Not-Renewed Company License and EMI Account

rowena

Building Trust
Entrepreneur
Hello,
I have a company account at some EMI and monthly turnover of that company is around $20k. I need to renew the license of the company next month but I am planning not to renew and close it because renew cost is high($4k). EMI and companies country are different. I will continue to use EMI account.

Should I expect any problems?
 

Bmw850

Trusted Member
Business Angel
You may got problem.
For example Leopay group ( icard, mypos ) or Transferwise will block your account until you show them that you renewed even if there is money in.
 

rowena

Building Trust
Entrepreneur
You may got problem.
For example Leopay group ( icard, mypos ) or Transferwise will block your account until you show them that you renewed even if there is money in.
How they can know my company is expired ?
 

rowena

Building Trust
Entrepreneur
I don't understand the relationship between not-renewed license and CoGS. :confused:
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
Don't risk it. Just because an EMI today does not ask for a CoGS does not mean it will not tomorrow morning :(.
 

Bmw850

Trusted Member
Business Angel
Transferwise asked you to show CoGS? They specifically answered someone here that they will not ask for one.
@Nyep by cogs you mean certificate of good standing I understand. In fact Cogs mean another thing in accountant language. Anyway they blocked TW and Leopay one of my business account because I haven't renewed my company , I used an agent, he done the job and the account has been released and the money too.
 

rowena

Building Trust
Entrepreneur
Thanks. It is better to pay $4k fee for $250K yearly turnover company.

@Bmw850
It is the UAE jurisdiction. Which document they asked exactly and how much time after you register/expire?
 

Nyep

Trusted Member
Business Angel
That sort of makes sense. The UK has a public registry where they can easily track the validity of the company, most offshore jurisdictions don't expose such tools. Additionally TW is pretty UK oriented (and licensed there) so it makes sense that they will have higher scrutiny for UK entities.

I don't believe this will be a problem for classic offshore anytime soon, but I suppose we'll know more as we get more testimonials here.
 

Bmw850

Trusted Member
Business Angel
Thanks. It is better to pay $4k fee for $250K yearly turnover company.

@Bmw850
It is the UAE jurisdiction. Which document they asked exactly and how much time after you register/expire?
It was a numbered document, don't remember exactly I can have a look but it was for UK not for UAE.
My company was out since a month.
 

Tepesch

Member
Thanks. It is better to pay $4k fee for $250K yearly turnover company.

@Bmw850
It is the UAE jurisdiction. Which document they asked exactly and how much time after you register/expire?
Is it a freezone company? Do you get visa to live in UAE with it? Looking for the cheapest/best option for UAE company with visa for 2 persons. Do you know which freezone is cheapest?
 

rowena

Building Trust
Entrepreneur
I have UAE visa from my other company and I live in there. You can get a visa with FZ company but you should check all FZs to find the right one for your also proper setup with everything(like insurance, hidden extras) it will cost around $8-10K per year.
 

TurnedToRobot

Trusted Member
Business Angel
If you make that much money per year why are you at all considering to give up the company?! If someone ask you for a Certificate of Good Standing the game is over and you won't be able to use the company for anything after that.

Is it a freezone company? Do you get visa to live in UAE with it? Looking for the cheapest/best option for UAE company with visa for 2 persons. Do you know which freezone is cheapest?
I have UAE visa from my other company and I live in there. You can get a visa with FZ company but you should check all FZs to find the right one for your also proper setup with everything(like insurance, hidden extras) it will cost around $8-10K per year.
you are going off topic!
 

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