EU Business bank account for UAE company

[matt123]

Hi,

there is the possibility to open a real European bank account for my United Arab Emirates company.
The company is an Amazon FBA and Trading company that buy and sell on European market, so I need an EUR account to make and receive EUR transfer with no fee or small fixed fee, not % fee on the amount of the transfer.
Business is 100% legit.

There is some possibility to open this account? Which bank can offer this to me? Someone can help me or offer the service?

I can accept business bank account from this countries: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Principality of Monaco, Netherlands, Portugal, San Marino, Slovakia, Slovenia and Spain


If there are no options: what you are using now in my situation to pay no % fees on EU transfers? (UAE company)

Thank you so much.

 

[Panama]

Hey, man. I am an Amazon FBA seller as well. Nice to meet you lol Are you using your UAE company to sell in the USA? How do you receive payments in that case? For your current situation, have you considered EMI (like Transferwise) instead of traditional banks to receive payments from Amazon EU?

 

[LoveMyLife]

Bank account for UAE company for transactional banking in Europe? Almost impossible. It is possible just in case, if you are willing to deposit and mantain balance in reasonable 7 digit amount. Do you have such money?

 

[Gediminas]

Bank account for UAE company for transactional banking in Europe? Almost impossible. It is possible just in case, if you are willing to deposit and mantain balance in reasonable 7 digit amount. Do you have such money?

Not true. Happily using a European account for my UAE company. EMI's doesn't require you to maintain high balances. Your goal is to find a reliable EMI.

 

[CaptK]

Bankera will open you an account for a UAE company. It will cost you €200 for the application and takes about 2 weeks.

No guarantee or refund for the bank account but if they accept you you will be fine.

You can do it yourself if your business is proven but if you can't provide the evidence then @Gediminas can help.

 

[Gediminas]

It will cost you €200 for the application

It's 450 Eur now.

 

[CaptK]

It's 450 Eur now.

Fucking hell.....

 

[BlueMist]

Check Finductive Malta. There is a boarding fee and annual fees which depends on the transaction profile. It’s EMI.

European banks do open accounts for UAE companies but they often have high requirements. Landesbank Liechtenstein require EUR 500.000.

 

[rowena]

Check Paydo. UK based fintech. You will pay the opening fee only if they accept your application.

 

[MrYellow]

UAE is a dead cow. Almost not useful anymore and just more expensive as others.
So i closed all my UAE companies and go to other jurisdictions cheaper and more user case friendly.

In Dubai you need 5x times more money and also 10x times more work to Archiv similiar things other jurisdictions offer.

i understand here in the forum are many Dubai company sellers so there are some user cases dubai still make sense, but for the average joe it’s wasting money and time.

 

[Fred]

Hi @matt123,

as you were asking for real European Bank Account.

You can get yourself an CIM Bank Switzerland Bank Account with SEPA / SWIFT and Multicurrency Account.

Requirements:

- Company in Dubai or Abu Dhabi
- Physical Office
- Local Employee at realistic salary -> 2000-4000 AED

Downside:

- expensive

Everything else will lead to EMI that are most likely limited to EUR SEPA payments only for UAE Company or in exceptions with SWIFT banking with shared accounts in the name of the EMI.

Exception is Paysera with dedicated IBAN for SEPA/SWIFT payments in EUR.

UAE is a dead cow. Almost not useful anymore and just more expensive as others.
So i closed all my UAE companies and go to other jurisdictions cheaper and more user case friendly.

In Dubai you need 5x times more money and also 10x times more work to Archiv similiar things other jurisdictions offer.

i understand here in the forum are many Dubai company sellers so there are some user cases dubai still make sense, but for the average joe it’s wasting money and time.

Enlight us please.

Which other jurisdiction comes with Company Formation that grants you the Residence Visa and gets you 0% tax, no audit and bookkeeping requirements and in the same time decent retail banking with transactional physical banks?

Local employee at 2000-4000 AED , probably in your dream (this reveal you have any experience)....This salary do not exist in the entire Emirates by almost 15 years....A Filipino (the most un-payed worker) take a minimum of 6400/6700 AED and is very difficult to find, because almost of them works in hotels, taxi, companies, etc... others without documents and very dangerous to get as employees have a base salary of 5000 AED and works in building companies.....so, before to write stupid things ....thinks better...I have one company there living by many years....intelligent user!!

You miss the whole point.

I mentioned the salary that is enough to satisfy the requirements of CIM Bank in Switzerland.

So a local PRO that gets 4000 AED to drive some documents around is enought to satisfy CIM Bank.

No need to get aggressive by the way - says more about yourself then the other party.

Peace!

 

[CaptK]

UAE is a dead cow. Almost not useful anymore and just more expensive as others.
So i closed all my UAE companies and go to other jurisdictions cheaper and more user case friendly.

In Dubai you need 5x times more money and also 10x times more work to Archiv similiar things other jurisdictions offer.

i understand here in the forum are many Dubai company sellers so there are some user cases dubai still make sense, but for the average joe it’s wasting money and time.

