EMI for Abu Dhabi virtual license company

[lmd995]

Do you guys know anything? The incorporation costs are extremely low, no local presence required. There is some threads about the Dubai one stating that it's hard to get UAE banking for these. But was wondering about EMIs, currenxie and others. Turnover wouldn't exceed 30k yearly.
Managing company own funds as a sole nature of business.

Many thanks

 

[Nicholas Van Orton]

Have you checked Wio (the digital bank version of FAB - First Abu Dhabi Bank)? If you're incorporated in that Emirate, it would seem like the first option to look at. Bear in mind it costs AED99 (USD30 approx) monthly to keep the account active.

NVO

 

[lmd995]

Will need to try it. Thanks
Trying to get some insight if it's worth it or if banking will be a dead end before making the move though. Thanks for the link, will look into it.

 

[Martin Everson]

I am not sure what purpose this company will serve with no physical presence in UAE. It will be as if your trading from your resident country. These type of companies will also be automatically reported to your resident country as has been the case since March 2021.

 

[Aston VIP]

It is not only companies they share also if you buy properties without your emirates id, and only uses your passport

 

[diro]

So without EmiratesID no privacy in Dubai or Abu Dhabi ?

 

[Aston VIP]

Correct

 

[lmd995]

I dont need privacy.

So would an EMI accept this company ? Its the cheapest outside EU. I need it to do business while avoiding some stupid EU regulations. Thanks a lot

 

[Aston VIP]

Yes, not all EMI's accept UAE companies. But some some do.

 

[lmd995]

Ok, I refer specifically about this type, normal UAE company it's other story of course

 

[Aston VIP]

Yes, also this type. You can also setup a bank in UAE, but often you need to pay a deposit to the bank, when you are not a resident

 

[lmd995]

Ok what about EMIs outside UAE please ? Thanks so much for the valuable insight.

 

[Aston VIP]

Yes, I have one you can use where you can get a local account numbers - Like UK, Luxembourg and Denmark

 

[Martin Everson]

You can try 3s Money if nothing else works. They are licensed in UK, Lux, HK and UAE. So if they don't accept your AD company then that would be shocking,

 

[lmd995]

I'm looking for experiences before to register it to not waste the registration fee. Thanks a lot for the recommendation.