# Freezone comparison and banks



## dingobingo (May 11, 2014)

Can anyone suggest a good website for comparing freezones side by side?

I'll be setting up a web consultancy and need 1 residence visa. No office required.

I was leaning towards RAK until I saw the share capital requirement.

Is Fuj Creative the better option? The downside is the setup costs are a lot higher than RAK.

Also, which banks would you suggest for a freezone business account based on service and reliability? 

Thanks all.


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## Malbec (Jan 2, 2014)

Remember that RAK has two free zones: RAK FTZ and RAKIA FZ.
RAKIA FZ is cheaper to setup, maintain and doesn't require annual audit compared to RAK FTZ.

Anyway when I compared RAKIA FZ and Fujairah Creative City the fees were not that much different. In the end I went for Fujairah CC. Total 1st year fees are AED 25,000 including flexi office desk and up to 3 residence visas. Yearly renewal fees are AED 17,500. RAKIA FZ total 1st year fees AED 24,500, yearly renewal AED 15,500.

Cons of RAKIA:
- paid up capital required (AED 75,000 as far as I know)
- business plan required
- 1 residence visa (vs 3 in Fuj CC)

The only bad thing I can tell about Fujairah is that their immigration department is very slow. Expect 10 working days to get the residence visa issued.

As for the bank, I went with ADCB. This is a very good bank and I have been happy so far. Their charges are reasonable although they do charge you AED 100 per month for internet banking. Minimum average balance required is AED 50,000 otherwise there is fail-below fee of AED 100. They have been named the best corporate bank in 2014 by Banker Middle East Industry Awards.

Emirates NBD has the min. avg. balance of AED 50,000 as well, however they charge AED 200 / month for the internet banking... The cheapest and most reasonable option may be National Bank of Abu Dhabi, their lowest Business Basic account requires only AED 1,000 avg. balance. Semi-annual charge for this account is AED 200. Business Advantage AED 10,000 and semi-annual fee of AED 150, while Business Preferred AED 25,000 and semi-annual fee of AED 100.


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## dingobingo (May 11, 2014)

Super reply, thank you.

However the cheapest I saw FCC for was 35k for the first year. Maybe I was looking on third-party agency websites? The official site seems to be under construction. Just in case I was looking in the wrong place, do you know the official site for creative city? Thanks


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## Malbec (Jan 2, 2014)

I guess you were checking the fees from Virtu Zone which is simply a registered agent within Fuj CC that charge premium for incorporation and renewals through them. The funny thing is that once you start with them, you can't renew the licence without them... Better to avoid.

Fuj CC official website is under construction and it has been like that for quite some time... Anyway, you can call them or drop them an email. They also have their representative office in Dubai, so you don't need to travel all the way to Fujairah (this will be required however for residence visa later on) but you need to call them and ask where exactly as I don't know. I also think that you can do pretty much everything via email, that is: company incorporation, residence visa application etc.

If you prefer to use the agent, he will handle everything for you with the prices ranging between AED 5,000-7,000 without residence visa. If you need agent to help you with residence visa process it will be +/- AED 1,500 depending on the agent.

As a confirmation of the fees I have provided before, you can see here.


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## dingobingo (May 11, 2014)

Thanks for that.

I was looking here - Fujairah Freezone


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## Malbec (Jan 2, 2014)

Because Fujairah has in fact two free zones as well: Fujairah Creative City and Fujairah Free Zone.


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## dingobingo (May 11, 2014)

The FCC website is up and running now. I tried to submit and application but got an error. Have sent in an email requesting details and pricing. Getting pretty excited now!

With regards to setting up a corporate account, do you have a handy list of things that are required? Am I correct in saying I need a bank reference letter (from the UK in my case)? If so, will one for my business account be sufficient or do I also need a personal letter?

Thanks.


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## Malbec (Jan 2, 2014)

Looks good finally: Creative City and transparent fees schedule.
Free zone company doesn't require bank references. Anyway if you are going to take residence visa, it is better to wait for the visa first before opening corporate bank account.


