Question Emirates Development Bank

[NamR]

Hey Guys, This is a great forum to get a hang of lot of things going around the offshore set up and companies. I am lucky to have come across this one. This is my first post. I am looking for some details on Dubai banking options. Currently some one suggested Emirates Development Bank opens Business accounts in 2 - 3 business days while i have seen a minimal timeline of 2 weeks - 1month in other banks like Mashreq, Emirates NBD, etc,. How come Emirates Development Bank is able to do it 2-3 days for new companies?

 

[gatrader]

I never heard about this specific bank unfortunately, but avoid Dubai banks as much as possible ; especially if you deal with small amounts (below 500k). Nowadays Dubai banks are totally BS.

 

[erni]

How comes you say that @gatrader, what alternatives we have for amounts below 500K ?

 

[gatrader]

To be very honest, who will say that dubai banks are ok means that he isn’t using them. All Dubai banks are in the hands of incompetent Indians that will ask for the same docs again and again and even if you provide them they won’t understand them. Stay away.

 

[Fred]

To be very honest, who will say that dubai banks are ok means that he isn’t using them. All Dubai banks are in the hands of incompetent Indians that will ask for the same docs again and again and even if you provide them they won’t understand them. Stay away.

That's true.

However compare the UAE Banks with other 0% Tax Jurisdictions and the Retail Banks you will find there and then repeat the aboth again.

UAE Banks are good for what they are good for - Decent Reliable Retail Banking in a Tax Heaven - the best banks in a 0% Tax Jursidiction available.

I'm not talking about any Private Bank but the Retail Banks you can find in the Caribbeans, Belize, Mauritius, Seychelles etc. - they are in practice not usable for everything aboth 500$ and have Wire Instructions with sometimes 3 Pages like Bank in St. Kitts and Nevis etc.

What lese is left? SIngapore and Switzerland - don't tell me the banking experience with them for 0% Tax Offshore Companies is better - they charge the sh... out of you and only Private Banks consider you.

Hey Guys, This is a great forum to get a hang of lot of things going around the offshore set up and companies. I am lucky to have come across this one. This is my first post. I am looking for some details on Dubai banking options. Currently some one suggested Emirates Development Bank opens Business accounts in 2 - 3 business days while i have seen a minimal timeline of 2 weeks - 1month in other banks like Mashreq, Emirates NBD, etc,. How come Emirates Development Bank is able to do it 2-3 days for new companies?

They provide only local AED transfers for now and the claim of 2-3 days is definitely false.

They give you some EMI like promise that your dedicated IBAN is already reserved and they just have maybe some question to you.

Followed then by some Spam Calls from a Call Center comes this:

1. ID documents of all partners/shareholders/Board Members, POA, Proxies/Signatories (Passport, Visa, Emirates ID).
2. Company Trade License/Commercial License / Service License/Business License
3. Memorandum and Article of Association (MOA & AOA) with all Amendments.
4. POA (Power of Attorney) – if applicable
5. COI (Certificate of Incorporation) – if applicable
6. Board Resolution – if applicable
7. Share certificates-if applicable
8. Share register-if applicable
9. VAT Certificate (if not available, please provide justification/reason)
10. Tenancy contract / utility bill / Lease Agreement (for company) or any proof of business residency.
11. Please confirm if any of the partners/shareholders/Board Member, POA, Proxies/Signatories holds Dual Nationality? if Yes provide both passport copies.
12. Please confirm does the company deal with crypto currency (Yes/No):
13. Kindly provide the below-mentioned Shareholders’ Details (for all shareholders):

• Country of Birth
• Country of Residence
• Full Address
• Source of Income

14. List of Main Customers and Main Suppliers including their:

• Full Legal Name
• Country of Incorporation
• Countries of Activity
• Nature of Business

So you will face the standart compliance questions and a compliance officer will review this within a timeframe that is realistic - 2 weeks.

By the way I highlighted the substance requirements you need to bring with you as always.

Long story short - usual compliance with usual compliance running times for having AED access.

Better get yourself a serious Service Provider like us that opens in the same timeframe a fully fledged classic Bank Account with AED/USD/EUR/GBP etc access.

EDB user experience might be fine if you only need local AED access but then again don't expect NO compliance in 2021 for Business Bank Account.

 

[NamR]

Thanks GAtrader and Fred. Fred appreciate the detailed response mate.

i have been reading about UAE Residence visa option, which makes it more compelling to incorporate in Dubai. Can a set of individuals who obtains Residence visa via this business set up route, can incorporate more than 1 company in Free zones like IFZA, DSO? I see lot of questions posted on reliable EMIs for Dubai bank account (USD), but i have not seen a concrete response yet (pardon my ignorance if there is some thread already). Can some one comment on this

 

[Fred]

Thanks GAtrader and Fred. Fred appreciate the detailed response mate.

i have been reading about UAE Residence visa option, which makes it more compelling to incorporate in Dubai. Can a set of individuals who obtains Residence visa via this business set up route, can incorporate more than 1 company in Free zones like IFZA, DSO? I see lot of questions posted on reliable EMIs for Dubai bank account (USD), but i have not seen a concrete response yet (pardon my ignorance if there is some thread already). Can some one comment on this

Sure you can incorporate more then 1 Company.

Send me a PM or click the Banner below if you want us to help you along the journey.

 

[NamR]

Ok good to know. Thanks will reach out. Cheers mate

 

[JimBeam]

Banking in Dubai falls into "not great - not terrible" category.
From my experience is much cheaper than banking in Cyprus or Switzerland.
Definitely possible with less than 500k.
Once the account is open they won't bug you to justify each transfer etc.