Recent content by CrazyPanda

I recall that when the UAE introduced corporate tax, Fred—the owner of DSL—claimed it wouldn’t affect free zone companies because he supposedly had “insights” from the government. Astonishingly, some people believed him and went ahead to establish companies based on this misinformation. Now...

In the UAE, the first $100,000 of income is exempt from corporate tax also they allow a salary of $20,000 per month to be earned completely tax-free. This results in an effective tax-free threshold of $340,000. Beyond this, only a 9% corporate tax applies, with no personal income tax. The UAE’s...

There is no need for a physical office, employees, or expenditures in several business areas like selling software. Google ESR.

There is a good news from UAE. Finally, as of today, the Economic Substance Regulations (ESR) have been canceled, effective from 2023.

The same originator is still considered a third party; it doesn’t matter. Also, you can’t send many payments to different people every month with personal banking at any bank. They will question you and they will either warn you or close your account. You need to open business bank account for...

Incorrect. I receive a six-figures in my SQ account every month as my IP revenue from a third paty large company. Just inform compliance and get approval

I don’t know Mia, but Fred has misled many people. He insisted that most business activities would be outside the scope of corporate tax. It seems he deleted his original post, but I managed to find a trace of it. Check below. Claim: “You are only paying 9% Corporate Tax if you are running...

Business owners in the UAE need to wake up. The concept of zero-tax in the UAE is a thing of the past. I know that corporate service providers have misled you with false promises, but it’s time to face reality. You now have to pay corporate tax, high ongoing company costs (license fees...

The title of CEO is for larger organizations, not for small businesses with just a few employees. Salary figures like those mentioned are possible in multinational corporations or companies with at least 20-30 employees and a turnover in the tens of millions. The FTA will not entertain your...

Correct but one more thing; If you do business and pay excessively high salaries(like 100K AED per month) to yourself to reduce or eliminate corporate taxes, you will still pay taxes.

The consultant has provided some accurate information. To adequately demonstrate your "Employee Income" you must have an employment contract and a salary certificate, without your employment status with the company is not valid. As the owner and General Manager of a FZ company in Dubai, I have...

They’re not stupid. You will most likely be flagged as high risk. I mistakenly connected to one of the EMIs using a VPN and received the email below after several months. This EMI is much smaller than Wise, meaning that WISE has much more advanced controls and checks.

Actually, using a VPN is stupid because it is extremely easy to detect one. What you are looking for are residential proxies, but these are more complicated to use compared to VPNs and expensive.

There is no such requirement as long as the bank wants to maintain a relationship with you. If your account size doesn't meet their non-resident segment criteria, they will either ask for an Emirates ID or close your account.

They won't assign you a partner. If you incorporate directly with IFZA, you can communicate with them for all kinds of requests without any intermediaries.