Questions & Answers
Transferring business money from online to private account
Hello,
I have a question related to business.
I have set up a business in the UAE (Flexi desk in Free Zone). The business activity is E-Commerce. I have registered the business and obtained a UAE Investor Visa, but when it came to opening a bank account, I faced a lot of difficulties.
While I was waiting for the opening of a bank account (which took me 4 months and the banker has failed to open a bank account), I have opened a merchant account with Telr.
I started accepting payments online from my customers and right now there's money in the merchant account which can be withdrawn to a UAE business bank account (as I have mentioned earlier, I don't have a UAE business bank account).
So I have contacted them and asked if they can transfer the money to my personal bank account which is outside the UAE (US bank account or my Russian bank account).
They have stated that they can't settle funds to the bank account outside the UAE due to UAE CB rules. Can you suggest me please what I can do in this situation?
Hello.
We regret that you are facing difficulty with business banking.
However, the general rule is that personal bank accounts can not be used for trading.
We can help you with opening a business bank account. You can send an e-mail to us or call on the phone for a free consultation on this matter.
Dear Questioner,
You have just one single option, to appoint an escrow agent. The procedure will be the following:
There will be an escrow agreement between the parties.
They will transfer the funds into the escrow agent bank account and then the escrow agent will transfer the funds to your personal bank account.
We have experience with this kind of cases and we act as your escrow agent for our clients.
Please feel free to contact me for more information.
Best Regards,
Raluca Gatina.
