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DinkMe

New member
Hi @DinkMe,

first of all avoid Management Consultancy as the SIC of your Business Trade License as it's right now together with legal services and physical gold trade blacklisted by all banks in the UAE. It's not mention anywhere public you will be simply rejected due to "internal policy " of the bank.
Next you mentioned Mainland Company without local sponsor. It was announced big but for now nothing has been realized in practice and what is mentioned nowhere in the news that you will be required to keep 3-4m AED in local bank accounts as some sort of guarantee.
For majority of the people a Mainland Company is overpowered and to costs too much - keep in mind you are required to get a office space in the Dubai Mainland so you will face the real property prices. If you don't want to endup in Deira and get some serious office expect something between 40.000-60.000 AED for the office space only + the accounting requirement and so on.

Regarding the second part of your questions - taking over a Freezone Company together with already existing bank accounts from a friend of you could be a cost effective solution - to discuss this further just send an e-mail to [email protected] or visit our website www.dls-dubai.com to use the contact form or messenger.
HI Fred, thanks for the advice, I'll get in touch on email. Cheers!
 

lokifree

New member
Hi Fred, I've sent you email twice from my professional email about my client from Poland but I didn't get an answer. I can't PM you either as quite a new member. Could we arrange a Zoom/Teams call to discuss? Cheers!
 
Hi @Fred, Thanks for all the info you have provided in this thread.
With the Dubai freezone company, do we need to charge 5% VAT to clients based outside GCC ?
For dependent/family visa, do we need a rental contract + utility bill? Is there a workaround possible?
 

oceanonline

New member
I've known Fred for a week now, we discussed and started the process remotely. I had so many questions in the beginning, THANKY YOU FRED FOR TIME AND PATIENCE!!!

Fred is a very pleasant contact, he took a lot of time to find the best suitable setup for me and my company. He quickly and professionally initiated the necessary steps with the authorities. He knows exactly what requirements have to be met, created the necessary documents for us to open the company and put us in touch with the right contacts. Fred truely offers a lot of help here.

Also noticed that he is incredibly familiar with the Insights, can react flexibly to any problems that may arise and will not let you down. Such a cool thing that I have met him in this forum. Very friendly and warm-hearted contact, really excited to meet him in person next week in Dubai. thu&¤#
 

wie7se

New member
I promised to leave a review on Fred his services..

Main positive of Fred is that he is always ready to answer your questions, and not having to wait days to get a response.

He setup my company and helped me through the process of getting EID etc. We we're in process of setting up the bank accounts as well, he set up a couple of meetings with banks and got the process started.

I didn't complete the process of setting up bank accounts because of shifting plans and moving to Malta instead (my income shifted from trading profits to royalty income and therefor UAE became totally uninteresting for me because of withholding taxes and UAE not having tax treaties signed with the countries I receive my income from).

And I am very positive that if I would have preceded with the bank account openings they would have been open by now.

Only downside is the time frame of setting things up, this is not Fred his mistake but mainly of slow government services, right now in the UAE they are shifting from offline to online more but that process isn't going so smoothly imo.

Other positive is that everything can be done with DLS Dubai in person, you don't have to figure shit out yourself if you don't want to.

All in all I would recommend Fred.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Thank you for the fair and honest reviews about our service, really appreciate that and we continue adding more and more value to our service.

Please note since the 8th of April the Visa Application for outside the UAE is available again and therefore the whole process is much faster and the stay in the UAE is calculated with 7-10 days only.

Furthermore our new Office at Marina Plaza Tower is open and available for all clients to collect Company Documents, Emirates ID and Passports.

DSC08252-2.jpg
DSC08249-2.jpg
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Hi @Fred, Thanks for all the info you have provided in this thread.
With the Dubai freezone company, do we need to charge 5% VAT to clients based outside GCC ?
For dependent/family visa, do we need a rental contract + utility bill? Is there a workaround possible?
Welcome.

No need of charge 5% VAT.

Dependent Visa can be managed by a good service provider - no issue.
 

Gamblord

New member
I've already messaged you @Fred

Some logistical questions for you:

Q1. Just to be clear what are the out of pocket costs for the 1st year? It sounds like 7k euros for set up then 4k euro in maintenance fee for the business trade license. So 11k euros in year 1 then 4k each year thereafter?

Q2. I will obviously need to spend some money for health tests and lodging when going to UAE, how much money do you recommend preparing?

Q3. It sounds like you can't simply cash out huge amounts of fiat as this would upset the banks there. Can you recommend a less alerting way to cash out large sums of fiat? I understand you mentioned something about cashing some fiat then buying crypto again and cashing out to show organic behavior. I just assumed that we could cash out big sums and it wouldn't be an issue since everything done is legal.

Q4. How does one typically buy something like a property in his home country or overseas. Let's say I wanted to buy a small apartment in Ukraine, can I do this using my company? Is it anonymous?

Q5. If I want to send some cash to relatives what is the appropriate way of doing this? I pay myself out as an employee then pay out my relative with my personal account?

I apologize if these sound like stupid questions. I don't have any experience with this.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
@Gamblord good questions.

1.) The 4k Business Trade License costs are already included in the 7k. So 7k for the first year and 4k ongoing - the 4k are the Business Trade License you renew directly with the Business Authority - no hidden costs.

