fully understandable. You should charge or ask for an installment from anyone who will be asking for the list of banks. I can imagine that many will go run you down to get the knowledge of yours.
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Bank account in Dubai
- Thread starter Marco123
- Start date
About corporate bank acc for non-resident, seems unlikely to be a clear scenario, although my FZE is there I believe there is not very clear way - always subject to may be.
Aren't there established FZEs with operatiing bank account for sale?
How about Bahrein, Qatar or any other, any feasible option for non-resident corporate account?
Aren't there established FZEs with operatiing bank account for sale?
How about Bahrein, Qatar or any other, any feasible option for non-resident corporate account?
Non- resident business banking is effectively already gone since 2019 - some banks are more protective then others so while ENBD did close already Rakbank, Dubai Islamic Bank etc. keep banking the ones with non EU owner or EU owner that already got onboarded with a non EU address from for example Thailand - back in the days.
When you look in the Middle East - taking all the cons in terms of ease of setting things up compared to the UAE - you endup in looking into Bahrain - 10%VAT with no other taxes - banking like 10 years ago in the UAE.
Kuwait is very complicated to get things done and technically you need to involve locals.
So Bahrain it is but still if you won't make it with a bit of substance in Dubai dont expect to make it in Bahrain - everything is much smaller and less streamlined then in the UAE - talking about business setup and banking. For sure you can achieve what you are looking for but for sure not with the motivation "I don't want to get substance in Dubai that's why I'm now going to Bahrain" you will fail.
We have several clients especially with multiple passports living in Dubai getting themselves Bahrain Company under other passport for diversification purpose - however everyone is amazed how good things working out in the UAE compared to Bahrain.
How does Dubai look on tax evaders. Yesterday I learned that Switzerland for instant have now extradition agreement with many EU / European countries if you as an tax evader relocate there.
Is that the same for Dubai? just considering my options before I go for a company with bank account in Dubai ?
Is that the same for Dubai? just considering my options before I go for a company with bank account in Dubai ?
They don't care.
Everything that doesn't exist in the UAE is nonsense for them.
It's the same with Residence Register - you can't imagine how many clients are joking about home country authorities trying to get a proper address for law enforcement purpose as in most countries in the EU the justice needs to follow certain official delivery rules and if they can't reach you - they can't act against you - so they try desperate to get a Residence Address while there is no Residence Register in the UAE
Pretty interesting to see how the authorities burn the money of the tax payers in such a case.
Thanks for valuable comments, appreciate it.
1 - any possibility to work at this early business stage through online IBAN to receive TT from other internation banks?
2- any possibility to connect online IBAN to personal account in UAE ?
3 - Bahrein: 10% vat on but workable bank account. Are local business accounts unrestricted to receiving/sending international bank TTs? Is it possible to open remotely?
The UAE is full of individuals who are wanted back in their home country for tax issues.
If you Google the amount of Brit’s wanted for VAT fraud who are in the UAE.
As @Fred said, you will have to be served in the UAE but before you can be served they will have to convince the UAE courts. It’s not as easy as you would think. Very similar to the laws Switzerland used to have before they got bullied by the USA to change them.
Then you need to be served at an address, but because you only need an Emirates ID to open a bank account. There is no address to serve you.
Some people have a PO Box but that’s really for companies.
In all honesty if you are not involved in Arms, obvious money laundering, drugs, people trafficking and Adult business.
You will be fine.
1. & 2. - yes that's possible
3. I think you didn't understand my explanation - Bahrain has easily the double fees of Dubai + each Freezone Company there requires paid up capital of 50.000$ - my comment was just if you look in something else in the middle east that is in the widest thinking similar to the UAE - it would be Bahrain - however if you have the motivation to setup in Bahrain due to the fact you can't get yourself a good corporate service provider in Dubai to get you the Banks done - you won't come fare in Bahrain with Audit requirements and local nominated Company Secretary etc.
I was just talking today with a cient from us which has 10+ companies across the globe and his favourite is for sure Dubai - Singapore is a headache and the taxes are not less, Labuan is a headache and changing frequently, forcing you to local employees etc.
Dubai is the real deal and if you can't effort it now then get yourself a US LLC with Mercury or Wise banking done till you can build yourself a nice wealth management structure out of Dubai through the DIFC or ADGM - you can even keep the US LLC as it comes always handy in terms of payment processing etc.
I’m guessing that when such individuals try to open personal accounts in banks outside UAE (Singapore, Jersey, etc) they will claim they’ve made their wealth while already living in UAE - Does providing solely valid Emirates ID and source of wealth would still be sufficient in such cases, or they would be asked to prove their UAE residency in prior years?
Substance counts the less - at least since the past 2 years it doesn't surprise any bank in the usual locations like SG, Jersey that you have a residence in Dubai.
However they care about your source of funds and can ask depending on the particular bank ask for audited financial statements.
If you can show at least 6 months of UAE bank statements, you can open an account with all the major international banks via their UAE branches. Singapore bank and DBS are very good.
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