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Advice Needed on Transitioning from Sole Trader to UAE Company with crypto related

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AtMo

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Mar 14, 2022
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#1
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I'm a Chinese citizen and resident currently running an e-commerce business as a sole trader. I'm considering forming a company in the UAE. My operations are entirely online, split between a Europe-based e-commerce platform and a UAE-based cryptocurrency trading website.

The Europe-based platform is my primary means of receiving fiat funds, and it would be preferable for me to have an SEPA bank account for my e-commerce business. On the UAE site, I only trade cryptocurrencies, with no fiat involved. However, the UAE site does not support businesses registered in the UAE or the USA. Given this, I'm uncertain about how best to register or operate on the UAE site following the transition to a UAE company.

All my employees are based in China. I'm also considering whether it would be beneficial to form a separate company in China for consultation purposes following the UAE company setup.

I have several questions I'm hoping to get some advice on:

  1. Is it feasible or advisable to continue using the UAE site under my personal name, even after forming a UAE company?
  2. What potential tax implications or legal issues might arise from continuing to trade cryptocurrencies on the UAE site as an individual, while running other parts of the business as a UAE company?
  3. Given the preference for a SEPA bank account, are there specific considerations or steps I should take during the transition from a sole trader to a company, especially in terms of banking arrangements? Should I form another company just to register on the European platform so I can have SEPA banking?
  4. Considering my Chinese residency and the fact that my workers are in China, would it be advisable to set up a separate company in China for consultation after the UAE company setup?
Any advice or shared experiences would be greatly appreciated. Thank you in advance.
 
#4
AtMo said:
I'm a Chinese citizen and resident currently running an e-commerce business as a sole trader. I'm considering forming a company in the UAE. My operations are entirely online, split between a Europe-based e-commerce platform and a UAE-based cryptocurrency trading website.

The Europe-based platform is my primary means of receiving fiat funds, and it would be preferable for me to have an SEPA bank account for my e-commerce business. On the UAE site, I only trade cryptocurrencies, with no fiat involved. However, the UAE site does not support businesses registered in the UAE or the USA. Given this, I'm uncertain about how best to register or operate on the UAE site following the transition to a UAE company.

All my employees are based in China. I'm also considering whether it would be beneficial to form a separate company in China for consultation purposes following the UAE company setup.

I have several questions I'm hoping to get some advice on:

  1. Is it feasible or advisable to continue using the UAE site under my personal name, even after forming a UAE company?
  2. What potential tax implications or legal issues might arise from continuing to trade cryptocurrencies on the UAE site as an individual, while running other parts of the business as a UAE company?
  3. Given the preference for a SEPA bank account, are there specific considerations or steps I should take during the transition from a sole trader to a company, especially in terms of banking arrangements? Should I form another company just to register on the European platform so I can have SEPA banking?
  4. Considering my Chinese residency and the fact that my workers are in China, would it be advisable to set up a separate company in China for consultation after the UAE company setup?
Any advice or shared experiences would be greatly appreciated. Thank you in advance.
Click to expand...
You cannot start UAE crypto currency exchange. I think they don't issue these licenses easy. Just couple of companies has them
 
#7
Konstanz said:
You cannot start UAE crypto currency exchange. I think they don't issue these licenses easy. Just couple of companies has them
Click to expand...
It is legally if I only trade crypto on Binance P2P with my Personal banks account or cash?

Personal is 0% Incomes taxes. I'm trading daily at personal level. ( never use company bank account)
 
#9
Cryptohodler said:
Personal account is ok. But are you a uae resident ? Or taxable in another country?
Click to expand...
Yes, I'm considered UAE resident with UAE resident card ( needed to open personal bank account here.
 
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