I don’t think it’s going to be a problem for personal accounts. Once you have Visa you will also have Emirates ID. I have just recently opened CitiGold and they asked me for a proof of address, utility bill. They didn’t ask for bank statements. But I am pretty sure that if they see the visa was recently issued, they wouldn’t make much troubles either. You can stay in service apartment instead of hotel and provide its address, so it looks more legitimate. People are actually living in service apartments either temporarily or long term.
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United Arab Emirates - AMCFZ Company
- Thread starter kriyazen
- Start date
Thanks for your answer, if your activity is only crypto trading is there a way to fill the personnal account there (with cash or a withdrawal) only for paying monthly expenses (as appartment, bills..)
Will the uae issue you a tax certificate if you live all year there with fz sponsore visa, but do not receive salary (in case you make a fz only to get a visa but which will be dormant, because not allowing crypto trade)
Salary certificate/source of income is required.
Not sure which banks are crypto friendly in UAE these days.
Guys, I don't understand you.. if $6k+ legal expense and $2k per year is expensive, why you bother yourself with these tax residencies? Just pay tax in your country. It should be cheaper overall.
I think legit residency in such country as United Arab Emirates will set you back at least $10k per month (including rental, legal expense, fligths and etc.). So, it's worth calculating if really you would pay more than $10k per month in taxes in your country...?
Any other reasonable residency would also cost a lot..
I don't think it's realistic to "fake" residency these days. Tax inspectors can get flight records, credit card data, phone movement data, even discount, loyalty cards records... and etc. I mean if you want to change residency you really have to be ready to live in that country. Rent a flat, apply for fitness club, spend time, eat in restaurants, pay every shop and restaurant with credit card to have presence records...
Sooner or later you will be asked to provide these evidence. If no evidence, you will be still taxed in your country of origin...
Tax inspectors would even collect your social media data , facebook, instagram. If you make photos in your country of origin and post it. They will use it as proof of still living in country of origin. They also track participation in events and conferences..
To be realistic about tax residency you have to make sure you have more social, personal and economic ties with UAE than with your origin country.. Simple incorporation and residency card is not enough for tax residency.
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Does the freezone you choose will have an impact for the opening of a personnal bank account (not business) ?
Ifza is as shitty as ajman media city fz ?
I don’t think it really matters for personal bank account opening. Banks know that every person is properly screened before residence visa is issued. The only difference is that Dubai residence visas are processed by Dubai gov. itself, while other Emirates are handled by Abu Dhabi gov.
@petal355 as @BlueMist correctly points out, it doesn't make that much of a difference for a personal account. However, having said that, bear in mind that personal accounts will require a salary certificate (proof of income from the company that will be acting as your sponsor) and -obviously- this will require a company account first so that it pays you the corresponding salary. And therein lies the current battlefield as the guv'nos (banks, lol) are getting tougher on applications these days.
I'm seeing people here that have had (or have heard of people that have had) an easy time opening accounts, I just typed my own experience as well as what the guys at the customer service center of different FZs have told me in person. I must insist that things aren't as easy as even 3 months ago, but hey, it may just be for me, others may have a more likeable face, I don't know...
Not really. Salary certificate does NOT come from your company. It comes from your free zone. CCFZ has always issued me salary certificate AED 10,000 without asking for any banks statements. Should I wish however them to issue me a higher value on the salary certificate, they would require to see bank statements.
Also some banks have online applications process and all they require is passport copy (with visa page) + Emirates ID:
https://www.adcb.com/en/personal/accounts/current-savings-account/adcb-hayyak.aspxhttps://www.cbd.ae/personal/bank/apply?pint=acc_ca
That was not my point. Yes, the FZ will issue a salary certificate <<if you need one...because, as a shareholder in a company, you may also apply for a personal account as shareholder/investor, though it's more difficult for FZs than LLCs/onshore, but not yet impossible, especially at global banks (Citi, Standard Ch, etc)>> which -depending on the FZ- can be 'for free' (no additional paperwork/Qs) for up to AED15k/month. However, what I meant is that you'll be opening a 'salary account' whereby your company will be 'paying' you a salary that will be recurrently deposited in the account. Nowadays if you don't do that, you may get away with the scheme for 2-3 months, but then you'll start being asked too many questions and that ain't a pretty road to walk in the UAE. Having seen that I prefer to be rather cautious when discussing things, up to you which way to go...
