UAE to trade crypto a good idea?

[Evolve]

Is UAE a good country to open a small business to trade crypto & stocks ? as my understanding they don't have any taxes on capital gains or income.
Can it be done remotely or should we physically be located in the country ?

 

[CaptK]

If its just for you then its perfect but if you⁤ intend to do it on behalf of others then make sure you apply for the⁣ appropriate license.
Regulation is so tight over there, without a license you will go to⁢ prison.

 

[digirider]

How do UAE banks view transfers from crypto exchanges like Kraken? Or better to use‌ local exchanges? Are there banks that are more crypto friendly than others?

 

[karishi]

I remember someone saying that Crypto is not seen as good in UAE. @Martin Everson‌ maybe?

 

[Evolve]

@CaptK ideally it would just be for two partners with a small company trading our‌ own capital.If we can open an LLC for instance in UAE allowing to trade under‍ this structure and with bank account - it could be an alternative to BVI, Nevis⁠ etc..

 

[CaptK]

They are all ok with it except Mashreq.
Yes that would be fine.

 

[LoveMyLife]

The most of banks see it as a business with higher risk. They accept it,‌ but there is stronger scrutiny over it. So they will ask you to provide very‍ detailed accounts (although there is no tax, you have to have accounts) and they will⁠ try to check if there is no sign of money laundering. They usualy ask to⁤ provide accounts at least once every year. Be prepared for a higher fees. They will⁣ asses your business as one with a higher risk, so they will ask for a⁢ very high fees for everything. If you plan to do just some small trading, banking︀ fees can ruin this business. So plan in advance..

 

[Evolve]

Is there some company helping to open a business remotely in Dubai for instance? as‌ well as opening a local bank accounts or should we visit there in person. Any‍ bank recommended ?

 

[LoveMyLife]

There is a plenty of companies which⁠ opens company remotely there. For bank account openning, you have to travel there.

 

[CaptK]

Yes local bank account has to be⁠ opened in person. Unless your opening balance is XX,000,000