Offshore Company to Hide my Identity, Dubai?

[mraleph]

yngmind said:
Are you that the UBO data will be public in that case?
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Declared vs public 😉 Benelux countries temporarily restricted access to UBO registries after ECJ rulling

https://www.schoenherr.eu/content/ecj-ruling-ends-unlimited-public-access-to-ubo-register

and

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:62020CJ0037

But, AMLD's wise, it's reasonable to anticipate that UBO registries across EU member countries will be transparent from 2027 with varying degrees - non-impeded access, legitimate interest, fees and other restriction

https://www.ifcreview.com/articles/...ourt-of-justice-decision-of-22-november-2022/

and

https://www.loyensloeff.com/insight...-the-identification-and-registration-of-ubos/

Last edited: Oct 15, 2024

 

[Forester]

GPT said:
Cyprus is already publicly available. Definitely the director and secretary and if not mistaken also the shareholder.
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Yes; but not the UBO, I guess ”“ or is my information outdated? @CyprusLawyer101, would you mind commenting?

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[brianK]

mraleph said:
But, AMLD's wise, it's reasonable to anticipate that UBO registries across EU member countries will be transparent from 2027 with varying degrees - non-impeded access, legitimate interest, fees and other restriction
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They will and everyone will be able to look up UBO & Shareholders name, address, country and more up. Totally retarded as usual for the EU

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Winners never quit and quitters never win....

 

[CyprusLawyer101]

Forester said:
Yes; but not the UBO, I guess ”“ or is my information outdated? @CyprusLawyer101, would you mind commenting?
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Your information is correct. The UBo rrgiatry ia not available to the public. Shareholder though is, but upon undertaking an official search.
Nominee shareholders are still available.

 

[CyprusLawyer101]

brianK said:
They will and everyone will be able to look up UBO & Shareholders name, address, country and more up. Totally retarded as usual for the EU
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I highly doubt that the UBO Registry becomes available to the public any time soon. This was the initial intention but there was a case in the European court of Justice where it was rules that public access to the UBO registry infringed fundamental rights stipulated in Article 7 and 8 of the EU Charter which provide for privacy and protection of data.

 

[DCble]

Won't there be witholding tax for an EU person with a US company?

 

[PinkCat]

Whatever you do you have to declare UBO (Ultimate Beneficial Owner) and even if that info is not publicly accessible in your country it might soon be or it might leak and be incorporated in alternative registry search engine (not the government one, which doesnt show it) like it happened in my country.
Non declaring UBO is illegal and actually criminal offense in some countries. Also without it good luck being onboarded by a bank.

Actually the real problem is the banks, I'm not aware of even one that will onboard you without an UBO.
Welcome to the 21st century 🙂

 

[bubbledouble]

PinkCat said:
Actually the real problem is the banks, I'm not aware of even one that will onboard you without an UBO.
Welcome to the 21st century 🙂
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sad but trued 🙁

 

[cuno]

CyprusLawyer101 said:
I highly doubt that the UBO Registry becomes available to the public any time soon. This was the initial intention but there was a case in the European court of Justice where it was rules that public access to the UBO registry infringed fundamental rights stipulated in Article 7 and 8 of the EU Charter which provide for privacy and protection of data.
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Did this change something in other countries? I could list lot's of countries where you can see all information including name, address, country and phone number for UBO and any shareholder in public registered. Denmark and UK are just examples.

 

[CyprusLawyer101]

cuno said:
Did this change something in other countries? I could list lot's of countries where you can see all information including name, address, country and phone number for UBO and any shareholder in public registered. Denmark and UK are just examples.
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I would guess that this is because the implementation of the court ruling is up to the discretion of the state. It does not have an obligation for implementation like an EU regulation or directive. However, for example Cyprus had every interest to restrict the Registry's access and has taken measurrs to do so.
UK of course have left EU.

 

[cuno]

CyprusLawyer101 said:
UK of course have left EU.
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but UK has a public registered where you can find all owner information from your imaginary friends.

 

[CyprusLawyer101]

cuno said:
but UK has a public registered where you can find all owner information from your imaginary friends.
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Yes , that is what I am saying, UK is free not to follow ECJ decisions.
Denmark on the other hand, I am not sure exactly of the State's position

 

[brianK]

All small countries like Sweden, Denmark and Finland is doing what EU says, all is already transparent in these countries.

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[EliasIT]

brianK said:
All small countries like Sweden, Denmark and Finland is doing what EU says, all is already transparent in these countries.
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second that...

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[MarkusCostigan]

Implementation of the final system solution will not affect access rights to the UBO Register. As a reminder, access to the UBO Register is currently being provided:

• to Competent and supervisory authorities; and
• to Obliged entities, in the context of performing customer due diligence.

