UAE company for holding overseas shares and receiving income

[intehnet]

Hi there

I currently live in Australia. I have shareholdings in 3 Australian start-ups. My partner lives in the UAE so I am going to relocate shortly. I already have one of the recently-offered Dubai remote working visas.

In addition to any income I may receive from the start-ups, I do consulting work for companies in Australia.

Therefore, income coming out of Australia to the UAE.

I had considered incorporating a Singapore company to hold my start-up shareholdings but it may make more sense for me to incorporate in the UAE given I'll be living there for the next 3-5 years.

I have 2 questions:

1) What type of company would be best to set up in the UAE? I don't really need a visa as I can keep rolling over the remote working. Just need the easiest way of setting something up to hold the Australian shares. Then also needs to have a bank account obviously to receive the income.

2) If, when I move from the UAE, want to transfer my shareholdings in the Australian start-ups from the UAE to Singapore - will there be capital gains implications etc.? Presume not as both UAE and Singapore don't have capital gains tax for foreign companies?

Thanks!

 

[intehnet]

One additional point. If I want to subsequently issue shares in the UAE entity to my partner, can I do so without incurring capital gains and/or other taxable events?

 

[CaptK]

Everything in the UAE is tax free so no issue transferring out.
Issuing shares from a UAE entity is not a problem at all.

 

[Fred]

You can setup Dubai Company with local UAE Bank Accounts.

Make sure you go with a reputable onshore company in Dubai so that you don't face any problems when it comes to the bank account opening.

If you need help just let me know we can even meet in Dubai if you are already here.

 

[intehnet]

Everything in the UAE is tax free so no issue transferring out.
Issuing shares from a UAE entity is not a problem at all.

Thanks CaptK, appreciate the reply.

You can setup Dubai Company with local UAE Bank Accounts.

Make sure you go with a reputable onshore company in Dubai so that you don't face any problems when it comes to the bank account opening.

If you need help just let me know we can even meet in Dubai if you are already here.

Thank you also Fred. I've just returned to Australia but will be coming back to the UAE circa May. I'm living in Abu Dhabi, that shouldn't be an issue with company incorporation though right?

If I just want to hold offshore shares (so will receive dividends) and potentially receive foreign-sourced income such as consulting revenue, what would be the best company type to incorporate? Looking for low administrative burden, etc.

 

[Fred]

Thanks CaptK, appreciate the reply.



Thank you also Fred. I've just returned to Australia but will be coming back to the UAE circa May. I'm living in Abu Dhabi, that shouldn't be an issue with company incorporation though right?

If I just want to hold offshore shares (so will receive dividends) and potentially receive foreign-sourced income such as consulting revenue, what would be the best company type to incorporate? Looking for low administrative burden, etc.

Abu Dhabi is no issue at all you can even incorporate there same reputation like Dubai just more expensive. I met this year already some people that regret to incorporate in Any Dhabi because of the current regulations. You need a covid test each time to enter Abu Dhabi from outside. But as you are living there you can take a look. Freezone is enough if you live in Abu Dhabi anyway.

 

[intehnet]

Hi Fred, could you please let me know what your email address is please?

 

[Fred]

Hi Fred, could you please let me know what your email address is please?

[email protected]

 

[erni]

Hi Fred, could you please let me know what your email address is please?

Let us know how it is going after May and you decide to make use of this service provider, it will help all of us reading the thread

 

[intehnet]

Yes, sure no problem - I will update once I'm done