Easier Country to Open Bank accounts? HK vs UAE

[banafinfodafuggiano]

I am undecided between opening a company between Hong Kong and the UAE.

It seems like that since the UAE has now a 9% corporate Tax, it would make more sense for my business
with 100% Online Foreign income, to incorporate in Hong Kong.

Where is it easier to open a local REAL bank account that also has Multi currency possibilities? (EUR/USD/AUD/GBP)

Also how hard is to open EMIs such as Wise/Curenxie, etc... for UAE vs HK companies? What is the easiest?

Consider that I won't be a resident of neither of these countries (I am a resident of Malasya and No, I cannot use a Malasyan company for my business)

 

[Sols]

Of the two, Hong Kong is easier than UAE. Neither is easy.

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This is the probably the answer to your question.

 

[Clank]

If you are looking to open with an EMI both should be easy.

In case you are looking for a real bank, in the UAE it's easy if you have an emirates ID, if not it's nearly impossible.

 

[Barbara Roessle]

We are opening bank accounts daily in the UAE and with the right setup we can guarantee a bank account (plus multicurrency accounts) within 2-3 days for Fintech local bank or 7-14 days with a top tier UAE bank.

https://www.emiratessetup.ae/corporate-bank-account

 

[Sols]

Barbara Roessle said:
We are opening bank accounts daily in the UAE and with the right setup we can guarantee a bank account (plus multicurrency accounts) within 2-3 days for Fintech local bank or 7-14 days with a top tier UAE bank.
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@banafinfodafuggiano is asking about accounts as a non-resident business owner. Non-resident banking in UAE is almost unheard of, as you highlight in your thread:

ARE THERE BANK ACCOUNTS FOR NON RESIDENTS?
As a non-resident the banking options in Dubai are almost non-existent and also non advisable as the CRS only applies to UAE citizens. Therefore the way to go is to open a company with a residence visa or buy a property (to obtain a golden visa) and then open a bank account as UAE resident.
Click to expand...

Toggle signature
This is the probably the answer to your question.

 

[Barbara Roessle]

Sols said:
@banafinfodafuggiano is asking about accounts as a non-resident business owner. Non-resident banking in UAE is almost unheard of, as you highlight in your thread:
Click to expand...

apologies, I misread - this is correct of course.

banafinfodafuggiano said:
I am undecided between opening a company between Hong Kong and the UAE.

It seems like that since the UAE has now a 9% corporate Tax, it would make more sense for my business
with 100% Online Foreign income, to incorporate in Hong Kong.

Where is it easier to open a local REAL bank account that also has Multi currency possibilities? (EUR/USD/AUD/GBP)

Also how hard is to open EMIs such as Wise/Curenxie, etc... for UAE vs HK companies? What is the easiest?

Consider that I won't be a resident of neither of these countries (I am a resident of Malasya and No, I cannot use a Malasyan company for my business)
Click to expand...

in addition to my previous answer I would like to add that it is quite easy to become a resident of the UAE (Dubai). We can do the company setup in 5-7 days and you will have to visit only once (3-5 days) for the bank account opening and visa application. There is no reporting requirement in the UAE. To keep the visa valid you only have to enter the country every 360 days (with an investor visa). Thats all - no income tax at all.

Last edited: Sep 27, 2023

 

[banafinfodafuggiano]

Sols said:
@banafinfodafuggiano is asking about accounts as a non-resident business owner. Non-resident banking in UAE is almost unheard of, as you highlight in your thread:
Click to expand...

So being a resident in the UAE makes it easier to open multi currency local bank accounts than being a non-resident of Hong Kong?

We're talking about corporate bank accounts only.

 

[Barbara Roessle]

banafinfodafuggiano said:
So being a resident in the UAE makes it easier to open multi currency local bank accounts than being a non-resident of Hong Kong?

We're talking about corporate bank accounts only.
Click to expand...

I am not an expert for Hongkong bank accounts but I can tell you that we had and have a flood of company setups with residency in the UAE to get a corporate bank account. Since people do their own diligent research I acn assure you that the setp works very well in the UAE.

 

[Sols]

banafinfodafuggiano said:
So being a resident in the UAE makes it easier to open multi currency local bank accounts than being a non-resident of Hong Kong?
Click to expand...

If you become a resident in UAE, establishing a business and opening a bank account is a breeze. The whole process rarely takes more than a few weeks.

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This is the probably the answer to your question.

 

[Barbara Roessle]

Sols said:
If you become a resident in UAE, establishing a business and opening a bank account is a breeze. The whole process rarely takes more than a few weeks.
Click to expand...

thats correct