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Bank Accounts, Company Formations, Tax Planning, Residency Solutions, and more

Zaiga

New member
I recently used Freds service.

From payment it took only around 2 weeks to get the visa sorted, I then arrived in Dubai and within less than a week I had the company formed and emirates ID. The process was quite straightforward and well run. The business bank account took around 2 months.

I have had people tell me that I could have done much of it myself, however I would say that doing so would take up a lot of time that you could be doing on other things and I also think it would not likely be done as quickly.

If you want to just get a company setup and everything in order for applying for a business bank account, without having to become an expert on an ever changing system, then I would recommend this service.
But what is the company "doing"?
And how to you get the crypto into the company for cashing out?
 

usdt

Silver Member
Hey everyone,

since I'm a citizen of Russia, due to the war and the sanctions regime, it was more difficult for me to open a business account. Most of the banks were inaccessible to me, the situation was constantly changing. I had to make several attempts. As a result, a suitable bank was found and the account was opened 3 weeks after the interview.

A similar situation with personal accounts - Fred suggested banks that continue to open accounts for Russians. It allowed me to successfully open 2 personal accounts (including USD/EUR ones).

As for visa and Emirates ID - it went quickly and smoothly. Mr. Mohammed (the DLS-Dubai PRO) accompanied me everywhere, it was very pleasant to communicate with him.

During the whole process I asked Fred dozens and dozens of questions and he answered them patiently.

Summary: I would definitely recommend Fred's services to anyone.
 

wasted

Silver Member
Let me share my experience about DLS services - my case was to establish an IT services company as an EU citizen.

From the first contact with Fred till now, he was patiently and clearly explaining any questions I had about the company establishment process, given the fact that I was a total noob on these issues.

The company paperwork was completed in ~10 days without physical presence, then after arriving in Dubai the emirates id & personal bank account opening were all completed in under a week.
Finally, the business bank account application was a bit more time-consuming (~3weeks) because of the bank's compliance checks and asking various questions and documents (some of them more than one time), but Fred took over this completely making sure there is the proper substance that they ask for and answering back to the bank on-time.

The whole process was smooth, all of DLS team were happy to guide through this and accompany me in public offices where required, also using any shortcut possible to deliver according to the initial timeline.

So now it's over a month that the company has a full establishment and the invoices are coming in to the business account with no issues.

I deeply recommend DLS services for anyone in the same situation and greatly appreciate Fred's and the whole team's help through this process. Definitely I couldn't do it on my own but found the right service provider to rely on.
 

euinchina

New member
@Fred

Some questions...

1) Will we get a Tax Identification Number?

2) For countries that exempt tax on foreign income and has a Double Tax Treaty/Agreement with UAE, I read that one of the conditions is that the individual has already been taxed at the partner country. Since UAE has 0% income tax, how would the tax obligation play out?

3) Correct me if I'm wrong: If the company keeps the profit and does not pay out dividends, the money are deemed to be owned by the company, not by the shareholder. So, as long as I do not pay out dividends or salary to myself, I do not really own those money. I can wait till when I am certain that my applicable tax residency is UAE with no dispute (i.e. being deemed to have more than one place of tax residence) before I pay myself dividend/salary, right?

4) When we money out of UAE, do we get some sort of a document from the local tax bureau that we do not owe any tax? Some banks want such documents to prove that you have already paid taxes due in country you're expatriating money from, but UAE has 0% income tax I wonder how it would work
 
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euinchina

New member
How does UAE set up compare to setting up a US LLC as a non-resident apart from there being no residence visa for the US route?
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
@Fred

Some questions...

1) Will we get a Tax Identification Number?

2) For countries that exempt tax on foreign income and has a Double Tax Treaty/Agreement with UAE, I read that one of the conditions is that the individual has already been taxed at the partner country. Since UAE has 0% income tax, how would the tax obligation play out?

3) Correct me if I'm wrong: If the company keeps the profit and does not pay out dividends, the money are deemed to be owned by the company, not by the shareholder. So, as long as I do not pay out dividends or salary to myself, I do not really own those money. I can wait till when I am certain that my applicable tax residency is UAE with no dispute (i.e. being deemed to have more than one place of tax residence) before I pay myself dividend/salary, right?

