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Jocus

Mentor Group Gold
Just my two cents on the DLS DUBAI service offered by Fred:
Have been in contact with Fred for almost two months now, continuously asking question upon question, without even committing yet. Fred has been very friendly and helpful and shared his expertise and recommendations nevertheless, including a personal and very informative zoom videoconference.

I have been in contact with numerous providers of offshore solutions, and many came off as too commercial, too expensive, too unpersonal, and most couldn't answer more detailed, complicated questions. (None from this board though! Ahaha).

Not so with Fred. Seems he knows what he is talking about a-z, I still haven't got "I need to look that up" replies. A onestop shop it seems.

For obvious reasons, as I haven't fully committed yet, I can't say with 110% certainty that his is kosher. I will report when service has been paid, company is operative, and the postsales commitments kick in.

For now, I feel that I am in good hands, and that is coming from someone who is totally paranoid. The positive feedbacks I read on this board adds to my confidence, too.

To be updated.

It just occurred to me that I never finished my "two cents" on DLS DUBAI. Sorry about that, Fred and Dina!

Well, formation all done. A few months back actually.

In case you are wondering (because, I was, before signing on):
1) Yes, DLS can be trusted. They are honest, flexible, creative (which is important, read on), easy to talk to, and only a phonecall away.
2) Yes, you will get what you pay for; a company setup with company bank account and personal bank account, Residence VISA good for 3 years, and Emirates ID. And that is all you need (if you’re going for the basic package).

The process:
After e-signing the service contract and paying DLS their fee, I shortly after received by email:
1) eVISA to enter Dubai as employee (of my own company)
2) Employment contract
3) Two guides, one for the Dubai VISA process and one for the bank process
4) Complete kit of company documents

Please note that the DLS fee is more or less a facilitator fee. On top of the DLS fee you pay for:
a) the company
b) the resident VISA
c) the Emirates ID
d) the healthcheck
e) the healthinsurance
f) the company stamp
- as well as any other unforeseen costs (amongst others, I had to pay an extra USD870 for a different office, as the chosen company bank changed their requirements for this). DLS was creative and found a shortterm solution, for the sake of getting approved, I just had to meet with the bankrep and do the sing and dance.

In my case, I paid more or less USD11k in total for the complete enchilada. Still, not bad for a 0% tax setup.

Add travelexpenses. Stir. Enjoy.

Fred and his staff guided me through everything mentioned, so you never felt “alone”, even if the bank took unusal long time to approve my application. Welcome to Dubai – no day is the same.

DLS/Fred will facilitate a personal bank account, but in addition I opened two on my own, just for the fun of it, and to learn the process. Easy. At least at the time I visited Dubai.

The company stamp you can either order online while in Dubai if you’re too busy or lazy, else try some sightseeing into the many small streets of Dubai, where you will easily find a store that can prepare your individual stamp while you’re waiting.

Summary: definitely recommended, whether you're a startup or an ongoing business on any level.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
It just occurred to me that I never finished my "two cents" on DLS DUBAI. Sorry about that, Fred and Dina!

Well, formation all done. A few months back actually.

In case you are wondering (because, I was, before signing on):
1) Yes, DLS can be trusted. They are honest, flexible, creative (which is important, read on), easy to talk to, and only a phonecall away.
2) Yes, you will get what you pay for; a company setup with company bank account and personal bank account, Residence VISA good for 3 years, and Emirates ID. And that is all you need (if you’re going for the basic package).

The process:
After e-signing the service contract and paying DLS their fee, I shortly after received by email:
1) eVISA to enter Dubai as employee (of my own company)
2) Employment contract
3) Two guides, one for the Dubai VISA process and one for the bank process
4) Complete kit of company documents

Please note that the DLS fee is more or less a facilitator fee. On top of the DLS fee you pay for:
a) the company
b) the resident VISA
c) the Emirates ID
d) the healthcheck
e) the healthinsurance
f) the company stamp
- as well as any other unforeseen costs (amongst others, I had to pay an extra USD870 for a different office, as the chosen company bank changed their requirements for this). DLS was creative and found a shortterm solution, for the sake of getting approved, I just had to meet with the bankrep and do the sing and dance.

