Looking for a RAK company and bank acct

[acplo]

Hi,

I am a US citizen, looking to invest in real estate in MENA (but not in UAE). I would like to have a RAS corp and a bank acct to go along with it. I have a legit income source and savings. What is the best way for doing this?

Anyone who can help me with this.

 

[Sols]

RAS?

 

[acplo]

Sorry RAK

 

[Clank]

RAK FZ or IBC?

 

[Sols]

Are you planning to take up residence in UAE as well? Will the company have staff/directors in UAE?

 

[acplo]

Not wanting residency in UAE. Mainly want a offshore acct in UAE because I think it would be easier to transact in mena

 

[Clank]

Not wanting residency in UAE. Mainly want a offshore acct in UAE because I think it would be easier to transact in mena

I think you want be able to open a corporate bank account for a non resident company in the UAE.

 

[acplo]

I think you want be able to open a corporate bank account for a non resident company in the UAE.

Yes. Maybe a offshore corp registered in UAE

 

[Sols]

RAK is problematic in that it's an offshore jurisdiction within an already challenging jurisdiction. Non-resident banking is not really something banks in UAE engage with in general, outside of wealth management and/or very well connected people. Goes for the whole region, of which UAE is still the most internationally focused.

@EmiratesSetup might be able to shed some more light.

 

[JohnnyDoe]

Nobody wanted my 10+ years old RAK company when I gave it away for free here. Enough said.

 

[Barbara Roessle]

Nobody wanted my 10+ years old RAK company when I gave it away for free here. Enough said.

That usually applies to all jFreezone companies because bank goes through entire KYC once there is a share transfer. There is almost no benefit in taking over another firm.

You wont be able to get a corporate bank account with an offshore company unless you have a GM that is resident in the UAE.

RAK (Ras al Khaimah) is OK but we would always advise you to set up your company in the Emirate of Dubai. It is just easier in so many regards like opening a bank account, the visa procedure and renewal later on, amendments, etc. If you want to live in Dubai and you have a RAK visa its a definite disadvantage.

 

[Addler]

I am having a similar problem here. Would like to know the banking options for a RAK ICC company. Any advise please?

 

[Clank]

I am having a similar problem here. Would like to know the banking options for a RAK ICC company. Any advise please?

If an EMI works you can try with Currenxie.

 

[Addler]

If an EMI works you can try with Currenxie.

Thanks. Any past or current experience with them?

 

[M4S]

Thanks. Any past or current experience with them?

I have had zero issues with Currenixe. 50K+ per month from North America
Pretty ok to deal with.

 

[Addler]

If an EMI works you can try with Currenxie.

Thank you for this. Is currinxie Swift recognised by other banks? Any experince on that please? Our bank for example do not work with many EMIs. Thanks

 

[Clank]

Thank you for this. Is currinxie Swift recognised by other banks? Any experince on that please? Our bank for example do not work with many EMIs. Thanks

It’s not a bank it’s an EMI, and yes they have access to SWIFT via their partner banks in most of the currencies.

The bank account is not under the EMI it’s on Barclays.

 

[Addler]

It’s not a bank it’s an EMI, and yes they have access to SWIFT via their partner banks in most of the currencies.

The bank account is not under the EMI it’s on Barclays.

Thank you very much. I am not entirely sure how EMIs work with the SWIFT system but the difficulty we are my having is that our current bank does not recognise many EMIs Swift codes.

Also where can I get USD Swift code of currinxie please?

 

[M4S]

Thank you for this. Is currinxie Swift recognised by other banks? Any experince on that please? Our bank for example do not work with many EMIs. Thanks

No issues at all with any banks I have used.

 

[Addler]

No issues at all with any banks I have used.

Thanks. It seems the bank we use is the issue. They recognize limited EMIs for outgoing transfer. Which is why we are already looking into banking alternatives for our RAK ICC business.