UAE company

Dear All,

After being on the forum for more a less a month, and read about different jurisdictions and banking in each, I was able to understand that UAE might be the best chance towards what I require. Banking safety, easy of use, and some more privacy. I hate the climate in UAE, but I might be obligated to make some sacrifices.

II have read different posts on this subject, although I was not able to figure which of the 3 offshore locations would be the best for my case:

• Jebel Ali Offshore Company
• Ajman Offshore Company
• RAK Free Trade Zone

I'm a EU citizen, and I regularly travel between Europe and China/Vietnam/Hong-Kong/India/Pakistan. For me it won't be a problem, after COVID, to spend 1 night, every 3 months, in UAE to revalidate the visa for the residency. As far as I understood, this is a requirement for the residency.

The main goal of this company in UAE would be to collect commissions regarding different businesses (legit), from different locations (US, Hong-Kong, etc). Bank and EMI would be important in order to be able to use the money. Considering nominees might not be available, would the creation of a Trust cover the privacy concerns? What would be the solution?

The public register with director and shareholder name is available to public? (Like it happens in Hong Kong)

Thanks in advance.

Dandyline said:

You need Freezone company, not offshore company. And you need to travel to UAE every 6 months, not 3 months.

I know. I was just stating that this would be no burden for me.

CaptK said:

With the 3 you chose it's a matter of cost that's it really.

Ajman is the cheapest, then RAK then Jebel Ali. Do not go for RAK Offshore getting a bank account is difficult. You only want a company ending in FZE.
Your banking can be with any of the UAE banks who are all very good. I recommend Mashreq, ENBD, ABCB and ABID.

Captk, thanks for your feedback. I understood this is one of your locations of specialization.

A few questions:

- Would it be safe and possible to use nominees or a Trust in Ajman Company? if not, what would be the alternative to remain as anonymous as possible without using darks?

- What would be the main advantages of the residency (once this would not be enough to change my actual tax residency)?

- Do the most mainstream EMI work with Ajman company?

- Would it be possible/legal to invest in Crypto with Ajman company?

CaptK said:

Yes a nominee is safe, but so long as it's clean business. They shoot first and ask questions later over there.
It will cost you a bit more.

Residency is beneficial as much as the tax issue plus it also gives you a tax base for any other authorities whom may ask.
Also if you open accounts anywhere else you can give the UAE as your tax base. Very good if you want to use an LLP as a pass through.

They have there own like Neo Bank, ADCB Hayyak and Transferwise also works.

Yes you can invest in Crypto via your company but you can not pay for goods or services with Crypto. There are plenty of buyers with deep pockets if you want to do a P2P transaction.

Pm or email me to discuss.

Yes, only money coming from legal activities. But how can they know that? I believe they will not be satisfied with information only coming from my side.

Can I use this (as a sort of 2nd passport) to claim ownership of a company, in another jurisdiction, which I already own? This would be good from the UBO point of view.

Regarding Crypto and Payments, duly noted. Thanks

CaptK said:

Once you have the citizenship and Tax certificate then you can "acquire" anything you want and all dividends are tax free when remitted to the UAE.
Then you can shout from the rooftops that "I AM THE UBO".........

That seems much easier then what I have been reading about. Anyway, I'll drop you a message/email this week.
Thanks