- Competent Authorities

• Regulatory and Law Enforcement Agencieshave full access to UBO information without restrictions. These include:
  • Financial Intelligence Unit (FIU)
  • Central Bank of Cyprus
  • Cyprus Securities and Exchange Commission (CySEC)
  • Tax Department
  • Police and Other Law Enforcement Agencies

- Obliged Entities

• Access for Due Diligence:
  • Entities defined as "obliged entities" under the AML Law can access UBO information as part of their Know Your Customer (KYC) and Customer Due Diligence (CDD) obligations.
  • Includes:
    • Banks and Financial Institutions
    • Accountants and Auditors pen#%%&
    • Lawyers and Legal Professionals 🙄
    • Trust and Company Service Providers bor&%#
    • Real Estate Agents 😵
    • Casinos and Gaming Institutions ?

EX WIFE.

 

[brianK]

MarkusCostigan said:
Implementation of the final system solution will not affect access rights to the UBO Register. As a reminder, access to the UBO Register is currently being provided:

• to Competent and supervisory authorities; and
• to Obliged entities, in the context of performing customer due diligence.

- Competent Authorities

• Regulatory and Law Enforcement Agencieshave full access to UBO information without restrictions. These include:
  • Financial Intelligence Unit (FIU)
  • Central Bank of Cyprus
  • Cyprus Securities and Exchange Commission (CySEC)
  • Tax Department
  • Police and Other Law Enforcement Agencies

- Obliged Entities

• Access for Due Diligence:
  • Entities defined as "obliged entities" under the AML Law can access UBO information as part of their Know Your Customer (KYC) and Customer Due Diligence (CDD) obligations.
  • Includes:
    • Banks and Financial Institutions
    • Accountants and Auditors pen#%%&
    • Lawyers and Legal Professionals 🙄
    • Trust and Company Service Providers bor&%#
    • Real Estate Agents 😵
    • Casinos and Gaming Institutions ?

EX WIFE.
Click to expand...

apply for which country ?

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[sebastian]

drain said:
Hello!

I have a limited liability company registered in Europe and unfortunately, all details are publicly disclosed (ceo/ shareholder names and details, addresses, etc.). My goal is to hide my own identity for a better privacy. My business is in no way illegal or shady, but I just do not want to have everything publicly available since I value my privacy. In my country there is no way to incorporate a company that hides those personal details.

The goal here is NOT to evade taxes. Since I live in europe, I will still pay my taxes here.

My idea:
- Incorporate a dubai freezone company and bill all customers through that dubai company. My customers will only "see" the dubai company. The shareholder of the dubai company is my european company.
- Forward all sales (minus a small management fee) to my european company. That means the dubai company will not have significant profits.
- This way, I still have the profits/ taxes in europe but my "public" business activities are routed through the Dubai company

Does this work? Is a dubai freezone company really discreet, i. e. is it impossible to gather the names / addresses/ personal details of the ceo/ shareholders? If not, what countries or companies could provide that?

Thank you for your help!
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Did you proceed with the idea to setup a Dubai company ?

I just heard that you can buy some property in Turkey and get a passport included if you do so, here you can get a new name etc. so that would provide real anonymity I think.

 

[PinkCat]

sebastian said:
Did you proceed with the idea to setup a Dubai company ?

I just heard that you can buy some property in Turkey and get a passport included if you do so, here you can get a new name etc. so that would provide real anonymity I think.
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care to give more details about that or a link with detailed info about it please?

 

[drain]

Thank you guys!

But I still don't understand. As far as I know, there is no public company register for Dubai freezone companies (except the address, etc). But they dont show executives/ shareholders. At least, I couldn't find anything for a few companies I checked.

So there are two options:

1. Incorporate a Dubai freezone company where I am directly the executive and shareholder. The company has nothing to do with EU so it will not pop up on any EU UBO/ company registers (?). I am not anonymous to banks and government but this is okay. I should be anonymous to competitors, clients, journalists, etc. Is that correct?
2. Incorporate a Dubai freezone company where I am directly the executive and my EU company is the 100 % shareholder (i. e. me EU company is the parent company). I am still the UBO but I don't see the reason why the Dubai company should pop up in any EU UBO/ company register. My EU company will pop up but thats okay, since nobody knows this company. I do business with the Dubai company. The customers/ competitors/ public only see my Dubai company and can not find out who the executive/ shareholder is. Is that correct?

Alternatives would be Cyprus or Switzerland to incorporate (because of low tax). But I think the anonymity is not as good as for Dubai there. Let me know if you have some experience with that.

 

[PinkCat]

2. sounds interesting, but few questions where do you plan to bank with the Dubai company, in which jurisdiction?
Some extra questions:
A. If its within EU, it might be hard to open bank account for that company and if you do you must be declared as UBO in your country.
B. If you are going to bank in Dubai with the Dubai company your customers might (or at least some of them) have hard time wiring the money, if you will be working with wires at all of course.

Give us some more details about that, so we can figure out a working model. Because some of them work in theory and when you go to the first bank with some unusual setup they treat you like a criminal and show you the door. Happened to me with HK company wanting to open bank acc within EU.
Even with EU company that is owned by foreign company some banks give you hard time or require lots of extra documents. Happened to me personally as well.