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## dingobingo (May 11, 2014)

Ah that's interesting. I have an overseas payment coming through in September. I was hoping to head to Dubai for a few days in August to open the company bank account so I can have the account ready for sending the invoice early Sep. Is opening a corporate account without yet having the residence visa possible? If not, perhaps there's still time to get the company sorted now, plus the residence visa before I head over. OR do they require your passport to add the visa inside? OR could I head there, get visa day 1, open corporate account day 2 etc?

I can imagine opening a personal account without having the visa would be difficult/not possible. I'm happy to do that in October some time.

Sorry for the questions, just planning logistics.


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## Malbec (Jan 2, 2014)

You can open corporate account without residence visa. Although you can apply for residence visa before, you have to come down to UAE for at least 10 working days to get Emirates ID and residence visa stamping done.

You can also open personal bank account as a foreigner with Emirates NBD by presenting: letter of reference, last 3 months statement of your current bank, passport. You will also need UAE mobile number which you can easily buy. For National Bank of Abu Dhabi only passport is required.


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## dingobingo (May 11, 2014)

Hi

FJZCC have emailed me and said that I will need my residence visa in order to be able to open a corporate account. You mentioned it is possible to open one without having the visa yet. Was this based on your experience or something you read?

Basically if a visa is required to open a corporate account I'm in trouble - no way I can get everything done by Sep 4th including the visa. But if it isn't then it still looks possible.


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## Malbec (Jan 2, 2014)

dingobingo said:


> Hi
> 
> FJZCC have emailed me and said that I will need my residence visa in order to be able to open a corporate account. You mentioned it is possible to open one without having the visa yet. Was this based on your experience or something you read?
> 
> Basically if a visa is required to open a corporate account I'm in trouble - no way I can get everything done by Sep 4th including the visa. But if it isn't then it still looks possible.


My experience with opening bank account as non-resident was for personal account with Emirates NBD. There should not be any issues with opening bank account for free zone company without resident visa. In fact when I went to NBAD to ask, they were happy to proceed with bank account opening without the residence visa, however my passport was with immigration at that time.

You can refer to timelines provided by Creative Zone, who is an agent of FJZCC.

*"When can I open my Company Bank Account?
*_Day 9 Meet banker from Mashreqbank armed with your original company documents, passport and company stamp
Day 19 Bank Account Number issued and sent to you directly by the bank"_


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## dingobingo (May 11, 2014)

Thanks for that. I receive a requirements list back from NDB and they say residence visa or entry stamp required. I presume the latter is simply the stamp in the passport for entry at that time, thus a res vis is not required.

Just to check, the timelines link is hosted on a formation consultancy site right and the following is the correct site for dealing direct with the creative city folks?

Creative City


Thanks!!


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## dingobingo (May 11, 2014)

Hmm, my contact at creative city is now saying that they need a copy of my entry stamp as part of the formation process. Up until now it appeared formation (other than signing the final docs) could be done remotely!

Did you have to be there in the UAE from the very start of your formation?


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## dingobingo (May 11, 2014)

And now they say they can do it remotely. You've gotta love consistency.


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## Malbec (Jan 2, 2014)

dingobingo said:


> Thanks for that. I receive a requirements list back from NDB and they say residence visa or entry stamp required. I presume the latter is simply the stamp in the passport for entry at that time, thus a res vis is not required.
> 
> Just to check, the timelines link is hosted on a formation consultancy site right and the following is the correct site for dealing direct with the creative city folks?
> 
> ...


That's correct for both.



dingobingo said:


> Hmm, my contact at creative city is now saying that they need a copy of my entry stamp as part of the formation process. Up until now it appeared formation (other than signing the final docs) could be done remotely!
> 
> Did you have to be there in the UAE from the very start of your formation?


No, I didn't have to be there. They did however require to send them a scanned passport page with entry stamp from my previous visit.


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## dingobingo (May 11, 2014)

Hi again,

FZE created, time for corporate account. Do you have any contact details for someone at NBAD and ADCB?

