How will this impact RACICC banking options in UAE?

[inneedofcomp]

https://www.sovereigngroup.com/news...rakicc-companies-to-conduct-onshore-business/
Do you guys think that RACICC will be reviewed in terms of being allowed to have UAE bank accounts and overall better reputation?

 

[Fred]

It's the same like the "Premium Product" offered since almost 2 years were a RAKICC‌ setups a RAKEZ company and you then get the Residence Visa through the RAKEZ company.‍

https://www.rakicc.com/services/premium-product/
Of course you have to pay the full amount for 2 companies the RAKICC⁠ and the RAKEZ.

As you were asking for the banking impact - it's literally 0⁤ and just a desperate try to save RAKICC somehow.

Why?

The banks hate this structure⁣ even more then a plain RAKICC as the RAKICC is in the "Premium Product" a⁢ Holding Company holding the RAKEZ or for the aboth mentioned the RAK DED Mainland company︀ and Holding Companies are the most difficult type of entity to open + the fact︁ it's a RAKICC - as they fall fully into the scope of the ESR substance︂ regulations.

Even RAKEZ is almost blacklisted from every bank since 2 years - forget about︃ getting ENBD or something similar with a RAKEZ in 2021. And due to the RAKICC︄ Holding that is mentione din the article aboth you even face issues getting the RAK︅ DED Mainland company banked.

A way that has prooved to work is to setup a︆ Dubai Company with Dubai Residence Visa and open for this structure Business & Personal Account︇ with ENBD and using this accounts intensiv for 3-6 months + having 6 or 7︈ figueres with them - they consider opening for you RAKICC for Holding & Investment purpose︉ by exception - even for RAKICC Foundation.

However from what we see in practice that's︊ exactly not what most people looking for.

 

[inneedofcomp]

Hey can we︋ connect and discuss this more in depth, I would love to hear how you and︌ your team can help me out with company setup in dubai.

 

[Fred]

Did sent you PM.