I was wondering why no one has comment or even posted about this before.
Today I sumbled upon an article (see link below) where it says that the UAE is starting to share individual and legal entities data (CRS) starting here in 2018!
This means no privacy and reporting to your local tax auth. if you incorporate your business and keep your money there without living there!
here is the article
UAE to start sharing financial data of individual and legal entities
Wonder if someone has something to comment on this, what do you think?
Hi
long time since my last post.
Just 2 minutes to clarify about UAE etc.
You can incorporate many type of companies in UAE which vary also from emirate to emirate.
Summarizing you can group them into 3 simple categories:
#1 : local companies
#2 : local companies - special treatment (Free Zone, etc)
#3 : foreign companies = offshore
UAE will report automatically and voluntary foreign companies #3 only.
For company #1 and #2 as directors (which is the signature of the respective bank account) are LOCAL because it is mandatory to have them living in UAE with proper VISA and so UAE won't be reporting to anybody both for companies (they are local so they won't report to UAE itself) and directors (they are local as their residence is in UAE).
So UAE in terms of OFFSHORE secrecy is safe only if the director/shareholder has residency in another country rather then original one. Example a German guy own an OFFSHORE company in UAE declaring his residence in Thailand.
UAE will report to THAILAND not to GERMANY
If you want to use UAE OFFSHORE be smart to have a real residency in a place "convenient"
By the other side, FREE ZONE or LOCAL COMPANIES, UAE is still the best option.
RAK FREE ZONE require manager/owners to have their own VISA but to visit UAE once every 6 months for 24 hours only. It is expensive but it's safe. It's considered 100% local company and your own private bank account which you opened as worker (director) in UAE is also considered local.
When I asked my bank manager if they will be reporting me, he answered me: "to whom we should report you ? You are resident in UAE (it doesn't matter how long you live here each time) so we consider you a local. If we have to report you, we should do to UAE... Don't you think is a silly matter ?"
D.
why did they do that! and why people claim they never exchange information if that's what they are doing there!
