Tanzanian entrepreneur case study: Bank account opened at the first introduced bank within 3 weeks

The client had been rejected by three banks and was frustrated and on the verge of abandoning the Dubai entity. His original formation agent had provided no banking support. The rejections had not come with specific reasons, which is common in UAE banking. He had generic company documents that did not explain his business model in terms that the compliance teams at UAE banks respond to.

We reviewed his full documentation package and identified three issues: his business plan was generic, his source of funds documentation was incomplete, and he had been approaching banks that were not well-suited to his business category. We rewrote his business profile, prepared a proper source-of-funds narrative with supporting documentation, and introduced him to two banks with prior relationships in his business sector. We prepared him for the interview and attended the first meeting with him.

Bank account opened at the first introduced bank within 3 weeks. Subsequent account opened at a second bank for currency diversification. Client's UAE operations are now fully functional.