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Do you think there will be any issues in future regarding this? It's 1 year ago and they never replied back to him. He closed the account and worst case that could have been done back then is a SAR. The question now, hold long does the SAR take before something happens, I think 90% of times...

well, this can cause a ban from the bank in the worst case. As he closed the account already there is nothing that can cause trouble to him, I guess. Violating terms of the bank doesn't bring you in jail as long there is no criminal activity involved. So no idea where you got your ”šJail”˜ claim...

He said: Source of Funds: The funds deposited into my account originate from various investment activities that I have been engaged in. While I am unable to disclose the specific nature of these investments, I can assure you that they are acquired through legitimate means and comply with all...

Do you think he will face any trouble in future due to this? Even if it's a year ago now ? Do you have the experience or know people who did similar ?

Cases because of criminal activity yes? Or was there a case opened after 3 years just because of cash deposits ? Was this in UAE ? Jail, even when he can proof where his crypto earnings coming from? When he can also proof the source for the cash?

Any source for the 3 years ?

Hi, in order to buy a property in Dubai a friend of mine opened a bank account in Dubai at NBD. Within the first 5 months after newly opening the account he made a cash deposit of 500k AED ($135,000) in total and nothing happened. 3 months he made a pause and waited, nothing happened. Then he...

Hello, I expect a $35.000 payment from HongKong to my Freezone company account in Dubai. At the beginning I sent them my AED IBAN account and they transferred the amount as my bank (WIO) said they will automatically convert it into AED. The payment did not get through and went back to the...

People don't buy financial advice, they buy the membership to follow up what I do. It's like influencer business, they can freely follow me and I charge for this. If you think the activities are fine it's good to know

I mainly sell trading ideas as many people find my trades excellent. People message me on Telegram that they want to join my group. I reply to them and they receive a crypto address to make payment, usually Litecoin. After payment, I need a screenshot, and I add them to the group. The group...

I basically run a marketing company with trading activities like blogging services, internet consultancy and marketing services via social media. Do you know if I can sell membership courses such as my Telegram (SOL Free Airdrop) channel? People pay to join this channel in crypto. Can I involve...

Hello My business in Dubai accepting crypto payments recently. Do I need a special license for that?

I currently have a big problem, namely that my company takes in several million per year in profit. However, we only keep the money in crypto and do not pay it out to banks, how could we even, banks in the UAE are very strict when it comes to crypto. So we are forced to leave the money in...

I own a company and we receive millions in USDT or BTC each year. Now with 9% corporate tax I need to pay taxes in UAE but our bank accounts are almost empty as we RARELY use them as they won't accept our crypto payments. So what happens is 99% of our income remains in crypto and I need to pay...

Two days ago someone sent me an amount from HongKong to my UAE bank account. I gave the person my AED (UAE Currency) IBAN by mistake instead of my USD IBAN. Any idea what will happen in this case? Will I receive the money in AED and the bank will take charges? Or won't I receive the money at all?

So basically my first financial year was from October 2022 till 31 December 2023. In this time the corporate tax (9%) was issued on 1st of June. Will I need to pay CT from 1st of June 2023 till December 2024 which is 18 months?

For me things are pretty complicated in UAE, I don't understand wether I need to pay taxes on my Freezone company from 01/06/2023-01/06/2024 or does it start from beginning of 2024 till end of year. Need to mention that I fully qualify to pay taxes due to 3M and 375k rule. According to the...

Do I need to pay 9% corporate tax on income that was generated from 01/06/2023? As far as I heard it works for financial year only. So there is no tax before 2024! If let's say you start your financial year in 2024 you need to pay from 2024 and not before. The law was implemented from 01/06/2023...

Wh What is the worst thing you can imagine is going to happen? I already have 3 other bank accounts and opened at mashreq another one just three weeks ago. What do you think is going to happen in the worst case as I closed the account at ENBD? Let's say they do SAR report, 99% of times nothing...

Even after closing the account at ENBD? As said never heard back from them after closing the account 7 months ago