The link comparing the NBAD accounts on their website is broken. I guess as a back up I could simply call the branch I intend to visit and book an appointment to open an account? NBAD, for example, have branches in both main Dubai malls.


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## X-jo (Jul 14, 2014)

dingobingo said:


> Hi again,
> 
> FZE created, time for corporate account. Do you have any contact details for someone at NBAD and ADCB?
> 
> The link comparing the NBAD accounts on their website is broken. I guess as a back up I could simply call the branch I intend to visit and book an appointment to open an account? NBAD, for example, have branches in both main Dubai malls.


Congrats on that, hope you get everything sorted out. I will try the same in 2 months.


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## Malbec (Jan 2, 2014)

dingobingo said:


> Hi again,
> 
> FZE created, time for corporate account. Do you have any contact details for someone at NBAD and ADCB?
> 
> The link comparing the NBAD accounts on their website is broken. I guess as a back up I could simply call the branch I intend to visit and book an appointment to open an account? NBAD, for example, have branches in both main Dubai malls.


Yes, the link on NBAD is broken.
If you like to open corporate account, I suggest you to contact dedicated branches that can process the bank account opening in a smooth way. On ADCB website you can find SME dedicated branches and the same goes for NBAD. You do not need to pre-arrange the appointment, all you need is to have all your corporate documents ready including corporate stamp and your passport.


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## dingobingo (May 11, 2014)

Thanks again!


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## dingobingo (May 11, 2014)

A quick update regarding my ongoing experience with trying to open a bank account. Sat 6th I turned up at the NBAD Dubai Mall branch and enquired what I need to open my account. Just come back tomorrow they say with company docs and passport, that's all I need (I speficially checked with them). Sun 7th I go back there and they give me the list of three account types. They tell me the one with the smallest minimum balance has been removed so only the other two are available. They then say that it will take up to two weeks to open an account from that branch as they will have to pass the docs to their Rolex Tower head office. They say if I go there the process will take just 3-5 days. So I head over there.

Wait for an hour (have no problem with, although it was close to closing time and I was leaving Dubai that night). Finally see the account opening exec. I need my resume and company profile. She doesn't know why the other staff did not inform me of this. After complaining the exec agrees to let me email in these docs. I'm then informed that as I'm not a resident the second tier minimum balance option is not open to me and the only account type I can have is the 50kAED min balance type. I complained about this lack of info too and was greeted with a shrug.

8 days after my meeting and emailing my resume and profile I am still without any response to my email or several asking for an update. Eventually get one on the 16th saying my docs hadn't been received. Sent them again and received a receipt email. It's now 2.5 weeks since my appointment and no news on my account. I have an urgent invoice to issue to a client and am frustrated with the process and customer service.

I had been warned customer service is a bit cold etc but hen someone tells you an account will take maximum 2 weeks but most likely 3-5 days it's a bit worrying.

One question, any chance in h*ll I can open an account remotely with another bank?


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## dingobingo (May 11, 2014)

Oh I have to give a shout out to the folks at creative city. They've been exceptional from start to finish and even broke protocol to fit in with my tight Dubai schedule. I highly recommend them.


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## X-jo (Jul 14, 2014)

dingobingo said:


> Oh I have to give a shout out to the folks at creative city. They've been exceptional from start to finish and even broke protocol to fit in with my tight Dubai schedule. I highly recommend them.


Hi, did you get the company registered on the first visit itself? how many days did it take? what all documents did you show? could you share a brief of all that you did necessary to get the company up? also the total cost incurred along with any agent fees. I am in dubai now and I am looking for the same setup that you have done. 

thanks and hope you get the account stuff sorted.


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## dingobingo (May 11, 2014)

Company setup was simple. Initially it was all done remotely via email. I had to complete an application form and choose a company name, then send this to creative city. They approve the name and email me an invoice for 25k AED. I paid this via wire but it took 7 working days to arrive. Once they received the money they began the company formation process. After 4-5 days they emailed me with a copy of my company documents. To complete the process I had to visit their Dubai branch, and sign various forms. The docs are then sent back to Fujairah to be attested (officially stamped). They are then returned to me to keep (my copy). I can then take these documents to a bank to open a corporate account. At this stage I am also able to apply for my residence visa, but I've not done this yet.

