Possible Dubai? Possibly somewhere else?

[wellington]

I believe (UK National) i am looking for a form of Dubai setup, which would have no issues opening remotely (i'd visit if i could but the country is still in a semi-lockdown), i live in SE Asia (10yrs) which has rules/laws that capital not brought in on the year of earning is tax free.

I am concerned about having to liquidate some assets 'quickly' (see Issue) and inflicting a taxation event (35%) on myself.

Currently i have these assets transferred from a Belize corp to my care (similar to treasurer) - paper transfer as the corp renewal is coming up and I don't want to renew (as a holder) as Belize proved as useful as a box of frogs in the traditional sense on the titanic as it went down.

• Corporation Formation that will be 'a private research corp' which essentially is a 'private computational position taker' that takes positions in various equities, indices, commodities, exotics, crypto. (EU, UK, Asia, Middle East Exposure).
• Multi-Bank establishment no ridiculous paper trail requests for 6-7-8 figures. (seamless).
• EUR/GBP/CHF access (USD of no interest).
• Access to local commodity markets (where possible).

Ideally I don't have to

• Explain every transaction (half a decade of documentation etc)
• Get authorisation for every deposit/withdrawal. (annoying time consuming)
• Have an office and staff (we have office and staff under other companies).
• Visit unless essential.
• Pay Tax unless its essential.
• Accounting unless its essential (will print records/export records and put in standard accounting method and store).

I recognise that there's always the concern that it could blow back the company is an extension of yourself - Country i am permanent resident in does not care unless its earned in the same 12 month period, after that it's ok to bring funds in, no tax external otherwise.

Issue
I've been going round in circles, trying to find the right solution but ultimately continue to hit various walls.
Issue is i am holding a considerable sum in a liquid asset that in the near future may have a lot of regulatory heat so i'd like to offload and diversify as the nascent market continues to have regulatory certainty.
I could shore up in various other similar assets and bounce around but i feel a nice cool off period until 2023 would be ideal.

I've seen people recommend 'Fred'
I've joined this group (private) to see if anyone else has any recommendations on locations/setups.

I'd be looking to do this immediately, but i'd also be wanting guaranteed banking etc, like i said I'm exposed to a holding, which may become a hot potato in the next year or so i believe.

Last edited: Nov 13, 2021

 

[CaptK]

Could you define "liquid assets".

 

[wellington]

Stable in value, high liquidity, international, 24/7 (otherwise mentioned above in your advertisement).

Last edited: Nov 13, 2021

 

[CaptK]

To do it the right way, will take a few months but it is definitely possible.

Option 1

Set up a UAE company seed it via OTC and pay yourself a salary. Use the salary to trade with and deposit it in your personal account.
Because you have used your salary the won't ask too many questions and use a exchange registered in the UAE.

It's not full proof but has worked in the past. Only issue is you would be required to do some OTC from time to time to keep your business account active.

Option 2

Gets UAE crypto licence.
Takes about 3 months as a trading company and you do not take 3rd party funds. Run that for a year or so. Liquidate as much as you want then you can transfer the fiat to yourself and then continue trading as above.

This is the bullet proof method but set up will cost in the region of $60K.

 

[wellington]

CaptK said:
To do it the right way, will take a few months but it is definitely possible.

Option 1

Set up a UAE company seed it via OTC and pay yourself a salary. Use the salary to trade with and deposit it in your personal account.
Because you have used your salary the won't ask too many questions and use a exchange registered in the UAE.

It's not full proof but has worked in the past. Only issue is you would be required to do some OTC from time to time to keep your business account active.

Option 2

Gets UAE crypto licence.
Takes about 3 months as a trading company and you do not take 3rd party funds. Run that for a year or so. Liquidate as much as you want then you can transfer the fiat to yourself and then continue trading as above.

This is the bullet proof method but set up will cost in the region of $60K.
Click to expand...

hmm... would rather just run a 'normal company' liquidate as and when required and push into new investments... could liquidate it easily in the UK without paying any tax as a non resident, if i wanted to (in my name) but its a enterprise, its a asset of the enterprise...

