EMI for UAE/Dubai

[rowena]

now you need audit for all companies and vat registretion above 120000 aed fro invoincig in mainland, remenber dubai free zone means you are free to establish company without local partner all other restrictions apply

I never heard something like that. Can you provide the source?

 

[mike400]

Audit depends on the Freezone(for ex. DMCC requires) but you need accounting(at least you should keep your records).

So I need to pay both for accounting and audits if I have a have a DMCC or Dubai Silicon Oasis free zone company? How much would that cost yearly?

@Fred are there any other costs for running the Dubai freezone company on top of your 7k EUR package (4k renewal)?

 

[Fred]

So I need to pay both for accounting and audits if I have a have a DMCC or Dubai Silicon Oasis free zone company? How much would that cost yearly?

@Fred are there any other costs for running the Dubai freezone company on top of your 7k EUR package (4k renewal)?

No.

DSOA doesn't require it. Like @rowena mentioned you should keep your books at least. Since 5 years nobody is asking for audit or accounting - not the authority - not the banks. The bank want every year the trade license updated and the emirates ID once expired. That's it.

 

[mike400]

So DMCC requires audit and DSOA doesn't? For both i should keep accounting, but don't need to submit it anywhere, right?

And I still don't fully understand the costs.. @rowena said it's 15-20k minimum, @Fred offers complete package (incorporation, 9 sq.m real office space, all visa fees) for 7000 EUR, which is half price. Am I missing something?

 

[Fred]

So DMCC requires audit and DSOA doesn't? For both i should keep accounting, but don't need to submit it anywhere, right?

And I still don't fully understand the costs.. @rowena said it's 15-20k minimum, @Fred offers complete package (incorporation, 9 sq.m real office space, all visa fees) for 7000 EUR, which is half price. Am I missing something?

That's right.

15-20k is for sure US$

Mentioned price from us is DSOA for your required setup and business license we had the call about.

 

[mike400]

Mentioned price from us is DSOA for your required setup and business license we had the call about.

OK, but I still don't understand why other people in this thread are mentioning 15-20k minimum costs for the Dubai setup which you offer 50% cheaper...

 

[Fred]

OK, but I still don't understand why other people in this thread are mentioning 15-20k minimum costs for the Dubai setup which you offer 50% cheaper...

Maybe they didn't setup there company lately in 2021.

If you have doubts come to Dubai and we do everything in person like we did with other forum members as well.

Don't get lost in theory and make nothing at the end of the day.

 

[khinkali]

Unless I misunderstood, @rowena says full(accounting, audit, office space, license, visa etc...) one year running cost $15k to$20k at prestigious DMCC while @Fred says about EUR7k for DSOA (no audit but proper UAE bank account) and the freelance thing is about 50% cheaper but is restrictive and UAE banks don't like it?

 

[Fred]

Unless I misunderstood, @rowena says full(accounting, audit, office space, license, visa etc...) one year running cost $15k to$20k at prestigious DMCC while @Fred says about EUR7k for DSOA (no audit but proper UAE bank account) and the freelance thing is about 50% cheaper but is restrictive and UAE banks don't like it?

It's a little bit mixed we have to be careful to don't misunderstand each other in the forum.

However I already had a personal call with @mike400 he should have figuered out everything already.

Guys I just can recommend to everyone don't get to confused about soimething in a forum. Things changing frequently and every user gives his experience thats fine but at the end of the day we deal everyday with this. I can only mention our daily experience and numbers.

 

[dxbkk]

what did you do finally? i'm also looking for an EMI that supports businesses in UAE.

I had to leave Dubai. I was still unable to get a bank account after much trying!

 

[Fred]

I had to leave Dubai. I was still unable to get a bank account after much trying!

Send me PM.

I'm sure we can help you if it's still required from your side.

 

[mike400]

I had to leave Dubai. I was still unable to get a bank account after much trying!

Which freezone and what was the reason for banks declining you?

 

[rowena]

DMCC and DSOA are different Freezones and of course they have different prices. DMCC is the best and most reputable FZ in Dubai and that's why it is also expensive but it doesn't mean you should go with the most expensive option. It depends on your business. I believe the pricing of Fred is very fair for the average Dubai company setup which is suitable for most people.

 

[rey skywalker]

dubai is a disaster nowday , everybank will ask you mininum investment 200 till 500 k , investment , for free zone companies

 

[Fred]

dubai is a disaster nowday , everybank will ask you mininum investment 200 till 500 k , investment , for free zone companies

Sorry not true. You have to know which banks to use and how to use them.

Again I can imagine that's your personal experience and of course that can be the case if you meet the wrong banker of the wrong bank. Don't forget that the bankers always try to sell you something to earn comission and of course they mention it as necessary.

That's why you have us with contact directly to higher positions inside the banks that focus on the account opening and not to rip you off.

 

[rowena]

dubai is a disaster nowday , everybank will ask you mininum investment 200 till 500 k , investment , for free zone companies

This is not correct. I opened my company account without any investment, even without office space and it is FZ.

 

[Gediminas]

everybank will ask you mininum investment 200 till 500 k

Maybe you meant 200-500k AED. Some banks would ask for such a deposit (not an investment), sometimes even more.

P.S. Dubai it's definitely not a disaster. Far away from that.

 

[Timmytam]

Hello Gentlemen,

I have a mainland registered company in Dubai and previously was working with Mashreq NeoBiz however our volume of business was too high for them so they shut down our account. The solution was perfect in cost and it solved our requirement for multiple currency account such as CAD,AUD,HKD etc. Does anybody else know of a bank in Dubai that can offer superior FX services and currency account outside the usual EUR/GBP/USD?

As a secondary solution we were using TW via a Delaware registration but that was shut down in September and since then it has been hard to find an EMI that can support our requirements for cheap FX and multiple currency accounts.

Please support us with some suggestions for an EMI that can either be registered on Delware Corp or DED Licinse that fits our requirements on FX Fee's and multiple currency accounts along with a suggestion of a bank that can replace the facilities we had at Mashreq as we visited Rak and ENBD who could only serve EUR/GBP/USD.

Thanks a bunch in advance!

 

[Fred]

Hello Gentlemen,

I have a mainland registered company in Dubai and previously was working with Mashreq NeoBiz however our volume of business was too high for them so they shut down our account. The solution was perfect in cost and it solved our requirement for multiple currency account such as CAD,AUD,HKD etc. Does anybody else know of a bank in Dubai that can offer superior FX services and currency account outside the usual EUR/GBP/USD?

As a secondary solution we were using TW via a Delaware registration but that was shut down in September and since then it has been hard to find an EMI that can support our requirements for cheap FX and multiple currency accounts.

Please support us with some suggestions for an EMI that can either be registered on Delware Corp or DED Licinse that fits our requirements on FX Fee's and multiple currency accounts along with a suggestion of a bank that can replace the facilities we had at Mashreq as we visited Rak and ENBD who could only serve EUR/GBP/USD.

Thanks a bunch in advance!

I suggest you to have a conversation with Ebury office here in Dubai as they are focused on providing much better FX rates then the local banks.

 

[rey skywalker]

guy i think here is bunch of amators , believe what you want , ebury is not a bank is currency exchanger, you need 500 k deposit and than invest is any decenct bank in dubay , 3 eur accounts is now days extremly difficult to get , 4 all dubai banks they are expanding their complaice procedures , 5 believe me forget free zone company , they are usesless , who tell you is posssibel is just try sell you a dream, and by they way if you need a corporate account you need fisrt a emirates id , and it take 5 weeks this facts , the rest is the usual business advisor try sell you something .
Any body has recently expereince in dubai?