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How hard is it to get UAE bank (2024)?

I

inector

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May 6, 2021
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#1
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Is it possible to open UAE bank account for a non-crypto company without any substance in 2024?

Assuming business residence visa, *no apartment in UAE*, low-tier passport, 50-100K per month revenue,

If not, how much substance is enough - office + 1/2/3 employees?
 
#2
Since most of your posts have been about Russian nationals, the answer is it's becoming more and more difficult, even if you have UAE residency. In such case, I'd say your chances are between slim and zero, unfortunately.

For most other nationalities, it's still quite easy after you obtain residency.

It sounds like the residency in this case is a sham residency, since you don't have a property (rented or owned) associated with the UBO? That makes things much less appealing to the bank. As soon as the company and its ownership/management aren't bonafide UAE residents, the application goes from being a simple no-brainer approval (if World-Check comes back clean) to requiring a more in-depth approval process.

Substance helps but if effective management isn't in UAE, it won't go very far. Especially if they just look like sham employees.
 
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#3
It’s actually not so hard I think. I have opened WIO bank which took about 3 minutes Aswell as Emirates NBD which was a little bit harder but if you have the right documents it’s also easy. They just ask a lot of questions.
 
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#4
Sols said:
It sounds like the residency in this case is a sham residency, since you don't have a property (rented or owned) associated with the UBO?
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Technically, since UBO won’t live there.

Not for a Russian passport in this case.
cryptotree said:
It’s actually not so hard I think. I have opened WIO bank which took about 3 minutes Aswell as Emirates NBD which was a little bit harder
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Thanks for your experience, whats your nationality (EU / Non-EU) and turnover?
 
#7
cryptotree said:
Turnover you just tell them whatever they want to hear. I think 1.5M is what I told them yearly but I’m not sure.
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And what if you never put this amount into your bank account or there won't be that cashflow through the account, how will the bank respond to that?
 
#9
I hear some activities are harder than others. If you hire someone to do it for you he will point you in the right direction and also have some contacts at the bank for easier introduction.
 
#12
wio is very easy to open i agree, but isthe only one , and we not know abount compliance, i am sure soon will turn into a nightmare
is same with eu emi when they open was fine, after some few mounths they start block and close accounts with no reason, and in online you not have a branch to talk to someone , your account will be closen or frozen and you will be left with the call centre good luck
 
#13
csp dubai said:
wio is very easy to open i agree, but isthe only one , and we not know abount compliance, i am sure soon will turn into a nightmare
is same with eu emi when they open was fine, after some few mounths they start block and close accounts with no reason, and in online you not have a branch to talk to someone , your account will be closen or frozen and you will be left with the call centre good luck
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While that may be true that soon enough Wio Bank PJSC will hit all existing clients with mountain of compliance. I can say for now that their call center is one of the best from all the banks in the UAE (not including private/priority banking). They are always very quick to pick up the phone and are extremely helpful compared to others.
 
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#15
yngmind said:
Btw, is WIO considered a bank? Do they have a banking license, or are they just like an EMI using an FAB License?
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Do not quote me on this as I am not certain, but I believe the following:

They are regulated by the Central bank and are a PJSC (public joint stock company), which is a legal company structure that a number of UAE based banks use. In light of the above, I think it would be fairly accurate to assume they have a banking license. I would not categorize them as an EMI. (do we even have those in the UAE?)

FAB is a shareholder in Wio, but not the owner. They might have majority, this I am not sure of.
 
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#17
clemens said:
How strict is WIO bank with compliancy right now? request lots and lots of documents?
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They opened for me with just UAE ID, but I have not deposited a lot of money yet, so there have not been follow up questions.....yet


edit: They opened the acc by just using the mobile app while sitting at the coach at home.
 
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#18
clemens said:
How strict is WIO bank with compliancy right now? request lots and lots of documents?
Click to expand...
as of now, very lax compliance. Last month I did 8 figures in various in/out transfers in AED on the account, and everything apart from 1 EUR transfer that was rejected by correspondence went super smooth.

Will they come back to bite me in the a*s later down the line for those transactions, who knows. Maybe yes, hopefully no.
 
#19
Henn and Rich said:
as of now, very lax compliance. Last month I did 8 figures in various in/out transfers in AED on the account, and everything apart from 1 EUR transfer that was rejected by correspondence went super smooth.

Will they come back to bite me in the a*s later down the line for those transactions, who knows. Maybe yes, hopefully no.
Click to expand...
You've done 10M+ AED without any questions? That is impressive! I thought they are good just for everyday amounts because they are online based only.
What is the source of the incoming wires though? Just local UAE ones/international, persons/companies?
 
#20
PinkCat said:
You've done 10M+ AED without any questions? That is impressive! I thought they are good just for everyday amounts because they are online based only.
What is the source of the incoming wires though? Just local UAE ones/international, persons/companies?
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I was also quite pleasantly surprised. All the AED transfers were local, and it was a mix of personal/companies.

The only issue I had last month was a EUR 200,000 transfer to a Liechtenstein regulated fund on behalf of a client which was rejected by the correspondence. Funnily enough, when I called up Wio they revealed to me who is their EURO correspondence (it was Citibank Ireland) and they were even telling me how to structure the payments to avoid them being cancelled. They even said "you know money launderers are smart these days, so in order for your wires to go smoothly I suggest you writing so and so in your notes" I said sir what are you implying!:oops:


Apart from that, the only thing I have noticed with Wio recently, is that USD transfers (even those within the UAE) take much longer than before UAE was delisted from the greylist, as before it would credit within couple hours, now up to 4 days.

Also I really hope nobody from Wio is sitting on this forum lol

Edit: typos
 
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