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Dubai - First Audit Request From DIEZ

#81
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By the way, if you tell IFZA that you are about to close your FZCO, they will rat you out straight away and this wonderful audit email will be in your mail box within the next hour. They do not even try to play it subtle.

One time thing so far for us. Would be curious too to know if someone got it twice.
 
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#83
TRGali said:
By the way, if you tell IFZA that you are about to close your FZCO, they will rat you out straight away and this wonderful audit email will be in your mail box within the next hour. They do not even try to play it subtle.
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Proof that they are just farming for money, giving only 3 days to comply is another element supporting that so they can fine you quick and straight.
 
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#86
yoyodubai said:
I received the notice last year and passed their "inspection" but i share your sentiment. i hate the uncertainty and running a business here. But, I'm unsure where to set up shop next.
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I am looking at Cyprus. It’s where I was originally going to set up before I talked to Fred. The thing is with Dubai, we set up there thinking it was 50 years guaranteed tax free and no accounting necessary. Now we are getting hounded like this in a Middle Eastern country. What will they decide to do next?
 
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#87
kislokan said:
I am looking at Cyprus. It’s where I was originally going to set up before I talked to Fred. The thing is with Dubai, we set up there thinking it was 50 years guaranteed tax free and no accounting necessary. Now we are getting hounded like this in a Middle Eastern country. What will they decide to do next?
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Agree, and funny you say this. I looked into Cyprus as well before coming to Dubai.

But I'm not sure Cyprus would have been a better choice. Similar problems to Dubai with banking, crypto, lack of professionalism with service providers, etc. All though, of course, there is a solution to each problem.

Personally, I don't want to have a company in Europe or be based there.
 
#88
yoyodubai said:
Agree, and funny you say this. I looked into Cyprus as well before coming to Dubai.

But I'm not sure Cyprus would have been a better choice. Similar problems to Dubai with banking, crypto, lack of professionalism with service providers, etc. All though, of course, there is a solution to each problem.

Personally, I don't want to have a company in Europe or be based there.
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Yes I agree but would Cyprus hit you with an unexpected audit or potential fine out of nowhere?

Are there any other non-European countries to look at?
 
#89
kislokan said:
Yes I agree but would Cyprus hit you with an unexpected audit or potential fine out of nowhere?

Are there any other non-European countries to look at?
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I don't know. I do feel that Cyprus is more "secure" than Dubai, but I'll let others chime in that are more experienced such as @CyprusLawyer101.

I haven't started my research yet. But going to look into Singapore and see what that would involve. Although I would prefer to pay 0 tax, I would rather pay some tax for certainty rather than what I'm currently experiencing in Dubai.
 
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#94
daniels27 said:
Maybe this one
USDT

Post in thread 'Anyone experience with IFZA / Dubai Freezones?'

nurredon said:
You’ll need to prepare and audit your accounts annually.
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IFZA does not currently require an audit. The FTA or DIEZ may request it, but why spend extra money now if it can be arranged later?
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Found this thread also

JonnyStekkino

Thread 'Dubai is dead, any alternative to the free zone 9% tax?'

Apparently they introduced the 9% tax also for free zones except qualifying activities, which are very few and do not cover most of the people in Dubai.

Anyone have any idea on alternatives for someone that does not live in that specific country?

Maybe Hong Kong, an US LLC or an UK LTD?
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#96
kislokan said:
Yes I agree but would Cyprus hit you with an unexpected audit or potential fine out of nowhere?
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Have in mind that for a Cyprus company, the audit is now mandatory anyway. Personally, I don't think Europe is the solution, this where all our problems are coming from so without surprise it gets worse and worse over there. What might still be acceptable today, has a high chance of not be there tomorrow.
 
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#97
yoyodubai said:
any idea where most people went and set up shop?

when i have more time, i'll create a thread on here about this to get more input from the community.
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scattered by the wind id say ;).

on a more serious note, it depends on business and circumstances, but well us llc is very popular, combined with a good residency.
However the usual suspects for business like hk, sg, ch, uk work too... These still can and do work for a similar amount of tax and paperwork.

Plus you have the exotic business cases which can make use of the usual islands.

It just became more difficult as you need to precisely analyze individual circumstances whereas before it was an easy one stop shop solution (which is gone now).
 
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#99
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