signaltop said:
Hey all.
Thought I'd share my experience with Fred & DLS Dubai.
I'm a EU passport holder.
My goals were as follows:
* Get Dubai residency
* Get personal and business bank accounts in Dubai
* Set up a working crypto offramp
Here's how it all went:
Before arriving in Dubai, Fred & team incorporated my freezone corp. (You need that company so you can issue yourself a residency permit.)
After arriving in Dubai, step 1 was to get the residency card. After a health checkup and taking fingerprints, I received my residency within a few business days. Fred provided a driver to pick me up and drive me wherever I needed to go.
Once I had my residency card, it was time to get a personal bank account. Fred introduced me to a banker and I met him. Bank account was approved within a few days, but it took about ~2 weeks to get the ATM and debit cards shipped to my address.
Meanwhile, the application process for my freezone company's business bank account was initiated.
Business accounts for freezone companies can be quite hard to get. I met a number of people in Dubai who tried to set up business bank accounts for freezone companies by themselves and got rejected.
Fred's service guarantees you'll get a business bank account.
Many people leave Dubai once they get their personal bank account, while waiting to get approved for the business account. My understanding is that getting approved for the business account takes anywhere from a few weeks to a few months.
I ended up staying in Dubai as I liked it a lot, and there was still Covid travel restrictions in some parts of the world.
It took 3 months to get approved for my business bank account, which I believe is longer than usual. My understanding is that there was an IT infrastructure change at the bank which resulted in everyone who applied around the same time as me to get delayed by few months.
Another friend of mine who also went with DLS. They recently applied ago for his business account, and got approved within 1 month.
Once I was approved for business banking, I met the banker in person, signed some papers and was good to go within 10 mins. Account was opened within a day after the meeting.
With regards to crypto offramp, Fred suggested a OTC provider which has worked flawlessly.
The timeline was a bit slower than expected, but at the end Fred delivered everything he promised.
I also sent dozens of questions to Fred, and he patiently answered all of them.
As someone who's banked in other places like Hong Kong, I wasn't too surprised that there were delays related to bank account opening. It's not always straightforward in this day and age.
Overall, I couldn't be happier with my Dubai residency + banking setup, and would highly recommend DLS Dubai.
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