What jurisdiction have you used that is better than UAE.?

 

[no1d]

My UAE company (free zone) has had the bank account closed due to a new EU directive that says a non-EU company must have a local shareholder and business activity in the country where it has the bank account. That's what they told me at the bank, in order to keep the account I need to prove that I do business in the country and need that account.

 

[Gediminas]

My UAE company (free zone) has had the bank account closed due to a new EU directive that says a non-EU company must have a local shareholder and business activity in the country where it has the bank account. That's what they told me at the bank, in order to keep the account I need to prove that I do business in the country and need that account.

This is not always the case. Which bank have you had your account with? Have you tried any fintech?

 

[no1d]

The bank is MKB in Hungary. Yeah, I still have a bank account in EU but with an EMI.

Probably my company is bad being a RAK free zone, I will move to Dubai when its license expires.

 

[Zaki]

So i closed all my UAE companies and go to other jurisdictions cheaper and more user case friendly.

which jurisdictions?

 

[Fred]

which jurisdictions?

It's bulls**t - believe me.

If you make money there is no 2nd option compared to Dubai.

1m$ profit -> 0$ tax
10m$ profit -> 0$ tax

Other jurisdictions with tax 5%/10%

1m$ profit -> 50.000$ tax
10m$ profit -> 500.000$ tax

So the correct answer would be that you shouldn't bother with Dubai if you are moving below 100k/year in business or below 100k in general wealth as then the company setup and renew is like you are paying around 5% tax.

However still you get straightforward out of the EU, have no bureaucracy with audit and accounting etc.

This is all stuff you only get with Panama, Belize, Seychelles etc. and then again - banking everywhere?

Even technically point of view try to send EUR to Panama and see how the EU bank close down your account or simply refuse the transfer.

UAE is the only 0% tax heaven where you have from technically point of view no issues with remitting funds as they are either blacklisted by EU or grey listed by FATF and still you get everything everybody is looking for.

You can't get anything for nothing.

 

[Zaki]

It's bulls**t - believe me.

If you make money there is no 2nd option compared to Dubai.

1m$ profit -> 0$ tax
10m$ profit -> 0$ tax

Other jurisdictions with tax 5%/10%

1m$ profit -> 50.000$ tax
10m$ profit -> 500.000$ tax

So the correct answer would be that you shouldn't bother with Dubai if you are moving below 100k/year in business or below 100k in general wealth as then the company setup and renew is like you are paying around 5% tax.

However still you get straightforward out of the EU, have no bureaucracy with audit and accounting etc.

This is all stuff you only get with Panama, Belize, Seychelles etc. and then again - banking everywhere?

Even technically point of view try to send EUR to Panama and see how the EU bank close down your account or simply refuse the transfer.

UAE is the only 0% tax heaven where you have from technically point of view no issues with remitting funds as they are either blacklisted by EU or grey listed by FATF and still you get everything everybody is looking for.

You can't get anything for nothing.

I totally agree with you
he said :

In Dubai you need 5x times more money and also 10x times more work to Archiv similiar things other jurisdictions offer.

so I am just curious which jurisdiction

 

[troubled soul]

I do not why People have so many misunderstanding about Dubai?
Without even experiencing Dubai?

You can start company remotely sitting on your sofa anywhere in the world ? without any partner or middle man??
Just Pay annual fees that' it .

Can you tell me one jurisdiction where it is possible ?

Thnaks

 

[MiddleEuroAsia]

I do not why People have so many misunderstanding about Dubai?
Without even experiencing Dubai?

You can start company remotely sitting on your sofa anywhere in the world ? without any partner or middle man??
Just Pay annual fees that' it .

Can you tell me one jurisdiction where it is possible ?

Thnaks

unfortunately, in the offshore business, you will find plenty of people who read an article or too and think they figure it all out. and we know how this goes. I think @MrYellow is talking out of his a*s (no offence)

I agree with @Fred that Dubai is a straight forward solution an Dubai is a great financial hub, but I disagree with him on that other offshore jurisdictions don't work, they do work but they come with various degrees of complexities. For example my HK companies are still doing great and it's been that way for more than 10 years, although I have to admit that it wasn't an easy journey, but it was all worth it at the end. the relationships/connections that i have in HK with different manufactures/suppliers/business partners are irreplaceable, that's why I can't compare this jurisdiction to dubai for example as each of them serve different purposes for me. to give you a better picture, think of HK as my manufacture hub, while Dubai as one of my financial hubs if that makes sense.

having said that, nothing beats Dubai, when you do it right, the world is your oyster and the opportunities are endless, it's just that good. banking, taxes, lifestyle, crypto, gold, real estate...etc you have it all, so I have to give credit where credit is due. and for a lot of people Dubai ticks a lot of the boxes.

My only concern is that I hope people use this structure the right way, not just using it while living in their home country the rest of the year and then ask what went wrong.

but yeah overall I agree with you @azb1 and @Fred that dubai is the way to go.