 

[CaptK]

wellington said:
hmm... would rather just run a 'normal company' liquidate as and when required and push into new investments... could liquidate it easily in the UK without paying any tax as a non resident, if i wanted to (in my name) but its a enterprise, its a asset of the enterprise...
Click to expand...

Double check this, I don't think that would work because you are liquidating assets of the LTD. It's not income thses are investments of the company so by definition they are tax domiciled in the UK.

If it was income from jobs you can transfer all profits as salary to yourself.

Then just OTC for liquidation and shut down the LTD. Seed the new company and start again.

 

[wellington]

CaptK said:
Double check this, I don't think that would work because you are liquidating assets of the LTD. It's not income thses are investments of the company so by definition they are tax domiciled in the UK.
Click to expand...

Hi, wouldn't have anything to do with the UK, not a UK corp, and i've not been a resident there for a decade, i pay (wealth) tax in Switzerland and/or in a country in Asia.

 

[CaptK]

Ok, then a standard structure would apply and liquidate as and when needed.
If setting up in the UAE then its best to have funds deposited from a UAE "company/investor"

 

[wellington]

CaptK said:
Ok, then a standard structure would apply and liquidate as and when needed.
If setting up in the UAE then its best to have funds deposited from a UAE "company/investor"
Click to expand...

By moving funds from company to a UAE Investor, surely that would be considered 'laundering', company doesn't have to pay any corporate tax as is, so surely establishing a

Research Firm that works in 'fintech' and utilising funds for further 'investing' by transferring funds from corp to corp would be the best method?

i.e I don't want to liquidate to enrich myself, or to pay myself, the objective is establishing a corp to move assets from one corp to the other and then utilise under the corp as 'wealth management' utilising technology, the technology the corp already owns.

 

[CaptK]

That's fine but you will require a licence because you can not do any crypto business without a licence, notwithstanding that a research firm under that remit will require a type of financial licence.
I'm not sure exactly what but every sector in the UAE has a licence. For this field they are not cheap, upwards of $30K plus office costs and staff. They do it to stop the brief case investment company set up like Belize, BVI and Cayman.

 

[wellington]

My understanding 'holding' and investing assets doesn't require a license, but 'trading' does. (i.e day trading).

Otherwise every company in UAE would have to get a license to put gold on their books as a company asset etc.

Also an Offshore corp opposed to onshore, I can't comment on the other places you mention as i've never seen that, you'd have to do SAR's for a start...

 

[CaptK]

If Crypto is in your portfolio you will require a licence, you could get round it with a Trust/Foundation set up. I will ask and get back to you.

 

[kokolokop]

He

CaptK said:
To do it the right way, will take a few months but it is definitely possible.

Option 1

Set up a UAE company seed it via OTC and pay yourself a salary. Use the salary to trade with and deposit it in your personal account.
Because you have used your salary the won't ask too many questions and use a exchange registered in the UAE.

It's not full proof but has worked in the past. Only issue is you would be required to do some OTC from time to time to keep your business account active.
Click to expand...

Hey, regarding option 1, can you name any OTC in Dubai that fits for that set up? The funds should be deposited from a UAE "company/investor", which one are those and how to find them? Is this set up 100% legal and not considered a money laundering? And what to say when the bank will start asking for invoices etc?

 

[CaptK]

kokolokop said:
He

Hey, regarding option 1, can you name any OTC in Dubai that fits for that set up? The funds should be deposited from a UAE "company/investor", which one are those and how to find them? Is this set up 100% legal and not considered a money laundering? And what to say when the bank will start asking for invoices etc?
Click to expand...

It's not something that is advertised.
Contact me on the details below or PM to discuss.

 

[uplana]

Before you just hook on the first and only provider that answer around here I would ask at least 2 or more providers i.e. @Fred and @Gediminas comes to my mind so @CyprusLaw could have a total different alternative to all of this.

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[EliasIT]

What about sir @Fred or Mr. @Gediminas did you had a conversation with them, they both are very helpful and friendly.

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My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[lory]

EliasIT said:
What about sir @Fred or Mr. @Gediminas did you had a conversation with them, they both are very helpful and friendly.
Click to expand...

they did not smi(&%