Does anyone have experience with Dubai offshore company formation and usage?
- Thread starter aceupsleeve
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would be a good place, so the UK would also help in this situation.
I'm yet to find some of the large company formation services in Dubai that can confirm the best zone in the UAE to setup a company.
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They are all pretty much the same except RAK ICC which is basically a holding for assets. Bank account is impossible unless you have big money to put down.
The next thing comes down to price. DMCC is the most expensive because it's the most prestigious one. It's also the easiest to get a bank account as there are banks in the DMCC.
That's what a lot of people do, they even split the maintenance cost of the company between each other. So 4 people will set up a company and it would cost the 1500 each per year to renew for residency. company stays dormant and they do their own business on the side.
How to register free zone company with no activity ?
Is dubai internet city allowed this type of company?
Is dubai internet city allowed this type of company?
What do you tell the auditor in case of no activity? Nearly all freezones require annual audits. Does it not raise any red flags?
It does not raise any red flags but just be sure to pay the renewal fee and do all the fillings in time or face comparatively high penalties.
That sounds good. I might do that. The company can also just be holding vehicle of a small apartment without any activity other than just getting some rentals.
I'm not fully certain if you'll be able to provide rentals using a free zone entity onshore of the UAE. Furthermore you need to be informed about all the regulations there are when it comes to renting a place, you'll certainly need to collect a tourism fee from your visitors - if you don't comply the fines are severe.
Agreed. If you want to buy the property for yourself to live in, for an investment or to be able to get a tax residency certificate go ahead, but if you just wanna earn some money on the side doing rentals I wouldn't advise that.
Thanks. That sounds good too. Do I actually have to freelance (I could) or can I just live off my savings and trading?
As there's no audit and no reporting and no requirement to keep books (looks at FAQ) you can do whatever you want. It's the same with a company. It's not compulsory to do business as long as you abide the rules (some free zones require audit and to file the report when you renew your license). Keep paying your fees (establishment card, ...) in time and be happy.
@CaptK do you think that combining a Portugal NHR residency with and offshore company in a blacklisted jurisdiction (like Panama or UAE) will still work well for the 35% exemption of Portugal given that, for example in the case of both Panama and the UAE, they have DTT with Portugal?
Does the DTT have more strength than the fact that they are blacklisted jurisdictions?
I don't see much information about these kind of setups with blacklisted jurisdictions that have DTTs.
Does the DTT have more strength than the fact that they are blacklisted jurisdictions?
I don't see much information about these kind of setups with blacklisted jurisdictions that have DTTs.
NHR is a difficult one because if you are using this vehicle then it shouldn't matter where your funds come from.
It is also a trap, because you can not undertake any work whilst in the country. It is meant for people who obtain purely passive income. So you basically do not do anything and money drops on your lap.
Unfortunately I do have real experience with this type of set up. Using a Panama or UAE company.
Last edited: May 3, 2021
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