# Business Bank Account Opening Problem



## pakiboy (Aug 10, 2016)

Hello,

I registered company in Fujairah Creative City.

I run online website and my earnings come from paypal or bitcoin payments. I never needed bank account at my home country.

Now the problem is banks in dubai are asking me 3 months bank statement or source of funds which I do not have. If I knew that I would have opened bank account at my home country to create such statements but now I am stuck here. No bank website mentioned 3 months statement.

Everyone told me than opening business bank account is simple process but I am stuck and in deep tension. Because I somewhere read that there is must for opening bank account for uae free zone companies. 

I have invested around 100,000 AED for license, rent etc which is almost all my savings, I earn 10,000 to 20,000 AED per month through online website.

I have so far went to 4 banks, here is my experience:

*Emirates NBD:*
They need 3 months bank statements of me or some source of funds, I argued with the guy that I am not putting huge amount, I do not earn more than 20,000 AED per month and it is not big money that they want to see the source of. I asked the guy to give him paypal account statements or bitcoin he said no only banks.


*Sharjah Islamic Bank*
The guy at email told me that only emirates id, trade license and passport, visa copy needed. I was happy went to bank the guy told me that 3 months original statements needed.


*Commercial Bank of Dubai*
They have special banking zone no need to sit on queue, I said wow but the guy said where is your office, I said I have flexi desk at Fujairah. He said sorry CBD do not offer services for flexi desk. I do not understand because there website was having an account known as My Business and it says 20,000AED balance maintenance required , if I can maintain that then why bank require customer to have office? 

He said no its not possible with CBD, you can go for HSBC or some other foreign bank they will assist you with flexi. At that stage I knew HSBC never offer services to business less than 1 million aed annual turnover.


*Dubai Islamic Bank*
After long waiting I met to a nice guy. Looked into my documents told me he need business license of my home country and 3 months bank statements.

I told him that there is no need to obtain license in my home country, one can do business without registering in my country that is known as sole propertier, he said then no not possible. Sorry!



Well that is my experience, now I am in big trouble please guide me how can I open bank account without bank statements, obviously I am small startup, I am not putting millions in account that these banks are asking me source and also it is not mentioned in the bank websites.


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## Stevesolar (Dec 21, 2012)

Hi,
Open a personal account
Pay yourself from your company for three months into this personal account.
After three months - use these personal account statements to open a business account.
Cheers
Steve


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## pakiboy (Aug 10, 2016)

Thank You Stevesolar for such a fast reply, is not illegal to use personal account for business in uae?


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## MarkUK1 (Jun 20, 2017)

may i ask what kind of website you're running?


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## carlsinternational (May 2, 2017)

You can try Noor Trade Bank (they have 1000AED fee yearly for online banking) or RAK Bank (they will need your visa stamped before letting you open the bank account). 

When they ask you about your business don't say you were doing it before, just say is a new company and you are starting now, that would help you. Don't mention bitcoin as well, only PayPal.

Regards.


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