Can you use offshore company and bank account in UAE if you are online stock/cryptocurrency trader?

[assassin7]

Can you use offshore company and bank account in UAE if you are online stock/cryptocurrency trader?

Does UAE allow freezone companies owner to generate income from online stock/cryptocurrency trading and then transferring the profits to the bank account opened in UAE?

 

[Brokenby2703]

I have no idea for DUBAI.
But for RAK FREEZONE (FZE/FZC) it's everything based on your license.
If you have a FINANCIAL license you can get payment in cryptocurrency.
If you have any other license (commercial or trading) you can't.
I just asked to their broker.

 

[assassin7]

I have no idea for DUBAI.
But for RAK FREEZONE (FZE/FZC) it's everything based on your license.
If you have a FINANCIAL license you can get payment in cryptocurrency.
If you have any other license (commercial or trading) you can't.
I just asked to their broker.

Thanks, I talked to an online company formation service and they confirmed that cryptocurrency trading business is not supported in RAK. Looks like I'll have to find another jurisdiction.

 

[superman]

UK, Switzerland and (Romania) offer good environment for such biz. I self have choosen Switzerland.

 

[Okanda Fernando]

Switzerland is the better option for sure

 

[diablo]

Switzerland is the better option for sure

I agree so much with this statement! Why do you want to go to the UAE while they don't allow crypto biz at all! It's a shitty expensive place only for the rich people of you (if there are any here) and not for cowboys.

 

[JohnK]

does UAE has banned cryptocurrency? is it allowed to do business with crypto using UAE corp?

 

[Okanda Fernando]

does UAE has banned cryptocurrency? is it allowed to do business with crypto using UAE corp?

They just don't allow any business with crypto. This is a hectic situation in UAE and I don't know why they are doing this in such good business place like UAE.

 

[diablo]

As I read in the Financial papers the UAE try to rebuild something similar to the blockchain it may be the reason

 

[JohnK]

They just don't allow any business with crypto. This is a hectic situation in UAE and I don't know why they are doing this in such good business place like UAE.

Do you know if this is going to change anytime soon? they will loose a lot of business from worldwide this way or don't you think so?

 

[Okanda Fernando]

They have their own money, business and they don't need any businessman from world using crypto. This country is crazy rich. I don't think this situation about crypto going to change any soon.

 

[assassin7]

UK, Switzerland and (Romania) offer good environment for such biz. I self have choosen Switzerland.

Switzerland is the better option for sure

I don't mind Switzerland but according to my research about Swiss company and bank account, it all seemed SUPER expensive.

Can you tell me what kind of minimum costs can I expect if I go for Switzerland?

 

[Martin Everson]

A Swiss company will cost you 20,000 chf for a Gmbh and 50,000 chf for an AG. If you can't find 20,000 chf to start a Swiss company then Switzerland is not for you. The banks are also pretty expensive and very strict today.

 

[Internationaloff]

Can you use offshore company and bank account in UAE if you are online stock/cryptocurrency trader?

Does UAE allow freezone companies owner to generate income from online stock/cryptocurrency trading and then transferring the profits to the bank account opened in UAE?

An important question.
Trading with personal or third-party funds?

 

[assassin7]

An important question.
Trading with personal or third-party funds?

Personal funds. Profits from trading are a source of income for me. Personal income. No other people are involved. Just me, my funds and trading platforms. What would you suggest? I need a cheaper jurisdiction. 20000 chf, as the person above mentioned, is too expensive for me to set up a company in Swiss.

 

[Internationaloff]

Personal funds. Profits from trading are a source of income for me. Personal income. No other people are involved. Just me, my funds and trading platforms. What would you suggest? I need a cheaper jurisdiction. 20000 chf, as the person above mentioned, is too expensive for me to set up a company in Swiss.

Kraken as exchanger?

 

[ernak]

I think you can create a company and sell your personal investments that way. The problem would be if you deal with third-party funds.

 

[JohnLocke]

I think you can create a company and sell your personal investments that way. The problem would be if you deal with third-party funds.

Indeed. Private investments you may do regardless what situation you are in, third party investments and professional investment schemes will most often require a license.

 

[ernak]

I set up an UAE based company for this reason but now I stuck with registering bank account for the company. Can someone give me an idea where should I open an account? I read in the forum that Mistertango is a good solution however
dont know how safe it is for 100K + earnings. Someone any experience with Swiss banks? I found this post on reddit. An extensive guide for cashing out bitcoin and cryptocurrencies into private banks • r/Bitcoin

 

[JohnLocke]

Most often you have several accounts for this purpose and use services like transferwise before you send the money to your local bank account.