how are we able to provide this, we will need some sort of professional to help us or can one get this at his own?
Why can't AED be used for international business? Outgoing and incoming payments will be converted to/from USD, EUR and others, and hence small FX losses. Is that it? Does it have a big impact?
1% of each transaction you receive I think/
Well what makes the UAE special is that you are considered a resident if you enter the country once every six months, so there is no CRS reporting. As long as that doesn't change, they can discuss forever, because that's the loophole. Of course if you don't have a tax certificate, you can't really use the money outside UAE, so it's not a gigantic loophole, but it's what makes UAE attractive in my opinion.
It will? Or you think it will? Or you wish it would because you envy the people who have it? 🙂
And? What is it what makes an AED account unfit for an international business?
Panama and HK have even less requirements where you can be absent for 2 or 3 years.
You don't need to claim residency, you only need to put your money away there. And then you claim residency outside of your country but in a different state where you have nothing.
Yeah but I feel money is safer in the UAE. No need to change for now, I also like Dubai and it's closer to everything, I spend 1-2 months there as I have friends and clients there.
Let's say you go and buy a house. In any country if you buy a house the tax authority asks you the question: where is this money coming from?Where did you pay taxes on this?And you have no answer. So of course you can use some money outside of the UAE, but you can't purchase properties or stuff like that.
A Tax Certificate doesn't explain where your money comes from.
A tax certificate explains that you have paid taxes somewhere on your money. Sure it doesn't mean that the money comes from legitimate business but it clarifies the fact that you have paid taxes on that money, even if taxes are 0 like in Dubai.
But the substance of UAE is your residence, so if you have a UAE company and you are a UAE resident, and you are employed by your company, you are ok even if you stay 2 days in the UAE. I mean, of course it doesn't make sense to really stay only 2 days, I think that 1-2 months are better to be on the safe side, but in general your company wouldn't be reported in this case because it would have suvbstance.
It is by far not the only one doing that and it is even pretty strict compared to HK and Panama where you can be absent for 3 or 2 years.
She is naive. It can work for a single, low profile person, who loves paying with cash, travels a lot and is bald. Let's be honest, using hairdresser twice per week alone, makes her vital interest in Spain 😀
@rowena I had Mashreq account 4-5 years ago then they decided to close many FZC accounts in 2019. However I heard that they re-opened for FZC again from 2021. But my friend said that they screw customers with bad services and often ask for supporting documents, do you get any problem with Mashreq?