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CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.

offshoreecom

New member
Hey,

There is a lot of good information in this post.

I just have a question about the location to incorporate the company.

Why do you not recomend places like Fujairah ?

What is the advantage to have the company in Dubai?

Thank you,
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Hey,

There is a lot of good information in this post.

I just have a question about the location to incorporate the company.

Why do you not recomend places like Fujairah ?

What is the advantage to have the company in Dubai?

Thank you,
Reputation.

Not only if you write invoices to other companies or need to sign contracts with big companies in Europe it looks better even some big banks like FAB and ENBD refuse to onboard companies incorporated in small emirates as the Freezones in smaller emirates not always follow the regulations it's too much risk for the banks we work with mainly.

What's the point to incorporate in smaller Emirates if you can have the same rate like in Dubai the way we make the setup.

Incorporating in Dubai comes only with plus and isn't more expensive then smaller Emirates Freezone - so we don't see any point why to incorporate there instead of in Dubai.
 

carlosbl

New member
Hi Fred,

How is it possible to a incorporate a non- CRS setup in UAE, since UAE agreed CRS on 2018?

Beside of that, in DTTs normally there is an article about exchange of information.

For example, here you have a look at the "exchange of information" article in DTT between UAE and Spain.

1620842970181.png

1620843006366.png


Thanks in advance.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Good Point @carlosbl

Due to the fact that we open the local UAE Business & Personal Account with the Residence Visa, Emirates ID and local phone no. the Bank consider you fully as local UAE resident and therefore no reporting of your financial statements under CRS is triggered.

It's called Residence by Investment by the OECD:

"While residence and citizenship by investment (CBI/RBI) schemes allow individuals to obtain citizenship or residence rights through local investments or against a flat fee for perfectly legitimate reasons, they can also be potentially misused to hide their assets offshore by escaping reporting under the OECD/G20 Common Reporting Standard (CRS)."

Source:
 

carlosbl

New member
Good Point @carlosbl

Due to the fact that we open the local UAE Business & Personal Account with the Residence Visa, Emirates ID and local phone no. the Bank consider you fully as local UAE resident and therefore no reporting of your financial statements under CRS is triggered.

It's called Residence by Investment by the OECD:

"While residence and citizenship by investment (CBI/RBI) schemes allow individuals to obtain citizenship or residence rights through local investments or against a flat fee for perfectly legitimate reasons, they can also be potentially misused to hide their assets offshore by escaping reporting under the OECD/G20 Common Reporting Standard (CRS)."

Source:

Nice explanation!

Danke @Fred
 

ckbcn

New member
Hey all.

Not posting much in this forum, but I believe it’s time for me to do the first one.

2 months ago, we started to process with DLS-Dubai getting 2 companies set up in the UAE with personal and business bank accounts. We had a few Signal calls with Fred from DLS-Dubai and quickly afterwards paid his invoice for getting it all set up. Many of the documents we did remotely before we arrived in Dubai, so it could be done as fast as possible. 1 month afterwards we booked a flight for Dubai, and estimated the whole process would take approximately 10 days.

When we arrived in Dubai we immediately went out for the different medical tests, insurance etc, getting all the work done as fast as possible. We had LOCAL personal driver helping us with all of the stuff, so it’s idiot proof for sure.

During the process we also met up with Fred and had dinner with him (which he surprisingly paid). We were really worried that we couldn’t make it within 10 days, as we should also do the bank meeting. On the 8. day here in Dubai we had he bank meeting, and here I am writing the review after the meeting.

Credit cards will be sent to our home country within 2 weeks, and our business banking account will be opened within the next 4 weeks. All set and done now – and can only give my best recommendations for DLS-Dubai.
Thanks for the review.

Which bank did you manage to get the business account opened with?
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
@Fred the date of company incorporation is public? Or can be requested somehow from the official datebase?
With the Freezone we work with - no.

The Company Documents can be verified with a QR code on it - so the Date of incorporation can only be verified from somebody having the original company documents. Public is zero visible.

So the Privacy of your Dubai Company will go as far as you take it - keep the Company incorporation for you and you have 100% privacy.
 

azb1

Entrepreneur
DSOA

The management and leadership is from EU. If you have some urgent matter you get as a partner what you need in 30 minutes. That's not the case by other Zones - they basically say to you in a urgent matter you have to write an email and they get back to you within 2-3 days.

As we work mainly with europeans - we know the mentality of them as well as that everything needs to be scheduled well we have to work with the most responsive authority to provide the best service for the client. That's what we care about the most because all the Business Authorities in Dubai are more or less the same except the management and leadership.
True I can confirm that.
Most other Freezone take time to Reply (Not much) but IFZA is the fastest among all. You can receive a reply in Few Hours.
 

Petersvenson

New member
Just got back from Dubai and would like to share my experience with Fred and DLS dubai.

We decided to go with DLS because they offered an all inclusive service. From previous experience i know that creating a company is not hard, but getting the bank account with an established bank is another matter.

We spoke a few times via telegram and decided to go head. Initially we were supposed to apply for the visa remotely but at the time we did this Dubai had stopped accepting remote applications so we decided to travel to Dubai and sort everything out in the country.