The process may vary depending on which freezone you use. I used Fujairah Creative City and decided not to use an agent as the process was simple and the Creative City staff were very helpful and responsive. Total formation cost was 25k AED. I believe annual renewal costs 17k AED.


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## X-jo (Jul 14, 2014)

dingobingo said:


> Company setup was simple. Initially it was all done remotely via email. I had to complete an application form and choose a company name, then send this to creative city. They approve the name and email me an invoice for 25k AED. I paid this via wire but it took 7 working days to arrive. Once they received the money they began the company formation process. After 4-5 days they emailed me with a copy of my company documents. To complete the process I had to visit their Dubai branch, and sign various forms. The docs are then sent back to Fujairah to be attested (officially stamped). They are then returned to me to keep (my copy). I can then take these documents to a bank to open a corporate account. At this stage I am also able to apply for my residence visa, but I've not done this yet.
> 
> The process may vary depending on which freezone you use. I used Fujairah Creative City and decided not to use an agent as the process was simple and the Creative City staff were very helpful and responsive. Total formation cost was 25k AED. I believe annual renewal costs 17k AED.


thanks for that, some questions

1)you get two business activities, do they cost an extra charge?
2)i believe you took the option without an office, ie to work from home, right?
3)what is the designation that you took since its owned by you?
4)apart from the application form, did you send any personal documents, if so which all?
5)since its taking time for u for the corporate account, why not try any other bank? is there some advantage in not doing so?

thanks again bro


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## X-jo (Jul 14, 2014)

6)how many visas will you get?
7)how much would it cost if you need an office space, po box , including internet, electricity etc
8)getting a resident visa based on this company setup , how easy it is? will you be applying for one?
9)could you give the breakup for the 25k aed formation?


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## dingobingo (May 11, 2014)

- If the two business activities are related then you can use one company. If you need to keep them separate then you would need two companies I guess
- Correct, I took the virtual desk option
- Director
- Photo of my passport
- I am no longer in Dubai hence why (I think) I can't open another one until I return
- 3 visas
- I've not checked on this since I do not require an office
- Getting a visa is straight forward after creating the company. I believe there is a basic medical check involved
- Not really, 25k is the formation and licensing cost


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## X-jo (Jul 14, 2014)

dingobingo said:


> - If the two business activities are related then you can use one company. If you need to keep them separate then you would need two companies I guess
> - Correct, I took the virtual desk option
> - Director
> - Photo of my passport
> ...


thanks, so the next thing that is left for you is the visa, medical card, emirates id and bank account. 
btw 
1)was the 25k setup the cheapest option available? 
2)for web consultancy what all activities you selected?(i am also looking at a general consultancy option)
3)can we make changes to this setup later? like adding more than 3 visas, adding/changing more activities ?
4)in the fcc pdf http://creativecity.ae/ccmain/pricelist.pdf it says business center in dubai or fujairah, what does that mean for a virtual office setup?
5)what all comes under this virtual desk option for you? a p.o box atleast?


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## dingobingo (May 11, 2014)

25k was the cheapest I've seen for any of the freezones that doesn't require a large capital injection.

I'm not sure about the other topics. I wont be using any of the virtual office facilities.


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## Malbec (Jan 2, 2014)

Actually, to open free zone company personal presence is not required until you want to open bank account. All banks require personal presence, so this can't be done remotely.

There is a different procedures and conditions for UAE residents, hence it is better to arrange company + visa first before opening corporate bank account.

NBAD treats you like non-resident, so you are subject to additional due diligence which may take more time. Being non-resident you would have much quicker success with ADCB for free zone company and the min. balance requirements for the cheapest account is AED 50,000.


