UAE free zone - anonimity

[Max2020]

Which UAE free zone is the best to setting up a company as anonymous possible?

I would invoice my UAE free zone company via my business in my home country. My home country shouldn't know that I'm the UBO.

 

[Fred]

Which UAE free zone is the best to setting up a company as anonymous possible?

I would invoice my UAE free zone company via my business in my home country. My home country shouldn't know that I'm the UBO.

All Freezone doesn't have any public register that shows the Director, Shareholder or UBO.

However most Freezone have a company register that shows the date of incorporation, date of license expiration as well as the trade license activity.

We work with Freezone that even doesn't have this company register. Feel free to send me PM

 

[Gediminas]

Which UAE free zone is the best to setting up a company as anonymous possible?

I would invoice my UAE free zone company via my business in my home country. My home country shouldn't know that I'm the UBO.

Hey,

You would also need to open a bank account for your UAE company.

Meaning CRS event would be triggered and information would be shared with your tax residency country.

It is not advisable to imitate the residence in another country. Tax evasion is a crime and you could potentially be punished for doing that.

I am not sure what your volume is, maybe it's irrelevant and nobody will care about you, but if it's more serious, be smart and optimize your taxes.

We can help with that.

 

[Fred]

Meaning CRS event would be triggered and information would be shared with your tax residency country.

From practice I can't agree with Residence Visa, Emirates ID and local Phone No. the Banks don't report.

Just talked yesterday to a Compliance Officer at local UAE Bank.

Asked him especially about the myths like "reporting for fun"

First of all the bank itself doesn't report under CRS - they pass the information to the Central Bank of the UAE and they report under the CRS criteria. If you have a fully verified resident account from the very beginning with Residence Visa, Emirates ID and local Phone No. the Central Bank of the UAE isn't reporting under CRS as it's not required to report such an account under CRS.

Next - the reporting for fun thing if you are staying outside the UAE or having several IP address from different countries all over the year - that's traced by the bank of course but again has nothing to do with the CRS reporting as the local UAE banks are not required to pass the login details with IP address to the Central Bank of the UAE and as long as your Emirates ID, Residence Visa and Trade License is active the bank doesn't see any reason to close the account.
And we all know what is required to keep the Residence Visa active - being in the UAE every 6 months. Emirates ID renewed every 3 years and renew the Business Trade License once a year.

Even without knowing the aboth and without being a PRO in this whole topic it's obviously what's going on in the UAE for everyone that was ever to Dubai.

But it's up to everybody if he wants to use his brain and see what's obviously.

I only talk about the local UAE banks - not some east european EMI's that are regulated as hell and still are dodgy ones around that are processing the highest of the high risk and getting slapped frequently from the regulator. So in this case I understand that something like "Reporting for fun" happens as it's easier to simply report anybody to anywhere then to being profitable in the EMI game and in the same time doesn't process some shady transactions in the high risk industry and normal retail bank would never touch anyway. All this EMI especially the ones claiming to be crypto friendly are a trap anyway. You have the EMI that isn't asking anything like MisterTango or ePayments in the past that went bust sooner or later or you have the ones that are asking for every 5.000€ tons of documents.

Get out of your comfort zone, leave your home, take a plane, spend some serious money and everything you wish for is there. Downloading a mobile app from some eastern european EMI won't get you anything that is reliable to achieve what most people are looking for here - tax freedom and anonymity - period.

 

[Gediminas]

From practice I can't agree with Residence Visa, Emirates ID and local Phone No. the Banks don't report.

Just talked yesterday to a Compliance Officer at local UAE Bank.

Asked him especially about the myths like "reporting for fun"

First of all the bank itself doesn't report under CRS - they pass the information to the Central Bank of the UAE and they report under the CRS criteria. If you have a fully verified resident account from the very beginning with Residence Visa, Emirates ID and local Phone No. the Central Bank of the UAE isn't reporting under CRS as it's not required to report such an account under CRS.

Next - the reporting for fun thing if you are staying outside the UAE or having several IP address from different countries all over the year - that's traced by the bank of course but again has nothing to do with the CRS reporting as the local UAE banks are not required to pass the login details with IP address to the Central Bank of the UAE and as long as your Emirates ID, Residence Visa and Trade License is active the bank doesn't see any reason to close the account.
And we all know what is required to keep the Residence Visa active - being in the UAE every 6 months. Emirates ID renewed every 3 years and renew the Business Trade License once a year.

Even without knowing the aboth and without being a PRO in this whole topic it's obviously what's going on in the UAE for everyone that was ever to Dubai.

But it's up to everybody if he wants to use his brain and see what's obviously.

I only talk about the local UAE banks - not some east european EMI's that are regulated as hell and still are dodgy ones around that are processing the highest of the high risk and getting slapped frequently from the regulator. So in this case I understand that something like "Reporting for fun" happens as it's easier to simply report anybody to anywhere then to being profitable in the EMI game and in the same time doesn't process some shady transactions in the high risk industry and normal retail bank would never touch anyway. All this EMI especially the ones claiming to be crypto friendly are a trap anyway. You have the EMI that isn't asking anything like MisterTango or ePayments in the past that went bust sooner or later or you have the ones that are asking for every 5.000€ tons of documents.

Get out of your comfort zone, leave your home, take a plane, spend some serious money and everything you wish for is there. Downloading a mobile app from some eastern european EMI won't get you anything that is reliable to achieve what most people are looking for here - tax freedom and anonymity - period.

Perhaps everybody has their own risk limits hehe. And their own perspective.

