Where did you get these costs from? I read all over this places and agent sites running costs are 15K ?
@darkster ==> As
@ledger just pointed out in the post above this one, the costs
@mmueller indicates are for establishing RAK ICC offshore companies (analogous to what a standard IBC is). As I mentioned in another thread devoted to specific UAE setups, these are now almost entirely forbidden from doing banking within the UAE (RAKBANK might be able to open a business account for your structure, but it would require a personal visit and lots of charm and clout to be honest, let alone the fact that they'd be expecting to churn you out in commissions from the 'big' business you would (be forced to/be asked politely to) bring them), and there are some banks like Mashreq and Noor Bank that have these setups blacklisted for good, so you do the math.
However, having said that and on the positive side, if a reputable EMI like TW, MT or Paysera accepts such a setup, which as OP suggests it is the case, that's a different ball game, because indeed the setup costs of a RAK ICC structure are substantially lower than any other setup in the UAE, starting around $1,1K and usually sitting around $2,5K all-in. So if anyone is fine with dealing with EMIs, then this may be an economically efficient option to consider. BUT bear in mind that offshore companies in the UAE are NOT considered residents, so they will end up reporting you under CRS/AEOI, unlike freezone companies, which are considered resident and will ONLY report you to UAE authorities (if need be) and nobody else.
