I setup a company in uk back in 2019 with rapid formation, got disolved , now i wish to enable it again

[ogame]

So i opened an a2p sms company , something similar to what twilio and infobip do back in 2019 "i come from lebanon" but due to the economical problems we had the country bank system went to a full lockdown."our savings are locked in the banks and we arent allowed to withdraw or pay via credit card in the usd currency"

the company i created in uk was Dissolved because i couldnt pay via credit card anymore for the renewal.

now i am in dubai. i am working ,and saved some money ... i would like to setup my sms company again

my questions are

1) the disolved company in uk that i made with rapid formations,, can i reinstate it? bring it live again?
2) im choosing uk because formation of a company is the cheapest
3) if i would like to open a corporate bank account in uk , how do i do it from over seas? i wish to do this part so i could enable credit card payments "visa and mastercard" on my website
4) how can i resetup my company without my name and information showing? i am asking for this because i still am an active employee, and here in uae you cant be working and open your own business without notifying your current employer and i dont want to ask my employer
5) if the above isnt viable anymore,what country do you recommend to open an offshore start up business that is also friendly towards the opening of a corporate bank account. no taxes

Thanks

 

[Sols]

1) the disolved company in uk that i made with rapid formations,, can i reinstate it? bring it live again?

Yes, but it's easier to just form a new one.

Restore your dissolved company

Restore a company to the Company Register - administrative restoration, deadlines, fees and forms

www.gov.uk

2) im choosing uk because formation of a company is the cheapest

OK.

3) if i would like to open a corporate bank account in uk , how do i do it from over seas? i wish to do this part so i could enable credit card payments "visa and mastercard" on my website

If you are a Lebanese citizen living in UAE, I don't think your chances of success are very high for opening a bank account (or even e-money account) in the UK for a small business unfortunately. Both are Lebanon and UAE are considered high risk jurisdictions. You can try payment processing with Stripe and going around to all the different banks and EMIs to open an account.

4) how can i resetup my company without my name and information showing? i am asking for this because i still am an active employee, and here in uae you cant be working and open your own business without notifying your current employer and i dont want to ask my employer

There is no legal way to do it in UK. However, the UK Companies House doesn't verify any of the information provided to it, so it's very easy to lie and not enter your own name. On the other hand, your corporate service provider and any bank/EMI you wish to try to open an account with will verify the information.

5) if the above isnt viable anymore,what country do you recommend to open an offshore start up business that is also friendly towards the opening of a corporate bank account. no taxes

UAE itself, since you are resident there. Maybe you can get a residence permit in UAE by starting your business there?

 

[ogame]

Yes, but it's easier to just form a new one.

Restore your dissolved company

Restore a company to the Company Register - administrative restoration, deadlines, fees and forms

www.gov.uk

OK.


If you are a Lebanese citizen living in UAE, I don't think your chances of success are very high for opening a bank account (or even e-money account) in the UK for a small business unfortunately. Both are Lebanon and UAE are considered high risk jurisdictions. You can try payment processing with Stripe and going around to all the different banks and EMIs to open an account.


There is no legal way to do it in UK. However, the UK Companies House doesn't verify any of the information provided to it, so it's very easy to lie and not enter your own name. On the other hand, your corporate service provider and any bank/EMI you wish to try to open an account with will verify the information.


UAE itself, since you are resident there. Maybe you can get a residence permit in UAE by starting your business there?

Hello and thank you for your feedback

1)I hold a brazilian citizenship, do you think this will help ?
2)When you say i can lie about my name, i remember when forming my company back in 2019, they asked me to provide all sort of photos and videos of my passport
3)I hold a golden visa as a resident of the uae. do you think this would help?
4) One more thing, i was looking at the tax bracket in the uk, it says maller entities with profits of up to £50,000 will remain at the previous 19% rate. so say "and this is just an example" i get a gross revenue of £250,000 and my net profit was £45,000 ... this would mean i will have to pay £ 45,000X19%= £ 8550 - £ 45,000= which leaves me with £ 36,450.
5) Is 19% a fix rate? or might it go less?
6) What no tax countries can you recommend? cheap? " i saw delaware company setup is kinda cheap to , not sure on the taxes though"that are easy to setup an offshore company at with a coprorate bank account.
7) This is something that occured to me,is it possible to operate my business under some other company ? say i pay company X in the UAE or any other country 500$ a month "the payment value is just an example" and theyll let me use their company license and company bank account?



Thanks

 

[Sols]

1)I hold a brazilian citizenship, do you think this will help ?

It's better but it's still problematic that you live in UAE.

2)When you say i can lie about my name, i remember when forming my company back in 2019, they asked me to provide all sort of photos and videos of my passport

All UK based corporate service providers are required to do that, or provide certified copy of passport.

3)I hold a golden visa as a resident of the uae. do you think this would help?

It makes no difference. UAE is considered a high-risk jurisdiction, and that's something UK banks/EMIs are required to consider.

4) One more thing, i was looking at the tax bracket in the uk, it says maller entities with profits of up to £50,000 will remain at the previous 19% rate. so say "and this is just an example" i get a gross revenue of £250,000 and my net profit was £45,000 ... this would mean i will have to pay £ 45,000X19%= £ 8550 - £ 45,000= which leaves me with £ 36,450.
5) Is 19% a fix rate? or might it go less?

If 45,000 GBP is the amount left to be taxed, then your calculation is correct.

6) What no tax countries can you recommend? cheap? " i saw delaware company setup is kinda cheap to , not sure on the taxes though"that are easy to setup an offshore company at with a coprorate bank account.

