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Fred

Dubai Expat
Mentor Group Gold
Commercial Service
There is many ways banks will report you to the CRS even if you have a residency visa:
  • Factually most banks will report you if the phone number you report is not local. So if you go to UAE and your country code on your phone number is something else, then you can be assured that they will report to CRS just to make sure
There is probably also banks who will report you for other reasons, like having a hotel address.
I could assume some banks also just reports to your homecountry for the fun of it.
For the phone number I can agree.

That's why we are here to setup everything in the right way.

Everything else I can't agree.

The banks in the UAE are old fashioned they stick to the information on file because everything else is additional work for them and they don't like it beside of the fact that every single bank knows exactly what's going on so they don't have any benefit from reporting for fun.

Beside of that some example we had with the UAE banks:

1. I opened in 2018 a business bank account as non-resident and changed the status to resident after a year - never reported even some guys told me it could happen

2. A client from Austria was asked from the banker about previous residence and he mentioned Austria - the banker understood Australia. We had a laugh after that meeting. Some time later the account was opened even with the misunderstanding from the Indian banker.

3. Since forever I have on my personal account as Job/Designation the "Company Name" and under Company Name "Owner".

Just 3 examples beside of the fact that 100+ clients never got reported in past 2 years since we are providing our service.

As soon as you go with some banks outside the UAE like CIM Bank in Switzerland things changing rapidly.

So the government owned banks in the UAE are good for what they are there - retail banking for local companies with residence. They know exactly that from the date on they start playing funny games it will be the beginning of the end for UAE as a offshore jurisdiction - same goes for the 0% tax regime.
 

Sols

Staff member
Mentor Group Gold
His website also has WHOIS protection, can't check owner. Googling anything related to their office on Cayan Business Center doesnt get any results besides their website.
I think this is a valid concern. It's not unreasonable or malicious to seek to verify the details of a service provider offering a financial service. The limited company information is something a buyer would be justified in having concerns about. Not because DLS Dubai is bad (so far, feedback seems great), but because these are traits and characteristics shared with service providers that are. In the privacy policy document, there is a mention of a "SAPHALLY LTD, License no. 219077, Cayan Business Center, Barsha Heights, Dubai, United Arab Emirates" but I can't seem to independently verify the license or company's existence. Maybe @Fred can shed some light on this?

Just 3 examples beside of the fact that 100+ clients never got reported in past 2 years since we are providing our service.
The banks keep you in the loop on what they report and to whom?
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
I think this is a valid concern. It's not unreasonable or malicious to seek to verify the details of a service provider offering a financial service. The limited company information is something a buyer would be justified in having concerns about. Not because DLS Dubai is bad (so far, feedback seems great), but because these are traits and characteristics shared with service providers that are. In the privacy policy document, there is a mention of a "SAPHALLY LTD, License no. 219077, Cayan Business Center, Barsha Heights, Dubai, United Arab Emirates" but I can't seem to independently verify the license or company's existence. Maybe @Fred can shed some light on this?


The banks keep you in the loop on what they report and to whom?
I agree with you so let me clarify all the points.

First of all regarding the "WHOIS" protection - we simply bought the Domain via Namecheap and it's standart automatically active and included in the Domain purchase.

The company SAPHALLY Ltd. is the provider of the Website dls-dubai.com and holds the rights at the DLS Dubai trademark. SAPHALLY Ltd. is registered in the Seychelles. See attached the Certificate of Incorporation.

All the service agreements between clients and us are made with our UAE based company that is located in the Cayan Business Center at Tecom. We issue a service agreement with every invoice and in this service agreement we agree on the services that has to be delivered - in case we fail we have to issue a refund.

Regarding the service providers that have bad intentions - well to be honest with you I have seen many good and reliable service provider that had collected many bad reviews because they still continue pushing classic offshore jurisdictions like Panama and Seychelles in 2021 and failing all the time with delivering some reliable retail banking in decent jurisdiction.

We focus only on Dubai as we are living here and it's a good working system. Company, Residence and Bank within the same jurisdiction is a solution that will be there even in 5 years. It's the non-resident banking, nominee structure and shell companies on emtpty island thing that comes sooner or later to an end.

Beside of that I'm into Bitcoin since 2015 and had to find ways to cashout Bitcoin in the UAE - so I'm sharing my knowledge and workarounds I established in the last 5 years here in the UAE. We have many requests from people that don't have any business experience at all and just want to cashout the Bitcoin holdings.

We are helping them creating a business plan, choosing a proper license and doing the right steps to achiving there golas. I love to share my experience with people that are now in the same situation like I was a few years back and I'm happy to help them avoiding loosing money to some shady Dominica, Belize or even Samoa based banks.

We are here to stay.
 

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digirider

New member
How money flow from crypto to an UAE bank with such setup? I don't think you can just withdraw from a crypto exchange, right? An intermediate company bank account would be needed?
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
How money flow from crypto to an UAE bank with such setup? I don't think you can just withdraw from a crypto exchange, right? An intermediate company bank account would be needed?
We use smaller decent Exchanges that aren't widely known as Crypto Exchange like Binance and Coinbase.

