Dubai Resident with US LLC and Wise - How stable is this setup? Backup?

[roulex]

Hey Guys

I'm a EU citizen. I'm a Dubai resident and I actually live here, so I don't care what gets reported etc.
I run online marketing business, fully white hat, nothing grey about it.
I'm receiving around 80-100k € monthly from 40-50 different clients, multiple payments of 1-5k €.
All my clients are European companies.

I started with a UAE Freezone Company. Wasn't happy with it. Got a bank account, but banking is horrible. Also facing client rejection, Dubai's reputation is much worse than I thought.

Created a Delaware LLC. Cheap. Fast. Great reputation. Love it!
I created an account with Wise, got a EU IBAN and it's working well. I can easily receive payments and then send it to my local Dubai account.

As far as I know, Wise is the only way for a US LLC to get a EU IBAN. Many clients won't happily pay to the US. So if Wise ever blocks our account, I will have a problem.


Questions:

1) Does someone here have experience moving around 1 million € a year through Wise? How stable do you think this setup is?

2) Is there any trustworthy alternative to Wise to get a EU IBAN for a US LLC?

3) As incorparting US LLCs is super cheap and easy, I thought to create 2 more LLCs + Wise accounts for them to split the payments among them, so in case Wise blocks one account, I can still use the others. Do you think that makes sense? If Wise blocks accounts, do they block the particular company account or all accounts associated with the same person?


Business is extremely white hat. Clients are businesses in Europe. I don't see any reason to block me, but being dependent on Wise makes me worry, I'd like to have a backup.


Please let me know your thoughts. Thanks in advance!

 

[EliasIT]

May be a good question for @Fred !

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[lostguy]

roulex said:
1) Does someone here have experience moving around 1 million € a year through Wise? How stable do you think this setup is?
Click to expand...

You need to communicate with Wise before you are going to do that. Make sure you always have invoices for every transaction you are doing with them. Sooner or later they will ask for it.

roulex said:
2) Is there any trustworthy alternative to Wise to get a EU IBAN for a US LLC?
Click to expand...

Bankera may be worth to look into, speak with @Gediminas he may also have more options for you.

roulex said:
3) As incorparting US LLCs is super cheap and easy, I thought to create 2 more LLCs + Wise accounts for them to split the payments among them, so in case Wise blocks one account, I can still use the others. Do you think that makes sense? If Wise blocks accounts, do they block the particular company account or all accounts associated with the same person?
Click to expand...

Open an account with Mercury bank and check out the resource database available for mentor group members.
https://www.offshorecorptalk.com/resources/

 

[HoneyBoo]

You have Foreign Currency Accounts | Multi-Currency Accounts - Airwallex US that can provide dedicated IBANs for a US entity.

You have Payment platform for cross-border digital business - Payoneer as well.

Lastly, you have MoneyCorp, the accounts are shared so you have to ask customers to use your "reference" in their transfers.

You do not have to keep your funds on Wise, you have the ability to exchange against USD and convert to USDT and BTC (we can assist you with that).