JAFZA vs RAK vs AJMAN

ProShelf

New Member
Many thanks for the useful info. Can you please share the list of the recommended agencies? What about fujairah? Is it cheaper that Ajman?
You're welcome. I have no information about Fujairah, unfortunately.

Here are some companies which have been recommended to me over the time. Since I didn't use them myself, I can't really vouch for them so please decide on your own:

Good luck.
 

BlueMist

Building Trust
Entrepreneur
I can see that Ajman Media City Freezone has now representative office in Dubai, same as Creative City Fujarah.

I personally don't understand why would anyone use these intermediaries, where you can approach the freezones directly and they will do the same LESS agent commission. One should be also aware that in case of 2 above mentioned providers: Creative Zone (often confused with Creative City) and Virtuzone, the trade licence is tied and can only be renewed via them and their spiked up fees. Also there is (or there was) no way to actually separate the company from them and use another agent or even stop using them completely if you decide that working out with the freezone directly is actually cheaper... You would have to close it first and open another company...
 

JohnSeed

Corporate Services
Business Angel
Mentor Group
Commercial Service
I personally don't understand why would anyone use these intermediaries
Maybe not all are counting every coin but rather need professional assistance to get things done fast and right from the beginning to be able to 100% have focus on the core business.
 

BlueMist

Building Trust
Entrepreneur
Maybe not all are counting every coin but rather need professional assistance to get things done fast and right from the beginning to be able to 100% have focus on the core business.
I agree about that but recommending companies who are strictly affiliated with certain free zones (e.g. Creative Zone with Creative City) won't give you absolutely any objective opinion on where to incorporate based on your needs. As you can see, all of those websites are only showing pros of selected free zones but where are the cons? We all know devil is in details and there are certain details which are more or less hassle free depending on the free zone itself so are the requirements (e.g. business plan, paid up capital etc). I have also used a "German" service provider in the UAE, but the guy himself was able to advise why not to go with certain freezones etc.

All I am saying is that if you are keen on working with certain freezone, then there is no need going through the agent, because the freezones (maybe not all) have resources and agents, who will guide you hand by hand in exactly the same way as the intermediary. The same goes with renewals, doing that through intermediary agent will simply cost few hundred dollars more but all it takes is to fill the renewal trade licence form and pay.
 

blueweb

Corporate Services
Business Angel
Mentor Group
You're welcome. I have no information about Fujairah, unfortunately.

Here are some companies which have been recommended to me over the time. Since I didn't use them myself, I can't really vouch for them so please decide on your own:

Good luck.
Very nice list something you know anyone has tried or not?
 

rowena

Building Trust
Entrepreneur
Some notes:
- Creative Zone and Virtu Zone are very professional companies but they're expensive and their pricing is tricky.
- Shuraa is the cheap version of CZ/VZ but the quality is very low.
- If you setup Ajman or RAK company most probably you can not open any bank account.

Do we need a residency visa to open a bank account in UAE?
You can open non-resident account without a visa but you need to deposit min about $100k.
 

BlueMist

Building Trust
Entrepreneur
Some notes:
- Creative Zone and Virtu Zone are very professional companies but they're expensive and their pricing is tricky.
[...]
They are professional but you forgot to mention that with them you get your company tied to them permanently. Their pricing is tricky for a reason. I see no benefits e.g. incorporating Creative City Fujairah company with Creative Zone if exactly the same can be done via official means, which I provided earlier (or independent agents) cheaper.
 

rowena

Building Trust
Entrepreneur
Even with a physical office with lease agreement?
If you're willing to pay rent, residency visa costs and necessary audit/accounting expanses then yes, you can open.

They are professional but you forgot to mention that with them you get your company tied to them permanently. Their pricing is tricky for a reason. I see no benefits e.g. incorporating Creative City Fujairah company with Creative Zone if exactly the same can be done via official means, which I provided earlier (or independent agents) cheaper.
I definitely agree with you.
 

Nicholas Van Orton

Building Trust
Entrepreneur
My 0.02 from the real UAE world...I would definitely refrain from opening a) non-resident accounts (no bank will do that for you, forget the fake news from aggressive sales guys telling you otherwise), unless you're willing to pony up AED1M and get the property investor visa; and b) don't open let's say bogus/shell/not.enough-substance companies anywhere in the UAE except perhaps in Dubai and/or Abu Dhabi (if you're extremely lucky you might open with the bank mentioned below, not at all a certainty), as it¡s now mostly a waste of time and money (money that will be collected by any agency that pitches you for it, even those already mentioned here). I'll explain in as much detail as typing at this hour of the night will allow me. I've so much changed my take on how to do things in the UAE that I barely recognize myself from merely 6 months ago (reality teaches quicker than any book, that's a given).
I obtained my Emirates ID through a very different approach than those sought here. I understand @rowena has got a legit/substance-based business, so anyone in his shoes (issuing recurring invoices to customers and having a real business on/off-line) may well try the company set-up route. But things have changed anyway, and even in this case it's going to be a tough endeavour as a foreigner. However, I feel that's not the route most of the people here willing to go offshore through the UAE want (come on, let's be a bit honest here, isn't it for getting away from the predatory totalitarian west regimes that are dawning upon us?), hence you need to be forewarned that things in the region have changed enormously, not in the last 10 years, but in just the last couple of years. Or 6 months, for that matter. It's one of the pleasantries of being ruled by a 'ruler'...
My route ended up through a local sponsor, as the co-owner of a company. Even using such a bullet-proof route (on an LLC Corporation, not a simple LTD or FZE), where there was once an initial timing estimate of 4 weeks, it ended up being 8 months (almost 9 if you count the bank account opening).
Before that, I had spoken to people in Ajman Creative City , Fujairah CC, and also some Dubai freezones like Media City, Airport or Jabal Ali, on taking the 'best-seller' route of establishing a freezone Co, and none of them guaranteed a bank account opening for the company. They just, literally, said 'it's very hard nowadays, but not impossible'. And they seemed to have the same script to read from. I got the list of requirements from different banks and the 'less strict' of them all, Noor Bank (definitely forget Emirates NBD and its subsidiaries/participated banks), is already asking for tons of information to get things done and don't count on seeing it through in less than 8 weeks, period).
Personally, I ended up with a bank a/c at an international bank, and will next open with a local one (only one of the top dogs from Abu Dhabi, I would refrain from going with the smaller regional banks -even those supposedly guaranteed by the state, like UAQ bank, etc-).
That's a long-story short that I hope may help someone.
 

dxbkk

Member
Personally, I ended up with a bank a/c at an international bank, and will next open with a local one (only one of the top dogs from Abu Dhabi, I would refrain from going with the smaller regional banks -even those supposedly guaranteed by the state, like UAQ bank, etc-).
That's a long-story short that I hope may help someone.
You speak a lot of truth! Can you share in which jurisdiction you opened an international bank account?
 

Nicholas Van Orton

Building Trust
Entrepreneur
Hi @dxbkk thanks for the nice words, just trying to help where I can. I'll answer your Q but won't expand on the answer, as we'd be going way off-topic and obviously it won't look good on this thread. I've opened in CHF and SGD (check those currency denominations to see which countries I'm referring to), and have established contact with Paraguay through "Paraguay Solutions", a firm that was recommended here in another thread and which I've found to be useful. I'm planning on going there to check things first hand soon.
 
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