OffChance

Active Member · 30 · From UAE

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    Thomas67

  • Dec 23, 2023

  @OffChance and @khara does crypto/stocks/forex trading (i.e. speculative nature, main activity, on personal savings) require a license (and incorporation) in UAE or is it allowed to trade under your own name?

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    khara

  • Sep 6, 2023

  @OffChance thanks for the reply. I meant offshores banks outside of the UAE that accept UAE residents. Basically, better alternatives to SEBA.

  

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    OffChance

  • Sep 5, 2023

  @khara nope there is no such UAE bank that will accept crypto txs when they find out

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    khara

  • Sep 5, 2023

  Reposting my message here in case you missed it
  
  

  Thanks a lot for taking the time to reply! Have you found any (local or offshore) banks offering personal accounts that are OK with in/outgoing transfers from exchanges? So basically banks that:
  
  1. Offer a personal account
  2. Accept UAE residents
  3. Are OK with crypto.

  Click to expand...

  

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    OffChance

  • Sep 3, 2023

  @khara Anyway, my advice to you is to forget about UAE, or at least research a lot before you do anything, the local banks will not let you open an account and when you do find an offshore bank it will be extremely expensive and/or with high minimum balance (1M or above). It depends on your needs but if you paid all your taxes and you're all good on that side I believe it's a lot better to just find a good bank that understands your case where you can open a personal account. The uae corporate route is a lot of trouble and quite expensive. And definitely don't use DMCC. Lmk if u have any questions.
  
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    OffChance

  • Sep 3, 2023

  @khara I was able to get a bank account at SEBA (350k min balance and $1.1k fee per month) but I'm ditching the entire thing cuz I have to be a tax resident in a new country for the next 1/2 years (to get citizenship). So I will just pay capital gains tax.
  
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    khara

  • Sep 3, 2023

  Hello ser,
  Reaching out to thank you for your posts RE: dubai / dmcc prop license and the associated banking adventures.
  I am going through the same research journey, trying find the best UAE setup for my degen activities.
  
  1. Have you gotten more clarity regarding trading under your own name? Would that be subject to CT?
  2. If you were to do it all over again, what would you do differently?
  
  Thanks again

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    rallotubbs

  • Jul 1, 2023

  Morning!
  Unfortunately i cant help you, lawyer advised me is too risky.
  
  If you want to buy is different i can be figurehead and help you getting a fee
  
  So sorry bro,
  
  Have a nice weekend
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