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Iran says coastal attack will lead to full Gulf closure and mine-laying

An attack on Iran's southern coast and islands will lead to Gulf routes being cut with the laying of sea mines, the country's Defence Council said on Monday, according to state media. The US is considering plans to occupy or blockade Iran's Kharg Island, the country's main oil export hub, to pressure Tehran to reopen the Strait of Hormuz to all shipping, according to Axios. "Any attempt to attack Iran's coasts or islands will cause all access routes in the Gulf (...) to be mined with various types of sea mines, including floating mines that can be released from the coast," the statement read. "In this case, the entire Gulf will practically be in a situation similar to the Strait of Hormuz for a long time (...) One should not forget the failure of more than 100 minesweepers in the 1980s in removing a few sea mines." The Defence Council recalled that non-belligerent states can only pass through the Strait of Hormuz by coordinating passage with Iran...
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How freelancers in the UAE can open the right bank account

As freelancing grows more common in the UAE, understanding how to open a suitable bank account is becoming increasingly important for independent professionals. A detailed news published in Gulf News covered all  aspects of freelancers accounts in UAE.  While freelancers now have more banking options than ever, navigating regulations and choosing between personal and business accounts remains a challenge—especially as compliance requirements grow stricter. “When opening a bank account in the UAE as a freelancer, it is important to ensure you have the correct documentation, which includes a freelance permit, passport and visa copy, proof of address, and your Emirates ID,” said David Walsh, business development manager at Connect Resources. Walsh noted that the type of freelance work also influences account choice. For freelancers dealing with minimal invoicing—such as personal trainers or hairdressers—a personal account might be sufficient. However, business accounts are recommended for those regularly invoicing clients, such as marketers or content creators. “If you are a social media content creator working remotely in the UAE and require invoicing support to bill multiple clients, then a business bank account would definitely be more suitable,” Walsh explained. Legal requirements and risks Using a personal account for business transactions is not just discouraged—it’s illegal under UAE Commercial Law. All commercial activity must be conducted through a licensed business and linked to a business account. “Despite this, many freelancers still mistakenly believe they can use their personal bank accounts for business purposes. This misconception can lead to serious consequences,” warned Maryia Vinahradava, director of corporate services at Virtuzone. “As soon as a bank identifies business activity on a personal account, it is likely to shut it down and blacklist the individual, making future banking extremely difficult.” Digital banking options Traditional banks in the UAE often require high minimum balances and extensive documentation, creating barriers for freelancers. However, a new wave of digital banks and fintech platforms are providing more accessible alternatives. “Today, there are at least five digital banking solutions that cater specifically to freelancers and solo entrepreneurs,” said Vinahradava. “These banks provide low entry barriers with no minimum balance and typically a Dh100 monthly maintenance fee.”   Digital banks also tend to be more flexible in their compliance processes, acknowledging the unique needs of one-person operations. Required documents typically include a freelance permit, business activity description, proof of address, and a recent bank statement. Popular digital banking platforms Sarah Negga, relationship manager at Luxe Incorporations, recommends platforms like Wio Business and Mashreq NeoBiz for their ease of use and freelancer-friendly features. “Wio Business is a great choice. It’s fully digital, straightforward to open, and doesn’t require a minimum balance, just a monthly subscription fee. With built-in tools like invoicing and payment links, it's particularly friendly for solo professionals,” Negga said. She also highlighted options like RAKBANK and Emirates NBD for their SME offerings, and fintech solutions such as YAP, XPence, and Zand for international freelancers seeking virtual card services and real-time tracking. Despite the convenience of digital platforms, freelancers must still clear compliance checks. These include ensuring the legitimacy of their business, holding a valid freelance permit, and demonstrating a clear and low-risk operational structure. “Banks will still conduct compliance checks to ensure your activity is legitimate and low-risk. The more transparent and straightforward your business setup, the smoother this process will be,” added Negga. Experts advise freelancers to consult business setup professionals to streamline the licensing and banking process, and to avoid pitfalls that could hinder their operations or banking access in the future.

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