Crypto Trading + Cashout , Need help and Suggestions.

[whiteoak]

Brief Background: Nationality: Indian, Staying in UAE. I have opened Crypto Trading firm in RAK‌ Freezone recently but not sure if any bank will open my company account.
My doubt‍ is i do crypto trading as full time work , so i opened this company⁠ to formalize and legally do the stuff but seems banks in UAE dont support crypto⁤ company. ( and i want to avoid trading on personal bank account obviously as i⁣ read they red flag and close the account after some time)
I am ok to⁢ pay corporate tax upto 10% too but need workable solution to cashout regularly every month︀ like 50-100K USD probably Consistently .

What is best option here ...to open Overseas bank︁ account or EMI account and do tx in those account and then transfer to UAE bank account ? Please suggest some banks or EMI where i can open an account.︂ ( Personally dont want very high maintenance account )

Money is legitimately earned with source︃ of funds can be proved.
Another thing is where the CRS reported ? is that︄ in India or UAE ? I personally i don't want to get reported to India︅ when i am in UAE to avoid hassle of again explaining to local officers in︆ home country.

Thanks.

 

[Martin Everson]

If you cannot open a business account for crypto activity in UAE then‌ you have no other option. Avoid UAE as much as possible and bank outside.

Maybe look at BVNK.

It is to your country of tax residence and any⁤ other country where you have indica on your account. So don't give Indian telephone number⁣ or any Indian mailing address details etc.

 

[whiteoak]

thanks for reply, does swissquote⁣ or other swiss banks will open my account ?

i am giving home country document⁢ as everyone keep asking passport for verification....that ofcourse it has home country address.

 

[Marshal]

No bank nor EMI will open‍ you an account without your ID/passport. That's like the first thing they ask for.

 

[whiteoak]

I edited my response. It‍ was typo error. What i mean is i am ok to give documents , which⁠ bank or EMI will be suitable to open company bank account with UAE residency +⁤ Indian passport.

 

[Forester]

Sure, you are completely right.
Fair enough.
This is very important – and good for⁢ you.

Well, as I understand, you are resident and also tax resident in︂ UAE, so even if they reported you to India, what would be the real problem?︃ As far as I know, India does not tax your profits earned in UAE, or︄ am I wrong?

Swissquote is definitely not a bank for you;︆ and honestly, I am afraid that even really crypto-friendly banks like Cite Gestion or Frick︇ (LI) will not be much eager to onboard UAE company with Indian director and UBO,︈ unless you deposit a really remarkable amount like 2M+.

Frankly, a UAE company with the Indian director and UBO is rather a︊ problem for offshore banking in general, and crypto activities make it even remarkably worse 🙁
You can try BVNK recommended by @Martin Everson (honestly, I do not know them so cannot︋ comment) but generally

you might consider opening another company in some really crypto-friendly jurisdiction (I do not dare to︌ recommend as I am not an expert re: crypto); your UAE company perhaps being a︍ parent / holding company or so. If you choose the jurisdiction properly, banking will be︎ much easier.

Just a remark: what do you call “a very high maintenance”? If you have‌ high 5 figures monthly turnover.

 

[whiteoak]

No problem , was just cross checking.

ok will try

ok its another hassle to again open another holding company 🙂 but will look︇ into it
I dont want to︉ keep maintenance deposit of 1 mn in bank account 🙂 some banks ask that kind of︊ money to open account

 

[Forester]

OK
Good luck!
Well, eventually,⁠ you can even get rid of the UAE company if it makes your situation easier.⁤ If you open a new company in a jurisdiction where is no (withholding) tax on⁣ dividends, you can take money from this company directly to your pocket 🙂. (0% personal⁢ income tax in UAE.)
Feel free to ask at the Offshore Company forum (Offshore Company) for a suitable juridisction.
Oh well, now I understand. Originally,︁ I thought that you spoke about monthly account maintenance fee.
Yes, e.g. all private Swiss,︃ as mentioned above.

 

[ncrypto]

If you must stick to your current company why not find a uae national or‌ someone from ME and make him a director or UBO....

 

[JackAlabama]

1M is on the lower end in⁤ these realms. Better to be ready for a 5M which is permanently invested by the⁣ bank and stay with the bank.

 

[Clank]

Easiest option US LLC + Kraken + Mercury bank

 

[whiteoak]

whats advantage of that?

ok then better in business account, probably open⁣ account with personal account and try with EMI Banks will that work?

US LLC means Crypto⁢ Trading as Business Setup? DO they accept crypto trading companies ? i wasnt sure.

 

[ncrypto]

If you dont want to go‌ for US LLC or better yet in Lithuania and want to stick with your UAE‍ company, having a local as UBO will pass you any hassle with banks. Crypto is⁠ welcomed in UAE and the son of Bin Rashed owns bitoasis..its just the inbounds and⁤ nationality that will cause you alot of hassle

 

[Forester]

What do you mean by ME?

Mercury requires clients to have US operations, last time. But⁤ generally, yes, US LLC seems to be an option. Just another bank/EMI needed. There can⁣ again be a problem with UAE resident Indian director but it can be solved be⁢ engaging a US nominee director.

Sorry, I do not understand well what do you want to say... Definitely do not︂ use a personal account for the purposes of your company activities, as already noted.

A good question. I am also not sure︄ how the crypto activities are seen in the US. Probably depending on state.

Well, I can believe this but I heard also different information ... does︉ any other member here have some experience?

 

[ncrypto]

sorry for the delay replying..
By ME i mean MIDDLE EAST
bad choice of acronym‌ for this topic

 

[Forester]

No problem, thanks for the explanation.

 

[LiquiditySplash]

Do you have‌ any source for this information? I can’t find anything about it online, actually most information‍ I could find suggests otherwise.

 

[ncrypto]

This is a bit offtopic dont you think? He owns many companies in different fields‌ and its not stated, just info you get to know from being in the market.‍
Anyway if your contribution to state that am wrong feel free to assume so..

 

[LiquiditySplash]

If you want to bring something up and then complain that it’s off topic when‌ someone enquires further then it’s a bit strange. I’m just trying to make sense of‍ it when everything I’ve heard from people is that bitoasis support is so bad they⁠ basically steal your money. And my own research shows they had their license cancelled by⁤ the government and have been bought by a company based in India.

I couldn’t find⁣ any public information about it ever being owned by who you said so thought maybe⁢ I missed something - if this is private information that you are kind enough to︀ share with us then thanks, wasn’t trying to start an argument.

 

[ncrypto]

Its very possible things have changed, this info is over 6 or 7yrs ago and‌ i only remember the phase when they were not accepting new customers. I guess there‍ is a misunderstanding from my side