Business Account for U.A.E. resident in Dubai

[CaptK]

tomboy said:
I never received a large amount in my private account. but regarding business account you are right. it will be very difficult.
anyway, gold + large amount is a no go.

what about payoneer ? do they support large transaction on business account?
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Have you tried the HNW departments. I have clients who bank with DIB, Mashreq, SIB and ENBD. They all are in precious stones and metal.

Depending on cash funds available if you have 150K to put as your minimum account balance you should be fine.

What licence do you have?

 

[4br]

rowena said:
TW does not support financial company accounts but TW definitely does support large transactions even they have a specific department for this. If you receive an amount that is higher than your account threshold then payment will automatically pause and the Large-Amount Transfers Team will email/call you.
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Do you have any idea what that is? I was surprised that even a transfer of 99,000 euros went straight though with no questions. They have never queried the sources. I guess I provided them when I created the account though and they are all good companies with Wiki pages and based in normal countries.

 

[rowena]

4br said:
Do you have any idea what that is? I was surprised that even a transfer of 99,000 euros went straight though with no questions. They have never queried the sources. I guess I provided them when I created the account though and they are all good companies with Wiki pages and based in normal countries.
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They don't consider 99 or 100k as a big amount transfer, generally 150-250k EUR or equivalent. It depends on your TW profile.

 

[ImKing]

BlueMist said:
I personally prefer DBS, especially that from personal accounts it is free to send transfers anywhere, e.g. EUR to Europe and beneficiary gets money in full. They are the only bank having such solution in place. All other banks including OCBC have hefty charges in place for international transfers, the only thing that change is a discount e.g. 50% on some fees if you are OCBC Premier etc.
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DBS sounds to me very good for a UAE company. The minimum account opening amount is 300.000 US$ or is it € ?

What are the requirements to open the account, beside all incorporation documents, passport from me and director what else?

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[CaptK]

ImKing said:
DBS sounds to me very good for a UAE company. The minimum account opening amount is 300.000 US$ or is it € ?

What are the requirements to open the account, beside all incorporation documents, passport from me and director what else?
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USD or equivalent as AED is pegged to the Dollar.
ENBD is 150K minimum if you want a quick acceptance.

Reference letter from your current bank
6 months bank statement personal
6 months corporate bank statements
Business profile
3 suppliers
3 clients
Old invoices that can be matched on the bank statement.
Contracts
CV

 

[blizz]

that's the same as the Cyprus banks asked for in the past when they opened for offshore companies.

The reference letter is the most sensitive part, it means, your current bank will know what you are going to do. Unless you get this done with the help of darks ofcourse.

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[CaptK]

blizz said:
that's the same as the Cyprus banks asked for in the past when they opened for offshore companies.

The reference letter is the most sensitive part, it means, your current bank will know what you are going to do. Unless you get this done with the help of darks ofcourse.
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There are ways to get round the reference letter.
Remember if they do request one it's address to you, not anybody else and can only be verified.
If your bank ask why you require it you tell them that you are about to go into business in UAE and your client has requested it.