Which freezone for day trader in UAE

[Bill D]

Hi,

If you are just a day trader, (your own balance), for example in stocks (and maybe in crypto though you can keep that part as an individual)
which setup is the best in UAE, taking into account the need of a tax res certificate, thus possibility to grant yourself monthly salary from the brokers.
And without creating a fake activity (you are only a day trader), but with actually having a company for day trading stocks.
I heard opening financial FZ to trade your own money for day trader was a hassle, is it still the case, how hard is it and how much time it takes/money it costs ?
I would prefer not opening a ecommerce or whatever consultant activity FZ, as it's not the real activity, and wouldnt make my tax residence as solid, I would risk not to be able to get bank account without lying, thus not able to grant monthly salary, thus I prefer clean and proper things.

Are there better countries to get 0% solid setup on day trading crypto/stocks for individual+companies ?

 

[CaptK]

If you keep crypto out of the conversation and can show proof of currency and stock trading through your exchanges then you can get a bank account. It always helps to put at least 50K in some bulls**t bank program.

PROOF of trading is the key. Many people have a financial FZ and trade their own money. The banks understand that but will as for source of funds also.

 

[JohnnyDoe]

If you keep crypto out of the conversation and can show proof of currency and stock trading through your exchanges then you can get a bank account. It always helps to put at least 50K in some bulls**t bank program.

PROOF of trading is the key. Many people have a financial FZ and trade their own money. The banks understand that but will as for source of funds also.

Professional photoshoppers can create wonderful brokerage statements…

 

[Bill D]

If you keep crypto out of the conversation and can show proof of currency and stock trading through your exchanges then you can get a bank account. It always helps to put at least 50K in some bulls**t bank program.

PROOF of trading is the key. Many people have a financial FZ and trade their own money. The banks understand that but will as for source of funds also.

Thanks for your answer
How much would it cost for financial freezone that allow you to trade stocks (your own balance), heard some people mentionning about 50kusd spent on their first year, hope its a joke, can you work from your appartment or you have to own an office ? Which financial freezone is cheapest and simpliest ? (idea is to have very small trading activity throught the company to consolidate solaray and residence and keep most as an individual)

 

[JohnnyDoe]

Thanks for your answer
How much would it cost for financial freezone that allow you to trade stocks (your own balance), heard some people mentionning about 50kusd spent on their first year, hope its a joke, can you work from your appartment or you have to own an office ? Which financial freezone is cheapest and simpliest ? (idea is to have very small trading activity throught the company to consolidate solaray and residence and keep most as an individual)

I am selling a RAK company incorporated in 2010 for $1k. Check the other thread. FZs are about all the same, so you should consider this offer - valid only until May as the company will not be renewed then.

 

[CaptK]

Thanks for your answer
How much would it cost for financial freezone that allow you to trade stocks (your own balance), heard some people mentionning about 50kusd spent on their first year, hope its a joke, can you work from your appartment or you have to own an office ? Which financial freezone is cheapest and simpliest ? (idea is to have very small trading activity throught the company to consolidate solaray and residence and keep most as an individual)

I would go with a Sharjah or IFZA FZ, budget about $10K that will include all you need. Banking is the next hurdle but any half decent agent can sort you out. Remember it’s how you present yourself as mentioned above.

Would be more than happy to assist.

 

[TravelAfficionado]

If it's personal stock trading, then you just need UAE residence and it really doesn't matter how you get it. So you can go with any freezone. But actually you don't need a freezone company at all. You could get a freelance visa or remote work visa or property investor visa, etc.

 

[Bill D]

I would go with a Sharjah or IFZA FZ, budget about $10K that will include all you need. Banking is the next hurdle but any half decent agent can sort you out. Remember it’s how you present yourself as mentioned above.

Would be more than happy to assist.

Thanks but these freezone have no financial licence (ifza), you can have just a ecommerce licence and use it to open bank account to only trade your stocks ?

 

[fortunespeculator]

I am selling a RAK company incorporated in 2010 for $1k. Check the other thread. FZs are about all the same, so you should consider this offer - valid only until May as the company will not be renewed then.

What are the maintenance costs for the company Johnny??

 

[JohnnyDoe]

What are the maintenance costs for the company Johnny??

You need to ask to a service provider. I am not one.

 

[fortunespeculator]

You need to ask to a service provider. I am not one.

Can go with the existing service provider - can you let me know more details

 

[JohnnyDoe]

Can go with the existing service provider - can you let me know more details

The company was due for renewal in May. I don’t remember exactly what the cost is, probably a couple thousand Eur plus office space. You should obtain a quote from a few different providers, tell them that the company has not been renewed so they can calculate the penalty.