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SWISSMONEY Iban Accounts with Sepa

RAK uae CORP + VISA

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jojojo

New member
Sep 12, 2018
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#1
I understand we can get automatically a resident VISA with a RAK corp. However what is not clear to me, in order to avoid to CRS - you surely need a RAK residential address. ie you actually need to buy or rent a residential house?(which you can do as you got a VISA).

Is that correct?

After which you will also get your residency ID card ofcourse.
 
#2
UAE don't require residential house or apartment to get VISA. If you incorporate for example RAK FZE you get a flex desk office address. You open bank account with company documents and passport. After this you can apply for VISA and emirates ID with your corporate documents. With RAK FZE you are able to get VISA for 3 years. After you did medical test and so on you can change with VISA and emirates ID your bank account to resident bank account so no more CRS for this account. In your VISA appears your RAK FZE and flex desk office address. emirates ID card don't show any address. With this setup you are free if you want to rent a apartment, house or hotel room. But you don't need it because only requirement for keeping the VISA active is to stay every 180 days for 24 hours in UAE.
 
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#3
Thanks, but some things are not still cleaer to me...

so - opening the corporate bank there is no need for directors to identify themselves with an address?
surely when opening the personal account - you would need to give some form of address? - even give them an address before you get your VISA/ID card?

point to note that technically if you do give a foreign adddress - and then convert it 1 week later to a resident bank account - CSR still applies for that account as it has a foreign address....

".....point to note that technically if you do give a foreign adddress - and then convert it 1 week later to a resident bank account - CSR still applies for that account as it has a foreign address...."

edit:
- meant to state - that it is reportable for the first year only as it has a one point in the year a foreign address.

is it actually easy to open a bank account here in UAE with a local onshore VISA?
this guy in link below doesnt seem to be having any luck?
Which EMI or Bank for Legitimate Offshore Company ?
 
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#4
jojojo said:
- meant to state - that it is reportable for the first year only as it has a one point in the year a foreign address.
Click to expand...

Correct

p.s Not sure how you open an account in UAE with no residential address for director. Normally you present your DEWA bill and emirate ID card.
 
#5
exactly - so a bit more clarity is needed - obviously i can speak to the agents about this - but surely there are some smart people on this forum who could answer this?
a bank would even collect an address purely for id purposes also anyway for maknig sure transfers are executed byt the right signatories(and not some tom , dick harry with the same name)

A lot of this stuff on this forum is dangerious advice in my opinion. Funny how everyone seems mostly concerned about "taxes" but rather try and save 20% tax but then put their money in some sh*thole bank and loose it all. 20% of nothing is 0.

A good business that makes 100's thousands/millions needs to be legit and have good banking providers you can speak to

apoligies for putting all my answers in separate threads...
 
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#8
negon said:
What's the costs for such an entity, roughly? any special requirements i.e. paid in share capital etc ?
Click to expand...

4000-7000USD
Depends on type of license you choose. Good to know is that banks in UAE likes more specific licenses like e-commerce license. As more shady as the license is like general trading license or financial trading license you are unable to get bank account. The general ones are the cheapest ones.

Opening bank account without VISA you only need your passport and bank account opening letter you get from your freezone during company formation process.

Now you are right you have reportable accounts so don't use this accounts they are only pre-approval accounts you get within 2-4 weeks. During this time you apply for your visa and emirates ID. When this is done you can change you accounts to resident account and you are able to get cards. You can give them every address you like hotel or airbnb.

In UAE everything is centralized so if you order bank card you have collect it in a branch, same for emirates ID and so on. So no yearly rent of house required.
 
#10
With UAE offshore please forget about a real bank account this times are gone. UAE offshore you are able to get a little bit more EMI's as with classic offshore but that's all and don't forget about the double price compared to classic offshore in other jurisdictions.

The bridge between FZE and UAE offshore is a freelancer license with price around 4000USD and 2 years VISA. You get only private account in your name but you can use it for transactions. Please be informed that there are freelancer licenses you have to choose and to fit in.

I always recommend FZE because you can get accounts with all EMI's that accept international companies + you get a bank account in nearly all banks in UAE.

UAE FZE one of the last good big boy setups so you have to play and pay like them.
 
#11
ledger said:
4000-7000USD
Depends on type of license you choose. Good to know is that banks in UAE likes more specific licenses like e-commerce license. As more shady as the license is like general trading license or financial trading license you are unable to get bank account. The general ones are the cheapest ones.
Click to expand...
why you need a license for straight business?
 
#13
#14
ledger said:
In UAE everything is centralized so if you order bank card you have collect it in a branch, same for emirates ID and so on. So no yearly rent of house required.
Click to expand...
May be for UAE it's not required but the bill is strictly required for any foreign bank. Perhaps it's possible to use the UAE bank statement with UAE address with foreign banks, but they may ask a bill, and I don't think it's legit to provide an address where you can't be reached, especially when making a swift transfer.

ledger said:
The bridge between FZE and UAE offshore is a freelancer license with price around 4000USD and 2 years VISA. You get only private account in your name but you can use it for transactions. Please be informed that there are freelancer licenses you have to choose and to fit in.
Click to expand...
Is this license simpler to obtain? It seems that paying 4000 for a trade license, visit UAE twice a year and living tax free is not a bad idea, but I think it won't be that simple. I don't want to setup a company, sign a yearly rent contract, get a residency and other required things finally finding that this setup is not a bulletproof protection from tax claims.
 
#15
GrumpyMess said:
May be for UAE it's not required but the bill is strictly required for any foreign bank. Perhaps it's possible to use the UAE bank statement with UAE address with foreign banks, but they may ask a bill, and I don't think it's legit to provide an address where you can't be reached, especially when making a swift transfer.


Is this license simpler to obtain? It seems that paying 4000 for a trade license, visit UAE twice a year and living tax free is not a bad idea, but I think it won't be that simple. I don't want to setup a company, sign a yearly rent contract, get a residency and other required things finally finding that this setup is not a bulletproof protection from tax claims.
Click to expand...

For foreign account I recommend privat banking in Georgia and Switzerland. No problems at all. Also you can use EMI too.

Process of applying for freelancer license is same as for FZE license. It‘s cheaper because you can only do business in your name and have 2 year VISA.
 
#16
ledger said:
For foreign account I recommend privat banking in Georgia and Switzerland
Click to expand...
Did the bank in Switzerland accept that you don't have a bill? Georgia is not the country you want to keep your money safe. EMI also can't be considered as a good way to store your money.

ledger said:
Process of applying for freelancer license is same as for FZE license. It‘s cheaper because you can only do business in your name and have 2 year VISA.
Click to expand...
So there's no benefits then. I thought opening a FZE company is more complicated than just a freelancer license
 
#17
GrumpyMess said:
Did the bank in Switzerland accept that you don't have a bill? Georgia is not the country you want to keep your money safe. EMI also can't be considered as a good way to store your money.


So there's no benefits then. I thought opening a FZE company is more complicated than just a freelancer license
Click to expand...

Swiss Bank is fine with living in hotel or airbnb. If you go with good private bank they know the pros of UAE and that many business owners in UAE live in hotels.

Georgia have very good conditions for banking and card programs for example you can get amex platinum as non resident. For daily spend account it perfect fits my needs. For sure I don't bank 10s thousands $ with them. EMI's perfect choice as gateway between merchant accounts like paypal or to receive client funds in SEPA area.

You are right no difference between FZE and freelancer license. You pay less you get less only difference.
 
#20
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