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.)

Last edited: Oct 9, 2022
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[Gediminas]

nkf said:
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.
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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.

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[avalanche]

Gediminas said:
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.
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Is it Bankera or something else?

 

[Gediminas]

avalanche said:
Is it Bankera or something else?
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more options are available, subject to pre-approval.

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[Spinat]

Gediminas said:
more options are available, subject to pre-approval.
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All European banks ?

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[nkf]

Forester said:
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.)
Click to expand...

Thanks, looks like Currenxie should work

 

[Forester]

nkf said:
Thanks,
Click to expand...

You are welcome.

nkf said:
looks like Currenxie should work
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Nice. Good luck!

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[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]

bonox said:
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.
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US company is not good for payment processing in EU.

nkf said:
Currenxie rejected the application
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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]

Dandyline said:
US company is not good for payment processing in EU.
Click to expand...

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

 

[Dandyline]

bonox said:
Why you say so, it has been working well for me, no problems.
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Because cross-border payments usually suffers from a large decline-rate.

Which PSP are you using?

 

[Forester]

Dandyline said:
Because cross-border payments usually suffers from a large decline-rate.
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Good point.
Just a remark ”“ OP wanted to perform UK payments (i.e. GBP), not EU payments; I think it's a remarkable difference.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Dandyline]

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

Dandyline said:
Pretty similar situation, payments from UK customers to a US LLC and an American PSP might cause decline rates.
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Yes, I agree with this.

Dandyline said:
Most EU PSP's dont onboard US LLCs.
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And UK ones? (I'm just curious, as I am not so well oriented in PSPs.)

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

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Dandyline]

Forester said:
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.
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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]

Transferli said:
try to open a business account with wise
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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.)

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...