UAE business bank account

[forman]

Hey everyone,
I've opened a company in Dubai free zone and just got my visa stamped.
So the next step is to open a business bank account.
Now I have some questions:
1. What UAE bank to choose if I want to get an account ASAP?
2. How long does it take to open a business bank account?
3. There's a shareholder in my company that still waiting for UAE visa and residence. Can I open a business account without this person (I'm a general manager) or should I wait for visa residence of my partner?

Thanks

 

[Martin Everson]

@Fred Can you give some input here. Hate to send him to some random EMI.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Fred]

Hi,

in terms of speed of account opening for Business nothing beats Mashreq Bank.

We did made already accounts in a week with them but the average is 14-18 days.

The shareholder that doesn't have the residence visa yet isn't an issue - only one authorized signatory with residence visa is sufficient.


The aboth are our KPI's with providing each client with the necessary substance. So eiither you go with a CSP like us that provides you substance at a wholesale rate or you go and rent something the whole year - renting on your own will usually cause costs that cost you easily same like the company formation itself.

Ah and forget everything I have mentioned if your company is based in Ajman, Fujairah, RAK or other small emirate.

EMI is Paysera for EUR.

Toggle signature

 

[forman]

Thanks for the response.
Company is based in DWTC FZ.
I got an estimate 25 working days from Emirates NBD. But I need an account asap. So 7-14 days sounds good.

Can I have 2-3 business bank accounts for my company in different banks?
What about banking and rates/fees in Mashreq compared to Emirates NBD? I need only USD accounts as all my clients are in the USA.

And what about RAKBank? Should I consider this bank?

 

[csp dubai]

forget free zones in dubai try only with dubai mainland is much more easy open account

 

[MiddleEuroAsia]

csp dubai said:
forget free zones in dubai try only with dubai mainland is much more easy open account
Click to expand...

who told you that? and what? "dubai mainland is more easy" you're joking right ca#"!

Dubai FZ are pretty much accepted everywhere if you have a solid business.

But what people do is that they setup a FZ company with the whole Consulting thing and invoicing offshore companies with no reputation nor substance in their respective jurisdictions. And that my friend is not a solid business, it's a s**t business and it smells like s**t to everyone including banks.

What was your problem with Dubai FZs? let me guess, the bank accounts closed your accounts for "no reason" or something like that, right?

 

[MiddleEuroAsia]

forman said:
Hey everyone,
I've opened a company in Dubai free zone and just got my visa stamped.
So the next step is to open a business bank account.
Now I have some questions:
1. What UAE bank to choose if I want to get an account ASAP?
2. How long does it take to open a business bank account?
3. There's a shareholder in my company that still waiting for UAE visa and residence. Can I open a business account without this person (I'm a general manager) or should I wait for visa residence of my partner?

Thanks
Click to expand...

1- mashreq neo biz. It's a shitty bank (from a personal experience) but it works with some people.

2- a week or so if you have a solid business case.

3- Yes you can do it by yourself as only one signatory should be a UAE Resident as @Fred rightly pointed out.

 

[MiddleEuroAsia]

forman said:
Can I have 2-3 business bank accounts for my company in different banks?
Click to expand...

yeah, why not

What about banking and rates/fees in Mashreq compared to Emirates NBD? I need only USD accounts as all my clients are in the USA.
Click to expand...

Look here and here.

And what about RAKBank? Should I consider this bank?
Click to expand...

NO. it's the shittiest of the bunch, even shittier than mashreq and that's saying something.

 

[JimBeam]

Mashreq is okayish (not bad not terrible) but RAK is a big no-no...

 

[JackAlabama]

JimBeam said:
Mashreq is okayish (not bad not terrible) but RAK is a big no-no...
Click to expand...

The experience of an office visit of RAKbank in Deira is indeed an experience in itself