@BlueMist - you could've added Mashreq's NEO, I'd hands down suggest them over Commercial (CBD) to my contacts, just saying...
That was not my point. Yes, the FZ will issue a salary certificate <<if you need one...because, as a shareholder in a company, you may also apply for a personal account as shareholder/investor, though it's more difficult for FZs than LLCs/onshore, but not yet impossible, especially at global banks (Citi, Standard Ch, etc)>> which -depending on the FZ- can be 'for free' (no additional paperwork/Qs) for up to AED15k/month. However, what I meant is that you'll be opening a 'salary account' whereby your company will be 'paying' you a salary that will be recurrently deposited in the account. Nowadays if you don't do that, you may get away with the scheme for 2-3 months, but then you'll start being asked too many questions and that ain't a pretty road to walk in the UAE. Having seen that I prefer to be rather cautious when discussing things, up to you which way to go...
@BlueMist - you could've added Mashreq's NEO, I'd hands down suggest them over Commercial (CBD) to my contacts, just saying...
Yes, I did not mean to list all of them, just to show example of requirements. I don't have personal experience with either CBD or Mashreq, so can't comment.
There is also LIV by Emirates NBD:
https://www.liv.me
Anyway, I have never been asked for salary certificate to open a bank account, so it is not required. Living many years here the only reason I had to request for salary certificate, was to sponsor dependants.
There are plenty, just google service apartments Dubai:
https://www.nuran.com/en/accommodation/
People live long term in such apartments, they are also often used for newcomers. I stayed myself few months in one of them and the bank reps visited me to sign papers for personal account.
What I'm wondering is, let's say you rent a serviced appartment, or an Airbnb, you won't be able to get the tax residence certificate ? (as Certified tenancy contract with Ejari (RERA) attestation/title deed ) is needed
In the same way, if your company is dormant because you trade only under your own name, and you are only a trader/investor, or just your fz company has no bank account because you wouldn't be able to open one, then you wouldnt be able to give yourself a salary. You can still lie with a salary certificate that you would not really get. However to get the tax residence certificate you need a Bank statement for the last 6 months. (source : Tax Residency Certificate | Taxation in UAE | Commitbiz)
Thus, I'm seeing a risk here, even if you live WHOLE YEAR in UAE, sponsored by your fz, in a airbnb, serviced appartment, or a normal lease, they could refuse to issue you this certificate, you might then not be able to claim the uae tax residence in front of your citizenship(or others) administrations, which could have catastrophic consequences depending of which trading/operation you did. Is that right or these are fake worries ? Happened to anyone or if you live 360 days a year in UAE they will give you anyways this certificate even if you don't have any salary or activ company)
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I have stayed in the same hotel building for the past 5 years, I pay around $2k/mth.
What happens is that the hotel can issue you a letter in place of Ejari, confirming yourself being a resident with the rental period mentioned on it. For sure it shouldn't be too short. Best is to sign 12 month lease which you can cancel with usually 1 or 2 months penalty. The letter would also sate that water and electricity is covered in the rental agreement, so you don't get separate utility bills.
I can't think of any reason why would somebody not receive tax residency certificate, when the requirements are fulfilled. Also do not use Smart Gates or eGates systems. Go face to face with the immigration officer... Collect the entrance and exit stamps (yes you get them all the time even if you are a resident). This is enough to proof the number of days stayed in the UAE.
After reading all the reddit and all these information, it's kinda scary.
