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Question concerning the opening of an UAE Ajman Media Freezone company

Offshore13

Offshore13

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#1
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Hi, I have a question concerning the opening of an UAE Ajman Media Freezone company, it seems a very good freezone not far from Dubai and plenty of companies are registered therewith decent banking. I am currently moving countries every 6 months and I need somewhere to call home and to have a stable business as well, as Labuan Malaysia was not the best, Belize, Marshall Islands is not ideal so I checked and Ajman seems reasonable for exactly what I am doing. Does anyone has info on this Freezone structure?
 
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#4
Hi @Offshore13

When you go in 2022 with an Ajman FZE you limit yourself somewhat with the banking that you will be around here in latest 1-2 months complaining that you don't get any real physical banking done within the UAE.

If youa re talking about Labuan, Belize and Marshal Island not being great I guess you are not looking for EMI banking but reliable retail banking with a fully fledged loca UAE Bank.

Assuming you are travelling around all the time having no substance at all in the UAE and just an Ajman FZE on Flexi Desk your chances getting UAE banking done are 0.0%

Just now serving a client with a Dubai Company Setup who did setup what you are looking for now already in 2016 and guess what he does so because his existing Bank Account won't last any longer - not talking about the fact the bank won't open such a setup in 2022 at all.
 
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#5
Fred said:
Hi @Offshore13

When you go in 2022 with an Ajman FZE you limit yourself somewhat with the banking that you will be around here in latest 1-2 months complaining that you don't get any real physical banking done within the UAE.

If youa re talking about Labuan, Belize and Marshal Island not being great I guess you are not looking for EMI banking but reliable retail banking with a fully fledged loca UAE Bank.

Assuming you are travelling around all the time having no substance at all in the UAE and just an Ajman FZE on Flexi Desk your chances getting UAE banking done are 0.0%

Just now serving a client with a Dubai Company Setup who did setup what you are looking for now already in 2016 and guess what he does so because his existing Bank Account won't last any longer - not talking about the fact the bank won't open such a setup in 2022 at all.
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Thanks for your reply, actually I am only going through EMI banking atm and it would be nice to have a real business bank account but if not possible it's not too bad as I am more interested in the VISA option. I guess I will have to do some more research in this matter.
 
#6
Ajman is for people who really are living in the UAE. Considering that they are difficult to get banking for as well. For a the easiest, look at DMCC ( expensive, very easy and credible to get banking).

Dubai South (cheaper than DMCC, banking is a lot easier).

IFZA or SHAMS (cheaper and still has credibility for banking. They will ask a few questions than the two above).

Ajman and Fujeirah (very cheap, very hard to get banking) and finally RAK and UAQ (waste of time and money unless it's purely to hold assets or IP).
 
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#7
Offshore13 said:
Thanks for your reply, actually I am only going through EMI banking atm and it would be nice to have a real business bank account but if not possible it's not too bad as I am more interested in the VISA option. I guess I will have to do some more research in this matter.
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Then you should not mind paying 1000$ more to get a fully fledged local UAE bank account.
 
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#9
Dubai South and DMCC require accounting and audits, at least I checked Dubai South's rules on their website. What happens if you don't have any transactions because it is just for having a valid visa?
 
#10
wheelspin said:
Dubai South and DMCC require accounting and audits, at least I checked Dubai South's rules on their website. What happens if you don't have any transactions because it is just for having a valid visa?
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If you just want visa why go for high fee freezone, any freezone works if you only require visa and no bank account.

Just check that, if you want to live in Dubai, go with any Dubai freezone.
 
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#11
azb1 said:
If you just want visa why go for high fee freezone, any freezone works if you only require visa and no bank account.

Just check that, if you want to live in Dubai, go with any Dubai freezone.
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There's only one caveat regarding the driver's license from what I know. If you hold a FZCO outside Dubai you can only swap in the corresponding emirate the license. Correct me if I am wrong or if that rule has changed. I came across that fact multiple times during my research (it's tied to your residency)
 
#12
wheelspin said:
There's only one caveat regarding the driver's license from what I know. If you hold a FZCO outside Dubai you can only swap in the corresponding emirate the license. Correct me if I am wrong or if that rule has changed. I came across that fact multiple times during my research (it's tied to your residency)
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Are you saying that drivers license is linked to emirate where your visa was issued and not to emirate where you're living?
 
#18
JimBeam said:
Anyone have experiences with Meydan FZ and their Meydan Pay (IBAN that you get with the account opening)?
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You can imagine it like a shared EMI account with local AED transfers only - at least technically for most of our clients useless and the same product ADCB or RAKBANK has directly as well.

At least they try something.
 
#19
Hi all, just an update on the company formation and decision I have made for the company set up in the UAE.
I went for Ajman Media Freezone, not for the price as it's still pricey around 3k USD per year (excluding VISA) in order to have a stable international company structure. I am completely satisfied with the process and it's the fastest and easiest way I have seen so far in the world to set up a company (I have been running and setting up several company structures already). This is not a promotional post or anything of that kind its just to give an update and to mention that UAE paperwork is amazing. Currently everything is running through payoneer until my company cracks the 100K per month and then I will need to go for a UAE bankacount. Some say its impossible with a Freezone company others say all good, I will find out soon. With a real address in the UAE it should not be a problem according to the banks I have been speaking to. Anyways I will keep you updated.
If any of you are in the e-com services business niche let me know so we can organize a meet up in Dubai
 
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#20
Did you manage to open a local account?
 
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