I don't understand what do I have to do (UAE 2024)

[Offshore13]

Thank you so much!! Which other region I can get that is white listed in eu, and easy going - no annual tax fillings, no processes, no tax reports, no vat etc? Real company (with director and shareholder, not LLC or passive company with members).
Which other similar would you suggest?? I read that BVI also don’t need audit, tax fillings and tax returns, is that correct? That’s an option but is gray listed in eu.
Thank you very much!

I wouldn't worry about being on a grey list; that's more of an EU standard that doesn't really affect most people. If you're from the EU, UK, or any non-greylist country, you shouldn't have any trouble opening bank accounts or doing business. It's not worth it to go for the cheapest option; I've actually lost more money trying to save on costs than if I had just gone with a strong company structure. If you're considering Marshall Islands, Belize, or Seychelles, it's better to use them as a subsidiary rather than your main company. For safety, I think setting up in the UAE (FZE or Mainland) with residency is the best approach.

what happens if BVI/Belize/Marshall Islands wants to audit your accounts, and you didn't keep any records?
you just stop answering emails, and over time company goes to strike off (since you won't pay renewal

I really dont know about that but I would not test this as one day you might fly to any of these countries and forgot about it and then you might get a bad surprise. In business always keep clean records you never know. Its my personal advice, maybe legally then cannot even touch you

 

[JackieTsan]

what happens if BVI/Belize/Marshall Islands wants to audit your accounts, and you didn't keep any records?
you just stop answering emails, and over time company goes to strike off (since you won't pay renewal)?

Keep records man! respect them as they respect you! You get in an agreement, respect it!
Same as uae I am typical 100%, don’t like anymore what they offer? You Tell them ciao habibi and move to other “agreement”.
Been typical and respectful is not only mandatory for you; but if you’re not the rules will change. People that are not following the rules are making these authorities ask harder requirements.
Would be the most important to be respectful to any “engagement” you get in.

I wouldn't worry about being on a grey list; that's more of an EU standard that doesn't really affect most people. If you're from the EU, UK, or any non-greylist country, you shouldn't have any trouble opening bank accounts or doing business. It's not worth it to go for the cheapest option; I've actually lost more money trying to save on costs than if I had just gone with a strong company structure. If you're considering Marshall Islands, Belize, or Seychelles, it's better to use them as a subsidiary rather than your main company. For safety, I think setting up in the UAE (FZE or Mainland) with residency is the best approach.

I’m from eu yes (and eu passport), living outside 10 years and more.
How you can use Marshall or Belize as subsidiary I don’t understand. Please can you kindly explain? Marshal has ESR can’t be used to save amounts and this is illegal if you mean this. (Having a company in uae and use Marshall as expenses- supplier), correct??? That is againest ESR or I am wrong?
I can do this if it’s legal!! And send expenses to UAE OFFSHORE (rak) so will not be taxed there.
According to ESR tha Marshall has, it’s not.
Please correct me if I’m wrong!
Also, are you a consultant? I'd extremely appreciate it if you can help me (paid service of course) to figure out what to do!!!
Hundreds of thanks for your time @Offshore13

 

[sergeylim88]

i was just asking a hypothetical question
i have no companies (At the moment) in any of mentioned countires, but I was just thinking out loud
@Martin Everson and @JohnnyDoe what do you think? you guys have a lot of experience with those island countires
honestly i even doubt anyone would make an audit

for UAE is clear, you have to do everything by the book.

 

[JackieTsan]

i was just asking a hypothetical question
i have no companies (At the moment) in any of mentioned countires, but I was just thinking out loud
@Martin Everson and @JohnnyDoe what do you think? you guys have a lot of experience with those island countires
honestly i even doubt anyone would make an audit

for UAE is clear, you have to do everything by the book.

for UAE everyday is getting more clear : run away as many members here suggested but I still try and have hope

 

[JohnnyDoe]

i was just asking a hypothetical question
i have no companies (At the moment) in any of mentioned countires, but I was just thinking out loud
@Martin Everson and @JohnnyDoe what do you think? you guys have a lot of experience with those island countires
honestly i even doubt anyone would make an audit

You just have to worry about VAT, import duties and property taxes. It’s up to you to decide how much to give to the state, if you prefer to live a simple life you can end up paying almost nothing. Nobody cares about what you do abroad.

 

[sergeylim88]

here we are talking about ibcs (offshore companies not doing anything on their soil), so that means no one will care, just like i figured
thanks for the input

 

[JackieTsan]

here we are talking about ibcs (offshore companies not doing anything on their soil), so that means no one will care, just like i figured

4 years back discussion; i wouldn't say to trust it at this point as A LOT have been changed.

 

[Martin Everson]

what happens if BVI/Belize/Marshall Islands wants to audit your accounts, and you didn't keep any records?
you just stop answering emails, and over time company goes to strike off (since you won't pay renewal)?

BVI and 11 other tax havens already automatically share data with home country of BO where they are non-resident and company has no economic substance - see below. It may cause you issues in your home country however if they get a report through depending on if your governemnt is even interested in hearing about the striking off.

https://www.offshorecorptalk.com/th...es-with-no-substance-with-ubos-country.36103/
In general those small countries are powerless to do much other than let the company be struck off like below.

https://bccar.bz/elliot-management-group-inc-no-30614/

 

[JackieTsan]

BVI and 11 other tax havens already automatically share data with home country of BO

Home country OR/AND country of residence?

 

[Martin Everson]

Home country OR/AND country of residence?

Residence only.