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Not-Renewed Company License and EMI Account

rowena

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Nov 28, 2017
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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?
 
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Don't risk it. Just because an EMI today does not ask for a CoGS does not mean it will not tomorrow morning :(.
 
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.
 
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.
 
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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.
 
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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