Jurisdiction Recommendation for $1M+ Turnover Business

[Andrei636]

I have several personal bank account in UAE but not a business account. If you need a business bank account then you need to rent a real office, real electric/water utility bill(called DEWA). They will cost roughly $10k per year also yearly company fees(min $6-7K), accounting(min $2K), visa etc... You need to spend around yearly $20K for all-inclusive, "proper" company setup. UAE is not a cheap place but the company tax is %0.



Thank you. I am doing this business since 4 years that's why I can able to predict a turnover early. Hopefully, it will go well.

can't you use a foreign bank account like online banks as revolut ?
can't you cashout on your personnal account since there is 0% tax ?
What if you own a dubai LLC with a virtual office rent for only 2.5k that you get in bundle with the company formation with most of lawyers? then u cannot own a business bank accunt ?

 

[rowena]

I'm curious, with all what we have read around the forum then I wonder why you don't find it secure to register a company somewhere in the UAE and open a real bank account there? You could hold all your money in one or two banks and live in silence. Or isn't that the real world?

I need to run with several companies because of the nature of my business and UAE is one of the most expensive countries to run a company. There are lots of company types and you can not open a real bank account with cheap ones(offshore companies, flexi desk companies etc..). Your expenses will be $20K per year per company for a company with a real bank account and I don't want to pay $100K per year for my all companies

Some freezones e.g. Fujairah Creative City still doesn't require accounting or auditing. Yes, there is VAT reporting required but depending how complex your transactions are you can do it yourself or make someone else do it for you. You may also apply for VAT exception if your transactions are overseas or VAT zero rated.

If you have good ties with the banks by having premium or private client accounts, who know you and your source of funds well, then I see no reason why they would reject you. You can always threat them a bit that you will close the accounts if they are not willing to help you with corporate account opening.

Otherwise doing all the proper "office setup" for 1 year, then getting 3-4 bank accounts, closing the office down after 1 year and keeping the accounts don't seem like a bad "last resort" idea as well.

The VAT is not an issue, my business is VAT exempt but the problem is getting a real bank account. I have a priority, high balance personal bank accounts with 2 different banks for 5 years. I went to their headquarters to apply but still rejected my very low risk business(they also tried to sell shitty investment products) because they don't want PO box, flexi desk companies. Basically you have 2 options to get a real bank account for your company: Proper-office rented company setup or Wasta.

can't you use a foreign bank account like online banks as revolut ?
can't you cashout on your personnal account since there is 0% tax ?
What if you own a dubai LLC with a virtual office rent for only 2.5k that you get in bundle with the company formation with most of lawyers? then u cannot own a business bank accunt ?

I don't know Revolut but most of EMIs working with UAE companies. I have RAK ICC company and cashing out to my personal account in UAE. This is a working solution but still checking other options.

Opening a bank account with virtual-office is almost impossible.

 

[buenosdias]

I don’t think OP could check all of his boxes in any jurisdiction, other than UAE. Even though you can find one (very unlikely), the rules will change in the future (like in Seychelles), due to obvious reasons.

 

[iloveyouguys]

US LLC is subject to taxes as far as I know and accounting etc..

Yes, Google supports sole but I already have a sole account for my another business.

Hi, have you set up a US LLC?