Looking for a RAK company and bank acct

[acplo]

Hi,

I am a US citizen, looking to invest in real estate in MENA (but not in UAE). I would like to have a RAS corp and a bank acct to go along with it. I have a legit income source and savings. What is the best way for doing this?

Anyone who can help me with this.

 

[Sols]

RAS?

 

[acplo]

Sorry RAK

 

[Clank]

RAK FZ or IBC?

 

[Sols]

Are you planning to take up residence in UAE as well? Will the company have‌ staff/directors in UAE?

 

[acplo]

Not wanting residency in UAE. Mainly want a offshore acct in UAE because I think‌ it would be easier to transact in mena

 

[Clank]

I think‍ you want be able to open a corporate bank account for a non resident company⁠ in the UAE.

 

[acplo]

Yes. Maybe a offshore corp‍ registered in UAE

 

[Sols]

RAK is problematic in that it's an offshore jurisdiction within an already challenging jurisdiction. Non-resident‌ banking is not really something banks in UAE engage with in general, outside of wealth‍ management and/or very well connected people. Goes for the whole region, of which UAE is⁠ still the most internationally focused.

@EmiratesSetup might be able to shed some more light.

 

[JohnnyDoe]

Nobody wanted my 10+ years old RAK company when I gave it away for free here. Enough said.

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[Barbara Roessle]

That usually applies to all jFreezone companies‍ because bank goes through entire KYC once there is a share transfer. There is almost⁠ no benefit in taking over another firm.

You wont be able to get a corporate⁤ bank account with an offshore company unless you have a GM that is resident in⁣ the UAE.

RAK (Ras al Khaimah) is OK but we would always advise you to⁢ set up your company in the Emirate of Dubai. It is just easier in so︀ many regards like opening a bank account, the visa procedure and renewal later on, amendments,︁ etc. If you want to live in Dubai and you have a RAK visa its︂ a definite disadvantage.

 

[Addler]

I am having a similar problem here. Would like to know the banking options for‌ a RAK ICC company. Any advise please?

 

[Clank]

If an EMI‍ works you can try with Currenxie.

 

[Addler]

Thanks. Any past or current experience with them?

 

[M4S]

I have‌ had zero issues with Currenixe. 50K+ per month from North America
Pretty ok to deal‍ with.

 

[Addler]

Thank you for this. Is currinxie Swift recognised by other banks? Any experince on that please?‌ Our bank for example do not work with many EMIs. Thanks

 

[Clank]

It’s not a bank it’s an EMI, and yes they have access to‍ SWIFT via their partner banks in most of the currencies.

The bank account is not⁠ under the EMI it’s on Barclays.

 

[Addler]

Thank you very much. I am⁠ not entirely sure how EMIs work with the SWIFT system but the difficulty we are⁤ my having is that our current bank does not recognise many EMIs Swift codes.

Also where can I get USD Swift code of currinxie please?

 

[M4S]

No issues at all with any banks I have used.

 

[Addler]

Thanks. It seems the bank we use is the issue. They recognize limited EMIs for‍ outgoing transfer. Which is why we are already looking into banking alternatives for our RAK⁠ ICC business.