2.) 1000 AED especially if you want to have everything done within minutes and VIP service.

3.) Source of Funds - it's all about source of funds. You can cash out millions at once in physically cash in the UAE but then you are limited to buying local property,cars and so on. The ways via Banks are there but has limitations of course. For 100M+ there are again other ways that can be used. There is no one fits it all solution and it needs to be discussed in person.

4.) Personal Loan from the UAE Company - especially in jurisdiction like Ukraine - depending on the country in EU it can be different. UK is famous for having property investment from offshore while Germany is not.

5.) Exactly - no issue.
 

sujoe

New member
Very informative thread, Fred, but how about the required substance for the company? I see it was not mentioned at all.
Does it not apply to a DSOA Freezone company? Thank you in advance!
 

zzzzzz

New member
@Fred
1. How does an owner dissolve his freezone company, what is the process and how much does it cost?
2. Do banks require something like certificate of good standing every year?
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Very informative thread, Fred, but how about the required substance for the company? I see it was not mentioned at all.
Does it not apply to a DSOA Freezone company? Thank you in advance!
The Economic Substance Regulations aren't related to a specific Company Type or Freezone - it's related to the Company Activity.

Relevant Activities:
  • Banking Business
  • Insurance Business
  • Investment Fund management Business
  • Lease - Finance Business
  • Headquarters Business
  • Shipping Business
  • Holding Company Business
  • Intellectual property Business (“IP")
  • Distribution and Service Centre Business
So in case your Company doesn't conduct an activity from the list above - your registered Company Address is from the Government side everything you need to have.

However Substance in Terms of Bank Account opening is required with some Banks - of course we get this done for you together wit an associated Banker so that the Business Bank Account Application is as comfortable as possible for you and of course at no additional cost.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
@Fred
1. How does an owner dissolve his freezone company, what is the process and how much does it cost?
2. Do banks require something like certificate of good standing every year?
1. You get in touch directly with the Business Authority and start the process of dissolving the company - ca. 2000 AED.
2. The Banks require you to upload once a year the renewed Business Trade License - that's the only bureaucracy you face once a year. The Business Trade License is what we mention as rene costs as you only have to pay for the Business Trade License once a year - get the renewed Business Trade License and submit it via Online Banking to the Bank. That's it.
 

zzzzzz

New member
1. You get in touch directly with the Business Authority and start the process of dissolving the company - ca. 2000 AED.
2. The Banks require you to upload once a year the renewed Business Trade License - that's the only bureaucracy you face once a year. The Business Trade License is what we mention as rene costs as you only have to pay for the Business Trade License once a year - get the renewed Business Trade License and submit it via Online Banking to the Bank. That's it.
What happens if you just don't pay renewal fee? I know that in Seychelles (IBC company) you could just leave it and it was struck from the registry - however there were some penalty fees to pay if you wanted to restore it back.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
What happens if you just don't pay renewal fee? I know that in Seychelles (IBC company) you could just leave it and it was struck from the registry - however there were some penalty fees to pay if you wanted to restore it back.
Same here - Company will be strucked off and that's it.

To keep a clean business history within the UAE we always recommend to dissolve the Company Official.

After 2 months you don't update your trade license in the Online banking the Bank will charge you penalty fees and close your account after some time.
 

alexrinse

New member
Just today signed for the opening of my business bank account in the UAE, initiated through Fred whom I luckily came across on this forum. So add my thumbs-up to the others on this thread.

I am with the IFZA freezone, a flexi-desk licence. I'm not dealing with huge amounts of cash per month by any stretch - just a single-contract IT consultant. They haven't even asked for a minimum/initial balance but I will be bringing over the funds from the EMI I was using anyway.

When we stopped for a coffee after one bank meeting at the beginning of the process, Fred said he worried people on this forum might see him as a "unicorn". Having spent a couple of months before engaging his services reading various unsuccessful testimonies on reddit and here and elsewhere about how impossible it had become for FZ flexi-desk companies to get on board the UAE banks, I did wonder whether his confidence that it would be no problem might be misplaced/rooted in the hard-sell. Well, he's a good guy, decent and true to his word.

In any case, here I am 3 weeks since making the application and I have logged into my account today.

Oh - and get a company stamp. I think I had last heard of such things in Edwardian literature but they are still going strong here. I used Mr Shoekran in Kuwait St, Dubai and he did it in 30 minutes while I went for a Biriyani.
 

Brutus

Active Member
1) Does this setup work for crypto exit strategy?

2) what crypto friendly bank are you working with?

3) what major crypto exchanges are compatible with said bank?
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
1) Does this setup work for crypto exit strategy?

2) what crypto friendly bank are you working with?

3) what major crypto exchanges are compatible with said bank?
1.) Yes
2.) All retail banks in the UAE are crypto friendly or in other words: not crypto unfriendly - if used right -> people think crypto friendly means no questions asked by the bank when opening a new bank account without history and withdrawing then millions - that will never work and that's why you have us to navigate you through the single steps
3.) Kraken
 

Brutus

Active Member
1.) Yes
2.) All retail banks in the UAE are crypto friendly or in other words: not crypto unfriendly - if used right -> people think crypto friendly means no questions asked by the bank when opening a new bank account without history and withdrawing then millions - that will never work and that's why you have us to navigate you through the single steps
3.) Kraken
Works with binance too?
 
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