Question Dubai company formation: personal information and required KYC

[debudubai]

Hi,

I'm looking into setting up a company in a freezone in Dubai and becoming a tax resident.

I understand I'll need to submit the usual KYC docs: passport, utility bill, bank reference, resume, and so on. But what other kinds of personal information will I be required to submit during this process?

Will I need to show current and/or previous salary slips, family information (name of parents and their IDs) and so on? As part of the medical exam, is family history required?

The reason I ask specifically about family is that I have no contact with my parents. Thanks.

 

[Fred]

You require a passport scan coloured and a passport seized picture of yourself - that's it.

Unless you setup with crazy regulated Freezone.

Med Check is in fact HIV and TBC test - that's it.

Sometimes it's required to submit parents names for background check and in general T1 western passport holder it's straightforward while you can be asked with Algerian Passport and similar kind of passport about birth certificate etc.

 

[pesto]

Sometimes it's required to submit parents names for background check and in general T1 western passport holder it's straightforward while

why the heck are they asking for parents name?

 

[Fred]

why the heck are they asking for parents name?

World Name Check

 

[debudubai]

You require a passport scan coloured and a passport seized picture of yourself - that's it.

Unless you setup with crazy regulated Freezone.

Med Check is in fact HIV and TBC test - that's it.

Sometimes it's required to submit parents names for background check and in general T1 western passport holder it's straightforward while you can be asked with Algerian Passport and similar kind of passport about birth certificate etc.

Thanks Fred. Appreciate the insight.

I've been speaking with various service providers and the consensus seems to be the DMCC with a small office, not a flexi-desk. One also suggested looking into the IFZA and DWTC.

The DMCC was suggested due to its reputation and as I provide services to crypto-related businesses.

 

[Fred]

Thanks Fred. Appreciate the insight.

I've been speaking with various service providers and the consensus seems to be the DMCC with a small office, not a flexi-desk. One also suggested looking into the IFZA and DWTC.

The DMCC was suggested due to its reputation and as I provide services to crypto-related businesses.

That's sales blabla - feel free to click the banner below to send us an email and I show you at least the reality and how things work out in practice here in Dubai.

I would say 90% after call don't go with DMCC any longer but then you know exactly what you are looking at.

Even guys that decided for DMCC returning back once they don't get any feedback from DMCC for weeks or DMCC compliance rejections one after another.

 

[debudubai]

That's sales blabla - feel free to click the banner below to send us an email and I show you at least the reality and how things work out in practice here in Dubai.

I would say 90% after call don't go with DMCC any longer but then you know exactly what you are looking at.

Even guys that decided for DMCC returning back once they don't get any feedback from DMCC for weeks or DMCC compliance rejections one after another.

Thanks Fred. Will review your website and revert.

 

[pesto]

Thanks Fred. Will review your website and revert.

he is one of the most trusted users around here!

 

[troubled soul]

Biggest Disadvantage of DMCC is
-Annual Audit Report submission ,even if no commercial activity happened.
-It takes time to register company there compare to another freezone
-Very costly
-Too many rules and regulation and lengthy process compare to another freezone
-You have to submit share capital in bank account within a specific time, depositing of the share capital to corporate bank account. The free zone gives 60 days after the licensing for this procedure. Minimum share capital is 50,000 AED.
-A personal visit of the shareholder will be required to sign company legal documents at the authority’s offices.

even after registration there are many process to follow like

1. Demonstration of company capital to DMCC authority
2. Appointment of auditors
3. Stamping shares certificates
4. Carrying out office inspection if you have rented one

 

[khinkali]

-Too many rules and regulation and lengthy process compare to another freezone

Could this also be a benefit? We often hear about offshore jurisdictions that became a free for all and lost their reputation.

I understand that a lot of people here just want to get a non CRS bank account and "cash out" with a fake-substance company, so the easiest and cheapest option makes sense. But if you're looking to relocate in UAE and build a real business for the long term, are the easier free zones going to be as solid as the more awkward DMCC or DIFC?

 

[troubled soul]

Could this also be a benefit? We often hear about offshore jurisdictions that became a free for all and lost their reputation.

I understand that a lot of people here just want to get a non CRS bank account and "cash out" with a fake-substance company, so the easiest and cheapest option makes sense. But if you're looking to relocate in UAE and build a real business for the long term, are the easier free zones going to be as solid as the more awkward DMCC or DIFC?

True, DMCC is the best option for those who want to open a real office within Dubai in a developed business community.
but As per op requirement avoid DMCC.

 

[debudubai]

True, DMCC is the best option for those who want to open a real office within Dubai in a developed business community.
but As per op requirement avoid DMCC.

For the record, this is what I'm after. But providing family information, details is unfortunately problematic. That's why I'm asking these questions to get more insight into what may be required in terms of the application + incorporation process.

 

[Dandyline]

For the record, this is what I'm after. But providing family information, details is unfortunately problematic. That's why I'm asking these questions to get more insight into what may be required in terms of the application + incorporation process.

Family information is no big deal, just write any names. It's not validated by any means. Thats the last thing to think about.

 

[Fred]

Family information is no big deal, just write any names. It's not validated by any means. Thats the last thing to think about.

bulls**t!

Your mothers name is forever locked in your EMIRATES ID and every bank will scan the EMIRATES ID - they will ask you during the bank account opening most of the time as well and if you have then a mismatch - they reject you on spot.

While for Tier1 Western passports it's most likely no issue to have a mismatch name here - for NON Western Passport holders they can easily from time to time during Visa Application ask for birth certificate.

 

[JimBeam]

My FZ asked me about my religion - and there is no Atheist/non believer in the list LOL
It's a also a mandatory field for all new employees. Probably for the stats only...

 

[marioIT]

My FZ asked me about my religion - and there is no Atheist/non believer in the list LOL
It's a also a mandatory field for all new employees. Probably for the stats only...

If you're from the western world you'll be fine. It could be for stats only, or for sharia, but you never know lol
Muslims are not free to change religion or become an atheist. Leaving Islam and thus becoming an apostate is traditionally punished by death for men and by life imprisonment for women.
While a death sentence is rare these days, it is common for atheists to be charged with blasphemy or inciting hatred.
it's so easy as westerners to joke on religions and nothing would happen... now try to do it openly there.
Always respect the laws of the country that allows you to prosper. Or move/don't apply if you don't agree.

 

[JimBeam]

Understood, but there are people coming to Dubai from all around the world and there might be some that are not religious... and you don't have that option - you have to declare yourself.

 

[Houdini]

Family information is no big deal, just write any names. It's not validated by any means. Thats the last thing to think about.

You mean you can write whatever you want there?

 

[M4S]

Thanks Fred. Will review your website and revert.

Fred and his team do great work.

 

[Spinat]

Fred and his team do great work.

second that!