TW closing UAE accounts

[Fred]

Earlier you mentioned you have a company with RAKEZ. I assume you have⁠ a Freezone company. With the Freezone you are eligable for the residence VISA that gets⁤ you the Emirates ID.

You should definitely get the Emirates ID and open a local⁣ bank account so that you have a real bank account without CRS reporting.

There is⁢ no workaround for the Emirates ID. We even refuse to help clients to open local︀ accounts without a Emirates ID because it's a trash setup and the process is near︁ to impossible without Emirates ID. It's required by law to show up in person.

We open accounts with CIM Bank as well that suites your requirements but they now only︂ onboard Dubai Companies.

As you have mentioned you have not much turnover at all my︃ advise for you is to settle your business in EUR and go for Paysera.

When business starts growing I really recommend you to setup your UAE structure right.

 

[7ombische]

Airwallex is having trouble onboarding my UAE entity claiming that‍ it’s something to do with Brexit changing regulations. They’re still working on resolving the legals⁠ but they didn’t sound optimistic. So now waiting to here back from Wirex Business.

 

[Fred]

Wirex stopped supporting legal entities.

I understand why @rowena don't like UAE banks.

But keep in⁠ mind he is app developer receiving money from Apple and Google. Every EMI and Bank⁤ will be happy to onboard him with 6figures monthly from big tech firms.

@rowena no offense - I think you get my point.

 

[7ombische]

Strange. If Wirex stopped supporting legal entities then why do they still accept business applications?

Anyone know of an alternative EMI that provides AUD plus the usual main currency accounts? It’s⁤ for a RAK Offshore company.

 

[Cristero]

Thanks for your advices. I think I'm gonna stick to Currenxie for now, until︃ I'm gonna be able to travel.
TW told me they are trying to get UAE︄ business account operating again but they don't have a timeframe yet.

 

[Fred]

If you search the⁠ forum about wirex you will figure out that many things about Wirex are strange.

I have a option in mind just send a PM if you don't want to share⁤ your business in detail public.

A long lasting solution is to ditch your RAK offshore⁣ and setup minimum a Freezone with VISA and local UAE bank account you don't have⁢ the CRS reporting.

RAK Offshore don't provide residence so keep in mind if you go︀ for everything else then an EMI you will be reported under CRS.

 

[Fred]

Welcome.

We have many UK clients here that currently can't fly back to UK -⁤ bad times.

If you are from EU you can fly easily from Germany and Austria.⁣

 

[7ombische]

Thanks for the advice @Fred I’m new to this platform and︀ don’t know how to PM. how do you PM?

Essentially, I had enough of Labuan‘s︁ over complicated processes so just incorporated an RAK Offshore. And now that TW doesn’t work︂ with UAE entities it’s not looking promising.

We mostly virtual provide services to fortune500 clients︃ like Mcdonalds, JP Morgan, Procter & Gamble etc. from around the world so we need︄ to have a bank account to be onboarded as a vendor. TW was fine because︅ they have local bank accounts.

Travel to the UAE to open a bank account there︆ isn’t possible right now so I’m open to any suggestions.

 

[Cristero]

Currenxie works for me,︁ but I'm planning to hop back on TW if they ever fix the issue with︂ the UAE.

 

[7ombische]

Thanks Currenxie is processing‍ our application right now. And I agree - back to TW (cautiously) if/when they reopen.⁠

 

[EliasIT]

do you know if‍ they plan to do so?

 

[Cristero]

They told me they are working on it, but they didn't give me an ETA.

 

[offz]

Do you have any update about your application? Because I have to do the︄ same and i would like to avoid wasting 1 week for this 😉

Thanks in advance︅

 

[orange]

1 week, hahahahahahaha, optimistic but might be possible

Payoneer - was⁠ the quickest to setup, took a just a few days, but they do take their⁤ 2% which is a lot. But its a working solution. (they accept only deposits from⁣ corporations such as google, apple, amazon..)
- got GBP account with sort code and account⁢ number, EUR account with IE IBAN (ireland)
- tested with payment from UK google developer︀ account, and then transfered it to my personal account in Croatia, smooth sailing (except that︁ darn 2% fee)

Currenxie - very professional and smooth setup, took about a week or︂ two, mostly because they needed a "Certificate of Incumbency" no older then 6 months, and︃ my agent took her sweet time (about a week) to get it. But very pleased︄ soo far.
- got GBP account with sort code and account number, and EUR account︅ EE IBAN (estonia). (they also cant accept payments from non-business accounts, as far as i︆ know)
- google accepted UK account as payment method (they do this by sending a︇ small amount), but still haven't done the full transfer as its still not that time︈ of month
- but they have fixed small fees which is awesome

Paydo - at︉ some point they stooped responding, answering my nudges with "we're on it, well let you︊ know...", its been 22 days since I sent over the documents

My advice would be︋ Currenxie and Payoneer as a backup (at least that works for me as an app︌ developer)

ps. you can lower the fee on payoneer to 0.6% as mentioned by rowena︍ if you have a high enough turnover (over 100k eur), but it requires you to︎ bite the bullet a few months until they see that's a normal thing for you.️

 

[4br]

Does anyone have any insight into when TransferWise (now Wise) will be back in The‌ UAE?

From what I read they are applying from a licence from Abu Dhabi Global‍ Markets?

As for me, I have a Bankera account, relatively high KYC hurdle; and Payoneer,⁠ low KYC hurdle. Then I have domestic accounts with RAK Bank and Mashreq Neo Biz.⁤ I haven't had any issues with the local banks.

I have an Airwallex account for⁣ a piece of paper from Belize, so I don't see why they wouldn't be keen⁢ on UAE freezone companies.

I heard that the rule for UAE mainland companies needing a︀ native owner have been waived, but did not look into it.

 

[Fred]

There is no update about this for now.

The ADGM Wise entity was already there‌ before the shutdown.

Some Wise like EMI are out there willing to work with UAE‍ Freezone Companies.

However all Lithuania EMI are most of the time limited to SEPA transactions⁠ via CENTROlink and EUR SWIFT payments via TARGET2.

This is basically using loopholes as the⁤ Lithuania EMI's targeting that high risk customers that usually no real bank is willing to⁣ provide correspondence banking beside of small island banks.

 

[fbsworld]

Correct, Trading mainland‍ companies no more need UAE partner if attached activities.
For Services mainland companies, a local⁠ service agent is still required (but should be also removed soon).
Also positive: Estidama (=⁤ shared office) has a reduced cost of AED 5,000 per year.

 

[csp dubai]

transfer wise is worst emi of all . they open you account easy ,than they‌ close it at will, and play with your funds for he next 1 year untill‍ you write to central bank

 

[JohnLocke]

depends on what business⁠ you are into and if you play games with them. Can't confirm your statement, sorry.⁤

 

[Fred]

Residence Visa and Bank Account openings are impossible right now.

It's the same like with the Freelancer Permit introduced in 2018 - you still have big⁠ problems with getting banking for.

You still need to employee an Emirati for at least⁤ 15.000 AED/month to solve the Residence Visa and Bank Account through this companies.

We see⁣ already some myths getting stablished around this same like in the past when people start⁢ thinking that a Mainland Company is a guaranteed way to get Business Banking.

Wise if working well even for︃ high amounts if you receive and send funds to real physical bank accounts.

As soon︄ as you start only receiving money from EMI's in UK and Lithuania and sent to︅ EMI's only they will shut you down when you hit transfers above 10.000 EUR /︆ month.