Why You Don't Need an Agent to Open a Business Bank Account in Dubai

Watch on YouTube: https://youtu.be/9csnav_1y90 

In this video, Aaron Henriques debunks the myth that entrepreneurs need an agent to set up a business bank account in Dubai. He explains that the process is relatively straightforward, especially with banks like WIO, where accounts can be opened quickly via an app. Aaron highlights the unnecessary fear and complexity that some agents instill in people, stressing that for most businesses and entrepreneurs with proper documentation (Emirates ID and residency visa), opening a bank account in Dubai is simple. He encourages viewers to handle the process themselves and save time and money.

Start your business in Dubai with my agency, Handlr Zone: https://handlrzone.com/yt 

 

Mentions: 

https://www.wio.io/

https://www.mashreq.com/en/uae/neo/

https://www.adcb.com/en/business/ 

 

Follow: https://www.instagram.com/aaronhenray

 

00:00 Debunking the Agent Myth

00:26 Convenience vs. Fear Tactics

01:25 Personal Experience with WIO Bank

01:39 Traditional Banks vs. Challenger Banks

01:59 Step-by-Step Bank Account Setup

02:16 UK vs. UAE Banking Challenges

03:15 Residency Visa and Emirates ID Requirements

03:45 Why You Don't Need a Consultant

05:01 Conclusion and Final Thoughts

 

#opportunity #motivation #success #businessstrategy #DubaiBanking #BusinessBankAccount #DubaiBusiness #FreeZoneCompany #MainlandCompany #WIOBank #EmiratesID #DubaiEntrepreneur #BusinessSetup #DubaiResidency

Disclaimer at https://aaronhenriques.com/disclaimer

Episode Transcript

(00:00):
You need to use an agent when settingup a business bank account here in

(00:04):
Dubai for your free zone company or yourmainland company is the biggest load of
nonsense that I've ever heard in my life.
this is something that comes upso much and people have literally
set up Businesses around this
I have no problem at all where peoplehave set up legitimate companies
and they're doing it because it'sa convenience factor for people.

(00:26):
There are busy entrepreneurs andinvestors all over the world who
would rather just pay for someoneto sort the problem out for them.
you think about why don'tyou do your own cleaning?
Why don't you?
Why haven't you done your own researchfor setting up your own company in
Dubai rather than listening to myYouTube videos, for example, why did
the people back in the UK use estateagents when they don't need to use

(00:48):
an estate agent to sell their house?
It's about the conveniencefactor and I get it.
But what I do not like whatsoever are thepeople who put fear factor into people,
making out like it's such a complicatedprocess for you to set up your bank
account in Dubai, because it's not.
Or certainly not for most people.

(01:09):
The clients that I have, who I've set upcompanies for in Dubai and also people
who I've referred directly into IFZA,many of them who set up, their companies
in Dubai and have now opened bankaccounts, They, just like me, have found
the process pretty damn simple to do it.
Now, I personally, I have my personalbank account in the UAE and a

(01:30):
business bank account with WIO Bank.
They're like a challenger bank.
They're quite young.
I think they're like two yearsold at the time of this recording.
they are regulated andregistered out here in the UAE.
There's also the more traditional banksout here in the UAE who I haven't used.
I tried a couple of them who Their processwas a bit more clunky, but certainly with
WIO, I literally filled in my details.

(01:50):
It's all app based.
You know, you're used to this.
It had a simple process to enteryour information on the app.
And then within a day ortwo, my account was open.
I certainly know that with my clients,I've done a video on it, which is
available to my clients on the backend.
Once they've set up their companies.
It just shows you the processreally quickly on how to do that.
It doesn't really actuallyeven warrant a video.

(02:13):
It's simple enough for youjust to do it yourself.
Now, if you try to open up a bankaccount in the UK, it is just as hard.
And when I say hard, it's not thathard, but you're likely to come up
with the same sort of objections wherethey want to find out a bit more about
what you're doing or get some proofabout what your business is doing.
And in fact, In the UK, you may findit's even harder to set up a business

(02:36):
bank account sometimes because in theUK, you do not have the strict trade
restrictions that you have in the UAE.
So in the UK, you can set up a companyand pretty much do anything you
want, once that company is set up.
In the UAE, that'sdefinitely not the case.
Not unless you're breaking the lawand working outside of what your trade

(02:56):
license actually allows you to do.
So I would say to anyone who's consideringusing an agent or a consultant to set
up a bank account in the UAE, Lookat setting up your bank account with
somewhere like WIO, try Masherik Bank,try, ACDB or whatever they're called.
If you are coming out here lookingto set up a bank account, you do

(03:19):
need to understand that if youhave a business in the UAE, And
you don't have a residency visa.
That's going to be your first hurdlein getting your bank account set up.
You do need Emirates ID.
Okay.
That's the first thing you needEmirates ID for you to set up
a bank account here in Dubai.
So if you haven't got your EmiratesID and you haven't got your residency
visa, go and get that first.
Once you've got that, you shouldfind the process pretty simple.

(03:42):
For most people and most businesses,it shouldn't be an issue.
You shouldn't need a third party to helpyou with this process, it will take you
just as long to give your consultant orthe agent the information as it would for
you just to put it on the app yourself.
And that's why for my company here in theUAE, Handlr Zone (www.HandlrZone.com),
which does the company setups andthe visa setup, we're not doing

(04:03):
bank account setups with people.
I'm just not doing it.
Anyway, if you've got any stories aboutsetting up a bank account in Dubai that
maybe there's things that I haven'theard of, which are common, which is
why people are using consultants asopposed to just doing it themselves.
But none of my clients have had anissue with setting up the bank account
directly through the app with WIO.
other people I know have chosen otherbanks and they've not had an issue.

(04:25):
I didn't have an issue.
I don't know why you would, unless there'ssomething about your business that's a
bit dodgy, a bit sketchy, or whatever.
But it shouldn't be because there'sbeen authorized and you've got a trade
license in the UAE If you're trying toopen up a UAE business bank account.
Perhaps if you're a foreign company andyou were trying to set up a bank account
in the UAE you might need help there.
I don't know that you could justdo that straight through the app.

(04:47):
Maybe WIO don't evenaccept people like that.
But for most other people, if you set upa free zone company in Dubai or a mainland
company in Dubai, you're not going to
have an issue, opening up a bank
account, provided you've got yourEmirates ID and you're not lying about
what your business is actually doing.
So anyway, if that was helpful, pleaselike, subscribe, comment, send it
to someone who you know who might beconsidering paying someone to open up

(05:07):
their bank account, unless it literallyis for convenience reasons and they're
not being scaremongered into, oh,it's so complicated and all these bad,
terrible things are going to happenif you don't pay for a consultant to
do it for you because it's probablynot going to happen like that and
it's probably as smooth as anything.
my name is Aaron Henriques.
Like and subscribe if you need help,setting up your company in Dubai or

(05:29):
getting residency visas, Check the linksin the description for ways to get help.