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## X-jo (Jul 14, 2014)

Malbec said:


> Actually, to open free zone company personal presence is not required until you want to open bank account. All banks require personal presence, so this can't be done remotely.
> 
> There is a different procedures and conditions for UAE residents, hence it is better to arrange company + visa first before opening corporate bank account.
> 
> NBAD treats you like non-resident, so you are subject to additional due diligence which may take more time. Being non-resident you would have much quicker success with ADCB for free zone company and the min. balance requirements for the cheapest account is AED 50,000.


Creative Zone Free zone License | Creative Zone Freezone License
can one person get both a professional license and a trading license registered for the same company?
say i want consultancy license from professional license and general trading license from trading license, will i be able to get them both under one company or do i have to register them as separate?

thanks


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## Malbec (Jan 2, 2014)

X-jo said:


> Creative Zone Free zone License | Creative Zone Freezone License
> can one person get both a professional license and a trading license registered for the same company?
> say i want consultancy license from professional license and general trading license from trading license, will i be able to get them both under one company or do i have to register them as separate?
> 
> thanks


Best is to check with them.


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## X-jo (Jul 14, 2014)

Malbec said:


> Best is to check with them.


They told i can open it as main company's subsidiary. I found their chat system, they are very helpful in this. 

thanks


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## dingobingo (May 11, 2014)

Yes, this info is beyond me. I've looked to malbec for info :-D

They were helpful though. I'll give NBAD a few more days but I may have to head back to try ADCB instead.


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## X-jo (Jul 14, 2014)

http://creativecity.ae/ccmain/pricelist.pdf

for the freelancer option, there is one 
Services Include P.O.Box/free in-house PRO services - 7.5k AED

Is this something that is optional?

What is this in house PRO services?

Thanks


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## dingobingo (May 11, 2014)

It's not optional, you have to have some kind of business address to register your company and this is the cheapest type. I think it includes access to a printer, photo-copier and a desk for a few hours a month. Best to email them for details but it's not optional, you need to pay for that too.

Update on my NBAD account. Now 4.5 weeks after my application my account should be open tomorrow! Fingers crossed.


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## X-jo (Jul 14, 2014)

dingobingo said:


> It's not optional, you have to have some kind of business address to register your company and this is the cheapest type. I think it includes access to a printer, photo-copier and a desk for a few hours a month. Best to email them for details but it's not optional, you need to pay for that too.
> 
> Update on my NBAD account. Now 4.5 weeks after my application my account should be open tomorrow! Fingers crossed.


Oh ok, so we actually get a room kinda facility too there in this package that you selected eh?

Ah finally, NBAD, good luck bro. Hope it gets up and running fine. Are you in UAE or getting this done away from the UAE?


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## dingobingo (May 11, 2014)

Thanks. Currently outside of the UAE, but had to be there in person to submit my banking application. I'll actually be back there in a couple of weeks, it will be funny (or not) if the account still isn't opened.


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## dingobingo (May 11, 2014)

five weeks and I receive my account details. I asked how I can setup internet banking. I have to go to the branch!!!!!!!!!!!!!!!!!!!!! OMG


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## X-jo (Jul 14, 2014)

dingobingo said:


> five weeks and I receive my account details. I asked how I can setup internet banking. I have to go to the branch!!!!!!!!!!!!!!!!!!!!! OMG


didn't you receive the IPIN/TPIN along with your debit card? I got those when i applied for ENBD last year, and thanks to netbanking i can still use that account as of now.


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## dingobingo (May 11, 2014)

It's a commercial account, I don't think it comes with a debit card.


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## Malbec (Jan 2, 2014)

dingobingo said:


> five weeks and I receive my account details. I asked how I can setup internet banking. I have to go to the branch!!!!!!!!!!!!!!!!!!!!! OMG


Yes, didn't they tell you? The funny thing is that you cannot apply for internet banking together with bank account opening but only after bank account is opened. I asked them if they can courier the token device to me overseas and they said no, it is not possible. Frankly speaking this was also the reason I didn't go with NBAD in the end. I need someone to be more flexible. With ADCB you can have either SMS OTP or token device or both. SMS can be setup remotely, device can be couriered overseas for AED 200 if I remember well. Expensive but you have that option at least. Imagine you lost the token overseas, you are not coming back to UAE anytime soon and NBAD tells you the only option is to come to their branch in person...


