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Advice on UAE?

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CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
They wont accept anything apart from a 96 hour test by one of their approved centers.
Trust me I have tried every way not to have another test.

Email me to discuss
 

Dandyline

Mentor Group Gold
Not at all.
You only have to be in UAE for 1 day every 6 months but its actually every 175 days. You can get 1 or 3 year visa just need to be there for one day to keep it active every 175 days.

Personal account can be opened in immediately and corporate account in 2 weeks. This can be done in one meeting at the bank but you have to go there.

Minimum balance if they request it to be about 500 max.

Company can be set up before you go there so you are only opening bank accounts and residency procedures which take 5 days max.
Another question. Since most freezone companies needs to be audited yearly, maybe it is best to withdraw all money from business to private account every month so you just have one transaction per month to register in the books.

Can you use business account for personal spending in UAE or whats your take on this?
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
It's ceremonial, just pay an accountant to do the accounts.

You can spend as you like, mixing company and personal doesn't matter because tax is not applicable.
 

erni

Mentor Group Gold
You can spend as you like, mixing company and personal doesn't matter because tax is not applicable.
are you sure, why would you do accounting then?

Is it possible for someone to figure out that you own the company and where in the UAE can you just spend the money as you like privatly even if it is the companies money?
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
The whole point of accounting is to confirm how much tax is liable. You would get in trouble in other countries for buying a new bed out of company money.

Since no tax is applicable you can buy what you want and your accounts filed will just show it as an expense. You can spend your money anywhere in the world. The accounting element is more for the authorities to have actual figures to boast about.

Unless you tell someone or are careless, no one knows you own the company.
 
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erni

Mentor Group Gold
really that easy.

Okay can you please briefly list what exatcly I need to do that and how do I get a bank account, where?
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
really that easy.

Okay can you please briefly list what exatcly I need to do that and how do I get a bank account, where?
Registering a company takes a couple days and then apply for residency.
You will need to go and have a blood test, finger prints taken and photo card made.

Once you have your residence ID you can open a personal and business bank account.
 

Dandyline

Mentor Group Gold
The whole point of accounting is to confirm how much tax is liable. You would get in trouble in other countries for buying a new bed out of company money.

Since no tax is applicable you can buy what you want and your accounts filed will just show it as an expense. You can spend your money anywhere in the world. The accounting element is more for the authorities to have actual figures to boast about.

Unless you tell someone or are careless, no one knows you own the company.
Interesting, then it's really no point having a personal account in UAE. Or you can just have a personal account for your business.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Why not just switch to being a freelancer in UAE then no audit required or company structure and work from your own account.
 

BlueMist

Entrepreneur
Creative City Freezone doesn't require audits for instance. I think there are still many freezones that do not require accounting / auditing.
 

Dandyline

Mentor Group Gold
Why not just switch to being a freelancer in UAE then no audit required or company structure and work from your own account.
Yes, you could simply be a Freelancer and work with a LLP company. But if you want to build a serious business, you need a company.

Any idea if they require Good conduct certificate for freelance visa? I know its not required for Freezone investor visa.
 

Dandyline

Mentor Group Gold
The LLP wouldn’t be a company...?
Yes, true. Im just thinking that if you want to build a serious company and eventually sell the company, you might want a good company form like LTD. Not sure how serious LLP is.

So in theory you could just get a Freelance visa and do all business in UK LLP and store all money in the UK LLP account.
 

JustAnotherNomad

Entrepreneur
Yes, true.

So in theory you could just get a Freelance visa and do all business in UK LLP and store all money in the UK LLP account.
Yes - or is there any downside to that? Would you have to bank in the UAE?
You could probably also just pay yourself “dividends” from the LLP? I don’t think it’s illegal to be an unsuccessful graphic designer in the UAE, who has a lot of dividend income from a UK LLP (or some other company)...?
The only potential issue would probably be if you work from the UAE with something that you’re not licensed for (you manage the LLP from there). But if no work for the LLP is done from the UAE, why would there be a problem?
 

Dandyline

Mentor Group Gold
Yes - or is there any downside to that? Would you have to bank in the UAE?
You could probably also just pay yourself “dividends” from the LLP? I don’t think it’s illegal to be an unsuccessful graphic designer in the UAE, who has a lot of dividend income from a UK LLP (or some other company)...?
The only potential issue would probably be if you work from the UAE with something that you’re not licensed for (you manage the LLP from there). But if no work for the LLP is done from the UAE, why would there be a problem?

Don't need to bank in UAE.

I was thinking of having a holding company in UAE and a LLP subsidiary that forwards all money to the UAE company weekly/monthly, and if necessary withdraw all money from the UAE business account every month to a private account in a good jurisdiction for money parking.

Currently looking on different solutions.
 

KJK

Entrepreneur
Probably no, you must take the test again earliest 92 hours before departure. Though I wouldn't be surprised if they change the rules again without warning on a daily basis.
 
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