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Roamer

New member
Yearly running costs are as low as 4.000 Euro.

Many people are not up to date about the price rates after COVID.
I was not talking about running costs, I was discussing the cost of having substance in UAE (for the most part, an office and a legitimate director).
 

Konstanz

Active Member
That's why we say avoid all the caribbean islands in 2021. Simply because you can't find a reliable retail bank that is working with them. For wealth management with expensive private banks of course it's still a option. If you have 100m$ in assets you can still bank a BVI company in Switzerland.

For the average joe with 10m$ the UAE is the way to go for 0% tax, privay, no bureaucracy and normal retail banking.
BVI is better than UAE in some cases. Depends on the business. Don't forget UAE is a sharia law country.
Also is safer to park assets in BVI company than UAE I think. I wouldn't keep my assets in UAE banks. I understand you are consultant of UAE matters, but UAE is not always best choice
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
BVI is better than UAE in some cases. Depends on the business. Don't forget UAE is a sharia law country.
Also is safer to park assets in BVI company than UAE I think. I wouldn't keep my assets in UAE banks. I understand you are consultant of UAE matters, but UAE is not always best choice
I think I have mentioned it several times the UAE banks are good for the retail banking and once you have 2-3M you go the DIFC and have a conversation with all the big banks that are located there.

When it comes to operating a business with retail banking and day per day transactions the BVI is simply not usable as they don't get any normal retail banking in reliable banks. That's why I mentioned the BVI is still good for Asset Protection and Wealth Management after you made your money.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
I was not talking about running costs, I was discussing the cost of having substance in UAE (for the most part, an office and a legitimate director).
The office is included in this price and that's what the banks in the UAE want to see as substance.

Everything above is personal requirement like need of having a director sitting in the office to Bank with foreign banks like CIM Bank but beside of this the above mentioned for 4.000€ is all you need to have to satisfy the local banks.
 

Roamer

New member
The office is included in this price and that's what the banks in the UAE want to see as substance.

Everything above is personal requirement like need of having a director sitting in the office to Bank with foreign banks like CIM Bank but beside of this the above mentioned for 4.000€ is all you need to have to satisfy the local banks.

The original poster said he needed to hire somebody locally to be (read seem) legit to his home jurisdiction, UK. I understand you push UAE whenever you can but let's make it make sense to the OP. And yes, UAE is awesome and if he can afford somebody competent locally then he probably should, but skilled workers (let alone directors) in UAE are not cheap and with the figures OP has thrown around initially, it just won't be worth it.
 
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