Case: Opening an account with a UAE bank

Client's pain?

A client runs a maritime logistics business and has a company in Dubai. The bank where the corporate account was opened started having communication problems. Payments often “froze”, online support did not respond, it was difficult and time-consuming to get any comments from the bank. Of course, this interfered with work and delays in such a business worsened the reputation among partners

What request did the client come with?

To replace the bank that would meet the requirements:

  • Europe-Asia-CIS settlements;
  • low fees;
  • possibility to open accounts in different currencies.

Why he did not want or could not realize the task on his own?

Emirates banks have a complicated compliance control: if you tried it yourself, they refused without a detailed explanation of the reasons and the bank does not consider this case any further. 

What solution did we offer and why?

Analyzing the request and the desired result, analyzing the activity and geography of work showed that a bank with different criteria was needed. 

We made requests to several banks with which we had already worked. We prepared a package of documents for each bank universally, presenting the company in the required format, showing its reliability. As a result, we received positive answers to open an account and chose one bank among several. 

Were there any difficulties in solving the request – what were they?

Heavy compliance. Despite the fact that the client has a clear business model – marine logistics, it was not very clear for the bank, because the client was engaged in consulting logistics. The bank wanted to see documents as in the trade scheme: waybills, customs reports, bills of lading. Our client didn't keep this list of documents, so we helped to restore the history of transactions. 

The duration of the case?

9 months.

What specialists were involved?

  • a bank specialist from Intelligent Solution Group;
  • a lawyer who accompanied negotiations with banks and checked documents;
  • an accountant, auditor, tax specialist who helped to collect and package documents for the bank;
  • a compliance specialist of Intelligent Solution Group, who accompanied the process of negotiations with banks and helped to pass the checks.

The result?

A corporate account was opened in a UAE bank. The client is satisfied – he will receive a working tool. 

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