEW personal account that they will happy to open for you... "You give me something... I give you something in exchange"
By new UAE law banks are not allowed to hose business account for companies not resident in UAE.
For personal is another story..... so they will link both account BUSINESS and PERSONAL together.
What is this new law can you share a link?
Sharing personal information with a bank is quite common especually for opening of company ofshore account.
I will ask some banks and report i nthe thread if indeed. The uae banks no longer open company bank accounts For UAE ofshore companies like Rak ofshore.
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!
The full(accounting, audit, office space, license, visa etc...) one year running cost will be about min 15-20 usd. You can use AstroLabs for easy and afforable setup.Hi, did you (or anybody else) open the DMCC company?
Were the cost really around $30-40k? I saw some offers for this free zone which were much cheaper (incl. office space).