Meydan Freezone

[diosmios]

Hello and thank you for this forum and everyone's participation. I've been learning a lot.

There was a comment from @CaptK about Meydan being "useless, just as bad as RAK".

I was wondering if he could be more specific, and if anyone has an experience with Meydan, if they could kindly share feedback about their experience.

My aim:
- FZ
- Visa
- Corp Account > they say they facilitate this with Mashreq > any feedback?
- Pers Account

Thank you very much.

 

[CaptK]

Meydan you can get all on the list except a corporate bank account.

The banks‌ won’t open you a corporate account they just don’t like Meydan. Not saying it’s not‍ possible but I haven’t been able to do it with a local UAE bank.

 

[bibing]

@CaptK so which zone would work? Just those in Dubai?

 

[Fred]

@CaptK is right.

Don't go with the bottom of the barrel if you want to‌ have more then 1 bank option.

Contact someone like @CaptK or us as we know‍ what's working in practice.

You can try it by yourself with Meydan - I mean⁠ paying some learning money isn't bad - that's how we figuered it out.

But if⁤ you want to have a straightforward process go with something that is reliable.

If you⁣ go cheap - you always endup paying 2x times in the UAE.

 

[CaptK]

Depending on your Budget DMCC, Dubai South, IFZA in that order.

 

[JohnLocke]

Good advise, you should take note of this. It applies for‍ almost any service in this category. Go cheap and you ask for troubles.

 

[diosmios]

Thank you @CaptK - if you got a Meydan FZ, you've got Meydan Pay. What's‌ your feedback on this? I understand it's a wallet with an IBAN. There's no upper‍ limit on amount you can hold according to them.

 

[CaptK]

I have never used them. I would be wary as they make those claims but in⁠ reality it’s bulls**t. There are various Neo banks in the UAE at the moment only⁤ the ones that associated with the big banks seem to work.

 

[Fred]

It's an EMI white label - don't bother.

The whole point about the Dubai Company with⁠ Dubai Residence Visa is to get access to reliable retail Banks in a 0% Tax⁤ environment with minimum of bureaucracy involved.

If you don't intend to achieve this then you⁣ can go with a Seychelles IBC or BVI IBC and use some EMI banking -⁢ of course this shouldn't be the goal but gets you exactly the same like with︀ a FZ + EMI banking for 20% of the cost.

That's not a recommendation as︁ it's neither reliable or something for the long-term - however we want to make you︂ aware if this before you get burned - or more your money get burned.

UAE is a great location - in our opinion actually the best taking in consideration all︃ the pros and cons - but be careful with what you get offered.

 

[diosmios]

Thank you for your responses. If anyone reads this and had a good experience with‌ Meydan, it'll be good to read your feedback too. For now I won't proceed with‍ them.

 

[Offshore13]

Depending on your business take a freezone that makes the most of sense and Check‌ out WIO bank in the UAE they will open a Business bank account in no‍ time and so far I have not heard anything about someone being rejected.

No way that you will get a Mashreq bank, without a real office⁤ and even then it depends on their mood

 

[TheCryptoAnt]

AED only for now right?
Ive heard they had plans to add⁤ USD but dunno if they already got to it.

 

[Fred]

They did launch USD‍ 4 days ago and now run compliance like every other bank.

The few clients followed⁠ our instructions have now a Bank Account with AED/USD received at almost no compliance however⁤ for new applications it takes them a week to get back and it's unknown how⁣ long the compliance back and forth via e-mail takes.

The UI design and idea behind⁢ Wio is fancy and interesting however since they become more useful like a normal bank︀ the compliance goes immediately up and it's the same if not even worse compliance proceedure︁ (due to the fact they send you e-mails with 12-20 questions) like with every other︂ bank now.

 

[Offshore13]

USD is on and‍ I can see it in the menu and is fully operational already as @TheCryptoAnt mentionned

 

[Fred]

It's added already.

Go on the right drop down menu next to your balance and you can add USD.⁠

 

[Offshore13]

just seen it 😉