RAK / UAE Alternative

[hamazz]

Need advice,
Current setup,
Software company that trades mainly with africa and middle east. Have a UK branch, Egypt Branch, and a branch in RAK/UAE.
The RAK/UAE is the licensing owner, and sells licenses to the other 2 branches, which then sell ontop other businesses in Africa and Middle East.
With recent changes to laws in UAE, requiring more reporting on Ultimate Beneficial Owners and yearly reporting to ministry of finances.
Looking to change the jurisdiction of the company that owns the rights to licensing.

Am familiar with all the BVI/Caribbean countrys etc. aswell as others, most important thing for us is to have a reliable bank account that allows trade with any country, and low risk.
have thought of a Hong Kong based company with bank accounts at CIM Banque... dont really want EMI's, want a proper bank where i can go into a branch if need be.

Dont really want the headache of having to file annual accounts, not fussed where the company is, more fussed where the bank account would be based. has to be a 0% corporate tax setup.

What recommendations do people have? as want a setup that would be good for 5 years or so to change our current setup.

Hamazz

 

[AMD]

The Seychelles or Belize are perfect for no accounting, no tax, not administrative burden.

Even they say it is required no one give a s... if you don't do anything of it. UAE is very much paperwork and you must follow their dictator rules.

 

[hamazz]

That is the issue with the UAE, they keep changing rules, and ends up with too much admin work, and not worth the headache.
Anywhere else other than belize / seychelles that would allow for a uk/european based business bank account?

Hamazz

 

[erni]

If you can use Transferwise or Payeer or Paysera you can check out Nevis, Wyoming, Delware all three became my favorites for some time ago.

 

[BlueMist]

hamazz said:
That is the issue with the UAE, they keep changing rules, and ends up with too much admin work, and not worth the headache.
Click to expand...

There is no accounting or audit requirement in Fujairah Creative City Freezone. VAT reporting is extremely easy and takes me 5mins every 3 months.

 

[digirider]

No tax for Belize companies? I thought those days are long gone

AMD said:
The Seychelles or Belize are perfect for no accounting, no tax, not administrative burden.

Even they say it is required no one give a s... if you don't do anything of it. UAE is very much paperwork and you must follow their dictator rules.
Click to expand...

 

[hamazz]

BlueMist said:
There is no accounting or audit requirement in Fujairah Creative City Freezone. VAT reporting is extremely easy and takes me 5mins every 3 months.
Click to expand...

Have thought about it, in last few months a few changes from the government of UAE needing UBO and annual filing, im sure they will role out to other places in coming period

 

[hamazz]

erni said:
If you can use Transferwise or Payeer or Paysera you can check out Nevis, Wyoming, Delware all three became my favorites for some time ago.
Click to expand...

Wyoming/ transferwise is a option i was considering as a backup option, any recommendations for someone to setup the wyoming llc?
with regards to exchange of information, as a uk citizen, currently no issues, as no exchange of info in place i am aware of?
What would be a benefit of Wyoming over delaware?

Hamazz

 

[Helkins]

If I'm not mistaken the reporting requirements in the UAE are just for a couple of ESR, yours included which would be the intellectual property rights. Instead of looking for a complete new set up you can still use the RAK company but to charge consulting fees instead of licensing and if you absolutely need IP in a jurisdiction of yours I'd just use Cayman/Bermuda/Seychelles subsidiary. All in all it's best if you still keep your profits in the UAE because of banking stability.

 

[orangeye]

Helkins said:
All in all it's best if you still keep your profits in the UAE because of banking stability.
Click to expand...

you believe in the UAE banking more than EU countries?

 

[Helkins]

orangeye said:
you believe in the UAE banking more than EU countries?
Click to expand...

Honestly I've kept money in the UAE for the past decade and has never had any problems, in EU my assets have been frozen a couple of times now just because I traded with clients subject to investigations and sometimes it took years to appeal the decisions

 

[BlueMist]

hamazz said:
Have thought about it, in last few months a few changes from the government of UAE needing UBO and annual filing, im sure they will role out to other places in coming period
Click to expand...

There is no annual filling required for CCFZ companies. They only asked to fill the UBO form.

 

[4br]

I can confirm that Belize has zero reporting requirements, but good luck opening a bank account with a Belize IBC now, evevn if you tell them you will keep $2M in the bank and give a detailed documentaion of a legitimate business.

We are going to see a roll up of a lot of this stuff over the next five years.

My advice would be to put down permanent roots somewhere low or no tax. If you have to do a bit of paperwork and/or pay a small bit of tax that is just the price for being more legitimate and being able to use actual banks.

Whatever you have to deal with in UAE, think how much worse it is for 99.9% of the world.

 

[EliasIT]

Would Belize IBC and Transferwise account work? I know for sure that TW accept Seychelles IBC's

Toggle signature
If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[4br]

EliasIT said:
Would Belize IBC and Transferwise account work? I know for sure that TW accept Seychelles IBC's
Click to expand...

Yes. I have a Belize IBC with TransferWise, AdvCash, IBSettle, Airwallex, Capitalist.net, Payonner. I think DukasCopy and SwissQuote will accept them too.

 

[AMD]

digirider said:
No tax for Belize companies? I thought those days are long gone
Click to expand...

No no - you have to pay some tax, but who is going to check how much and what accounting you have made. This rule apply only to the public in the real live nothing changed.

 

[orangeye]

Helkins said:
Honestly I've kept money in the UAE for the past decade and has never had any problems, in EU my assets have been frozen a couple of times now just because I traded with clients subject to investigations and sometimes it took years to appeal the decisions
Click to expand...

may be true, horror stories pulling up wherever money is floating. We may consider UAE as a destination for securing part of the overall asset strategy.