UAE corporate banking is booming: How to take advantage of local options
Healy Consultants Group PLC
05 June, 2015
Trade in the Emirates is growing exponentially and with the diversification and abundance of niches to do business in and out of Dubai and Abu Dhabi, many global entrepreneurs seek to secure a local corporate bank account for their regional transaction needs.
For example, Clients often ask me to help them secure a corporate bank account in Dubai for their foreign company. However, to open a corporate bank account for a foreign company in UAE in general is a very difficult and time-consuming process. Both local and international banks require all corporate documents for a foreign company to be legalized with the UAE Embassy in their country of origin. I assure you, most of our readers will not be able to guess the legalization cost of a single document with the UAE Embassy in Singapore.
The cost to attest a single corporate document in the UAE Embassy in Singapore is a staggering US$1000 per document! Therefore, the average total legalization costs for all company documents can easily reach US$ 18 000, just for a pair of Government stamps. Furthermore, the whole process can drag on for a couple of months.
What most global entrepreneurs are not aware of and consequently, the most cost-efficient way to have a bank account in Dubai within two weeks is to setup an UAE offshore company without personal travel.
The cheapest and fastest UAE option is a Ras Al Khaimah or Ajman offshore company with a UAE corporate bank account. Total engagement fees, as a result, are cut more than half and will not require a single document to be legalized. The bank officers in UAE are familiar with these offshore company options and can open a new bank account for such company with superb online banking in English in just three days, which lead to a totally different engagement process, saving both time and costs.
While RAK and Ajman offshore companies are the optimal gateway to having a bank account in UAE, there are further advantages to take into consideration, including:
- No annual accounting and tax obligations required for such UAE offshore companies;
- No travel is required for setting up either of the two offshore companies;
- RAK and Ajman require significantly less due diligence than a foreign company.
In summary, international business should think outside of the box before engaging in any time-consuming and costly project in the Middle East. Please remember there is always a better solution out there, you just need to find it, as Healy Consultants did.
For more information on free zone company formation in Ras al Khaimah, please email your queries to email@healyconsultants or call us at +65 6735 0120.
Mr. Petar Chakarov
Client Relationship Manager
View my profile here!
15th Floor, Valley Point, 491B River Valley Road, Singapore 248373
Tel: (+65) 6735-0120
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