In my case, I paid more or less USD11k in total for the complete enchilada. Still, not bad for a 0% tax setup.

Add travelexpenses. Stir. Enjoy.

Fred and his staff guided me through everything mentioned, so you never felt “alone”, even if the bank took unusal long time to approve my application. Welcome to Dubai – no day is the same.

DLS/Fred will facilitate a personal bank account, but in addition I opened two on my own, just for the fun of it, and to learn the process. Easy. At least at the time I visited Dubai.

The company stamp you can either order online while in Dubai if you’re too busy or lazy, else try some sightseeing into the many small streets of Dubai, where you will easily find a store that can prepare your individual stamp while you’re waiting.

Summary: definitely recommended, whether you're a startup or an ongoing business on any level.
Thanks for the honest review - appreciate it.

For clarification:

You don't pay again for the company - like mentioned from you.

You don't pay the medical unless you opt for the VIP that technically can only be paid by the applicant due to Smart Center Terminal.

The company stamp is meanwhile not any longer necessary - I guess you never used yours as everything is done electronically.

Health Insurance again - we highlight everyone that a Revolut Premium Plan for 10€/month works perfectly fine.

Office was an individual case requirement - solved this issue as well meanwhile.

Travel expenses - well you can sleep in a 50$ Hotel or in a 500$ hotel per night.

All in all your message is very welcomed because Dubai doesn't makes sense if you are counting nuts - things can change over night and we do everything to adopt and compensate GoV shortcomings, bank changes etc.

But it's important for me to highlight that we cover:
Company
Establishment Card
Banking - Personal and Business
Visa - Application - PRO Service etc.
 

Jocus

Mentor Group Gold
Thanks for the honest review - appreciate it.

For clarification:

You don't pay again for the company - like mentioned from you.

You don't pay the medical unless you opt for the VIP that technically can only be paid by the applicant due to Smart Center Terminal.

The company stamp is meanwhile not any longer necessary - I guess you never used yours as everything is done electronically.

Health Insurance again - we highlight everyone that a Revolut Premium Plan for 10€/month works perfectly fine.

Office was an individual case requirement - solved this issue as well meanwhile.

Travel expenses - well you can sleep in a 50$ Hotel or in a 500$ hotel per night.

All in all your message is very welcomed because Dubai doesn't makes sense if you are counting nuts - things can change over night and we do everything to adopt and compensate GoV shortcomings, bank changes etc.

But it's important for me to highlight that we cover:
Company
Establishment Card
Banking - Personal and Business
Visa - Application - PRO Service etc.
Sorry sorry, my bad! Agree on all, and correct, the company formation is indeed included in the DLS fee. Rest is on top of the fee, with the Resident VISA carrying the major part of that extra costs, closely followed by the healthcare, I didn't have the opportunity at 10EUR/mth at the time unfortunately - but good to know it now exists.

The company stamp - so no longer needed, but it's actually nice to have, if nothing else, then as a souvenir :)

I can confirm that everything else is included in the DLS fee, incl introduction to valuable contacts, and overall effective and friendly assistance throughout.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Hi @Jocus, did you need proof of residence like a utility bill to open these extra accounts? How did it work?
Sure.

Substance is nowadays necessary and if you don't intend to live fulltime in the UAE you need a Service Provider that knows what he does.

We covered @Jocus of course otherwise the Bank Account opening wouldn't be possible.

All this stuff happens in the background so that the client has the best possible user experience and a perfect outcome.
 

lory

Mentor Group Gold
Would it be of tax benefit to have a Dubai setup if you live in a high tax country within the EU, or is it only for people who intend to relocate to low tax country or UAE ?
 

