UK LTD (ecomm) with UAE resident -EMI/bank account

[nkf]

I set up a UK Ltd (single director, e-commerce selling textiles) as a UAE resident( EU passport) and now need a bank account/EMI to get payments from my website(not Amazon etc) from UK customers only. Ideally, I want to use Stripe but I can't find a bank account that accepts UAE residents even though the company is a UK one. Any suggestions?
Revolut,Monzo,Monese etx- don't accept UAE residents
GoSolo-cant be connected to Stripe
Airwallex - want 3 months transaction history (I haven't started selling yet)
3s money - want 600k turnover
Amnis treasury-dont accept UAE residents now
Startling-dont accept UAE plus ask 10000s questions
Any high street bank won't open for UAE Res or a start-up

Since UAE is on the grey list it looks impossible to open an account! I managed to open a business acc with Wise but it was just coz my personal account with them was set up under my Australian address which I didn't change after moving out so I don't think this is a solution.

 

[Forester]

Try Currenxie and/or Statrys; but no idea how they are with Stripe now. Moneycorp Bank (moneycorpbank.com) and perhaps Multipass also worth checking.
(Or maybe some of Lithuanian EMIs, as a usual last chance; but I am unable to advise a particular one for your case.)

 

[Gediminas]

I set up a UK Ltd (single director, e-commerce selling textiles) as a UAE resident( EU passport) and now need a bank account/EMI to get payments from my website(not Amazon etc) from UK customers only. Ideally, I want to use Stripe but I can't find a bank account that accepts UAE residents even though the company is a UK one. Any suggestions?
Revolut,Monzo,Monese etx- don't accept UAE residents
GoSolo-cant be connected to Stripe
Airwallex - want 3 months transaction history (I haven't started selling yet)
3s money - want 600k turnover
Amnis treasury-dont accept UAE residents now
Startling-dont accept UAE plus ask 10000s questions
Any high street bank won't open for UAE Res or a start-up

Since UAE is on the grey list it looks impossible to open an account! I managed to open a business acc with Wise but it was just coz my personal account with them was set up under my Australian address which I didn't change after moving out so I don't think this is a solution.

Hey,

I can help to open an account in one of the European EMIs. Send me an email and provide more information about your business history and your professional background.

 

[avalanche]

Hey,

I can help to open an account in one of the European EMIs. Send me an email and provide more information about your business history and your professional background.

Is it Bankera or something else?

 

[Gediminas]

Is it Bankera or something else?

more options are available, subject to pre-approval.

 

[Spinat]

more options are available, subject to pre-approval.

All European banks ?

 

[nkf]

Try Currenxie and/or Statrys; but no idea how they are with Stripe now. Moneycorp Bank (moneycorpbank.com) and perhaps Multipass also worth checking.
(Or maybe some of Lithuanian EMIs, as a usual last chance; but I am unable to advise a particular one for your case.)

Thanks, looks like Currenxie should work

 

[Forester]

Thanks,

You are welcome.

looks like Currenxie should work

Nice. Good luck!

 

[nkf]

Currenxie rejected the application

 

[bonox]

Alternative is to setup a US company (check my signature) and transfer it as daughter company to the Dubai one, so you let the US process and transfer the money to Dubai.

 

[Dandyline]

Alternative is to setup a US company (check my signature) and transfer it as daughter company to the Dubai one, so you let the US process and transfer the money to Dubai.

US company is not good for payment processing in EU.

Currenxie rejected the application

If it's a serious business, you might need to get a second residency in EU and use that to open accounts for LTD. Cyprus non-dom for example.

 

[bonox]

US company is not good for payment processing in EU.

Why you say so, it has been working well for me, no problems.

 

[Dandyline]

Why you say so, it has been working well for me, no problems.

Because cross-border payments usually suffers from a large decline-rate.

Which PSP are you using?

 

[Forester]

Because cross-border payments usually suffers from a large decline-rate.

Good point.
Just a remark – OP wanted to perform UK payments (i.e. GBP), not EU payments; I think it's a remarkable difference.

 

[Dandyline]

Good point.
Just a remark – OP wanted to perform UK payments (i.e. GBP), not EU payments; I think it's a remarkable difference.

Pretty similar situation, payments from UK customers to a US LLC and an American PSP might cause decline rates. Most EU PSP's dont onboard US LLCs.

And open a EU or UK account/EMI for a UK LTD with an UAE resident UBO seems to be difficult in OP's case.

 

[Forester]

Pretty similar situation, payments from UK customers to a US LLC and an American PSP might cause decline rates.

Yes, I agree with this.

Most EU PSP's dont onboard US LLCs.

And UK ones? (I'm just curious, as I am not so well oriented in PSPs.)

And open a EU or UK account/EMI for a UK LTD with an UAE resident UBO seems to be difficult in OP's case.

Yes; and not only in his case. The reluctancy to UAE resident UBOs/directors is unfortunately common in EU and UK.

 

[Dandyline]

Yes, I agree with this.

And UK ones? (I'm just curious, as I am not so well oriented in PSPs.)

Yes; and not only in his case. The reluctancy to UAE resident UBOs/directors is unfortunately common in EU and UK.

UK and EU is still the same thing in that aspect.

Yes, UAE residency is not the best for business in EU. Second residency is recommended and what i'm considering.

 

[Transferli]

try to open a business account with wise

 

[Forester]

try to open a business account with wise

Wise does not like UAE. (Putting aside that due to its well-known unpredictability, Wise is not recommendable for any serious business that depends on payment operations heavily.)