Create offshore company and bank account

[rowena]

NicolasMaduro said:
So we get it was easy for YOU to open a bank account, but you need to share some more information.

How long have you been a resident in UAE, what is your nationality, what business license do you have? IT, consultancy or what kind of license? Holding Company?
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Why would I share my nationality and why you need it? You will have no problems unless if you're a citizen of a sanctioned country(Congo, Iran, Iraq, Liberia, Syria, North Korea...).

I already shared tips and a bank name(Mashreq). You can easily find partner FZs of the bank by using google. Anyway, here is the link just scroll to down and you can see the partner FZs list: https://www.mashreqneobiz.com/en/

If you have a high-risk business(adult, crypto, gambling) then obviously no bank in UAE will open an account. Check all partner FZs find the best FZ for you, incorporate your company and apply it to this bank, that's all.

Last edited: Oct 10, 2020

 

[NicolasMaduro]

rowena said:
Why would I share my nationality and why you need it? You will have no problems unless if you're a citizen of a sanctioned country(Congo, Iran, Iraq, Liberia, Syria, North Korea...).

I already shared tips and a bank name(Mashreq). You can easily find partner FZs of the bank by using google. Anyway, here is the link just scroll to down and you can see the partner FZs list: https://www.mashreqneobiz.com/en/

If you have a high-risk business(adult, crypto, gambling) then obviously no bank in UAE will open an account. Check all partner FZs find the best FZ for you, incorporate your company and apply it to this bank, that's all.
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I know most of the traditional banks also consider ecommerce highrisk in uae. Neobiz looks really nice,
and seems like finally if you just live in UAE you can have an easy account, I guess office space is not even required then (even though neobiz lists proof of address for company as an requirement?)

i dont know, perhaps you are UAE national with already personal banking?

 

[rowena]

NicolasMaduro said:
I know most of the traditional banks also consider ecommerce highrisk in uae. Neobiz looks really nice,
and seems like finally if you just live in UAE you can have an easy account, I guess office space is not even required then (even though neobiz lists proof of address for company as an requirement?)
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You don't need office space. They accept a trade license as a proof of address because there is an FZ address on it but it should be from partner FZs. You don't need to live in UAE but it is better to have UAE residency and your company license will provide you a residency.

NicolasMaduro said:
i dont know, perhaps you are UAE national with already personal banking?
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I'm not a UAE national, I'm a UAE resident. If you're UAE national then things will get 10x easier 🙂

 

[NicolasMaduro]

rowena said:
You don't need to live in UAE but it is better to have UAE residency and your company license will provide you a residency.
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You sure. On their website it says "Visa and Emirates ID of Signatory"

 

[rowena]

NicolasMaduro said:
You sure. On their website it says "Visa and Emirates ID of Signatory"
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There are lots of company shareholders without a visa and a business bank account in the UAE. As I mentioned before, It is always better to have a visa. If you have an FZ company then you're already eligible for a visa/residency. Why you're not using it? If you don't have a visa then you will also deal with CRS and ESR.

 

[NicolasMaduro]

rowena said:
There are lots of company shareholders without a visa and a business bank account in the UAE. As I mentioned before, It is always better to have a visa. If you have an FZ company then you're already eligible for a visa/residency. Why you're not using it? If you don't have a visa then you will also deal with CRS and ESR.
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I´ve just double checked and for mashreq neobiz product, 1 shareholder must be resident or have a resident director I assume; "At least one signatory should be a UAE Resident."

 

[CaptK]

Look into a mainland company if you fear the tussle of bank account.
The main thing is proving what your saying your doing and if you can set up a website and use a local prepay sim for telephone number if you really think it will help.
Budget 10 days to get everything done.
You can contact the bank officers in advance via LinkedIn if you want to get a feel for what you require.

 

[rowena]

NicolasMaduro said:
I´ve just double checked and for mashreq neobiz product, 1 shareholder must be resident or have a resident director I assume; "At least one signatory should be a UAE Resident."
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You can be a UAE resident and you don't need to live in the UAE. You know it, right?

You can get a Mashreq business(not neobiz) account without a visa but it will be a trash setup. You don't have a visa then your income will be reported for tax purposes under CRS and you will have problems with ESR. Basically, if you're buying a car(company), you need wheels(visa) to drive it.

 

[NicolasMaduro]

rowena said:
You can be a UAE resident and you don't need to live in the UAE. You know it, right?

You can get a Mashreq business(not neobiz) account without a visa but it will be a trash setup. You don't have a visa then your income will be reported for tax purposes under CRS and you will have problems with ESR. Basically, if you're buying a car(company), you need wheels(visa) to drive it.
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Yes OBVIOUSLY. The subject was specifically how 'easy it was for you' to open a Neobiz account, and you suggested it didn't require a visa, but it does. Obviously anyone can apply for a traditional bank account without being a resident, but they will most likely be rejected and not accepted in 1 week as you did..

 

[CaptK]

Without a residency ID card you will find it very difficult to open an account.
If you set up a company one of the perks is residency so why wouldn't you take advantage of this to make you life easier

 

[digirider]

Are there advantages of having a company over a freelance license? Assuming I don't do any business activity, but basically live off my savings.

Last edited: Oct 11, 2020

 

[CaptK]

Freelance is cheaper than a company for maintenance.
No problem with living of your savings.

 

[JimBeam]

From my experience - Mashreq NeoBiz works fine but it can take up to 6 months to get the account approved! Forget it if you don't have the Emirates ID since it will be needed to actually sign the documents electronically (their representative will meet you and will put your Emirates ID in to his PDA device and you'll have to put the your fingerprint to the reader in order to sign the documents electronically)...

So, unless you have a VISA and Emirates ID - don't waste time.
They will also require tons of documents, will not respond in weeks, most of the workers are from India and some parts are outsourced...

 

[orangeye]

rowena said:
I already shared tips and a bank name(Mashreq). You can easily find partner FZs of the bank by using google. Anyway, here is the link just scroll to down and you can see the partner FZs list: https://www.mashreqneobiz.com/en/
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thanks, nice share.

Do you tried the partner https://dtec.ae/ ?

 

[rowena]

@orangeye
I didn't try DTEC but I know it. It is a stable and good FZ. As far as I know, you need to move from flexi/fixed desk to real office space in DSO after a certain amount of time(2-3 years probably).

 

[pesto]

A quick thought, would it be possible to register company, find some rented office premises and a single employee without traveling to UAE / dubai to get it all done? My thought is then to travel there to set up a bank account nor it is possible again, then everything else is in place when I get there.

 

[CaptK]

That's definitely the way forward. You can incorporate a mainland Company within a day without being there.

You will receive all the documents and then when you go you are simply there to get your biometrics and ID card which takes 3 days.

Once you have an ID card corporate bank account can be opened.

Personal accounts can be opened with a $10K deposit remotely but you can't access the account until you go in person. This can be done without an ID card or residency.

 

[tsu458]

CaptK said:
Personal accounts can be opened with a $10K deposit remotely but you can't access the account until you go in person. This can be done without an ID card or residency.
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Interesting - with no UAE relation at all? With residence in cyprus for example.

 

[CaptK]

tsu458 said:
Interesting - with no UAE relation at all? With residence in cyprus for example.
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Yes,

 

[pesto]

There is a guy who can open personal accounts in Cyprus with less of 1000 euro in initial deposit. It's not that hard if you have legit money.
Same guy can get a bank account in Cyprus (Bank of Cyprus) if you have a legit business.

Consult a few good accountants and law firms in Cyprus, CALL THEM and you will make it.