As the UAE Banks we work with don't have such a huge blacklist most of the work is already done when the money comes from a decent company Name that doesn't have a "Bit" or "Coin" in the name. For additional security you can link an EMI inbetween that is verified on the Dubai Company and from that EMI you send the money to the UAE bank of the Dubai Company so its basically an intergroup transfer.

Small amounts like 300-500k you can directly cashout from Kraken to your personal bank account with some of the UAE Banks - you just have to know which banks to use. Of course you have to use the personal account organic - you can't just open the account without spend or salary on it and the only purpose is just cashout from Kraken.
 

CaptK

Nominee Company Bank Account Real Estate Passport
Mentor Group Gold
How money flow from crypto to an UAE bank with such setup? I don't think you can just withdraw from a crypto exchange, right? An intermediate company bank account would be needed?
Other option is to do an OTC exchange with established buyers in the UAE and the majority of them have credibility due to the size of their business or by virtue of being an Emirati.

As @Fred said the workers in the bank do not use common sense. No matter all the paperwork given if it's not they way they want it they will give you problems.

In my experience when you are sent a payment from an Emirati especially when they are a respected family (not royalty) no question asked. If the buyer has any direct relation to royalty or is royalty the bankers dare not ask questions for fear of being sent back home. Transaction amount of €2M of mixed crypto to one buyer in a single transaction.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Other option is to do an OTC exchange with established buyers in the UAE and the majority of them have credibility due to the size of their business or by virtue of being an Emirati.

As @Fred said the workers in the bank do not use common sense. No matter all the paperwork given if it's not they way they want it they will give you problems.

In my experience when you are sent a payment from an Emirati especially when they are a respected family (not royalty) no question asked. If the buyer has any direct relation to royalty or is royalty the bankers dare not ask questions for fear of being sent back home. Transaction amount of €2M of mixed crypto to one buyer in a single transaction.
This!

Hate it or love it - it works in practice period.
 

Vesemir

New member
Hi @Fred , just a question.
with residence visa the insurance is mandatory even if I gonna be in Dubai just 2 days every 6 month?
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Hi @Fred , just a question.
with residence visa the insurance is mandatory even if I gonna be in Dubai just 2 days every 6 month?
Hi @Vesemir ,

they are changing the requirement frequently. Just go with one in case they change it again. A local basic health insurance is enough maybe 100,- per month. You can go without one but in case it's required afterwards it's additional hassle.
 

mike400

New member
Met with Fred in Dubai Marina and everything is going very smoothly. Company was incorporated in about 2 days, Fred explained everything in detail and now I'm waiting for my residence visa.

We talked also about my bad experience with Georgia and I'm really happy that I avoided this crappy jurisdiction and went with Dubai instead..
 

RBraun

New member
Met with Fred in Dubai Marina and everything is going very smoothly. Company was incorporated in about 2 days, Fred explained everything in detail and now I'm waiting for my residence visa.

We talked also about my bad experience with Georgia and I'm really happy that I avoided this crappy jurisdiction and went with Dubai instead..
How long will you stay in Dubai on this trip? I've never been and I'm considering coming over there, do you have any advice please?
 

mike400

New member
How long will you stay in Dubai on this trip? I've never been and I'm considering coming over there, do you have any advice please?
Staying here for about 3 weeks. Fred started the process remotely (company incorporation).

I like staying in Palm Jumeirah, more expensive, but living on a beach and having amazing city view was worth it. Come with a friend and rent a 2 bedroom apartment to split the costs..
 

For Free

New member
Of course.

One of our banks we work with is ADIB they require minimum balance for business bank account of 5.000 AED (around 1.000 EUR).

For personal it's something similar even less 3.000 AED.

The above mentioned are for Dubai Companies (Onshore) and Emirates ID (residence).

For Offshore Companies (non-resident) it's something in the 6 figures Euros as well as personal non-resident bank account.

Because of the current regulations we only suggest to setup Dubai Companies with residence visa as the banks like it as they can setup your bank account as resident and don't have to deal with CRS reporting stuff as it's additional work for the banks.
Dear @Fred. Do ADCB and ADIB open accounts for FZE with Flexi Desk? Do you have introducers from those banks? Thanks
 

Davis123

Entrepreneur
Staying here for about 3 weeks. Fred started the process remotely (company incorporation).

I like staying in Palm Jumeirah, more expensive, but living on a beach and having amazing city view was worth it. Come with a friend and rent a 2 bedroom apartment to split the costs..
I love palm Jumeirah myself. . Excellent choice.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Thank you. Recently I'm not in UAE, so I will contact you when I can travel there
You can send us anyway your company profile because we talk with the bank upfront to receive a greenlight from the compliance.

We never accept a bank account opening service request without checking your case with the bank so that we can guarantee the bank account opening.
 

bibing

Active Member
What kind of company to setup in UAE if I want to make business with local business?

Do I need a local partner even if I just provide a service (marketing) so no import-export.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
What kind of company to setup in UAE if I want to make business with local business?

Do I need a local partner even if I just provide a service (marketing) so no import-export.
Freezone Company.

Even the Freezone we work with is a Freezone Company itself and setup contracts with us as a Freezone.

So there is no restriction - many people think with Freezone they can't send money to local companies - in fact that's not true.

Mainland LLC with local sponsor is necessary if you want to setup a local shop with walk in customers like restaurant and supermarket.
 
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