Please help! Crypto Trading + Cashout , Need help and Suggestions.

[whiteoak]

Brief Background: Nationality: Indian, Staying in UAE. I have opened Crypto Trading firm in RAK Freezone recently but not sure if any bank will open my company account.
My doubt is i do crypto trading as full time work , so i opened this company to formalize and legally do the stuff but seems banks in UAE dont support crypto company. ( and i want to avoid trading on personal bank account obviously as i read they red flag and close the account after some time)
I am ok to pay corporate tax upto 10% too but need workable solution to cashout regularly every month like 50-100K USD probably Consistently .

What is best option here ...to open Overseas bank account or EMI account and do tx in those account and then transfer to UAE bank account ? Please suggest some banks or EMI where i can open an account. ( Personally dont want very high maintenance account )

Money is legitimately earned with source of funds can be proved.
Another thing is where the CRS reported ? is that in India or UAE ? I personally i don't want to get reported to India when i am in UAE to avoid hassle of again explaining to local officers in home country.

Thanks.

 

[Martin Everson]

What is best option here ...to open Overseas bank account or EMI account and do tx in those account and then transfer to UAE bank account ?

If you cannot open a business account for crypto activity in UAE then you have no other option. Avoid UAE as much as possible and bank outside.

Please suggest some banks or EMI where i can open an account. ( Personally dont want very high maintenance account )

Maybe look at BVNK.

Another thing is where the CRS reported ? is that in India or UAE ?

It is to your country of tax residence and any other country where you have indica on your account. So don't give Indian telephone number or any Indian mailing address details etc.

 

[whiteoak]

If you cannot open a business account for crypto activity in UAE then you have no other option. Avoid UAE as much as possible and bank outside.



Maybe look at BVNK.



It is to your country of tax residence and any other country where you have indica on your account. So don't give Indian telephone number or any Indian mailing address details etc.

thanks for reply, does swissquote or other swiss banks will open my account ?

i am giving home country document as everyone keep asking passport for verification....that ofcourse it has home country address.

 

[Marshal]

i am not giving home country document but everyone keep asking passport for verification....that ofcourse has home country address

No bank nor EMI will open you an account without your ID/passport. That's like the first thing they ask for.

 

[whiteoak]

No bank nor EMI will open you an account without your ID/passport. That's like the first thing they ask for.

I edited my response. It was typo error. What i mean is i am ok to give documents , which bank or EMI will be suitable to open company bank account with UAE residency + Indian passport.

 

[Forester]

( and i want to avoid trading on personal bank account obviously as i read they red flag and close the account after some time)

Sure, you are completely right.

I am ok to pay corporate tax upto 10% too but need workable solution to cashout regularly every month like 50-100K USD probably Consistently.

Fair enough.

Money is legitimately earned with source of funds can be proved.

This is very important – and good for you.

I personally i don't want to get reported to India when i am in UAE to avoid hassle of again explaining to local officers in home country.

Well, as I understand, you are resident and also tax resident in UAE, so even if they reported you to India, what would be the real problem? As far as I know, India does not tax your profits earned in UAE, or am I wrong?

thanks for reply, does swissquote or other swiss banks will open my account ?

Swissquote is definitely not a bank for you; and honestly, I am afraid that even really crypto-friendly banks like Cite Gestion or Frick (LI) will not be much eager to onboard UAE company with Indian director and UBO, unless you deposit a really remarkable amount like 2M+.

which bank or EMI will be suitable to open company bank account with UAE residency + Indian passport.

Frankly, a UAE company with the Indian director and UBO is rather a problem for offshore banking in general, and crypto activities make it even remarkably worse
You can try BVNK recommended by @Martin Everson (honestly, I do not know them so cannot comment) but generally

What is best option here ...

you might consider opening another company in some really crypto-friendly jurisdiction (I do not dare to recommend as I am not an expert re: crypto); your UAE company perhaps being a parent / holding company or so. If you choose the jurisdiction properly, banking will be much easier.

( Personally dont want very high maintenance account )

Just a remark: what do you call “a very high maintenance”? If you have high 5 figures monthly turnover.

 

[whiteoak]

Sure, you are completely right.

Fair enough.

This is very important – and good for you.


Well, as I understand, you are resident and also tax resident in UAE, so even if they reported you to India, what would be the real problem? As far as I know, India does not tax your profits earned in UAE, or am I wrong?

No problem , was just cross checking.

Swissquote is definitely not a bank for you; and honestly, I am afraid that even really crypto-friendly banks like Cite Gestion or Frick (LI) will not be much eager to onboard UAE company with Indian director and UBO, unless you deposit a really remarkable amount like 2M+.


