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

[inector]

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?

 

[Sols]

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.

 

[cryptotree]

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.

 

[inector]

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?

Technically, since UBO won’t live there.

Not for a Russian passport in this case.

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

Thanks for your experience, whats your nationality (EU / Non-EU) and turnover?

 

[happyjohn]

@Gediminas was able to open accounts for Russians some time ago!

 

[cryptotree]

Technically, since UBO won’t live there.

Not for a Russian passport in this case.

Thanks for your experience, whats your nationality (EU / Non-EU) and turnover?

EU

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.

 

[JohnLocke]

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.

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?

 

[Henn and Rich]

WIO is your best bet, very easy, no questions as long as you have your trade license, Emirates visa/ID, office lease (Ejari) and MOA. You can get multi-currency account same day.

 

[PinkCat]

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.