JackAlabama

Entrepreneur
Hello, can you please explain how PayPal and Stripe will be connected to our Bank?
I am worried about the Payment gateway.
Please explain in detail @Fred
This is very easy. Just sign up with your UAE based company as soon as you have a business bank account. The account details are needed during signup process.
From there onwards it is smooth sailing and you will get wires from Stripe in AED.

I would also like to conclude with some infos my process.

I also successfully opened an account with ENBD in the meantime as well with the help and guidance of @Fred.

My summary and recommandations for those of you who are at the beginning:

Mashreq NEObiz is well suited for the person which needs a business account quickly and you will have it operating in a couple of short weeks (2-3 weeks) and the process is generally easier than with other banks.
Emirates NBD business banking is only for the patient as the patience required will test you ;) So, if you go down that path be assured that you will get there eventually but the time required will be long (4-6 months at minimum).

There are a few other business banking options as well which I tried by myself and / or with Freds guidance, but they were not a good fit for me personally as I noticed during the process so I abandoned these endevours in the end.
Some other banks can make sense for certain specific circumstances or backgrounds so keep an open mind about that.
But overall, the process of opening business bank accounts is no walk in the park especially if you first try it in UAE. Be prepared to have a lot of supporting documents and your papers in order.

Personal bank opening is fairly easy for residents whereas Freds guidance was also helpful. On top of that I tried the one or other thing on my own which worked out nicely as well.
 
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Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
So, if you open a bank account in Dubai and come to Dubai at least every six months, then you can officially request a tax certificate? Is that for a personal bank account, or corporate bank account in which you are a director?
No

How hard is it to open a Dubai bank account, for a RAK or similar UAE company?
Close to impossible. We are DLS DUBAI for a reason. Close to daily local guys that were working before as an employee and don't have any clue about the Company Formation World are getting burned with a RAK Company or similar. Situation is that bad that they drop a RAK Company and pay again for a Dubai Company.

You have compliance requirements for RAK that are simply not in place for a Dubai Company. Banks like ENBD refuse to open at all for something like RAK, Fujairah - ENVD start closing down this jurisdictions already in 2019.

Some advisers seem to suggest open the bank account outside UAE, for a UAE company.
If there is no specific reason given for something like that - the adviser simply don't know his job and is telling you BLA BLA.
We get from time to time clients that were told they have to open with an EMI because local UAE banks freeze money or some other stories - excuses because the adviser can't open local bank accounts.

The "banks" suggested seem to be dubious EMI like institutions, which I would be a bit nervous about.
So I would be.

Is it common practice for UAE banks to charge a percentage (with no upper limit) of the transfer as bank fees?
Never seen a fully fledged bank except CIM Bank charging percentage. You can do something like that only if you deal with very desperate clients without any other option. It's no practice at all for Reliable Retail Banks - same like in your home country it will be a Resident case with Company, Residence and Bank Account in the same jurisdiction.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Is it still possible to open a UAE company with a reputable Dubai bank account anymore without the director/owner being resident (albeit some substance through a local employee)?
No - it's a closed working system - putting a straw man in the company doesn't help anything.

At least one authorized signatory that controls the bank accounts needs to be a Resident and to be a Resident in front of the banks you need to be every 6 months 1 day to UAE - that's the minimum someone need to effort in 2021 otherwise it doesn't work out.
 

Sh0w3n

Lawyer
Hi Fred, do you happen to have what’s app? i am considering your service. I am planning on moving to Dubai to live there. Thanks
 

KalasZX

New member
Great thread Fred, UAE was not on my radar but this has given me a lot to consider. Does your visa setup have a path to citizenship? If so, what are the requirements to get citizenship?
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Great thread Fred, UAE was not on my radar but this has given me a lot to consider. Does your visa setup have a path to citizenship? If so, what are the requirements to get citizenship?
Thanks for the Feedback.

