Open a Multi-Currency Account in HK - Statrys
Turner Little - Company Formation Agents
DLS Dubai - Company Formation & Bank Account
Offshore Bank Accounts
UK Ltd with emi bank account

EMI for UAE/Dubai

CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.
Bank Accounts, Company Formations, Tax Planning, Residency Solutions, and more

JustAnotherNomad

Mentor Group Gold
What I am wondering about is, why are you even using the UAE company? Can’t you set up a company somewhere else like a UK LLP or single member US LLC and use that instead? Or do banks hate such entities just as much?
 

Brokenby2703

New member
Reading this thread i am getting an impressiom that. Having. UAE Rak IBC +uae bank account is extremely hard to open, is that true? Anyone had uae bank acount opened easily there for rak ibc?

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.
 

krisicash

New member
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.
 

Brokenby2703

New member
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.

I read it in the GULF NEWS newspaper in October last year when I was in UAE for vacation/work
I will ask my agent to source for it.
RAK FZ are officially blacklisted. No dare to approach a bank... they will simply not entertain any more same as IBC.
 

krisicash

New member
That seems very strange since thr big uae banks are partly government owned so why would government sell you a offshore company but deny you a bank account. I spoke with few agents that i had worked with before for other entities and asked for company formation in uae rak and uae bank accounts and they didnt mention that banks stopped accepting. However i iwill ask them again specifically and will ask the rakia authorty and the central bank of uae and the big 5 banks for this and report back in the thread
 

Brokenby2703

New member
I was not clear enough, sorry.
Bank won't accept anything based on FLEXI DESK SHARE package.
By the way survey here around and you may read many facing trouble with a RAK FZE company (Flexi Desk package) in open a bank account....
 

JustAnotherNomad

Mentor Group Gold
But why is that such an issue? The flexi desk option gives you residency, then you can just use a company abroad like a UK LP, which has better reputation anyway.
Or you could use an EMI and a personal bank account.
Or am I missing something?
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
There are still smaller banks accepting flexi desk without tenancy contract/ejari certificate.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Hi @alexrinse with no deposit doesn't make sense because the bank start asking why you want to open an account without deposit money there.

Yes GBP is possible and min. Deposit is 5.000 - 10.000 AED. Even for personal accounts in real banks this is an amount you have to deposit initial to satisfy the bank - I don't talk about the online banks without branch or support.
 

mike400

New member
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!

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).
 

rowena

Entrepreneur
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).
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.
 

mike400

New member
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.
But you don't need accounting and audit for Dubai freezone companies, right?
 

rey skywalker

Entrepreneur
now you need audit for all companies and vat registretion above 120000 aed fro invoincig in mainland, remenber dubai free zone means you are free to establish company without local partner all other restrictions apply
 
Offshore Bank Accounts
DLS Dubai Company Formation and banking solution
Offshore Bank Accounts
DLS Dubai Company Formation and banking solution
Top