If you are willing to take such a risk, go for it. Many people do.

 

[CaptK]

From practice I can't agree with Residence Visa, Emirates ID and local Phone No. the Banks don't report.

Just talked yesterday to a Compliance Officer at local UAE Bank.

Asked him especially about the myths like "reporting for fun"

First of all the bank itself doesn't report under CRS - they pass the information to the Central Bank of the UAE and they report under the CRS criteria. If you have a fully verified resident account from the very beginning with Residence Visa, Emirates ID and local Phone No. the Central Bank of the UAE isn't reporting under CRS as it's not required to report such an account under CRS.

Next - the reporting for fun thing if you are staying outside the UAE or having several IP address from different countries all over the year - that's traced by the bank of course but again has nothing to do with the CRS reporting as the local UAE banks are not required to pass the login details with IP address to the Central Bank of the UAE and as long as your Emirates ID, Residence Visa and Trade License is active the bank doesn't see any reason to close the account.
And we all know what is required to keep the Residence Visa active - being in the UAE every 6 months. Emirates ID renewed every 3 years and renew the Business Trade License once a year.

Even without knowing the aboth and without being a PRO in this whole topic it's obviously what's going on in the UAE for everyone that was ever to Dubai.

But it's up to everybody if he wants to use his brain and see what's obviously.

I only talk about the local UAE banks - not some east european EMI's that are regulated as hell and still are dodgy ones around that are processing the highest of the high risk and getting slapped frequently from the regulator. So in this case I understand that something like "Reporting for fun" happens as it's easier to simply report anybody to anywhere then to being profitable in the EMI game and in the same time doesn't process some shady transactions in the high risk industry and normal retail bank would never touch anyway. All this EMI especially the ones claiming to be crypto friendly are a trap anyway. You have the EMI that isn't asking anything like MisterTango or ePayments in the past that went bust sooner or later or you have the ones that are asking for every 5.000€ tons of documents.

Get out of your comfort zone, leave your home, take a plane, spend some serious money and everything you wish for is there. Downloading a mobile app from some eastern european EMI won't get you anything that is reliable to achieve what most people are looking for here - tax freedom and anonymity - period.

I agree with @Fred. In my experience so long as follow the steps mentioned you are ok.

 

[Fred]

Perhaps everybody has their own risk limits hehe. And their own perspective.

If you are willing to take such a risk, go for it. Many people do.

It's only a risk if you keep living the whole year in a high tax hell country.

But majority of the people want to travel around, living a nomad lifestyle, spending some time here and there or living in countries with relaxed CFC rules - for this people the UAE makes completely sense to have the financial and business base here as the reputation even with serious private banks is the best possible you can have i while same time being in a 0% tax haven.

Of course there are people that keep staying in the home country and due to the fact mentioned above they are getting away with - that's for sure something we don't recommend anybody and like you said it's in their own risk.

 

[Gediminas]

It's only a risk if you keep living the whole year in a high tax hell country.

But majority of the people want to travel around, living a nomad lifestyle, spending some time here and there or living in countries with relaxed CFC rules - for this people the UAE makes completely sense to have the financial and business base here as the reputation even with serious private banks is the best possible you can have i while same time being in a 0% tax haven.

Of course there are people that keep staying in the home country and due to the fact mentioned above they are getting away with - that's for sure something we don't recommend anybody and like you said it's in their own risk.

Then what's the point of the title "non-CRS setup?" Nomads won't care about CRS at all hehe.

The ones who are afraid of CRS, are definitely not living nomad lifestyle.

Anyway, I guess we all agree to the same things. I also love UAE and our clients love this place too. Different people, different needs.

#besmart

 

[Poem]

I'm aware that Transferwise doesn't accept individuals based in the Emirates. And how about Emirates-registered businesses, without substance in the Emirates?

And other EMI-s generally speaking?

Will it be a good plan to register in some more or less cheap zone, at least for now, and then go with an EMI instead of a bank? For UAE banks, as I've been told, may not accept such a business, whereas an EMI somewhere in the US, UK or Europe won't care, will they?

 

[Fred]

I'm aware that Transferwise doesn't accept individuals based in the Emirates. And how about Emirates-registered businesses, without substance in the Emirates?

And other EMI-s generally speaking?

Will it be a good plan to register in some more or less cheap zone, at least for now, and then go with an EMI instead of a bank? For UAE banks, as I've been told, may not accept such a business, whereas an EMI somewhere in the US, UK or Europe won't care, will they?

Wise doesn't work any longer with UAE Company as well.

A key advantage of the whole UAE setup is the decent retail banking you can get with local UAE banks.

EMI with SEPA/SWIFT and Multicurrency account with Debit Card for UAE company are very rar. You should use an EMI only for adding service like SEPA transfer availability for your UAE company.

If you want to safe on some $ - UAE isn't the place for you.

For most people It's the best but not the cheapest. You get what you pay for.

 

[Poem]

Fred, you like to answer questions in a way you've re-formulated them in your head, overcomplicated, and in a twisted manner

the 1st question answered, in the 1st sentence, alright.

 

[Fred]

Fred, you like to answer questions in a way you've re-formulated them in your head, overcomplicated, and in a twisted manner

the 1st question answered, in the 1st sentence, alright.

Well I wanted to gave you an overview regarding your other questions if it's a good plan to setup a UAE Freezone in a cheap area and bank only with EMI.

It won't be a good plan as you have only a few EMI that have more then EUR and SEPA payment available for UAE companies. Especially with dedicated IBAN in the name of the company.