UK LLP for a UAE resident - Good for Wise and Stripe?

[cer955]

Hello everyone,
I am in the process of getting UAE residency (Dubai) with a freezone company.

As far as I understood, banking here is pretty hard, so I would like to open another company in an easier and more supported country such as UK LLP.
What I'm interested in, is having access to:

- Stripe account
- EU IBAN with no crazy fee (most importantly, no percentage fee on incoming payments)

So I have a few questions:

1. Would Stripe and Wise approve an LLP where 50% shareholder and administrator is UAE resident? I can also make the UAE company as a shareholder, but I'm afraid it's even worse.
2. Would an LTD be better than LLP?
3. I read here about the possibility for the company to act as a "payment processor" for the UAE company. So, the product is not sold by the UK LLP, but by the UAE company, but have money flowing through the UK LLP. I want to know more about his possibility: doesn't such setup require special licenses in UK?


Also, everyone here having UAE company and facing the problem of having to work with Stripe and EU IBAN, please let me know how you fixed it!

Thanks

 

[joffreylol]

can also make the UAE company as a shareholder, but I'm afraid it's even worse

I also think that it's not a good idea because then you have to comply with ESR requirements. Not 100% sure, but better to go with 2 person LLP instead of person + company.

 

[lostguy]

If you put the UAE company in that structure Wise will refuse to open the account or ask a lot of questions and documentation to stay compliant.

 

[cer955]

If you put the UAE company in that structure Wise will refuse to open the account or ask a lot of questions and documentation to stay compliant.

Thanks, I understand. Having a UAE resident individual as owner and administrator is not going to trigger the same problems?

 

[lostguy]

It could trigger the same problem, but I don't believe so... depends on the case. Wise has some great and responsive customer support, you may ask them before you apply.

 

[Au999]

Wise does not currently let Dubai residents run a multicurrency account. They're fine with a non resident using the account / debit card in Dubai.

 

[casperjnss]

Also looking for a way on how to fix this

 

[myhand]

Also looking for a way on how to fix this

You solve this with nominees, most providers can help with that.

 

[casperjnss]

You solve this with nominees, most providers can help with that.

I'm sorry I dont quite get what you mean. What kind of providers?