Great questions and I am on the same boat. I do not need a company but it seems you need to set it up for residence permit. So if company related costs could be reduced it would be of great benefit. I dont know if bookkeeping and audit costs are included in the 4000 euros yearly company maintenance cost.
NON-CRS SETUP: Dubai Company with FREE Residence Visa and Bank Accounts! - DLS Dubai
- Thread starter Fred
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Great questions and I am on the same boat. I do not need a company but it seems you need to set it up for residence permit. So if company related costs could be reduced it would be of great benefit. I dont know if bookkeeping and audit costs are included in the 4000 euros yearly company maintenance cost.
Everything is done electronically.
To open the business bank account a business address and PO Box is required and already in our package included.
In practice you never receive something to the business address or PO Box from either the Government or the Bank.
Everything is done electronically and even the physical delivery of debit cards, credit cards or cheque books is done by courier that calls you where you stay currently and then delivery to you no matter where you stay at the moment. Once you receive the debit card you see on the letter head your company name with the PO Box - that's it.
For the personal account you can mention any address - typically where you stay during the account opening. This can be hotel, airbnb or even a flat from a friend in practice it doesn't matter as the important point here is that you open the bank account with your Emirates ID and the debit card is delivered by courier that verifys your Emirates ID as well. That's the only thing they care about - not the address. Typically for guys like us from Europe with all the residence registers and postcode systems hard to imagine at the beginning of the setup in Dubai - but indeed that's how it's working.
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1. That's possible - however we always try to force the client to open at least one bank account for the company as you never know what happens in the future and it's very diifcult to open a bank account afterwards for a company that already exists 1+ year and never had a bank account. The Business Authority we work with doesn't require any accounting.
2. No permanent address is required for the Company Formation and personal/business Bank Account opening. The Company Formations comes with an address as well as with a PO Box. If you open the personal bank account with the bank you have the business bank account with they even use the business address on the personal bank statement and just mention that you are the admin/owner of the company:
PERSONAL NAME
OWNER
BUSINESS NAME
BUSINESS PO BOX
Dubai, UAE
3. you can use your private international health insurance and in case you don't have one - you can get a minimum basic insurance for 25,- Euro a month.
4. Yes that's pretty easy you just need to show your already existing driving license to get a local one.
Last edited: Mar 25, 2021
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Honestly receiving the residence Visa through the Company Formation is the most straightforward and streamlined process. Freelance Visa needs approval if you are really a freelancer with some qualifications. Dependent Visa takes 1-2 months. That's why even married couples most of the time decide to get the sponsorship of the residence through the company for both of them and not only one through the company and one through the marriage.
Bookkeeping and Audit isn't required in the Business Authority we work with.
Out of the context but still helpful maybe for some of you there are Substance Reporting Requirements for a few relevant activities you can find here:
https://www.mof.gov.ae/en/strategicpartnerships/pages/esr.aspx
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DSOA
The management and leadership is from EU. If you have some urgent matter you get as a partner what you need in 30 minutes. That's not the case by other Zones - they basically say to you in a urgent matter you have to write an email and they get back to you within 2-3 days.
As we work mainly with europeans - we know the mentality of them as well as that everything needs to be scheduled well we have to work with the most responsive authority to provide the best service for the client. That's what we care about the most because all the Business Authorities in Dubai are more or less the same except the management and leadership.
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I looked at a few UAE bank websites and everywhere they mentioned (at least for personal accounts) - employment contract and proof of UAE residential address (electricity bill, water bill, tenant contract...). Do you need to have that kind of substance in UAE for a whole year and proofs like bills and 12-month tenant contract / owning property, or is enough to just stay one week in a hotel everytime and keep residence Visa active, pay annual company fees... etc.? I know that foreign stock brokers usually want to have these type of documents (e.g. bank statement with your UAE address, bills with UAE address...) if you change tax residence, or your taxman at home in case you want to become non-resident.
You mentioned UAE tax certificate, why do you need one if active residence Visa is enough and there are no taxes in UAE?
Good Point.
Let me clarify this for you.
First of all we can only speak for entrepreneurs that are going to incorporate a Company in Dubai.
To get the Residence Visa as a Managing Partner - the one with the signing rights in the bank on behalf of the Company - we are required to setup you an employee contract anyway before we process your Residence Visa.
In the UAE it's still not required to show a Proof of Address for your Personal Address like you know it from majority of the EMI's that are around.
For the Business Bank Account you are required by Law to provide a registered Address you get through the Company Incorporation process itself and additional we as a Service Provider can help you as well with our own office.
The Banks we work with open all the time the Personal Account together with the Business Account.
In practice on Personal Bank Statement it's looking like:
PERSONAL NAME
OWNER
COMPANY NAME
COMPANY ADDRESS
UNITED ARAB EMIRATES
This is at least for the banks we work with and for sure we can't speak for any bank or any case.
In fact in 2021 there are still things possible in the UAE you can't find anywhere else and keep in mind it's not a blacklisted country at all.
But like everywhere else it's getting tighter and tighter each year and from year to year it's getting more important to get help from somebody that is dealing with this stuff everyday. Internal Banking Policies changing frequently - banks that had no appetite for New Customers 2 years ago are now onboarding even Foundations and RAK ICC (when already banking onshore company with them).
There is a reason why people that are since 20 years in the UAE but last time opened a bank account 8 years ago are contacting us today because things changing.
Regarding the last question and the tax certificate - yes you are right but many people are paranoid and even if they don't have the plan to relocate back to the home country and country of citizenship they fear the home country tax man for whatever reason and want to collect the tax certificate every year.
Last but not least a small hint - there are even Banks that onboard you via Mobile App only and only required your Emirates ID (local ID card) to open the account.