Frankly, a UAE company with the Indian director and UBO is rather a problem for offshore banking in general, and crypto activities make it even remarkably worse
You can try BVNK recommended by @Martin Everson (honestly, I do not know them so cannot comment) but generally

ok will try

you might consider opening another company in some really crypto-friendly jurisdiction (I do not dare to recommend as I am not an expert re: crypto); your UAE company perhaps being a parent / holding company or so. If you choose the jurisdiction properly, banking will be much easier.

ok its another hassle to again open another holding company but will look into it

Just a remark: what do you call “a very high maintenance”? If you have high 5 figures monthly turnover.

I dont want to keep maintenance deposit of 1 mn in bank account some banks ask that kind of money to open account

 

[Forester]

No problem , was just cross checking.

OK

ok will try

Good luck!

ok its another hassle to again open another holding company but will look into it

Well, eventually, you can even get rid of the UAE company if it makes your situation easier. If you open a new company in a jurisdiction where is no (withholding) tax on dividends, you can take money from this company directly to your pocket . (0% personal income tax in UAE.)
Feel free to ask at the Offshore Company forum (Offshore Company) for a suitable juridisction.

I dont want to keep maintenance deposit of 1 mn in bank account

Oh well, now I understand. Originally, I thought that you spoke about monthly account maintenance fee.

some banks ask that kind of money to open account

Yes, e.g. all private Swiss, as mentioned above.

 

[ncrypto]

If you must stick to your current company why not find a uae national or someone from ME and make him a director or UBO....

 

[JackAlabama]

No problem , was just cross checking.


ok will try


ok its another hassle to again open another holding company but will look into it

I dont want to keep maintenance deposit of 1 mn in bank account some banks ask that kind of money to open account

1M is on the lower end in these realms. Better to be ready for a 5M which is permanently invested by the bank and stay with the bank.

 

[Clank]

Easiest option US LLC + Kraken + Mercury bank

 

[whiteoak]

If you must stick to your current company why not find a uae national or someone from ME and make him a director or UBO..

whats advantage of that?

1M is on the lower end in these realms. Better to be ready for a 5M which is permanently invested by the bank and stay with the bank.

ok then better in business account, probably open account with personal account and try with EMI Banks will that work?

Easiest option US LLC + Kraken + Mercury bank

US LLC means Crypto Trading as Business Setup? DO they accept crypto trading companies ? i wasnt sure.

 

[ncrypto]

whats advantage of that?

If you dont want to go for US LLC or better yet in Lithuania and want to stick with your UAE company, having a local as UBO will pass you any hassle with banks. Crypto is welcomed in UAE and the son of Bin Rashed owns bitoasis..its just the inbounds and nationality that will cause you alot of hassle

 

[Forester]

If you must stick to your current company why not find a uae national or someone from ME and make him a director or UBO....

What do you mean by ME?

Easiest option US LLC + Kraken + Mercury bank

Mercury requires clients to have US operations, last time. But generally, yes, US LLC seems to be an option. Just another bank/EMI needed. There can again be a problem with UAE resident Indian director but it can be solved be engaging a US nominee director.

ok then better in business account, probably open account with personal account and try with EMI Banks will that work?

Sorry, I do not understand well what do you want to say... Definitely do not use a personal account for the purposes of your company activities, as already noted.

US LLC means Crypto Trading as Business Setup? DO they accept crypto trading companies ? i wasnt sure.

A good question. I am also not sure how the crypto activities are seen in the US. Probably depending on state.

If you dont want to go for US LLC or better yet in Lithuania and want to stick with your UAE company, having a local as UBO will pass you any hassle with banks. Crypto is welcomed in UAE and the son of Bin Rashed owns bitoasis..its just the inbounds and nationality that will cause you alot of hassle

Well, I can believe this but I heard also different information ... does any other member here have some experience?

 

[ncrypto]

sorry for the delay replying..
By ME i mean MIDDLE EAST
bad choice of acronym for this topic

 

[Forester]

sorry for the delay replying..
By ME i mean MIDDLE EAST
bad choice of acronym for this topic

No problem, thanks for the explanation.

 

[LiquiditySplash]

the son of Bin Rashed owns bitoasis..

Do you have any source for this information? I can’t find anything about it online, actually most information I could find suggests otherwise.

 

[ncrypto]

This is a bit offtopic dont you think? He owns many companies in different fields and its not stated, just info you get to know from being in the market.
Anyway if your contribution to state that am wrong feel free to assume so..

 

[LiquiditySplash]

If you want to bring something up and then complain that it’s off topic when someone enquires further then it’s a bit strange. I’m just trying to make sense of it when everything I’ve heard from people is that bitoasis support is so bad they basically steal your money. And my own research shows they had their license cancelled by the government and have been bought by a company based in India.

I couldn’t find any public information about it ever being owned by who you said so thought maybe I missed something - if this is private information that you are kind enough to share with us then thanks, wasn’t trying to start an argument.

 

[ncrypto]

Its very possible things have changed, this info is over 6 or 7yrs ago and i only remember the phase when they were not accepting new customers. I guess there is a misunderstanding from my side