No Citizenship available from the UAE as for now.

It was announced last year but nothing followed afterwards.
 

Au999

New member
Great thread Fred thank you - been in touch with your company, got great email back and will chat soon.

One thing, I've just read in the FT that Dubai just announced 9% corporate tax from 2023 but reading article it seemed to just be for local companies serving local market.

Could you please post any more info you may have on the unfolding situation, and if it's applicable to FZ companies?

Cheers!
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Great thread Fred thank you - been in touch with your company, got great email back and will chat soon.

One thing, I've just read in the FT that Dubai just announced 9% corporate tax from 2023 but reading article it seemed to just be for local companies serving local market.

Could you please post any more info you may have on the unfolding situation, and if it's applicable to FZ companies?

Cheers!
Thank's alot for the positive feedback about our work.

Please see my comment about the 9% Corporate Tax in the UAE here:


Basically the Corporate Tax for Mainland Companies was already discussed since several years and yesterday the Ministry of Finance played this Joker to keep off from the FATF Grey List.

Of course we don't have a glass ball to predict the future but for us as DLS Dubai it was clear from the very beginning that if some Corporate Tax will be introduced - it will be for Mainland Companies only and Freezone Companies remains at 0% Tax.

You can even see this here how we sometimes have an opinion about things based on our daily practice for a reason:


With yesterdays Corporate Tax announcement nothing of our proposal for our new or existing clients have changed.

The UAE is a very complex jurisdiction with several company types either Onshore or Offshore that comes setup in the right way with a Residence Visa - the UAE have always the power to introduce something like 9% corporate tax to remain off from all Black-and Greylists and in the same time you still have Types of Company where you can achieve 0% tax.

UAE is for sure not a small Caribbean Island where any Western Nation can pull the plug over night.
 

boomy

Mentor Group Gold
scenario. If I plan to relocate to Dubai, what would be the procedures and would you be able to take me by hand to help with everything required to get a smooth transmission?

I'm not from a 3rd world country.
 

rowena

Entrepreneur
scenario. If I plan to relocate to Dubai, what would be the procedures and would you be able to take me by hand to help with everything required to get a smooth transmission?

I'm not from a 3rd world country.
You can do everything(company incorporation, visa, eid, etc...) yourself but if you're not familiar with UAE, it will take a long time and you will most probably make mistakes. You can check with Fred. He's familiar with UAE and offers a good service for a reasonable price.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
You can do everything(company incorporation, visa, eid, etc...) yourself but if you're not familiar with UAE, it will take a long time and you will most probably make mistakes. You can check with Fred. He's familiar with UAE and offers a good service for a reasonable price.
Word.

There is no more honest reply to that then:

We provide the whole Setup Costs involved and put a Service Fee on top and still with the Service Fee on top you endup paying less then when you do everything your own - keywords: local substance, immigration etc.

Actually the Immigration Authority gives you appointment to finalise the Emirates ID application 3-4 weeks in the future - so you need someone dealing with it or calculating another trip or 3-4 weeks hotel costs if you do it your own.

Same with the banking if you have the time to approach every single bank and product you will endup getting a Bank Account but when it takes 6-12 months and costs you min. Balance or Investment - it was for sure not the best deal.

Things changing frequently and it takes even us sometimes days to work around new pitfalls and for sure it's getting tighter and more bureaucratic every year.

For everyone who reads this:

I can only advise you to setup your Dubai Venture now even if you don't need it immediately and see the running costs as opportunity costs.

The truth is if you did setup the Dubai Company 1 years ago and didn't used it all but just paid the renewal fee - you made the better deal compared with setting up today - Compliance, Immigration and in General more and more uncertaince in the world.

But this is nothing new almost since 2017 it's more and more important to have a reliable Service Provider for your Dubai Setup - ESPECIALLY if you don't intend to live fulltime in the UAE.
 

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