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Hi, I just wanted to clarify a few things - having completed and passed the PwC Corporate Tax Diploma in UAE. 1) Your comment about the first 1m not being taxable is not correct. The AED 1m turnover threshold is only a threshold meaning once you have recieved more than 1m AED turnover then...

Dubai banks are only as good as your RM if you happen to have one. The same bank could be both a disaster or easy depending on who you deal with. Honestly thats how it is. Sorry for the s**t answer

I am very surprised that you say you can run compliance directly with the compliance of banks, as that literally defeats the point of compliance, and I have never known a single bank (unless a weird one) that allows the 'public' to connect direct with the compliance department of a bank.

Hi Fred, what is your opinion that physical office is required for opening bank accounts in UAE, or flexi desks still an option? With exception of Wio, most banks seem to ask for physical office spaces.

Actually no not correct - the term 'qualifying' has not yet been defined as per the most recent paper published on the laws, and yes while I agree that it will most probably be this, the recent publication is different to the first consultation paper that said Free zones will remain exempt as...

Actually the recently published laws are not clear on if it will or will not apply to free zones. It says that more clarity will be given on these matters. Do you still need help in this regard?

Im not sure how low their risk apetite is - I opened a Gold Trading activity with them without a single question asked, where other banks said no from the off

Appreciate the help mate. Thank you

Thanks - deposit as working capital or deposit into bonds etc?

Hi all, I have a Dubai Co, owned by a Russian Co, that has a license to mine coal. The Dubai co. intends to buy the coal from their parent co, and sell internationally. The Russian co. is part of a European group with a clear UBO, nothing to hide and all above board. Previously the coal was...

I have opened a business account with Wio to test. With an individual sharheolder the account was open within 2 days and activated within another 3 once the debit crd and cheque book arrived. A handy solution for DMCC companies where you have to deposit the share cap. As you must know, opening...

Hi, I can do the same in Dubai, USD/AED cash to USDt for 2%, and same usdt to cash Let me know if want to talk

This discussion is excellent. Looking forward to the next input

If your company is conducting distribution services, whether goods or services, but only to a related foreign party. So in your case, are you providing the software to a company outside of the UAE, AND are those companies related to you by way of shared ownership. If you are only providing...

A Actually every company has to make a notification to the free zone to declare what type activity they are doing and if they have received any income. That is applicable to all companies regardless of if they are doing one of the relevant activities. The Free Zone will then check the...

I tried to open 3 accounts with them and the due diligence required is pretty thorough (to be expected), all got rejected unfortunately. To be fair the companies we attempted with didnt have the most straightforward structure and were UK partnerships. As I was told they started offering business...

Hi, Actually this is not correct - every company registered in the UAE, including RAK ICC companies have to adhere to economic substance regulations should they fall into one of the reporting activities. The fact is is classed as 'offshore' does not matter. The RAK ICC portal has already set up...

UAE - You can still pay large sums of cash into the bank here, or pay for items in cash.

Safest option would be as you said to show some form of actual residence, ie: lease agreement, utility bill, driving license etc from country B. Country C might as you to prove the that you are a resident of said country, even though the form is self certification.

He means if the central management of the company is being undertaken in Aus, then that makes it classed as a Australian Tax Resident. But if you run the business from Bahrain then would be classes as Bahrain tax resident. Its more complicated than that, but its along those lines. But that kinda...