Question concerning the opening of an UAE Ajman Media Freezone company

[Offshore13]

Did you manage to open a local account?

Not yet as I left after 2 months, I have tried RAKbank but they are incompetent and super unfriendly, the account managers have the wrong job but its a great experience. I had all paperwork and have a stable well-known business but somehow they did not like the international history of the company. I have another contact I will try beginning of 2023 and pay around 1000 USD in order to get a guaranteed UAE business bank account which is not completely delusional with fees and will give you an update and share contact if anyone is interested. One thing though they did not mention the bank yet, but its not one of the big ones.

So conclusion its still possible but it will not work straight away

 

[Fred]

Technically - when the company is older then 1 year - no UAE Bank gonna open you a Business Bank Account when you approach them for a normal product.

This is a compliance internal policy with every major UAE Bank I have seen so far.

1k USD doesn't help much here - real corrupt compliance doesn't start below 10k USD or you get a Private Banker, put 250k USD in a life insurance, which is a legal way for the bank to steal your money.

At least you keep positive - thumbs up.

 

[Offshore13]

Technically - when the company is older then 1 year - no UAE Bank gonna open you a Business Bank Account when you approach them for a normal product.

This is a compliance internal policy with every major UAE Bank I have seen so far.

1k USD doesn't help much here - real corrupt compliance doesn't start below 10k USD or you get a Private Banker, put 250k USD in a life insurance, which is a legal way for the bank to steal your money.

At least you keep positive - thumbs up.

Hi all,

Jut a quick update for the bank account opening. This has been moving and UAE seems to make it easier to open BUSINESS bankaccounts even for free zone companies. Check out WIO bank in the UAE they will open a Business bank account in no time and so far I have not heard anything about someone being rejected. I am happy to give this info here for free bt just FYI I have paid for this when this info was not public and I have signed up with them

 

[Offshore13]

Hi everyone, hope you are all well and companies are rising
I just wanted to give an update about my Freezone journey, yesterday the TAX authorities hit us with 10k penalties and a few hours later with 1k UAE dirhams more. Very confusing as it was their system which was not working when I declared for the first time, and obviously they accuse me of not complying and declared to late the threshold of over 380k dirhams. On top of that the 1k penalty will be every month for late filling as well. Obviously I contested and and I have proof, lets see what will happen will keep you updated.

Does Anyone got a good 0% offshore company structure without fillings or tax obligations lime belize or marshall inslands in the good old times?

 

[JimBeam]

Just get an accountant and let them deal with all that.

 

[Jbb1]

Hi all,

Jut a quick update for the bank account opening. This has been moving and UAE seems to make it easier to open BUSINESS bankaccounts even for free zone companies. Check out WIO bank in the UAE they will open a Business bank account in no time and so far I have not heard anything about someone being rejected. I am happy to give this info here for free bt just FYI I have paid for this when this info was not public and I have signed up with them

Mashreq neobiz will also open easily if you have an office or tenancy contract that you can buy online.

 

[zzzzzz]

Mashreq neobiz will also open easily if you have an office or tenancy contract that you can buy online.

Are you talking about buying a template of tenancy contract or service that offers renting something + tenancy contract?

 

[Jbb1]

Are you talking about buying a template of tenancy contract or service that offers renting something + tenancy contract?

There are services that give you a tenancy contract + help with bank inspections for 2-3k AED a year. It’s all legal.

It’s a real office but you can’t use it, if bank does an inspection they put your company name one it.

I have helped some friends with my office this way.

 

[Offshore13]

Are you talking about buying a template of tenancy contract or service that offers renting something + tenancy contract?

Ye got one already there has been a bug in the system and the numbers were greyed out and tax authority asked to change them but the accountant couldn't, so he just sent it, that's why they are wrong and I already filed a complaint, lets see

Ye got one already there has been a bug in the system and the numbers were greyed out and tax authority asked to change them but the accountant couldn't, so he just sent it, that's why they are wrong and I already filed a complaint, lets see

sorry wrong threat

Just get an accountant and let them deal with all that.

Yes got one already there has been a bug in the system and the numbers were greyed out and tax authority asked to change them but the accountant couldn't, so he just sent it, that's why they are wrong and I already filed a complaint, lets see

 

[Fred]

Many, but not all banks will open accounts for UAE freezone companies who just started.

Imagine how many companies would be without bank account, if they didn't know about EMI.

You just need to understand about their policies.

Different banks have different requirements and appetite.

Beside of this post looks like spam - it's wrong.

Most small Emirates Freezones are Bank internal blacklisted and they either don't get any Business Bank Account done or only with high minimum Balance / Insurance / Investment commitments.

 

[Jbb1]

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

Did you manage to open a local account?

You will be able to open a UAE bank account with Wio or mashreqneobiz easily.

You can also use Currenxie for receiving international payments. They don’t do CRS reporting.

 

[Offshore13]

You will be able to open a UAE bank account with Wio or mashreqneobiz easily.

You can also use Currenxie for receiving international payments. They don’t do CRS reporting.

Yes Thanks I went for WIO when they were still in Beta