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Create offshore company and bank account

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burden

burden

Fake user - Alias of JohnLocke
Jun 21, 2016
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I want to know where it is best to create a offshore company and bank account for my business?

I have read and read and tried a lot of the abundance of information I have found both in the open forums but also the closed mentor group forums.

I'm not sure how to build my company but I'm not quite sure which country or juristiction is optimal for my setup.

The following is important for me:
  • Privacy - as little KYC as possible
  • avoiding CRS and other reporting
  • euro bank account
  • debit card
  • easy to work with bank, if that is possible to find

Furthermore I'm doing some sort of online business, straight and no license required.

What can you suggest please? UAE - Seychelles - Belize - Gerogia ??
 
I say, UAE, visit the country and visit the bank to get it sorted out.‌ It's worth to take the trip and to find someone there that can help you‍ with all the paperwork.
 
Caution. It's very difficult if not impossible to get a UAE bank to open up︂ a bank account with UAE Freezone companies recently. You can get a bank account opened︃ up with LLC easily. Yes with Jafza and Dubai Freezone it's easier to open up︄ a bank account since they are most reputable (very expensive as compared to other UAE︅ jurisdictions ). However with the right introducer it might be easier. Please do your due︆ deligence before you get stuck with a company but no bank willing to work with︇ you as they have recently tightened up.
 
Yes you need to look at an LLC rather than an FZE in UAE.
It is abit more expensive than the freezone companies but it makes banking easier and you‌ are not limited in who you can do business with.
 
Is a UAE LLC a pass-through entity, primarly for residents (freelancer visa)? Or is it⁤ useable for non residents, with benefits in the UAE.
 
No, its basically an "on shore" company, you need an local (emirati) partner to create one‍
 
It's basically a limited company in UAE. You have to have a Emirati partner as your‍ 51% shareholder.

Non residents can use it it just the same way you use a⁠ Freezone but it's more powerful when it comes use and banking is much easier.
You get all the benefits including accessing finance.
 
If you can´t fulfill the following four criterias then you are already at 1% chance‌ of bank account approval:
  1. are resident in UAE and have a real apartment
  2. have real‍ office space (not the virtual address that is standard in FZ companies)
  3. have local phone⁠ number
  4. have a website in arabic and english
If you have above go apply to⁤ RAK bank and wait 1 month for approval

Otherwise go TransferWise and get instant approved⁣ for UAE business account. Then get a personal bank account in UAE with your residency,⁢
and use your personal debit card for company expenses and reimburse yourself from the company︀ account. Remember to safe receipts etc, and often banks don´t like that you use your︁ personal bank account for business, so bear that in mind.
 
Depending on your sponsor and line of business will ultimately determine how easy it is‌ to get a bank account.
If your sponsor already banks with a bank they are‍ more often likely to approve.

It helps if the sponsor goes to the bank with⁠ you also.

With the rise of EMI's like Hayyak and Neo it's getting easier but⁤ of course it's always best to have a traditional bank. TW is a good place⁣ to start if you don't get any joy. Then you can show the bank your⁢ account to persuade them.
 
Is it what it takes to⁠ get a bank account in the UAE ? I ask because I'm sure if you⁤ have roughly 10K euro to spend on your new business setup it may be easy⁣ to get all 4 points accomplished.
 
Yes that helps if you deposit approximately AED40K equivalent to $10K.
 
I don't fulfill criteria 2(even I don't have a virtual/flexidesk address, just a license), 3,︂ 4 and opened a business bank account(Mashreq Bank) in a week for my FZ company.︃

RAK bank is trash(both their management and online banking) don't waste your time.
 
Is it a Dubai based freezone ?
Yep RAK bank is an⁤ utter garbage especially with international transfers.
 
That's good to know, I will research if I can do it. I believe I'm︂ able to set this up and create my presence there.

Does you know if it︃ is possible to setup the same with foreign BVI, Seychelles or Georgia company if I︄ register one but want to setup the bank account in UAE - is there a︅ particluar bank I have to approach?

So which one to use then?
 
It would be headache if you can find⁤ a bank to do it. The eco system there is predominantly geared to self promotion.⁣
You would need to open the conversation with 250K at the minimum in my experience.⁢ That's no guarantee but it's a start.
 
No, it is even based on another‍ small Emirate. FZ itself offered me a bank account opening service(introduction) but I refused and⁠ I applied to the bank opened in a week(without a physical or flex desk address,⁤ Arabic website and local landline number). One thing is very important for easy bank account⁣ opening. Some FZs have a relationship or partnerships with specific banks. It is always better⁢ to go with those FZs because if the bank knows FZ then it is easier︀ to open a business bank account.

If you want to work with top tier banks(ENBD︁ or ADCB) then it is better to go with a good but expensive FZ(like DMCC)︂ or mainland license.
 
So we get it was easy for YOU to open a bank account, but you︂ 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 kind︄ of license? Holding Company?
 
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