Offshore/Onshore Dubai Bank accounts for Freezone Companies without audit (like IFZA or UAQ and such)

[PhantomOf ThePits]

Hi,

I read through the forum about the topic, but somehow find lots of opposing infos.

Basically what I look for:
- Freezone without audit requirement
- It should be possible to use the Freezone Company to open corporate bank accounts or trading accounts like for IB or Swissquote

I heard opposing opinions about IFZA, UAQ (not to mention RAKEZ).

From your experience, with a IFZA or UAQ FZE, will you get a corporate bank account onshore (preferably offshore)?
Will it be possible to open brokerage accounts with IFZA or UAQ or other non-audit FZEs at brokers like IB or Swissquote?

For corp bank accounts outside UAE, I understand that DMCC or other reputable with higher standards/audits makes them more comfortable to open.

But I dont understand what difference it should make for nonUAE banks/brokers if the company is in IFZA, UAQ or other 'no audit' zones?

Thank you for your opinions

Last edited: Jun 17, 2021

 

[Fred]

Hi @PhantomOfThePits ,

yes it's possible at least with a Dubai Freezone like with IFZA‌ we have very good experience with.

Everything else is up to your personal profile and‍ if the whole setup with the business activity fits your trackreckord as an entrepreneur.

As less trackreckord and documents you can provide and as younger you are the more sceptical⁠ the banks are and the more it's important that you have a good service provider⁤ helping you together with a good banker.

This starts by pre-approving your personal profile with⁣ business activity by banker you want to open the Business Bank Account later on even⁢ before the company gets formed.

That's all you can mention in general everything else are︀ individual requirements from each bank. Some require an office, some not. Everything can be managed︁ at affordable rate with a service provider that has the knowledge and network.

If you︂ do everything on your own you will end up investing more time and money.

So of your question intend more like is it possible to form any company with any︃ activity and then go to a random bank branch - this venture will fail and︄ don't get any bank account for sure.

Why?

The bankers that open business bank accounts︅ are not located in a branch but in a back-office of the bank. You only︆ have sales and customer support in the branch that either helps you with existing bank︇ accounts or try to sell you some insurance by promising helping you with a business︈ account later on - what of course once you opt for the insurance never will︉ happen.

 

[troubled soul]

https://www.mashreqneobiz.com/en/
Do this bank works with IFZA ?
Do you have any experience with it ?

 

[uplana]

It's like⁣ it may be in most countries and from personal experience I know it is the⁢ same as Cyprus!

 

[Fred]

Yes it's becoming exactly like‍ there especially for SME's with potentially 0 balance accounts it's a nightmare without service provider.⁠

If you are making already 5-10M$ with an existing business you could be lucky and⁤ find a banker that is willing to work on your case to get a nice⁣ commission.

But then again the Bankers from some banks only get commission on AED and⁢ USD so if your business is in EUR they open you only AED and USD︀ and you have to make the FX with the banks rate to get started.

All in all if you count the banking, time and energy you are by far better︁ served by going with a service provider that takes 2000$ for Residence Visa and Bank︂ Service.