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Can you use offshore company and bank account in UAE if you are online stock/cryptocurrency trader?

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assassin7

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Dec 3, 2017
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#1
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Can you use offshore company and bank account in UAE if you are online stock/cryptocurrency trader?

Does UAE allow freezone companies owner to generate income from online stock/cryptocurrency trading and then transferring the profits to the bank account opened in UAE?
 
#2
I have no idea for DUBAI.
But for RAK FREEZONE (FZE/FZC) it's everything based on your license.
If you have a FINANCIAL license you can get payment in cryptocurrency.
If you have any other license (commercial or trading) you can't.
I just asked to their broker.
 
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#3
Brokenby2703 said:
I have no idea for DUBAI.
But for RAK FREEZONE (FZE/FZC) it's everything based on your license.
If you have a FINANCIAL license you can get payment in cryptocurrency.
If you have any other license (commercial or trading) you can't.
I just asked to their broker.
Click to expand...

Thanks, I talked to an online company formation service and they confirmed that cryptocurrency trading business is not supported in RAK. Looks like I'll have to find another jurisdiction.
 
#10
Okanda Fernando said:
They just don't allow any business with crypto. This is a hectic situation in UAE and I don't know why they are doing this in such good business place like UAE.
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Do you know if this is going to change anytime soon? they will loose a lot of business from worldwide this way or don't you think so?
 
#11
They have their own money, business and they don't need any businessman from world using crypto. This country is crazy rich. I don't think this situation about crypto going to change any soon.
 
#12
superman said:
UK, Switzerland and (Romania) offer good environment for such biz. I self have choosen Switzerland.
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Okanda Fernando said:
Switzerland is the better option for sure
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I don't mind Switzerland but according to my research about Swiss company and bank account, it all seemed SUPER expensive.

Can you tell me what kind of minimum costs can I expect if I go for Switzerland?
 
#13
A Swiss company will cost you 20,000 chf for a Gmbh and 50,000 chf for an AG. If you can't find 20,000 chf to start a Swiss company then Switzerland is not for you. The banks are also pretty expensive and very strict today.
 
#14
assassin7 said:
Can you use offshore company and bank account in UAE if you are online stock/cryptocurrency trader?

Does UAE allow freezone companies owner to generate income from online stock/cryptocurrency trading and then transferring the profits to the bank account opened in UAE?
Click to expand...
An important question.
Trading with personal or third-party funds?
 
#15
Internationaloff said:
An important question.
Trading with personal or third-party funds?
Click to expand...

Personal funds. Profits from trading are a source of income for me. Personal income. No other people are involved. Just me, my funds and trading platforms. What would you suggest? I need a cheaper jurisdiction. 20000 chf, as the person above mentioned, is too expensive for me to set up a company in Swiss.
 
#16
assassin7 said:
Personal funds. Profits from trading are a source of income for me. Personal income. No other people are involved. Just me, my funds and trading platforms. What would you suggest? I need a cheaper jurisdiction. 20000 chf, as the person above mentioned, is too expensive for me to set up a company in Swiss.
Click to expand...
Kraken as exchanger?
 
#18
ernak said:
I think you can create a company and sell your personal investments that way. The problem would be if you deal with third-party funds.
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Indeed. Private investments you may do regardless what situation you are in, third party investments and professional investment schemes will most often require a license.
 
#19
#20
Most often you have several accounts for this purpose and use services like transferwise before you send the money to your local bank account.
 
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