4) When we money out of UAE, do we get some sort of a document from the local tax bureau that we do not owe any tax? Some banks want such documents to prove that you have already paid taxes due in country you're expatriating money from, but UAE has 0% income tax I wonder how it would work
1.) No - CRS is filled like "I do not have a TIN number" - Reason "Country doesn't issue TIN" - all major Banks and Financial Institutions on a global scale do understand this.

2.) If you are living in a Territorial Tax Country with CFC rules recognizing the same you can effectively manage the Dubai Setup at 0% tax

3.) You being the UBO - 100% Shareholder - the Company and all it's assets belong to you but yes if you hold assets under the Company you can at least separate them from your Personal Name as an Individual

4.) I don't know which Banks you are talking about - no serious Bank asks you if you paid taxes on money coming from the UAE - no the UAE Tax Authority don't confirm you that you paid taxes on the money when there are no taxes in Place at all - again for the time being UAE doesn't know any taxes beside of 5% VAT

How does UAE set up compare to setting up a US LLC as a non-resident apart from there being no residence visa for the US route?
Fully fledged decent Retail Banking access with local UAE Banks and a clean unbureaucratic, tax free environment on all levels in the UAE while you get EMI banking with a US LLC like Wise or Mercury - no Tax Freedom at all - only when you deal with 0% US Clients.

You get what you pay for - comparing a fully fledged Dubai Setup with a disregarded pass-through US LLC on EMI Banking is comparing a Mercedes with a Fiat.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Hi Fred,
Lmk is it a relevant price?
No.

We work in AED only the given EUR price was an indicator from almost 2 years ago - since then the EUR has constantly lost in value.

AED/USD price is the same as the AED is pegged to the USD and the USD remain strong.

Setup: 9000 EUR
Renewal: 5000 EUR

As of today with the weak EUR - calculated with xe.com
 

civilpoke

New member
AED/USD price is the same as the AED is pegged to the USD and the USD remain strong.

Setup: 9000 EUR
Renewal: 5000 EUR
Lmk what is the original price in AED?

Are all of these services included in the price? any changes from that moment?

All-inclusive package
- Preparation Business Plan
- Selection of the appropriate license
- Dubai Company Formation
- Investor Residence Visa
- Business bank account in the UAE
- Personal bank account in the UAE
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Lmk what is the original price in AED?
Setup: 33.450 AED
Renewal: 18.450 AED

Are all of these services included in the price? any changes from that moment?

All-inclusive package
- Preparation Business Plan
- Selection of the appropriate license
- Dubai Company Formation
- Investor Residence Visa
- Business bank account in the UAE
- Personal bank account in the UAE
YES.

You have to book your Trip to Dubai on your own but that should be obiously.

Usually the clients are that happy that they leave our Employees even some Tip.

No further charges.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Approximate costs are mentioned in the thread, but exact figures aren't mentioned here or on your website. Adding this information to the OP could save you some "how much is..." questions in the future.
Yes for a reason.

We need to know your circumstances to make a customized Setup that fits all your needs.

It shouldn't be something new that there is no "all fits one" solution especially in the Offshore Industry.

So if you are looking for some claims like "Start your Dubai Business for 5000 USD today only!" - I'm sorry but you need to look somewhere else.
 
Hello Fred,

I hope all is well on your side.

We came to Dubai from the beginning of September.

I'm still waiting to hear from you to start the procedures for opening the corporate bank, which is the most important thing for us.

Did you find a solution to receive the confirmation SMS from the bank in Canada?

I haven't heard from you for 10 days now and I'm just starting to worry.

Would it be possible to write to me on Whatsapp?

Thanks !
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Hello Fred,

I hope all is well on your side.

We came to Dubai from the beginning of September.

I'm still waiting to hear from you to start the procedures for opening the corporate bank, which is the most important thing for us.

Did you find a solution to receive the confirmation SMS from the bank in Canada?

I haven't heard from you for 10 days now and I'm just starting to worry.

Would it be possible to write to me on Whatsapp?

Thanks !
Hi, no need to worry however you are not alone - other people being in Canada with Virgin Mobile SIM Card has the same issues and we are awaiting for a promised Settings Package from Virgin Mobile to give you on hand.

