Anyone with experience of a UAE FZ company?

[negon]

Btw, does anyone has experience in opening a remote bank account in UK or US within the last couple of years?

I tried both places for some month ago, US was declined right away. I made some research on the more shady options to get a US account but don't wanted to proceed..

The UK requires a personal visit. I have a lawyer in the UK who took me to Barclays bank London where I got an account which I'm not using much only for testing purpose.

 

[kekmaw]

I tried both places for some month ago, US was declined right away. I made some research on the more shady options to get a US account but don't wanted to proceed..

The UK requires a personal visit. I have a lawyer in the UK who took me to Barclays bank London where I got an account which I'm not using much only for testing purpose.

Good to know, thank you.

Did you contact the US banks directly or via an agent? Because I have a agent that claims he can get a remote bank opening for me in the US but another guy that helps me out is skeptical to it.

If I would visit the US, would it be easy then? My CPA should get back to me today or tomorrow on which route to go though. The privacy of a companyin Wyoming is very appealing otherwise a UK company might had been better. Will see.

 

[JohnLocke]

Btw, does anyone has experience in opening a remote bank account in UK or US within the last couple of years?

Forget the US focus on UK just consider personal visit. Otherwise you need some service like stripe.com/atlas that claim they can open real USA bank accounts for their clients.

 

[JohnLocke]

Did you contact the US banks directly or via an agent? Because I have a agent that claims he can get a remote bank opening for me in the US but another guy that helps me out is skeptical to it.

The Internet is full if people like your "guy" I have tried many services, many of your guys! and many alternatives to get a US bank account 0 result only huge expenses so far!

 

[kekmaw]

The Internet is full if people like your "guy" I have tried many services, many of your guys! and many alternatives to get a US bank account 0 result only huge expenses so far!

Thanks, that's very good knowledge to have.

I don't mind visiting the US either though to open a bank account in person if it can be done for a foreigner from a reputable country.

 

[suzy]

Try this method. Read it on another forum but don't believe this to be true at all!!

When working with different companies in the US a lot times you will be asked for you Tax ID where you can use your EIN number. A lot of people who are outside of US were concerned about this in my my Shopify thread so here is how to get yours but this method will work for anyone who needs an EIN number. Here is a step by step guide on how you can get yours.

For NON-US people, a TIN may be an EIN (for individuals and businesses) or an ITIN (for individuals only).

An EIN may be obtained by filing IRS Form SS-4, (Application for Employer Identification Number).
The application may be completed over the telephone by calling 001-267-941-1099 or by fax ( approximately 4 business days) and by mail (approximately 4 weeks).

Before you call IRS, make sure you have all the preparation you need:
Have a pen and paper
Filled SS4 form
All the info and correctly spelled:
Your sole proprietor business /your full name
Your Tax File Number
Your full address,
Your city
Your postal code
Your country

Make sure if you have “-“ , “/” to spell it correctly

Questions on the call:
Do you have a fax machine?
Where are you calling from?
What is your name, business name, mailing address?
Where is your business based?
What is the nature of your business?
Have you applied for an EIN before?
Do you have an ITIN?
Will you be using any US employees in the next 12 months?

STEP-BY-STEP

1. Download SS4 from the IRS website:-
http://www.irs.gov/pub/irs-pdf/fss4.pdf

2. Download instructions on how to fill in SS4 from the IRS website:-
http://www.irs.gov/pub/irs-pdf/iss4.pdf

3. Read the instructions carefully and fill in the SS4 form

4. Phone the IRS (Department for international issues) on this number 00 - 1-267-941-1099
Write down the name of the IRS person
Example call:
Hi I am calling from ……
I am ….. and I am the sole proprietor of my own business.
I am an entrepreneur – I am using Shopify to sell my products online
I would like to ask if I can get an EIN number for work done in the USA
which is also required by Shopify. I have no fax machine so I would like
to make the application by phone.

5. Go through the SS4 form with the IRS person
After filling the SS4 form, the IRS person will give you a 9 digit EIN number.
Make sure you WRITE IT DOWN!
The paperwork with your EIN NUMBER will arrive in about one month later.
See if everything is OK with the papers and if not you have an option to correct and send them back to IRS for correction.

6. Make copies of your SS4 and EIN paperwork to keep for your records.

7. Use the EIN number where ever you may need it

 

[myhand]

I have tried a registered agent from the UAE and it was a scam. It was Sfm offshore. I contacted the investment board of Dubai and while they mentioned they looked after financial issues they told me to contact the Police. I had to report in arabic and i gave up.