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## X-jo (Jul 14, 2014)

Malbec said:


> Yes, didn't they tell you? The funny thing is that you cannot apply for internet banking together with bank account opening but only after bank account is opened. I asked them if they can courier the token device to me overseas and they said no, it is not possible. Frankly speaking this was also the reason I didn't go with NBAD in the end. I need someone to be more flexible. With ADCB you can have either SMS OTP or token device or both. SMS can be setup remotely, device can be couriered overseas for AED 200 if I remember well. Expensive but you have that option at least. Imagine you lost the token overseas, you are not coming back to UAE anytime soon and NBAD tells you the only option is to come to their branch in person...


Interesting, what about ENBD?


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## Malbec (Jan 2, 2014)

X-jo said:


> Interesting, what about ENBD?


I have no experience with opening a corporate account at ENBD.


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## X-jo (Jul 14, 2014)

Malbec said:


> I have no experience with opening a corporate account at ENBD.


ok so ADCB for corporate bank then.

One doubt, i now am using a ENBD account on a visit visa, also started receiving my salary in USD, all fine. After i start the freezone company, i will be its owner, so a different designation. Should i accept the salary in the corporate bank account as owner of the new company or should i accept it in the ENBD as i am doing now. I am a consultant. I am starting up this company only to get the resident visa so that i can apply for an NRE account later. I wont be doing any business with the company that i start.


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## X-jo (Jul 14, 2014)

dingobingo said:


> It's a commercial account, I don't think it comes with a debit card.


Oh ok, so you will be coming down? Did you call them up and ask if they do the courrier thingy like ADCB ?


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## Malbec (Jan 2, 2014)

X-jo said:


> ok so ADCB for corporate bank then.
> 
> One doubt, i now am using a ENBD account on a visit visa, also started receiving my salary in USD, all fine. After i start the freezone company, i will be its owner, so a different designation. Should i accept the salary in the corporate bank account as owner of the new company or should i accept it in the ENBD as i am doing now. I am a consultant. I am starting up this company only to get the resident visa so that i can apply for an NRE account later. I wont be doing any business with the company that i start.


It doesn't matter then whether you get salary on personal or corporate account. You can have a company that has no financial activity. You don't even need to open corporate bank account.


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## X-jo (Jul 14, 2014)

Malbec said:


> It doesn't matter then whether you get salary on personal or corporate account. You can have a company that has no financial activity. You don't even need to open corporate bank account.


thanks, sorry first time into all this
so i can open a corporate bank account later if needed.

1)btw, is there any advantage of using a corporate account in my case? any benefits over the current account that i am using in the case of receiving USD? As of now there is no deduction for inward remittance in ENBD. 

2)also if i do get a corporate account, its ok to receive salary in the corporate account right? or do i have to show any documents that the money being received is for some work done by the company i started?


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## dingobingo (May 11, 2014)

Interesting, if I do go back I am thinking of opening an account with ADCB as well. Is there a rule against having two commercial accounts? If ADCB goes very well from start to finish I will probably close my NBAD account - that will be a satisfying email to send.

I haven't yet asked NBAD about the courier but they did say in their email it has to be done in the branch. Malbec is right...what if I lose it overseas (likely for me). No they didn't mention it, just like they didn't mention it would take five weeks to setup or that I needed a company profile and resume or that they wouldn't respond to my emails, only phone calls


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## Malbec (Jan 2, 2014)

X-jo said:


> thanks, sorry first time into all this
> so i can open a corporate bank account later if needed.
> 
> 1)btw, is there any advantage of using a corporate account in my case? any benefits over the current account that i am using in the case of receiving USD? As of now there is no deduction for inward remittance in ENBD.


