SHAMS Company, Company Bank Account Assistance

[meltingsnow]

Hi,

I have setup a LLC company in SHAMS with flexi-desk, received my residence visa sticker on my passport & waiting to receive the Emirates ID.

I buy/sell food items from one country & sell it to other countries. Every thing is legitimate & all paper work exists. Turn-over around $1m annually, maybe more. Prefer long-term outlook & avoid shady practices.

I have visited different banks with my registration documents and they weren't interested in opening company bank account. Quite a shock as I was told otherwise by the SHAMS authority. The setup was done by a fellow countryman but I guess people do anything nowadays to make some quick buck. Anyways, useless crying over spilt milk.

What are my options to get a company bank account opened asap? A lot of banks that I visited, the relationship managers refused to open bank account directly, but would hint that they know someone (a consultant) who can open a bank account for me for a certain fee. Some going as far as passing on a number on a piece of paper asking me to call their 'friend' who can assist in opening the bank account.

How does this works? I am skeptical of these kind of practices unless its from a reputable service provider? Looking for opinions & suggestions.

 

[Fred]

Hi @meltingsnow ,

I really hope you were aware of us only after you started a SHAMS Company.

There is literally no point about setting up SHAMS in 2022 as you DON'T get any bank account done.

The bankers - if they are even serious - talk about some dark channels in the Paki/Indian lead bank compliance starting 25.000 - 50.000 AED.

You can now appreciate the fact that a SHAMS Company is useless for banking or waste 2-3 months looking around.

Not to talk about you having no SUBSTANCE - only Flexi Desk is a NO NO with every bank in the UAE in 2022.

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[meltingsnow]

Appreciate your reply.
So what's the solution now?

Like I said, I own my mistake & learnt from it the hard way. Trusted a fellow countryman as he was a close friend's brother. Useless crying over spilt milk. Some people sell their soul for small money sacrificing decade old relationships.

 

[rowena]

meltingsnow said:
Appreciate your reply.
So what's the solution now?

Like I said, I own my mistake & learnt from it the hard way. Trusted a fellow countryman as he was a close friend's brother. Useless crying over spilt milk. Some people sell their soul for small money sacrificing decade old relationships.
Click to expand...

Did you apply to Mashreq NeoBiz?

 

[Fred]

meltingsnow said:
Appreciate your reply.
So what's the solution now?

Like I said, I own my mistake & learnt from it the hard way. Trusted a fellow countryman as he was a close friend's brother. Useless crying over spilt milk. Some people sell their soul for small money sacrificing decade old relationships.
Click to expand...

Setting up the whole venture in Dubai with Substance.

rowena said:
Did you apply to Mashreq NeoBiz?
Click to expand...

Huge crackdown on substance since 12/2021.

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[rowena]

Fred said:
Setting up the whole venture in Dubai with Substance.


Huge crackdown on substance since 12/2021.
Click to expand...

What kind of crackdown? I opened a SHAMS company account in 05/2020 and so far zero issues with Mashreq NeoBiz. My company even doesn't have flexi desk. Yes, literally I don't have a flexi desk and they saved my home address as my company address. The company has high turnover and without office or employees.

 

[Fred]

rowena said:
What kind of crackdown? I opened a SHAMS company account in 05/2020 and so far zero issues with Mashreq NeoBiz. My company even doesn't have flexi desk. Yes, literally I don't have a flexi desk and they saved my home address as my company address. The company has high turnover and without office or employees.
Click to expand...

Wanna see Office under company name now - especially for Trading.

During and After COVID Mashreq literally approved everything - this has dramatically changed.

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[meltingsnow]

rowena said:
What kind of crackdown? I opened a SHAMS company account in 05/2020 and so far zero issues with Mashreq NeoBiz. My company even doesn't have flexi desk. Yes, literally I don't have a flexi desk and they saved my home address as my company address. The company has high turnover and without office or employees.
Click to expand...

Appreciate your reply.
Waiting for emirates ID to be delivered. Will then try my luck with Mashreq NeoBiz. The thing is I don't have any plans to live in Dubai. Is your home address in Dubai?

Fred said:
Setting up the whole venture in Dubai with Substance.
Click to expand...

Mind if I ask, why do such zones exist if the companies that establish a presence there, are not able to open company bank a/c?
Bro, 20k AED down the drain?

Fred said:
The bankers - if they are even serious - talk about some dark channels in the Paki/Indian lead bank compliance starting 25.000 - 50.000 AED.
Click to expand...

This is a very large local bank, and not just one - but two of them. Not the paki/indian banks. BDM officers said directly it is difficult but if you hire a friend of mine, he'll charge you something something & open the account.

Fred said:
Not to talk about you having no SUBSTANCE - only Flexi Desk is a NO NO with every bank in the UAE in 2022.
Click to expand...

We were talked out of mainland company & dubai free zones into opening in SHAMS. The reason given was that even dubai fz companies are flexi-desk cos. Isn't it so?

Fred said:
I really hope you were aware of us only after you started a SHAMS Company.
Click to expand...

Just found this forum while searching for dubai flexi desk bank ac & getting my family biz into this s**t.

Fred said:
Not to talk about you having no SUBSTANCE - only Flexi Desk is a NO NO with every bank in the UAE in 2022.
Click to expand...

Flexidesk for all freezones in UAE? incl. DED and DMCC?

Last edited: Mar 22, 2022

 

[rowena]

meltingsnow said:
Appreciate your reply.
Waiting for emirates ID to be delivered. Will then try my luck with Mashreq NeoBiz. The thing is I don't have any plans to live in Dubai. Is your home address in Dubai?
Click to expand...

Yes, I live in Dubai most of the time.

 

[meltingsnow]

rowena said:
Yes, I live in Dubai most of the time.
Click to expand...

Appreciate your reply. Any idea if CIM Bank will open account for SHAMS FZ co with flexi-desk?

 

[MiddleEuroAsia]

meltingsnow said:
Appreciate your reply. Any idea if CIM Bank will open account for SHAMS FZ co with flexi-desk?
Click to expand...

CIM bank? for shams? they only accept Dubai and Abudhabi based companies, and even then, it's a little tricky if you have anything funny happening in the background.

So you have three options:
1- open a dubai company
2- open an EMI account
3- try your luck with mashreq or invest into some BS product from UAE banks to have a chance for account opening.

I would go with option 1, 20k is nothing when it comes to the BS that you will face in the future, Dubai is pretty reputable worldwide, so having a dubai based company with long history will go a long way, but shams, rak and the other useless BS is just like that - trash.

if you still want to continue with yours shams company, then apply for an EMI, and while you are doing business with your EMI, keep applying for different bank account inside and outside the UAE and see how far you will go with your company! who knows, maybe you will have more luck because of your high turnover.

for EMI recommendations: go for 3s.money , they can work with you if you have a high turnover (which is the case with your current business).

Good luck

 

[clemens]

MiddleEuroAsia said:
I would go with option 1, 20k is nothing when it comes to the BS that you will face in the future, Dubai is pretty reputable worldwide, so having a dubai based company with long history will go a long way, but shams, rak and the other useless BS is just like that - trash.
Click to expand...

I agree, Dubai has a reputation and as more they get regulate there, the better a Dubai company's reputation looks.

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One of my favorit articles in Mentor Group ~ Sending money anonymously archieve Financial Anonymity

 

[fbsworld]

Have you tried with Sharjah Islamic Bank?

 

[CyprusLawyer101]

Is settinf up in Dubai your only consideratio/option? Maybe your residency and operation would allow you to work with another jurisdiction and cheaper structure.