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Hi Fred,
I don't have the ability to private message because I'm new here, so I'll ask you here. I wish to come to Dubai, however I'm aware the weather is quite extreme in the summer. I was thinking of coming to Dubai around September (I know it's still going to be hot) but I also wish to get my full driving licence here in the UK before I come.
My question is, will you be in Dubai September 2021? Is it wise for me to wait? Because I do not feel quite yet prepared as I wouldn't be able to drive without a licence, and I like my indepence.
Thanks kindly.
The service looks promising but my only concern is a lack of meaningful reviews. Was anyone able to get his setup fully working? No just getting a residence visa but actually transfer money?
Hey guys, I am currently in Dubai and worked the last few weeks with Fred. Overall I can say that he is a great guy.
Everything went as he said until now.
After arrival he applied for my evisa and I got my Emirates ID and passport stamping done.
We had a great meeting to setup everything for me and to just talk about the next steps for the solution he offered me.
We have the first EMI running for my company and the first withdrawals are going there currently.
He scheduled a private bank account meeting with Emirates NBD for me and my account is now open there.
Today we also had a few business bank account openings together just as a second choice/backup.
Fred will always answer within 24 hours, but most of the time it's a lot faster.
He always finds a solution if a problem occurs and he really showed me how everything works here.
For everybody who wants a 0% tax solution I can highly recommend Fred.
I also think that he will always help me if any problem pops up and that I can always contact him if I have a concern or some questions.
Till now he was very transparent and responsive to all my questions and concerns I had.
Everything went as he said until now.
After arrival he applied for my evisa and I got my Emirates ID and passport stamping done.
We had a great meeting to setup everything for me and to just talk about the next steps for the solution he offered me.
We have the first EMI running for my company and the first withdrawals are going there currently.
He scheduled a private bank account meeting with Emirates NBD for me and my account is now open there.
Today we also had a few business bank account openings together just as a second choice/backup.
Fred will always answer within 24 hours, but most of the time it's a lot faster.
He always finds a solution if a problem occurs and he really showed me how everything works here.
For everybody who wants a 0% tax solution I can highly recommend Fred.
I also think that he will always help me if any problem pops up and that I can always contact him if I have a concern or some questions.
Till now he was very transparent and responsive to all my questions and concerns I had.
@Fred What about annual fees - what exactly is included in that price? Are there any documents required (certificate of good standing, personal residency visa...etc.) that have to be shown annually to your bank/brokerage/etc. (corporate/personal account)?
And last but not least, let's say at some point in the future DLS Dubai stops doing company formation services or maybe fees become too high - can a business owner in UAE continue doing business with some other company service provider?
And last but not least, let's say at some point in the future DLS Dubai stops doing company formation services or maybe fees become too high - can a business owner in UAE continue doing business with some other company service provider?
Our service is the initial Dubai Company Formation with Residence Visa, Business & Personal Account opening.
Once you have formed the Company and received the Residence Visa together with the Bank Accounts you can get other Bank Accounts or the Residence renew on your own as you already have Bank Accounts and know how the Residence Visa Process is working.
The renew fee is directly with the Business Authority and has nothing to do with us - the only bureaucracy you face once a year is to pay for the renew fee of the Business Trade License and to upload the Business Trade License to the Business Bank Account Online Banking.
That's another advantage of Dubai you don't get ripped off over the years with agents increasing the registered office and bookkeeping prices every year.
The Business Authority we work with even guarantee the Renew Fee for 3 years. That's not common. Especially smaller Emirates tend to be cheap initially but rip you off with the renew fee.
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Hi, on different websites it says audit is required for Dsoa : Dubai Silicon Oasis DSO Setup Costs - UAEConsultants
Why do you say otherwise ?
Why do you say otherwise ?
This information is outdated.
- No audit required
- No share capital of 100k AED required
- Single Shareholder possible
Thanks for the hint as this are the frequently asked questions we receive.
DSOA just merged recently with other Business Authority and they even didn't updated the official DSOA Website.
All the guys here that already provided some feedback can confirm this info.
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Fred can you please comment on how the company is dissolved? All cash goes to the owner? Fees etc.
Hi @Fred, I have just arrived in Dubai (1mth now via London) and originally thought the way to do was Mainland company (as opposed to Freezone). I do management consultancy (almost exclusively for the UK government for the last 10yrs on their large business and digital transformation) so the SIC is professional services?. I was told if I want to pursue similar clients here, mainland would be suitable? Now, if I understand correctly, there is the ability for both mainland and freezone companies to be 100% owner-owned (no longer 51% owned by a local), and no minimum deposit on the bank account, when opened. What i am just hearing about is the annual fees, and costs if the company is needed to be closed (for any reason). Do you have any insights on the ongoing annual fees, and costs and steps involved to dissolve both of companies please?
Lastly, I have a friend in Oz who setup a Freezone company here for a Cyber security consultancy (similar SIC: professional services?) that didnt eventually get off the ground and has 'offered' it to me to 'take over/use' as my/the UAE company (albeit, it might require the name to be changed, including the director on the record/registration including on the bank account, assuming it got that far). I assume this is possible, like in the UK, to change the name, and directors, and then also the bank account (name, account holders) as well?
Lastly, I have a friend in Oz who setup a Freezone company here for a Cyber security consultancy (similar SIC: professional services?) that didnt eventually get off the ground and has 'offered' it to me to 'take over/use' as my/the UAE company (albeit, it might require the name to be changed, including the director on the record/registration including on the bank account, assuming it got that far). I assume this is possible, like in the UK, to change the name, and directors, and then also the bank account (name, account holders) as well?