I have noticed ENBD has worse FX rates compared to ADCB. With ADCB corporate you can call their treasury and they will give you better rates, the higher amount you are going to exchange, the better rate they will offer. Now, I have no idea how are the things with USD-AED exchange and whether ADCB would be really that much better. AED is pegged to USD, but I don't know if banks have their own margins or they are pretty much the same.



X-jo said:


> 2)also if i do get a corporate account, its ok to receive salary in the corporate account right? or do i have to show any documents that the money being received is for some work done by the company i started?


From what I have noticed, no one cares how you get your money here. Even if you want to take some contractual services (e.g. postpaid mobile plan) they only require a simple letter with corporate stamp stating your salary. Perhaps it would matter for personal loans to receive money from your company to personal account as they might require 3 months statements or so. I don't know.



dingobingo said:


> Interesting, if I do go back I am thinking of opening an account with ADCB as well. Is there a rule against having two commercial accounts? If ADCB goes very well from start to finish I will probably close my NBAD account - that will be a satisfying email to send.
> 
> I haven't yet asked NBAD about the courier but they did say in their email it has to be done in the branch. Malbec is right...what if I lose it overseas (likely for me). No they didn't mention it, just like they didn't mention it would take five weeks to setup or that I needed a company profile and resume or that they wouldn't respond to my emails, only phone calls


I think you can have as many corporate accounts as you like. Didn't you get personal manager who manage the whole process for you?


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## dingobingo (May 11, 2014)

I assume the person who opened the account for me is my manager but that person is the one who doesn't reply to emails or tell me things such as online banking or five week setup time. I can reach them on the phone though so that is something


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## X-jo (Jul 14, 2014)

dingobingo said:


> I assume the person who opened the account for me is my manager but that person is the one who doesn't reply to emails or tell me things such as online banking or five week setup time. I can reach them on the phone though so that is something


How did you make the payment? cash or Credit card?


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## dingobingo (May 11, 2014)

Opening an account is free


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## deebasodee (Oct 26, 2014)

@Malbec - Have you experienced any challenges with having your trade licence registered with Fujairah Creative City? By challenges, I mean with customers based in another Emirate, say Dubai, not wanting or able to do business? Have read elsewhere in this forum that consulting services are a bit of a 'grey' area, just wanted to see if anyone is experiencing any issues with using this licence in mainland or within other freezones? Thank you!


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## Malbec (Jan 2, 2014)

deebasodee said:


> @Malbec - Have you experienced any challenges with having your trade licence registered with Fujairah Creative City? By challenges, I mean with customers based in another Emirate, say Dubai, not wanting or able to do business? Have read elsewhere in this forum that consulting services are a bit of a 'grey' area, just wanted to see if anyone is experiencing any issues with using this licence in mainland or within other freezones? Thank you!


Unfortunately I have no experience as I don't do business locally, however I heard exactly the same as you, that consulting licence should have no issues to provide the same to other emirates. It is just physical goods that cannot provided within mainland outside of the freezone. This could be wrong though and I guess it's best to seek advice from PRO.


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## dingobingo (May 11, 2014)

So I eventually got a reply to my numerous emails to nbad today. There's no telephone banking, no assigned bank manager, online banking is the only way to manage your account. I 'politely' suggested they tell people about this when they open an account.

Malbec, does ADCB offer telephone banking or provide you with a banking contact should you be unable to use online banking for some reason?


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## Malbec (Jan 2, 2014)

dingobingo said:


> So I eventually got a reply to my numerous emails to nbad today. There's no telephone banking, no assigned bank manager, online banking is the only way to manage your account. I 'politely' suggested they tell people about this when they open an account.
> 
> Malbec, does ADCB offer telephone banking or provide you with a banking contact should you be unable to use online banking for some reason?


Sorry to hear your experience with NBAD.

ADCB issues telephone pin banking for telephone services, but to be honest I have not requested telephone pin yet. I did call the SME business hotline once to enquiry about the balance (before my online banking was activated) and they said they don't have access to such data as it remains confidential within the system. You need telephone pin code to authorise yourself.