When we arrived we met with Fred and we discussed the whole setup and he helped us reconfigure a few things to make sure the setup was bulletproof. I have some experience with creating offshore companies but it was nice to speak to a pro and is was obvious that Fred has been doing this for a while and knows the lay of the land so to speak.

The whole medical and emirates ID application went smooth, we got picked up by Mareb and he took us trough everything. (We even skipped the line for the fingerprint taking witch was about 3 hours long :)

Last but not least was the bank meeting, before the meeting we had already gone over the whole setup with an associate banker of Freds to make sure the setup would be approved.

This last part was was assured me that the money was well spend with DLS. We met with Freds contact in the bank and he made us sign all the necessary documents. He assured us that we would not need to come in person again, and even if we where required to come he would sign on our behalf and Fedex us the documents or cards directly.

We expect the bank to be open in about 3 weeks time.

Only negative thing i have to say is that there was a miscommunication about the price of the VISA, but we told Fred how we felt and he decided to give us a refund for the difference, excellent service.

All in all i am super happy with the service provided and i am happy recommend Fred to anyone.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
@Petersvenson

Thanks for the very good extensive review.

Like mentioned back in the days remote Visa Application wasn't available so you had to come to the UAE before we were able to file the Visa application.

In this case there is a status change involved that has to be paid. We didn't communicated this well enough in the past so we decided to take responsibility for the costs.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
hello! at your website can be found Popular mistakes at a glance and Company formation in small emirates such as Ras Al Khaimah, Fujairah and Ajman is indicated as a mistake. can you clarify why, when some of them are really attractive as allow to have residence keep alive by visiting UAE once a year.
Freezone in small emirate comes only with downside at the same price of a Dubai Freezone.

It's much more difficult to open a Business Bank Account for a company incorporated outside Dubai in 2021.

Some of the banks we work with even have most of the smaller emirate Freezones blacklisted because they don't comply with the latest regulation.

Furthermore anybody want to spend there time in Dubai and all the GoV services related to your Residence Visa in Dubai are digital available - there is again no point to take a Residence Visa somewhere in the dessert and in urgent matters you have to drive through whole UAE to get things done.

What you have mentioned about being one day per year to the UAE has nothing to do with the Emirate you have your Residence Visa with but the type of Residence Visa.
 

RedBlackBlue

New member
Hey everyone,

I found Fred through this forum so I felt it was right to post an update. I started the company formation process about 1-2 months ago. I am now finally in Dubai to do the visa stamping and perhaps the most important one of all, opening the business bank account.

Fred knows the process well and is quite knowledgeable. However, it took a lot longer than expected to get all the documents. It took me around a month. This is mostly from the slow paperwork speeds from the issuing authority. I was told they are handling bigger volumes of applications.

I also had to spend 15 days in another country in-order to gain entry into Dubai due to COVID flight restrictions. So that definitely added time on the clock.

I have obtained my medical check up certificate on Thursday but couldn't get to the remaining things due to not enough time and not having enough liquid cash on me.

Going to withdraw more cash and hoping to finish everything on the next upcoming working day and then eventually the bank meeting.

Just wanted to make an intro post about the process. I will post a review in greater detail once I am fully done.

Cheers
 

Barney2201

New member
Has anyone got experience with Dubai company and Portugal's NHR scheme?

Just fininshed a call with Portugese tax advisor and he said dividends from a Dubai based company could be remitted to Portugal 100% tax free under the NHR scheme.

However, he also thinks I would require an Executive Director on the board of the Dubai company to satisfy CFC rules in Portugal.

Anyone else looked into this?
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
@Barney2201

That's a very good questions and we want to give you a quick overview as literally every 2nd Crypto request we get this days are in some way related to Portugal.

From what clients, interested people and even lawyers we contacted directly about this matter in Portugal we know there 3 types of lawyer with 3 different opinion about this matter.

1. Lawyer Opinion is that UAE isn't considered as a tax Haven and black listed but in some way on a grey list and the scheme with UAE isn't working at all for Portugal Residence.

2. Lawyer Opinion is like you mentioned it l. It's not an issue and you just need some local substance with a local director to remit the funds 100% tax free to Portugal.

3. Lawyer Opinion is that Portugal don't check the UAE substance really at all and you don't need a local director or anything else beside of the Dubai Company Formation.

However like always in Europe there is no clean straightforward opinion about some regulations and some people will simply get away with it and some other people will have issues depending on where you will live in Portugal. Maybe it's even going as far as it depends on the individual tax office in Portugal you deal with at the end of the day.
 

Barney2201

New member
Hi, thanks for your detailed response.

The tax advisor I spoke to related to this article which was a court ruling in 2017


It does look possible, the only question mark is substance...

How easy is it to have substance in Dubai, and roughly what costs are involved?

We are not into crypto, we own an international events company, working 70% Uk and 30% global.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Hi, thanks for your detailed response.

The tax advisor I spoke to related to this article which was a court ruling in 2017


It does look possible, the only question mark is substance...

How easy is it to have substance in Dubai, and roughly what costs are involved?

We are not into crypto, we own an international events company, working 70% Uk and 30% global.
Just send me a PM and we can take a look if we can help you with this matter.
 
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