EMI BANKS & UAE BUSINESS

[Zikki]

Apparently they do. Quite high fees though

 

[Zikki]

Still happy with‍ currenxie? I'm in the onbarding process with them... how long did it take for you?⁠

 

[tacokai]

how comes you are happy if you‍ are still in the onboarding process 😀

 

[Zikki]

Never stated i was happy, i asked if he was...

 

[Cristero]

Yeah, no problem. But they don't provide‍ a business debit card for companies outside HK yet

 

[Zikki]

I can now state I'm happy. Accounts created in two days without‍ crazy requests for KYC. Next business days incoming payments and a couple of hours for⁠ outgoing sepa.

If I had that company names 4 months it would have save me⁤ a loooooooooot of stress and stomach aches.

But once again, simple structure on my end,⁣ no red flags, just a ramping consulting company that needed a bank account to initiate⁢ the cash-flow

 

[John Noel]

• I have established a company in IFZA to do some cash intensive business in the‌ EU
  
• As part of the business I will need to make SEPA credit transfers
  
• For commercial reasons I had to hire a nominee as signatory
  
• My advisor (the nominee) is‍ setting up account at Emirates NBD
  

Question 1: Will emirated NBD be able to make⁠ SEPA transfers?

• Besides, in this uncertainty I decided to have some alternative in my pocket⁤
  
• When googling I discovered this forum (for the first time) and this thread
  
• I started⁣ applying for the emi you mentioned and figured out that:
  • Payswix and Revolut don't work⁢ in the UAE anymore
    
  • Paydo doesn't support my business model (don't want to disclose but︀ it's cash intensive and the opposite of "green")
    
  • Finductive, Moneycorp, CIM Banque are reviewing my︁ application
    
  • Currenxie, Satchel and Bankera require a facial recognition for my signatory (he's a real︂ moron and take ages to move a finger so I am still waiting, offtopic I︃ want to replace him)
    

Question 2: other suggestions please?

 

[Spinat]

switch the agent, switch the director⁠ / UBO or live with it.

 

[Fred]

If your nominee is a moron you never ever receive a Business Bank Account with︆ Emirates NBD - no Emirates NBD can't make any SEPA Transfers and forget about any︇ EMI when it comes to "cash intensive business" - it's burn and churn with the︈ classic mainstream ones like Revolut and Wise etc. which you can see on Binance P2P.︉

 

[John Noel]

indeed what i am tryina do: asked if you can recommend any good‌ legal representative service in dubai
worst case i'll find someone among family & friends

Hence I am fooked you mean
look, idk what you would⁢ have done in my place but i am quite sure if I have 1% success︀ in my venture it shall be in UAE cause almost impossible establish a business and︁ open a bank account in the EU (at least for this business and with a︂ legal representative different from UBO)
It might be 1% but I am going for it︃ anyways

 

[tacokai]

do as they suggest in this thread and you will be fine. Take the loss‌ of switching agent now, keep the company and get something that will work for you‍ in the future.