This is a pretty bad situation that they brought you into. Are you still dealing with these or do you found someone else to help you?

No offshore company agent should bring their customers into such a situation where the police needs to be involved. As a customer in this situation you get stigmatized one the authorities are involved they will forever have a close eye on you

 

[negon]

Thanks, that's very good knowledge to have.

I don't mind visiting the US either though to open a bank account in person if it can be done for a foreigner from a reputable country.

I simply don't believe any longer that someone is able to help you open a US bank account unless you are an US citizens, only possible options I have seen and read about is stripe.com/atlas but there are strings attached.

 

[kekmaw]

I simply don't believe any longer that someone is able to help you open a US bank account unless you are an US citizens, only possible options I have seen and read about is stripe.com/atlas but there are strings attached.

Hey,
Currently in Dubai setting everything up. Will have a update on the US bank account within a month I asume but I have paid a agent to help me out with this.
Everything in Dubai should be done within a couple of weeks then I just need to wait for the US bank account. I will write a little summary about everything when it's done.

 

[negon]

Thank you for the update, please let us know how you did in details. It's a nice time of the year to be in Dubai

 

[JimBeam]

I simply don't believe any longer that someone is able to help you open a US bank account unless you are an US citizens, only possible options I have seen and read about is stripe.com/atlas but there are strings attached.

What strings attached? Any details?

Hey,
Currently in Dubai setting everything up. Will have a update on the US bank account within a month I asume but I have paid a agent to help me out with this.
Everything in Dubai should be done within a couple of weeks then I just need to wait for the US bank account. I will write a little summary about everything when it's done.

Do you have any estimate or figure how much the UAE formation did cost you in the end?

 

[Houdini]

Hey,
Currently in Dubai setting everything up. Will have a update on the US bank account within a month I asume but I have paid a agent to help me out with this.
Everything in Dubai should be done within a couple of weeks then I just need to wait for the US bank account. I will write a little summary about everything when it's done.

Interesting, would like to know a status too ?

 

[kekmaw]

What strings attached? Any details?



Do you have any estimate or figure how much the UAE formation did cost you in the end?

I will do a full update on this once it's all done.
I thought it should all be up and going by now but it's not for various reasons.

Estimated costs $12.000 (setup + first year license fee)

 

[negon]

Wow, you are serious with your business when you spend that much money on the setup! Will be waiting to read your review / update to this thread

 

[kekmaw]

Wow, you are serious with your business when you spend that much money on the setup! Will be waiting to read your review / update to this thread

Haha yeah, anyone doing business should be serious enough to put up a good structure, now more than ever. I'm not sure about your home countries but in mine there is a total witch hunt going on for people who are escaping tax. Every day I read something in the news about it and it's not going to get better. While having something cheap with a bad reputation like Belize would work the same in terms of company structure, I would have a way harder time getting good banks but most important of all was the visa. I needed a visa somewhere and become a tax payer in another country than my own. This is not the case for everyone but that is a law from my country which makes me tax liable back there unless I have tax residency in another country.

 

[negon]

Great to share your information, thanks. Actually it make sense to get a VISA for another country to avoid to pay tax locally. However, is that not requiring you to stay out of your own country for at least 181 days?

 

[kekmaw]

Great to share your information, thanks. Actually it make sense to get a VISA for another country to avoid to pay tax locally. However, is that not requiring you to stay out of your own country for at least 181 days?

Yes I'm required to stay outside of my home country for at least 6 months of the year + some other stuff in order to not be tax liable back home.
But, if I don't stay outside of my home country for 6 months of the year and wanted to do offshore tax planning... I would likely have to break laws or do even more expensive solutions in order to be covered. So, in most cases, if you want to do everything legally and be free like a bird, you will probably have to get residency in another country and not spend to much time back home.

Personally, I don't even want to stay in my hone country for more than 6 months a year so works fine! It's about exploring the world guys!

 

[negon]

That's sounds like the perfect setup for your situation. People with family and other obligations at home will not be able to copy you unless they give up what they have.

 

[stoddart]

Hello,

Anyone try to open in dubai/uae ???

Thank guys.

 

[kekmaw]

Hello,

Anyone try to open in dubai/uae ???

Thank guys.

I have a FZE in a UAE yeah. Pretty easy to setup if you go with a agent to help you... also helps you get introduced to banks etc. If you want a offshore company, it's pretty hard to get a bank account from what I've heard... unless you know someone.