Bank Account in Cyprus or UAE?

[cyprusbanker]

How about to setup a Cyprus bank account for a Cyprus company, you could even relocated your current company. I don't know what you expect from this other what you described, but there is an option to set this up.

 

[JimBeam]

I have a company at both places (CY and UAE).

With the right introducer, you could have your company in Cyprus + bank account within 2-3 months, without having to go there. It may look cheaper but depending on what you do it might get expensive if you have to pay a lot of taxes (depending on your profit margins).

On the other side, UAE you will have to travel a couple of times for sure, and after that once every 6 months (they have lifted this for 2020 for covid-19), but the banking can be hard to get and can a couple of months account approved. It's more expensive to setup but it may be much better in the long run as you don't pay any taxes on your profits. Also it can be a bit harder to maintain as you have to do a bunch of things, travel there etc. while in CY you don't have to do a thing...

I'm also thinking of selling my active Cyprus company with bank account (Bank of Cyprus) as I don't need it any more. So that can cut some corners and get you a company with bank account supper fast (if you need it quickly). The company did online IT business.

 

[JustAnotherNomad]

I have a company at both places (CY and UAE).

Do you live in a country with high taxes? If so, did the taxman not ask for proof that you’re not managing the company from your home country?