With ADCB online banking activation is painless process as you can either choose soft token to have your one time pin codes delivered to your mobile number (AED 200 setup fee) or hard token (AED 400 setup). Both can be dealt while being overseas as they can courier hard token to you anywhere.

You can also sign up to their SMS banking, where you can send SMS to get latest details about balances, transactions etc.

Their online business banking system is very basic, but I don't need bells and whistles as long as all basic operations can be effected through this channel. Just after the activation, online banking specialist from ADCB gave me a call and send all guidelines to my email how to login, perform transactions and told me to contact him should I have some questions.

I have responsive relationship manager, so I could get the latest statement or account transactions should I need so. I don't now if RM can do the transactions on your behalf, as I have not checked. In fact I have decided to open personal account with ADCB and my RM arranged a person to come down to wherever I want in order to fill all the forms, take signatures and check my needs, so I even didn't have to go to the bank. Pretty impressive I must say.


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## deebasodee (Oct 26, 2014)

Hi Malbec, thanks for your reply - in setting up with Fujairah CC, do you recommend going directly with them or through an agent. I do understand that an agent will be more expensive, however, know that a good agent will know the ins and outs of getting visa set up and other paperwork setup. I have seen the name Flying Colour mentioned in these threads, did you use or would you recommend them?


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## Malbec (Jan 2, 2014)

I have not used Flying Colour in the end, they were quite slow in responding to my emails but I did hear good words about them. I went with some other agent. Anyway, the reason why I used agent is because I was overseas and didn't mind paying extra for someone's experience and knowledge. Whether things would go slower should I do it myself is also hard to say, it just seems you can't speed up immigration officers at Fujairah for stamping your visa. Paperwork seems not a big deal, it is rather a peace of mind to have an agent who is available to answer your questions and doubts. Also at that point Fujairah CC didn't have such a good and clear website about whole process, fees etc.


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## dingobingo (May 11, 2014)

Deebasodee, save your money and do it direct. Their customer service is excellent and the process is so simple. I can't see why anyone would need an agent unless they didn't know how simple it really is. Just give them a call or email them.


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## deebasodee (Oct 26, 2014)

Thanks for the quick feedback Malbec / dingobingo. I will be going direct then.


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## dingobingo (May 11, 2014)

Malbec, do you know which banks allow a non-resident to open a bank account (personal not business) and what the requirements are?

CCFZ quoted me 5k AED for my visa. This is something they did NOT mention at the outset and I am a little annoyed about. That pushes the setup cost (incl visa) to 30k AED !

My first criticism of creative city free zone.


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## Malbec (Jan 2, 2014)

Do you mean the 3 year visa at AED 4950? That is obviously required if you want to be a resident. It will even come out slightly more expensive because you will have to pay for health test, Emirates ID card and maybe something else. Expect to spend AED 1500 more. Also once you have the residence visa issued you cannot rent a car as a tourist, you will need to convert your driving licence in Fujairah first, which is done same day. So you have to factor in travel cost to Fujairah which two way trip from Dubai might cost AED 600-700 by taxi.

I opened account with Emirates NBD as non resident and the requirements were:
- passport and UAE entry visa
- reference letter from your current bank
- last 3 months statement (can be e-statement, printed) from your current bank reflecting your salary
- UAE local mobile number (you can easily buy prepaid DU or Etisalat)

For NBAD they required just passport, but I didn't go with them in the end.
ADCB required min. deposit of AED 200,000.
FGB required recommendation from someone who is already banking with them.

Expect to wait 4 days to get account approval + many more days to get things fixed and sorted out, as it is highly possible it won't be done properly in one go. Make sure they are able to send you debit card overseas otherwise you won't be able to setup internet banking. Emirates NBD does send debit card overseas via courier for some fee. ADCB as well from what I know. NBAD I have no idea, remember that they issue this personal token device to personal accounts too and you did mention they didn't want to send it overseas.


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## dingobingo (May 11, 2014)

Thank Malbec, useful as always.


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