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EMI for UAE/Dubai

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You have pushed aprox 5 million⁠ US$ through Transferwise already? That's awesome, there was another thread where people discussed how much⁤ to put through TW and the amount was way smaller about 20K max. Thanks for⁣ this piece of information.

You said you had opened an account there it didn't went well out for you or⁢ what's the problem?

Did you try︀ to pick up the phone and call them to arrange a personal meeting? It may︁ help you to get an account with them if you really want one.

Is that a problem with 5M USD in turnover?
 
My business is very transparent and I receive regular payments from the same companies.

Good point. I'll do this tomorrow.

To be honest opening another︀ TW would be my last resort option. I prefer to diversify, and also not risk/raise︁ any flags that may harm my current account.

As per Rowena's advice, I will be︂ opening a DMCC company and local office as soon as I can return to UAE︃ in the next few months. I estimate this to cost around $30-40k. I will report︄ back on here with my results!
 
dxbkk what kind of industry is your company in ?

if you don’t want to‌ disclose publicly no problem just trying to think of why there’s been so many declines‍
 
@dxbkk - Is your UAE business setup plan one for the long-term?
@rowena has already‌ given you the basic input on 'legit setups' that should do for an "easy" local‍ corp.bank a/c opening (though I insist on forgetting Emirates NBD at all costs nowadays, for⁠ a variety of reasons I don't need to go in detail, FAB or ADCB and⁤ even Mashreq/Noor are perfectly fine options). and honesty, I can't see the reasons behind using⁣ an EMI in the UAE instead of a bank (particularly if your answer to my⁢ Q is affirmative).
Your total cost estimate is fair (could be a bit higher, though︀ (*)). The better you 'present' yourself (ie, not using a shared co-working office but renting︁ a proper office, preferable in a 'prime' location such as Business Bay or JLT/DMCC), the︂ easier it will be for you (and I daresay quicker). And bear in mind RE︃ prices can always be negotiated lower in Dubai (one of the advantages of their perennial︄ 'inventory glut' magic), up to 50% from asking price.
 
Yes it's long term.

I'll follow your advice regarding office space and reapply. Does︆ the office need to be staffed also, will they make surprise visits?
 
No, not at all, no surprise visits or anything like that...it's just part of the‌ 'substance' when applying for a corp bank a/c, that's all. Check out Bayut, Dubizzle or‍ PropertyFinder (this one particularly) for offers. The new 'hot' (pun intended) area in Dubai is⁠ close to the DWC/Dubai South (Aviation) freezone, where the new metro line is being built⁤ and around the area where the Expo 2020 will be held. Offices here have a⁣ good reputation and will come cheaper. Also check out the Al Barsha area, which is⁢ less known but considered a prime spot in residential real estate.
Also, I forgot to︀ mention in my earlier post that if your business activity is finance-related, you should definitely︁ go with a DIFC company and office rent set-up. If you don't, it will raise︂ a red flag and a lot of question marks, let alone the fact that since︃ it is a regulatory body, you need it to obtain an 'official' internal license for︄ dealing in financial activities, which one must have (this from my own experience).
For any︅ other activities (IT, logistics, trade, etc), the aforementioned DMCC and/or DWC (Dubai South - Aviation),︆ will do.
 
Can I ask‍ you in which Freezone you are in as I am looking to get one in⁠ uae and not pick the worst. You can pm me if you don't want to⁤ make it public. Thanks.
 
DXBKK is USD a necessity for you to work with ? Can you work with‌ AED,GBP and EUR i have a bank in mind ....if USD isn’t a necessity -‍ don’t want to waste your time otherwise if it is
 
Are there any offices available that have a kitchen, bathroom & shower built in that‌ work in combination with a DMCC Free Zone?

Seems like all I find are empty‍ rooms...even if I do not want to live in it, I would still prefer a⁠ microwave and a dish washer at least...

Also, could it be that residential apartments are⁤ not allowed to be used as office at all with Freezone companies?

Right now a⁣ real office seems overkill for me. I would either get a very nice apartment instead⁢ of a decent apartment and a shitty office for compliance I do not use.
 
Sounds not like a bad idea! Actually if⁠ it is possible to rent or buy some nice Flat and have your company registered⁤ there for the benefits you could use it as a second residence or summer residence.⁣
 
totally. The question is if it is possible by law or not in UAE?

Anyone familiar with⁠ the law in regards to FZ companies owning / renting a normal apartment?

I heard⁤ that it's not possible unless you get something in a "business center" but I hope⁣ this information is wrong.
 
FZ Co address must be in a business address, hence why the free zones themselves‌ offer the office rent (from a purely bare minimum presence) within some of their enhanced‍ packages. Residential addresses are not considered.
 
@Nicholas Van⁠ Orton That's sad because that would make things a lot easier if you are just⁤ starting in a new coutry.

Regarding offices:
Which type of office is sufficient for opening⁣ a proper bank account with any of the major local banks?

Obviously not a flexi⁢ desk but what about serviced desks / offices?
Or would you go straight to renting︀ your own office?

What is the "cheapest" option in case one wants to just have︁ it for compliance & bank account and how much would that be approximately?
 
Hi OP, Flexi Desk may be enough (not in the︀ least because it is also offered by the free zones themselves) if you apply for︁ a license in one of the top-5 and most respected places (DMCC, DWC, JAFZA, ADGM,︂ DIFC). Just to give you an example that this is so and it does actually︃ work in the mentioned FZs is the fact that most consultancy/accounting/HR companies in ADGM are︄ located in the same Regus co-working space...and all of them are alive and kicking (some︅ for over 15 years now).

On the other hand, if you want to go to︆ the cheaper free zones, then you definitely need to consider renting a proper office (besides︇ -perhaps obvious, but nevertheless needs to be reminded of- having a sound and solid business︈ plan), which may offset the benefits of a lower entry cost... Again, there are people︉ here that say having a basic setup and opening a corporate account in ANY of︊ the edgy free zones is easy-peasy (I totally disagree and it is completely misleading and︋ untrue), all happy sunshine and rainbows, that's why I've kind of stopped posting my real-life︌ perspective on this. If this helps you in any way, happy for you, but I'm︍ not going to extend any further on the topic.

NVO
 
helps a lot,︈ thank you so much.

which of those highly reputable FZs would you choose for ease︉ of doing business & which is the cheapest of them?
 
Reading this thread i am getting an impressiom that. Having. UAE Rak IBC +uae bank‌ account is extremely hard to open, is that true? Anyone had uae bank acount opened‍ easily there for rak ibc?
 
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