>Do you think for a crypto trader, without initial investment (low bank balance) is it ok to go to Dubai, open a FZ (fujaihra or rak or...), which will be dormant, only here to secure the residency via visa sponsoring (because anyways banks won't open acounts for such activity and it's more suitable to keep it under own name), already I see people in low risk industry activities not able to open corporate accounts...
all the agents I have been contacting tell me all is so easy and without a risk of failure, but when I start to read on reddit I can see some people stucked.
Let's say you do not use this company at all, it stays dormant, it makes annual audit with "0 AED". You keep all your investor/trading activity under your own name. Will it be possible to get a personnal bank account ?
But despite of this you live whole year in Dubai, pay the rent,(airbnb or serviced or normal apt), opened a personnal bank account, and withdraw to this account from crypto platform only enough to live (2K-3kusd) monthly
Will this prevent you from getting the residency there and its certificate?
(im crypto trader and above all this without funds in fiat in banks, all in crypto, so I try to know if it's feasable to get residency there, as I wouldnt like to be stucked after all process start)
nb : maybe would there be always a solution to bank the company abroad with an EMI and send a "salary" by this way, so this would mean we cannot be stucked. because there will always be a shitty emi that will open for the fz business
>Do you think for a crypto trader, without initial investment (low bank balance) is it ok to go to Dubai, open a FZ (fujaihra or rak or...), which will be dormant, only here to secure the residency via visa sponsoring (because anyways banks won't open acounts for such activity and it's more suitable to keep it under own name), already I see people in low risk industry activities not able to open corporate accounts...
all the agents I have been contacting tell me all is so easy and without a risk of failure, but when I start to read on reddit I can see some people stucked.
Let's say you do not use this company at all, it stays dormant, it makes annual audit with "0 AED". You keep all your investor/trading activity under your own name. Will it be possible to get a personnal bank account ?
But despite of this you live whole year in Dubai, pay the rent,(airbnb or serviced or normal apt), opened a personnal bank account, and withdraw to this account from crypto platform only enough to live (2K-3kusd) monthly
Will this prevent you from getting the residency there and its certificate?
(im crypto trader and above all this without funds in fiat in banks, all in crypto, so I try to know if it's feasable to get residency there, as I wouldnt like to be stucked after all process start)
nb : maybe would there be always a solution to bank the company abroad with an EMI and send a "salary" by this way, so this would mean we cannot be stucked. because there will always be a shitty emi that will open for the fz business
Ok, so a little update for those negative people sh*tting in their pants, because the tax inspector might come. I gave AMCFZ a "go" and set up FZE LLC. It took two days to get my visa, UAD ID in 4 days, and the drivers' license almost instantly. I opened two business bank accounts (AED 20k and 5k minimum balance requirement). Now I'm just waiting for a personal bank account, will keep you posted. The TAX inspectors can come
BTW: the guy at the bank told me they only report to tax authorities in my home country if I provide tax ID in my home country, and I asked them to do so. They don't like reporting, because it's an additional workflow. Since I have a visa and UAE ID, I'm a resident in UAE, nothing to report here.
Thank you to all the people who added value by providing valuable information.
BTW: the guy at the bank told me they only report to tax authorities in my home country if I provide tax ID in my home country, and I asked them to do so. They don't like reporting, because it's an additional workflow. Since I have a visa and UAE ID, I'm a resident in UAE, nothing to report here.
Thank you to all the people who added value by providing valuable information.
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Nice story and congrats on the timing, certainly faster than my route...Mind telling which company you used as your agent for the company set-up and which banks you opened an account with? Thanks in advance.
Hi Dear,
I followed your post and see all the exchanges by others members.
I would like to incorporate in Dubai Ajman or Ifza for expense. But i have a really hard situation.
May i explain my situation to you in hope to get some advice from you (Agent, Concerned Bank etc) . i dont want to create a thread about it as it will maybe bother others
Regards
I followed your post and see all the exchanges by others members.
I would like to incorporate in Dubai Ajman or Ifza for expense. But i have a really hard situation.
May i explain my situation to you in hope to get some advice from you (Agent, Concerned Bank etc) . i dont want to create a thread about it as it will maybe bother others
Regards
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