Has nothing to do with our service but with the service of an multi billion mobile carrier - still we are doing others job here - once news - you get the awaited response.
 
Hi, no need to worry however you are not alone - other people being in Canada with Virgin Mobile SIM Card has the same issues and we are awaiting for a promised Settings Package from Virgin Mobile to give you on hand.

Has nothing to do with our service but with the service of an multi billion mobile carrier - still we are doing others job here - once news - you get the awaited response.

Hello Fred,

I totally understand. It's still the least of things to answer my messages on Whatsapp.

I still want to emphasize that we are very satisfied so far. Your PRO was very friendly during our visit to the UAE.

But, creating the bank account is the most important part for us. We have already started sales and we are waiting for our bank account to transfer our funds.

We are able to receive all text messages with our Virgin sim card. So I'm just a little confused.

Anyway, if I have to go to the United States to receive the code, let me know. I can do anything to receive this code.

I hope to receive good news soon :)
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Hello Fred,

I totally understand. It's still the least of things to answer my messages on Whatsapp.

I still want to emphasize that we are very satisfied so far. Your PRO was very friendly during our visit to the UAE.

But, creating the bank account is the most important part for us. We have already started sales and we are waiting for our bank account to transfer our funds.

We are able to receive all text messages with our Virgin sim card. So I'm just a little confused.

Anyway, if I have to go to the United States to receive the code, let me know. I can do anything to receive this code.

I hope to receive good news soon :)
Hi @awesomebusiness971 ,

of course you had a great experience so far as we always deliver HOWEVER when you are on roaming and the particular network provider OR the particular bank has issues delivering SMS codes after we tried 2x times already on different days - we need to act accordingly.

Like said earlier we have requested a specific Roaming Pack with Network Configuration from Virgin Mobile to have no further interruptions and even the possibility to send out a new SIM Card to you.

But again - you see yourself you are up middle in the night with 12 hours time difference while we are in Dubai asleep so we can only handle things that need to happen "just in time" on the weekend in our freetime.

Yes in our freetime - we don't mind but still there needs some patience especially when we already took 2 times the time slots to initiate your banking.

Yes you are in your early 20s but still some patience needs to be there if you want to have some positive outcome.
 

zzzzzz

Active Member
@Fred If you are EU citizen with UAE residence visa and assets abroad (non-US sic assets), and you die - under which laws are assets inherited? EU (via citizenship) or UAE (via residence)? What about UAE FZ company which is registered in UAE?
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
@Fred If you are EU citizen with UAE residence visa and assets abroad (non-US sic assets), and you die - under which laws are assets inherited? EU (via citizenship) or UAE (via residence)? What about UAE FZ company which is registered in UAE?
Since 2020 Expats can use the inheritance law of there home country - you should setup a will which needs to get a court approval - there is no need to do something specific unless Bank Accounts / Companies are held in one of the financial Freezones with British Common Law - they have there own courts which need to approve it as well.
 

sunny2022

New member
Dear All,

I am not a regular here but wanted to drop in and share my experience with Fred/DLS.
I have been in contact with Fred since earlier this year to help set up my company. It’s all done now - visa, resident card, bank accounts, and company registration.

During an initial call with Fred, he enquired about my background and the purpose of the company in Dubai. He was happy with my reasoning and background and agreed to take up my application. If he sees something not working, he would be upfront and say it.

I paid my fees upfront after the meeting to start the process.

Fred is genuinely good at what he does, i.e. setting up a company in Dubai. He is knowledgeable about how things work in Dubai. He helped with the applications and submission procedures.

He had contacts at the relevant places to help prioritise the applications and guide you through the process. I had to follow his instruction in detail to help avoid confusion and speed up the process. He was reachable on whatsup and phone to help when I had any doubts or got stuck.

I made two trips first one was around 2 weeks for medicals, visa, company reg etc… the second was for signing up for a business account. The only process that took time was opening a business bank account. I believe this is because banks are extra vigilant and had to do a detailed vetting of the application. I received few clarifications which I had to get back. It took about 1-2 months for the account to open. Fred was in touch during this time to remind me about the Dubai holidays and when I had to be in Dubai to sign the bank forms.

I was totally happy with the service Fred provided.

I hope my review was helpful and wish everyone the best of luck.
 

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