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FlyAway

New member
Good morning everybody!

I have the following setup:

- Dubai resident with a Fujairah company (have company bank account, not personal bank account)
- First LLC in WY with Mercury bank account
- Second LLC in Florida with 2 local bank accounts in two different banks (opened by traveling there)
- I have business customers from Europe exclusively and they would pay me to the LLCs (paying directly to UAE is always a pain for EU companies)

What's the best, cleanest, safest way to cash out from the LLCs to Dubai? I just don't want any problem in the future.
I have a couple of ideas but maybe you have more.

1) The Dubai company invoices the LLCs? I would normally do that but recently during the last KYC the UAE bank asked me if I'm going to receive any funds from the US, as far as I understand, they will be subject to endless scrutiny and pre-approvals.
2) The LLCs send the funds to my personal bank account in the UAE (that I don't have yet) since the profit are passed directly to the single foreign owner? Can I just send them easily? What about the non existent double tax treaty between US and UAE? Are they going to be taxed?
3) Please propose any other correct way to do this

Thanks a lot for your help
Have a great day
 

andrew28fl

New member
This is quite interesting. As far as I understand, Single member US LLC is disregarded entity, so basically taxation of that entity is the same as the owner of the entity. If you as the owner reside in a country where there is no personal taxation (such as UAE), you should be able to retain the earnings in the company's account tax free, or pay yourself any amount (salary, dividends) tax free. Any experts to comment on this?
 

FlyAway

New member
This is quite interesting. As far as I understand, Single member US LLC is disregarded entity, so basically taxation of that entity is the same as the owner of the entity. If you as the owner reside in a country where there is no personal taxation (such as UAE), you should be able to retain the earnings in the company's account tax free, or pay yourself any amount (salary, dividends) tax free. Any experts to comment on this?
That's correct, but in order to do so, there must be a double tax treaty between US and the country where you are going to receive your profits.
According to the accountant, they "should" be tax free, but I would love to have a "will", not just a should :)
 
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