Advice on UAE?
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Another question. Since most freezone companies needs to be audited yearly, maybe it is best to withdraw all money from business to private account every month so you just have one transaction per month to register in the books.
Can you use business account for personal spending in UAE or whats your take on this?
are you sure, why would you do accounting then?
Is it possible for someone to figure out that you own the company and where in the UAE can you just spend the money as you like privatly even if it is the companies money?
The whole point of accounting is to confirm how much tax is liable. You would get in trouble in other countries for buying a new bed out of company money.
Since no tax is applicable you can buy what you want and your accounts filed will just show it as an expense. You can spend your money anywhere in the world. The accounting element is more for the authorities to have actual figures to boast about.
Unless you tell someone or are careless, no one knows you own the company.
Last edited: Sep 11, 2020
Since no tax is applicable you can buy what you want and your accounts filed will just show it as an expense. You can spend your money anywhere in the world. The accounting element is more for the authorities to have actual figures to boast about.
Unless you tell someone or are careless, no one knows you own the company.
Last edited: Sep 11, 2020
Registering a company takes a couple days and then apply for residency.
You will need to go and have a blood test, finger prints taken and photo card made.
Once you have your residence ID you can open a personal and business bank account.
Interesting, then it's really no point having a personal account in UAE. Or you can just have a personal account for your business.
Why not just switch to being a freelancer in UAE then no audit required or company structure and work from your own account.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Yes, you could simply be a Freelancer and work with a LLP company. But if you want to build a serious business, you need a company.
Any idea if they require Good conduct certificate for freelance visa? I know its not required for Freezone investor visa.
Yes, true. Im just thinking that if you want to build a serious company and eventually sell the company, you might want a good company form like LTD. Not sure how serious LLP is.
So in theory you could just get a Freelance visa and do all business in UK LLP and store all money in the UK LLP account.
Yes - or is there any downside to that? Would you have to bank in the UAE?
You could probably also just pay yourself “dividends” from the LLP? I don't think it's illegal to be an unsuccessful graphic designer in the UAE, who has a lot of dividend income from a UK LLP (or some other company)...?
The only potential issue would probably be if you work from the UAE with something that you're not licensed for (you manage the LLP from there). But if no work for the LLP is done from the UAE, why would there be a problem?
Don't need to bank in UAE.
I was thinking of having a holding company in UAE and a LLP subsidiary that forwards all money to the UAE company weekly/monthly, and if necessary withdraw all money from the UAE business account every month to a private account in a good jurisdiction for money parking.
Currently looking on different solutions.
That's not necessarily true.
No but task them as UAE is UAE.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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