Choosing the right bank for a new UAE business
A UK financial educator, speaker and content creator relocating to Dubai.
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Peter helps people become more financially independent — a large online following, paid speaking, and education work. He was building the UAE side fresh, so at the start the company was new and the turnover modest, and he needed to be up and trading quickly.
Why they came to us
He found us through our marketing while planning his move from the UK, and wanted the setup handled cleanly from start to finish.
What we recommended
An IFZA free zone company, with an activity that fitted what he does — lifestyle coaching with marketing services — and, for the bank, Wio — a UAE digital bank — rather than a traditional corporate account. A traditional account expects a trading history Peter's new company didn't have yet; pushing for one would have meant weeks of friction for an account that didn't fit the stage. Wio suited a new, lower-turnover company and opened quickly. He took one residence visa.
Matching the bank to the stage of the business is a call we make on nearly every UAE setup at Start Business Services, because in reality a new company with modest turnover opens an account faster with a digital bank than with a branch that wants three years of accounts.
The outcome
The company was set up, the visa completed and the account opened, so Peter could start trading straight away. We handle the accounting, tax filing and ongoing compliance.
Overall the process was seamless. I sign a few forms, provide some documentation and that was it. Completely stress free. The bank account opening process was simple — Gareth helped me with some of the questions at the application stage I would have got wrong. The entire service was worth the money and, more importantly, caused me no stress whatsoever.
— Peter
Thinking about a move like this?
Tell us what the business does and where it is heading, and we will tell you whether we are the right firm.
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