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Offshore/Onshore Dubai Bank accounts for Freezone Companies without audit (like IFZA or UAQ and such)

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Hi,

I read through the forum about the topic, but somehow find lots of opposing infos.

Basically what I look for:
- Freezone without audit requirement
- It should be possible to use the Freezone Company to open corporate bank accounts or trading accounts like for IB or Swissquote

I heard opposing opinions about IFZA, UAQ (not to mention RAKEZ).

From your experience, with a IFZA or UAQ FZE, will you get a corporate bank account onshore (preferably offshore)?
Will it be possible to open brokerage accounts with IFZA or UAQ or other non-audit FZEs at brokers like IB or Swissquote?

For corp bank accounts outside UAE, I understand that DMCC or other reputable with higher standards/audits makes them more comfortable to open.

But I dont understand what difference it should make for nonUAE banks/brokers if the company is in IFZA, UAQ or other 'no audit' zones?

Thank you for your opinions
 
Last edited:

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Hi @PhantomOfThePits ,

yes it's possible at least with a Dubai Freezone like with IFZA we have very good experience with.

Everything else is up to your personal profile and if the whole setup with the business activity fits your trackreckord as an entrepreneur.

As less trackreckord and documents you can provide and as younger you are the more sceptical the banks are and the more it's important that you have a good service provider helping you together with a good banker.

This starts by pre-approving your personal profile with business activity by banker you want to open the Business Bank Account later on even before the company gets formed.

That's all you can mention in general everything else are individual requirements from each bank. Some require an office, some not. Everything can be managed at affordable rate with a service provider that has the knowledge and network.

If you do everything on your own you will end up investing more time and money.

So of your question intend more like is it possible to form any company with any activity and then go to a random bank branch - this venture will fail and don't get any bank account for sure.

Why?

The bankers that open business bank accounts are not located in a branch but in a back-office of the bank. You only have sales and customer support in the branch that either helps you with existing bank accounts or try to sell you some insurance by promising helping you with a business account later on - what of course once you opt for the insurance never will happen.
 

azb1

Entrepreneur
Hi @PhantomOfThePits ,

yes it's possible at least with a Dubai Freezone like with IFZA we have very good experience with.

Everything else is up to your personal profile and if the whole setup with the business activity fits your trackreckord as an entrepreneur.

As less trackreckord and documents you can provide and as younger you are the more sceptical the banks are and the more it's important that you have a good service provider helping you together with a good banker.

This starts by pre-approving your personal profile with business activity by banker you want to open the Business Bank Account later on even before the company gets formed.

That's all you can mention in general everything else are individual requirements from each bank. Some require an office, some not. Everything can be managed at affordable rate with a service provider that has the knowledge and network.

If you do everything on your own you will end up investing more time and money.

So of your question intend more like is it possible to form any company with any activity and then go to a random bank branch - this venture will fail and don't get any bank account for sure.

Why?

The bankers that open business bank accounts are not located in a branch but in a back-office of the bank. You only have sales and customer support in the branch that either helps you with existing bank accounts or try to sell you some insurance by promising helping you with a business account later on - what of course once you opt for the insurance never will happen.

Do this bank works with IFZA ?
Do you have any experience with it ?
 

uplana

Corporate Services
Mentor Group Gold
The bankers that open business bank accounts are not located in a branch but in a back-office of the bank. You only have sales and customer support in the branch that either helps you with existing bank accounts or try to sell you some insurance by promising helping you with a business account later on - what of course once you opt for the insurance never will happen.
It's like it may be in most countries and from personal experience I know it is the same as Cyprus!
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
It's like it may be in most countries and from personal experience I know it is the same as Cyprus!
Yes it's becoming exactly like there especially for SME's with potentially 0 balance accounts it's a nightmare without service provider.

If you are making already 5-10M$ with an existing business you could be lucky and find a banker that is willing to work on your case to get a nice commission.

But then again the Bankers from some banks only get commission on AED and USD so if your business is in EUR they open you only AED and USD and you have to make the FX with the banks rate to get started.

All in all if you count the banking, time and energy you are by far better served by going with a service provider that takes 2000$ for Residence Visa and Bank Service.
 
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