Dubai setup and bank account questions

[IlyMily]

I recently started the setup of a mainland dubai company and waiting for my e-visa now, i have a couple of questions without answers and hope someone with experience in UAE can help.

- Is business account opening easy for mainland dubai company (tourism business).
- Is there any limit on cash withdrawals in UAE banks ? will they ask questions why i withdraw amounts such as 50K or 100K ?
- Do i need to provide invoices for all incoming transfers ? (all transfers will be coming from Payment processors or tourism companies in the US and Europe).
- Can you transfer funds from the business account to personal account and then buy property ?

Cheers.

 

[overnbeyond]

IlyMily said:
I recently started the setup of a mainland dubai company and waiting for my e-visa now, i have a couple of questions without answers and hope someone with experience in UAE can help.

- Is business account opening easy for mainland dubai company (tourism business).
- Is there any limit on cash withdrawals in UAE banks ? will they ask questions why i withdraw amounts such as 50K or 100K ?
- Do i need to provide invoices for all incoming transfers ? (all transfers will be coming from Payment processors or tourism companies in the US and Europe).
- Can you transfer funds from the business account to personal account and then buy property ?

Cheers.
Click to expand...

- Mainland or Freezone, it all comes down to your substance and how you present your application, can you present proof of existing business activity or professional experience in the same field? Supporting documents like contracts, invoices, and suppliers.
-The default daily limit varies from bank to bank 30000aed-50000aed, which can be increased. Let's say have a daily limit of 100k you can do it in 2times.
-It is not mandatory, but if something comes up as susspious you need to be ready.
-YES of course.