Recent content by fbsworld

Hi! Yes I confirm we have converted (the official wording is "redomiciliation") offshore companies to freezone companies: - RAKICC (Offshore) to RAKEZ (Freezone) - RAKICC (Offshore) to IFZA (Freezone) FYI, it is not possible to do it with a AFZA (Freezone) companies. It costs around AED 8,000...

SwissQuote in Europe and EmiratesNBD Private Banking in Dubai. LTV is around 60%.

It is usually a very bad idea for a non-US resident to use an US LLC to buy crypto: Virtual Currencies | Internal Revenue Service "Virtual currency transactions are taxable by law just like transactions in any other property. Taxpayers transacting in virtual currency may have to report those...

I pay AED 1,890 per year (VAT inc.). Auditor is approved by DMCC.

So have a look to pages 5-7-9 of https://www.mof.gov.ae/en/StrategicPartnerships/Documents/Economic%20Substance%20Activities%20Flowcharts.pdf

You have all details here: Economic Substance Regulations

The article is about bank account opening, it is not related to crypto... it is not because it is talking about blockchain that it is related to crypto

Interesting info: https://www.arabianbusiness.com/industries/banking-finance/mashreq-bank-offers-investors-added-option-to-open-digital-bank-account-by-joining-uae-kyc-blockchain-platform

I'm also a bogglehead. Dot invest in stocks but in large ETFs. Do not use a US company for that, move to Dubai, invest in ETF from Ireland. Open a account with SwissQuote, Saxo or IB.

Great worldwide analysis, thank you!

Have you tried with Sharjah Islamic Bank?

ESR = ECONOMIC SUBSTANCE REGULATIONS, see applicable regulation: الهيئة الاتحادية للضرائب - 404 Same for an US LLC (I suppose you use it as an Foreign-owned U.S. DE), never use it as an holding because of passive income taxation in the US...

No, do not do that! For an UK LLP, put 2 individuals resident in the UAE, not your UAE company, otherwise it will be under ESR...!

Hi, > Do I need fo fill the 5472 form in April? Yes for sure! > I just registered the LLC and already got a payment. Can I do that myself? Or can you recomment any company / CPA which is not that expensive and will do that for me? You can do it by yourself if you know what you are doing...

I'm not working for RAKICC but you have all info there: Services - Private Client Solutions - RAK ICC Foundations