US LLC pays no taxes and you can usually open accounts with someone like Mercury, and receive settlements from Stripe or other payment processors to them. However, they want you to have some connection to the US, and with UAE being involved I'm not sure what the chances of success are.

7) This is something that occured to me,is it possible to operate my business under some other company ? say i pay company X in the UAE or any other country 500$ a month "the payment value is just an example" and theyll let me use their company license and company bank account?

Not exactly like that. What you describe is almost a form of banking. But some businesses create a subsidiary in another country (often in EU) to contract with payment processors or open bank accounts there.

Again, the easiest would be to form a company in UAE instead. You can get a local bank account, payment processing with Stripe or some local bank, and not have to worry about all the extra hassle of running a company in a foreign country, hoping a bank will open and not close your account there.

 

[ogame]

It's better but it's still problematic that you live in UAE.


All UK based corporate service providers are required to do that, or provide certified copy of passport.


It makes no difference. UAE is considered a high-risk jurisdiction, and that's something UK banks/EMIs are required to consider.


If 45,000 GBP is the amount left to be taxed, then your calculation is correct.


US LLC pays no taxes and you can usually open accounts with someone like Mercury, and receive settlements from Stripe or other payment processors to them. However, they want you to have some connection to the US, and with UAE being involved I'm not sure what the chances of success are.


Not exactly like that. What you describe is almost a form of banking. But some businesses create a subsidiary in another country (often in EU) to contract with payment processors or open bank accounts there.

Again, the easiest would be to form a company in UAE instead. You can get a local bank account, payment processing with Stripe or some local bank, and not have to worry about all the extra hassle of running a company in a foreign country, hoping a bank will open and not close your account there.

alright understood.

btw , you keep saying uae is high risk? why ? its one of the most development countries interms of everything, why is it high risk?

and when you say use stripe, stripe doesnt give a credit card payment option on my website , its like paypal , meaning if say im doing business with company X in uae and company x doesnt have a stripe as a payment option , they wont be able to complete a transaction, or am i wrong?

and one more thing, say i open my own company in the uae, and wasnt able to open a corporate bank account , how will businesses be able to pay me? or i just have to give them my personal bank account?

thanks again for all your info and help

 

[Sols]

btw , you keep saying uae is high risk? why ? its one of the most development countries interms of everything, why is it high risk?

Jurisdictions under Increased Monitoring - 24 February 2023

Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. New countries subject to increased monitoring are South Africa and Nigeria. Morocco and...

www.fatf-gafi.org

FATF-GAFI is an international organization that governments and banks all around the listen to. FATF has decided that UAE does not have strong enough laws against money laundering. Because of that, banks consider transactions or account holders from UAE to be high risk; i.e. there is an elevated risk of money laundering. Investigating applicants and transactions takes time and costs money, so banks are more restrictive about who and which transactions they accept that involve UAE.

and when you say use stripe, stripe doesnt give a credit card payment option on my website , its like paypal , meaning if say im doing business with company X in uae and company x doesnt have a stripe as a payment option , they wont be able to complete a transaction, or am i wrong?

That is not correct. Stripe gives credit card payment on your website. See Stripe Payments | All-in-One Account, Gateway, and Processor

and one more thing, say i open my own company in the uae, and wasnt able to open a corporate bank account , how will businesses be able to pay me? or i just have to give them my personal bank account?

It is not recommended to use your personal account to receive business transactions. At most, you can use your personal account to pay for some company costs. But do not use your account

It's very unlikely that a bank in UAE wouldn't accept your business, so long as your business activities aren't something illegal. It often helps to have a corporate service provider, law firm, or accountant to help you, though.

 

[ogame]

Jurisdictions under Increased Monitoring - 24 February 2023

Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. New countries subject to increased monitoring are South Africa and Nigeria. Morocco and...

www.fatf-gafi.org

FATF-GAFI is an international organization that governments and banks all around the listen to. FATF has decided that UAE does not have strong enough laws against money laundering. Because of that, banks consider transactions or account holders from UAE to be high risk; i.e. there is an elevated risk of money laundering. Investigating applicants and transactions takes time and costs money, so banks are more restrictive about who and which transactions they accept that involve UAE.


That is not correct. Stripe gives credit card payment on your website. See Stripe Payments | All-in-One Account, Gateway, and Processor


It is not recommended to use your personal account to receive business transactions. At most, you can use your personal account to pay for some company costs. But do not use your account

It's very unlikely that a bank in UAE wouldn't accept your business, so long as your business activities aren't something illegal. It often helps to have a corporate service provider, law firm, or accountant to help you, though.

very interesting regarding stripe. so all i need after setting up a company in uae is a corporate bank account and ill be good to go .

not sure if you have an answer to the following question, but it doesnt hurt to ask. ive seen so many packages when it comes to setting up a business in uae "freelance,freezone,mainland"


for an a2p sms company , any idea which one should i go with? i know im stretching it with all the questions, sorry, but just trying to collect as much information as i can

 

[Sols]

for an a2p sms company , any idea which one should i go with? i know im stretching it with all the questions, sorry, but just trying to collect as much information as i can

Best if you ask different corporate service providers in UAE and see what they say. Ecommerce license might be enough.

Here on the forum, @Fred usually handles immigration and incorporation, not sure if he'd be able to help with incorporation only?

 

[wellington]

Just establish the company in Seychelles.... or Dubai...

 

[ogame]

Just establish the company in Seychelles.... or Dubai...

is seychelles better than dubai ? if so , in one aspect?