I’ve had a couple of requests and inquiries from startups and small business owners on how to setup payment gateways, especially Paypal, here in the UAE. And whether or not they’re even allowed to do setup such an account.
Well there’s good news and bad news. Let me start with the good news, because its pretty short.
– Yes, you can.
Now the bad news. You need a helluva lot of supporting documents in order to complete setting it up. Mind you, setting up Paypal withdrawal features in the UAE is only available to business account holders only.
So what does this entail? Here’s a screenshot of the requirements you need to send to Network International in order for them to review your account details for approval.
As you can see, the requirements are stringent. I don’t even know how can a new startup be able to supply some of the requirements given here. For example, a lot startups in the UAE are setup in Free Zones, which avail flexi-desks or shared office spaces as a new business setup. This usually includes a business address (naturally) but the utility bills (water and electricity) are included in the yearly rental payment.
Another issue is the bank statement (as noted above): a new business in the UAE would definitely have difficulties providing three months bank statements, especially when they’ve just setup a new account.
I’ve sent a request to register a new business account with Paypal/Network International for a newly established business. Shall update this post as soon as I get a response – will keep you all posted!
Image Courtesy: Digital Daily (2015)