I currently own a freezone company in Dubai but am planning to expand with employees and office space. To achieve this, transitioning to a mainland company is necessary. After extensive discussions with my freezone authority, including visits and multiple phone calls, I've confirmed that it's not possible to switch my existing freezone company to a mainland entity.
As a result, I plan to establish a mainland company and have my clients transfer payments to the new mainland bank account. This will lead to the cessation of income in the freezone account, as I will no longer engage in business activities there, with the eventual goal of liquidating the freezone company. However, the freezone bank account holds a low seven-figure amount (AED), and I'm exploring the best way to handle these funds.
Would selling the company and receiving the funds in my personal account be a viable and legal option? What are the alternatives? Ideally, I could transfer the funds directly from the freezone account to the mainland account, but this may create complications with bookkeeping and auditing. What are your thoughts?
As a result, I plan to establish a mainland company and have my clients transfer payments to the new mainland bank account. This will lead to the cessation of income in the freezone account, as I will no longer engage in business activities there, with the eventual goal of liquidating the freezone company. However, the freezone bank account holds a low seven-figure amount (AED), and I'm exploring the best way to handle these funds.
Would selling the company and receiving the funds in my personal account be a viable and legal option? What are the alternatives? Ideally, I could transfer the funds directly from the freezone account to the mainland account, but this may create complications with bookkeeping and auditing. What are your thoughts?
