Mainland UAE company bank account?

[Yakooza]

Hi,

What is the best bank/strategy for obtaining personal and business bank accounts in the UAE? We recently registered a Mainland Company and received our UAE ID cards/residency, etc.

We opened a Mashreq personal bank account online via their mobile app but are unsure if it's the best option or if it's suitable for a business account.

Our company is a SaaS company.

Also is it easy to open bank accounts in UAE?

Thanks

 

[Yakooza]

Any suggestions?

 

[cryptotree]

Your easiest option is WIO, just search the forum there is a lot info on this subject

 

[Yakooza]

cryptotree said:
Your easiest option is WIO, just search the forum there is a lot info on this subject
Click to expand...

From my understanding, that is for the Freezone businesses and not for mainland companies when I tried to sign up asked for Freezone which is not applied to us.
Any for the mainland businesses?

 

[uk29]

Wio isn't just for Free Zones, they will accept Mainland.

Also another option is Mashreq Neobiz.

 

[Yakooza]

uk29 said:
Wio isn't just for Free Zones, they will accept Mainland.

Also another option is Mashreq Neobiz.
Click to expand...

Any other alternative to work with?

 

[JackAlabama]

Yakooza said:
Any other alternative to work with?
Click to expand...

basically anything which accepts you. It cannot be stated like this.
Its not easy at all but doable.

 

[Yakooza]

Just an update: I stick with WIO.
I could open Mashreq but the fees were high and the app wasn't very friendly.

 

[uk29]

Personally, I don't like having Personal and Business accounts with the same bank. If they close either the Business or Personal account, you run the risk of them doing the same with the other account.

I would open a Neobiz account and at least then you have a second option if anything untoward was to happen with the Wio Business account.

 

[Clank]

ENBD for personal bank and Wio for business bank.

 

[fbsworld]

Wio or MashreqNeoBiz.

 

[Lord Palmerstone]

It depends wher you are from - i.e. what colour passport you have (apologies if I missed that above).
I organsised a bank A/C for an EU national in an hour with FAB with whom I personally have been with since 1995, when they were called NBAD.
We also utilized the Business partners help in the FZ area, and they also opened in a morning a WiO A/C for the company of that same EU guy.

Moreover, I work from a FZ office complex and there is Russian lady in an office here opening bank accounts for people (and I believe not only her compatriots)
Called NOBILIS 'something or other' in JLT DMCC

 

[EliasIT]

If there are information you can't find with the search function on the forum then I always enter the following into Google and it pulls out tons of hits. Everything is almost already covered here on OCT, try my trick
Code:

ENTER INTO THE GOOGLE SEARCH FIELD
site:offshorecorptalk.com SEARCH WORD

Toggle signature
If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[SoNewToAllShit]

Does someone know if banking is stable in the UAE or have people same problems as with other banks with account freezing and lot's of questioning transactions ?

 

[picsous]

Using wio. Very easy and convenient.

 

[yngmind]

SoNewToAllShit said:
Does someone know if banking is stable in the UAE or have people same problems as with other banks with account freezing and lot's of questioning transactions ?
Click to expand...

They are pretty much stable, but I am not sure about the protection in terms of their bankruptcy like in the US.

But if you don't do any sus s**t like crypto, cashing/depositing large chunks of cash, and have a legal source of income, you're fine.

Toggle signature
I'm not a tax advisor, so please don't consider my posts here as tax advice. Always seek a professional opinion.
___
Business Bank Account for your US LLC Remotely

 

[picsous]

yngmind said:
They are pretty much stable, but I am not sure about the protection in terms of their bankruptcy like in the US.

But if you don't do any sus s**t like crypto, cashing/depositing large chunks of cash, and have a legal source of income, you're fine.
Click to expand...

Even if they freeze the account. They never freeze your money. Just go to the next bank.

I deposit only cash. Biz and priv. Never ran into any problem.

 

[Asset Management]

Banking in uae is becoming extremely complicate , their compliance I run by low cost employee in india
used to be farmland what you exspect .
Stay away HK or Singapore are nmore decent choice

 

[Houdini]

picsous said:
Even if they freeze the account. They never freeze your money. Just go to the next bank.

I deposit only cash. Biz and priv. Never ran into any problem.
Click to expand...

How can they freeze your account without your money? You mean if your account is frozen you can still go to the bank and withdraw all your money?

 

[SoNewToAllShit]

Asset Management said:
Banking in uae is becoming extremely complicate , their compliance I run by low cost employee in india
Click to expand...

You mean they hired Indy's to make the compliance and DD on account holders in the UAE ?