I Need Cheap Dubai Company, must protect money!

[cionide]

Nigital Domad said:
I have a client in similar situation but he has 3M EUR. Any general advise (beyond what already offered here?) I was thinking to advice private banking angles or similar?
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Liechtenstein is not a signatory of the Lugano agreement, so that might be an option at that amount. Their banks are stupid expensive, and that's basically the only reason to bank there at this point. Have him run it through some EMI before transferring to the end bank account - anyone that may gain access to his banking records probably won't be able to get anything outside of their own country without alot of difficulty.

 

[cameleon]

daniels27 said:
Who owns the money? You? They may still try to take the company money.

But only 72000 EUR? Just go to the bank, get paper (or gold), did a hole in a friend's garden and good. Bitcoin would be an alternative.

But a company for that much money is not worth it
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I own money and paid tax at home for it ?

 

[daniels27]

cameleon said:
I own money and paid tax at home for it ?
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Then get the paper out of the ATM or buy gold, crypto or something. If you don't have a plan to make it tenfold, a company probably won't be worth it due to running costs.

 

[bubbledouble]

John M said:
And”¦ how is he going to open a bank account for it?!
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options available inside mentor group gold, you may read a little around there to find the clue!

 

[dany]

cryptofriendly said:
It's much easier than you think. Nowadays, I store my 24 word recovery key phrase in clear text on a piece of paper in three different locations, some of them pretty insecure, open to see for anyone that wants to take a look.

Sounds idiotic, right?

Well, not really. Losing the full recovery phrase is of much bigger risk for me, and I can't even memorize my phone number (my shirts have a longer lifespan than my SIM cards), and 24 random words in the right order are pretty much impossible to keep in mind for the long run (for me at least).

There is a very elegant option that makes all the worries go away, takes all risks away regarding storing the 24 words without other people having access to it, and you just need to remember ONE word/phrase/combination chosen by yourself. It also fixes the problem someone holding a gun to your head.

https://www.ledger.com/academy/passphrase-an-advanced-security-feature
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very good and interesting, didn't read about it before.

 

[daniels27]

cryptofriendly said:
It's much easier than you think. Nowadays, I store my 24 word recovery key phrase in clear text on a piece of paper in three different locations, some of them pretty insecure, open to see for anyone that wants to take a look.

Sounds idiotic, right?

Well, not really. Losing the full recovery phrase is of much bigger risk for me, and I can't even memorize my phone number (my shirts have a longer lifespan than my SIM cards), and 24 random words in the right order are pretty much impossible to keep in mind for the long run (for me at least).

There is a very elegant option that makes all the worries go away, takes all risks away regarding storing the 24 words without other people having access to it, and you just need to remember ONE word/phrase/combination chosen by yourself. It also fixes the problem someone holding a gun to your head.

https://www.ledger.com/academy/passphrase-an-advanced-security-feature
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@cryptofriendly the additional word basically works like a salt in a hash function? Can you use 1, 2, 3, etc. and then get unlimited additional keys?

 

[cryptofriendly]

daniels27 said:
@cryptofriendly the additional word basically works like a salt in a hash function? Can you use 1, 2, 3, etc. and then get unlimited additional keys?
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Yes. it basically adds an extra layer of security and creates a different set of accounts. You could use 1, 2, 3 (up to 100 characters if I remember correctly, so maybe 'oneSPECIALadditionalWord2addAnAdditionalLayerOfSECURITY' would be better and still easy to remember.

But yeah, you could use multiple extra words to diversify and create a plethora of extra wallet accounts. So, even with a gun to your head, you could reveal the 24 word wallet addresses, and if it's not enough and they start cutting off your toes, you could sacrifice one of your 25th words and the wallets behind to make the trouble go away (I think that no one really expects you to have more than one secret phrase, I'd recommend keeping some crypto on the original 24 word wallets though, so it looks like real - and maybe having one 'secret phrase' to give away as well, just in case. But that's just my paranoia.)

 

[Aston VIP]

user123434 said:
Regarding Dubai Company, is some way to have it but not to enter in country at least once per 6 months ( ignoring golden visa)?
That is the only thing which keeps me away from Dubai Company.
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Yep, totally possible.

The 6-month entry rule only applies if you hold a UAE residence visa. But you can fully own and run a Dubai company without a visa, especially through setups like RAK DAO, IFZA, or even a mainland LLC (if structured correctly). In that case, you don't have to enter the country at all.

Also, you don't need UAE residency to open banking elsewhere, many just connect their Dubai entity to an EMI account in Europe, which works fine for payments and operations if you're not dealing in cash-heavy industries.

Some structure things, with a nominee if visa presence is needed for local banking, but in most cases, it's not necessary if you're set up properly.

I've gone down this road myself, just wanted to drop a clear answer since this comes up often.

Last edited: Sunday at 05:39

 

[burden]

You've probably already realized that, with the amount of money you have right now, setting up a company may not really be worth it. It would only be a good solution if you expect to start generating income through the new company in the near future. Otherwise, if it just sits idle, the ongoing costs will quickly eat up your small capital.

 

[uplana]

cryptofriendly said:
It's much easier than you think. Nowadays, I store my 24 word recovery key phrase in clear text on a piece of paper in three different locations, some of them pretty insecure, open to see for anyone that wants to take a look.

Sounds idiotic, right?

Well, not really. Losing the full recovery phrase is of much bigger risk for me, and I can't even memorize my phone number (my shirts have a longer lifespan than my SIM cards), and 24 random words in the right order are pretty much impossible to keep in mind for the long run (for me at least).

There is a very elegant option that makes all the worries go away, takes all risks away regarding storing the 24 words without other people having access to it, and you just need to remember ONE word/phrase/combination chosen by yourself. It also fixes the problem someone holding a gun to your head.

https://www.ledger.com/academy/passphrase-an-advanced-security-feature
Click to expand...

I agree totally with you on how you store the recovery phrase.

back to OP - take some of the advise from this thread rather than forming a company.

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[Fred]

I can just agree with others - 70,000 EUR is too less to actually incorporate a Company - no matter where.

If you still want to go ahead with it I want to add something to the previous comments.

I disagree with others who mention here to open up a Small Island Company in like Nevis as you are left alone with Caribbean Shell Banks having Correspondent Bank issues or frequently changing Correspondent Bank - 5 Years back you would have been the average client of so called Euro Pacific Bank in Puerto Rico - now look what Problems the people have here - luckily we could help back then some clients to move early enough to Dubai and close the Euro Pacific Bank Account.

If you go Offshore make sure you get proper Banking with proper Banks in stable Jurisdictions like Channel Islands, Switzerland, Singapore or Hong Kong - all can open remote and online.

There are niche options with less streamlined Expat Banking / Remote Account Opening with Panama and UAE - the fact the banks there are not opening remote makes things again more interesting in terms of being confidential and asset protection - both jurisdictions lacking on the financial level foreign law enforcement / tax office cooperation due to lack of streamlined handling of bureaucracy / paperwork.

For you it could make sense to just get 0% Tax Dubai Residence Visa as an Employee and get a Utility Bill in Dubai with Personal Bank Account done - some Companies provide this service so you don't have to form your own Company.

It all depends on what you want to do with the money, if you intend to invest in stocks, trade financial markets etc. you can't get around the Banking System - if you have no problem with a 100% concentration of the money in one asset like Bitcoin or Gold and can take temporarily -50% in Bitcoin or a decade of trading sideways in Gold - this can be the easiest way of Privacy and Asset Protection without taking a plane.

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