Ending up without a Business Bank Account doesn't make things cheaper.
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dubai is finish any alternative?
- Thread starter csp dubai
- Start date
I mean at that point I'd just dont declare anything.
Do TH or PH, easy to move to and nobody is asking questions.
Is this a crypto friendly setup at least for on ramp or are there additional charges for that ?
Sorry I don't get your question.
You have always trading fees from Crypto Exchanges like Kraken, Bitstamp and Bitfinex - depening on the Exchange it's more or less in Fees - whatever the Exchange you are intend to use is charging in %.
I don't see any connection to the service we for example provide and the general fees I mentioned earlier.
I meant what are your setup fees and annual running costs for creating a Dubai free zone company paired with a "crypto friendly" bank account ie one that can be used to send fiat to kraken for example. ie use the profits from the company to fund crypto purchase either directly via corporate account or via personal account by paying myself a salary etc. How much for this setup ?
Same charges as mentioned in earlier post ? 10k usd setup + 5k usd running ?
If you do it yourself through the free zone directly prices will be around 4-5k setup + 2-3k running costs
Isn't it super hard to get a business bank account if you for the free zone entity yourself? I thought that's where using the agent is needed the most, for the referral at the bank.
Its quite doable. Especially if you are not a ghost, then its even a lot easier. Banks suck everywhere tho.
With Wio you can get a bank account in 1-3 days. With mashreqneobiz it takes around a week but you need a tenancy agreement.
Do we need a commercial office address? If one owns property and lives in it in Dubai, would the residential address be sufficient as substance?
Correct - it' even below.
That's correct.
Thank youHappy Ramadan @Fred
It all depends on your circumstances and while some get a Business Bank Account within a week - some get it never.
Again be careful with the here mentioned claims / timelines / pricing and ask yourself if we would be around and the main sponsor of this forum if everything is easy as 1,2,3 and you get everything for nothing.
I know that it's due to the nature of this forum but with framing like "do it yourself for the half and get a Business Bank Account within 1 week" the majority of people will fail. Simply because even we have sometimes headach with the Authorities and the Banks. As not everything in the middle east is working like it should be. And as someone not used to the process you can't even determine if it's due to yourself, your setup or some external factor.
But luckily you have this forum again to come back to complain that UAE is expensive and banking is not good etc.
only way this works is if you actually live in Ajman and have some sort of operation there, if you are using it as a paper place they bank will notice immediately and you'll end up with no acc
second that.
I regret till today that I didn't made a picture of the ADIB internal Business Account rejection box with all Company Docs hard copies for Business Bank Account openings - guess what was inside.
As of 2023, largely correct forecast by experts:
Article from 2019
"They said new taxes could be levied on wealth and property, as well as corporates, while income tax will also surely come but it will be introduced at the far end in the UAE and GCC."
"For example, in Kuwait, they mentioned about corporate tax and then on the far end it will be income tax"
"The corporate income tax creates a stagnant source of income at the country level and facilitates improving the environment for compliance with international best practices. We should expect a tax rate between 5 and 10 percent to maintain the competitive advantage and also adapt to the global environment for growth and sustainability.
Article from 2019
Would new direct, indirect taxes be an option in GCC?
A mix of new direct and indirect taxes could be levied in the UAE and GCC in the near to medium term because oil prices are expected to remain low, necessi..
www.khaleejtimes.com
"They said new taxes could be levied on wealth and property, as well as corporates, while income tax will also surely come but it will be introduced at the far end in the UAE and GCC."
"For example, in Kuwait, they mentioned about corporate tax and then on the far end it will be income tax"
"The corporate income tax creates a stagnant source of income at the country level and facilitates improving the environment for compliance with international best practices. We should expect a tax rate between 5 and 10 percent to maintain the competitive advantage and also adapt to the global environment for growth and sustainability.
https://www.timeoutdubai.com/news/uae-tax-more-fta-plan
But now, after officially issuing a new corporate tax last week, the country’s Federal Tax Authority (FTA) is exploring the prospect of introducing more.
A road map of how tax is applied in the UAE is being looked at, while the possibility of upgrading existing procedures is also being considered.
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