If I live in UK, Canada, US, European Zone, Australia, NZ, South Africa (perhaps too) than an offshore company will give me no benefit - you wanted to say. Namely, all other countries don't chase their citizens, temporary residents and tourists for taxes.
Beside of the already mentioned - the UAE can be useful if you are a digital nomad or a low tier passport holder.I'm not from US, Canada, UK, Australia, Europe
If I set up a company in Dubai and won't live there, what'll be a benefit of the fact that UAE is a zero tax country? Zero taxes apply only to those who spend at least 183 days per year in UAE, no?
How will a local government find out about my UAE company if UAE doesn't exchange information automatically?In nearly all cases if you are the only real director/controlling person of the company, the company becomes tax resident where you live and has to pay tax just like a local company.
Sold!With the Company Formation that grants you the residence visa you are able to open the local UAE banks without the need of renting an apartment the whole year - the only requirement is to keep the residence visa active with coming to the UAE every 180 days.
UAE is part of CRS since 2018How will a local government find out about my UAE company if UAE doesn't exchange information automatically?
That's exactly not the way to go.Sold!
First I think I'd obtain a freelance visa, open a personal bank UAE account and see how it goes for a half a year or so. Later, possibly I'd open a company and a business bank account.
Can a freelance visa be converted into a company later on? Or will I have go through all the procedures and pay the whole cost of opening a company all over again?
Get it.You haven't understood. I didn't say that that I'd be condacting business using my personal UAE account for that.
How can it be? You mean that any money, apart from salary and investment, *from ouside of UAE* would be deemed as business transactions?Everything beside of salary or investment you receive to personal account will be considered as business transactions.
Too much theory.How can it be? You mean that any money, apart from salary and investment, *from ouside of UAE* would be deemed as business transactions?
What if a UAE resident sent me some money, say $500, or even 1-3k usd? Maybe he owed it to me, maybe he made a gift -- there can be a gazillion of potential situations where 2 individuals would send money to each other.
Right. Too frequently, tens of thousands. But previously you said a diffeernt thingIf you receive frequently 10's of thousands of $ to a personal bank account - what you do if you consider the UAE as a valid option for your business - they ask you about the transactions and shut down the account because they suspect personal account abusing for business activity.
Everything beside of salary or investment you receive to personal account will be considered as business transactions.
10.000 usd is high turnover for personal account for business account not really. In general you can have much higher turnover with business account.Business bank account with higher turnover also raise the question in the eye of bank .What is the difference for personal and business account ?
So what is the catch ?