KUWAIT to form company

[ciccino]

I have a friend in Kuwait that is willing to help me open a company there (51% him, 49 me), do you think this setup can have any benefits compared to other solutions?

I can see a couple, like the immediate bank account opening (because he's from Kuwait) and his 51% quote will be an evidence that the company is actually managed there and the company will have substance as well.

My question is if the business bank account will still create a problem with CRS for my quota, considering I'm from Europe.

Thank you

 

[Fred]

It's an unnecessary compliacted setup if you consider the fact that you get things much more straightforward done in Dubai.

Kuwait, Bahrain, Oman - all of them can somehow workout but all of them have one thing in common - they are not really straightforward compared to the UAE and usually more costly.

If you have particular reasons go for it but if you need payment processing like PayPal and Stripe - go for the UAE.

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[Marzio]

Fred said:
It's an unnecessary compliacted
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well of course it's more complicated than UAE, i understand what he is trying to do. He want to not be seen as the UBO while still managing that company from (probably) a high tax country.

 

[CaptK]

ciccino said:
I have a friend in Kuwait that is willing to help me open a company there (51% him, 49 me), do you think this setup can have any benefits compared to other solutions?

I can see a couple, like the immediate bank account opening (because he's from Kuwait) and his 51% quote will be an evidence that the company is actually managed there and the company will have substance as well.

My question is if the business bank account will still create a problem with CRS for my quota, considering I'm from Europe.

Thank you
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If you are not on the bank account as a signatory then you "COULD" avoid reporting.
If he is someone you trust then why not just have him as 100% shareholder and completely negate the issue with CRS.

 

[ciccino]

Fred said:
It's an unnecessary compliacted setup if you consider the fact that you get things much more straightforward done in Dubai.

Kuwait, Bahrain, Oman - all of them can somehow workout but all of them have one thing in common - they are not really straightforward compared to the UAE and usually more costly.

If you have particular reasons go for it but if you need payment processing like PayPal and Stripe - go for the UAE.
Click to expand...

Fred said:
It's an unnecessary compliacted setup if you consider the fact that you get things much more straightforward done in Dubai.

Kuwait, Bahrain, Oman - all of them can somehow workout but all of them have one thing in common - they are not really straightforward compared to the UAE and usually more costly.

If you have particular reasons go for it but if you need payment processing like PayPal and Stripe - go for the UAE.
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Is that possible to have someone have some nomenee with locals with your service, even a partial one with 51% of the society?

 

[CaptK]

ciccino said:
Is that possible to have someone have some nomenee with locals with your service, even a partial one with 51% of the society?
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You will still face the possibility of CRS unless you set up substance, ie have a tenancy agreement and utility bills in your name.
If you want to avoid CRS completely you have to either move or have a nominee stand in for you 100%.

 

[AMD]

Fred said:
If you have particular reasons go for it but if you need payment processing like PayPal and Stripe - go for the UAE.
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are you able to provide / help with all of this if we visit Dubai?

 

[Fred]

AMD said:
are you able to provide / help with all of this if we visit Dubai?
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Yes sure - we can catch up at our office in person thu&¤#

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[AMD]

How long have I to plan to stay in Dubai if I want to be 100% everything is working before I leave ?

 

[Fred]

AMD said:
How long have I to plan to stay in Dubai if I want to be 100% everything is working before I leave ?
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We always recommend 2-3 weeks then you fly out with Residence, Residence Card, Personal & Business Bank Account approved.

If you can effort to fly in a 2nd time if it's really required - 1 week of stay in Dubai is enough.

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[cyprusbanker]

The setup can be used abroad and no CRS would be required right?

Is there any risk to go to jail in Dubai for setting this up?

 

[Fred]

cyprusbanker said:
The setup can be used abroad and no CRS would be required right?

Is there any risk to go to jail in Dubai for setting this up?
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On the UAE side everythings is legal and straight forward of course as we simply use the natural givings in the UAE - the good thing is that the Residence through the Company Formation is already many years present - much longer then the CRS that was just introduced lately - all the banks comply with CRS but due to the fact how CRS is build and working - the CRS reporting is shielded and simply not triggered with the Dubai Setup.

https://www.oecd.org/tax/automatic-...sistance/residence-citizenship-by-investment/
It's called Residence by Investment from the OECD -as you can see UAE is not the only country to achieve this but by far the most affordable one.

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