Wise to UAE Freezone

[imtaku]

Hi everyone!

I have an IT consulting company (totally white hat and real service) that makes $1-1.3M USD every year (around $90-100K per month).

Right now I handle all the client payments through Wise and have almost $1.5M USD stored there (I know it's not the best, but I'm trying to fix this).

My idea is to move all of that money from Wise to a free zone company in the UAE, so I have a few questions:

1. Can you easily move money from Wise to Dubai? My plan is to keep receiving the payments in Wise (as they give you an ACH address), and then just send it to my bank in UAE.

2. If I want to move the whole $1.5M USD, would you move it all at once, or just some amount every day, or what would you suggest?

3. Is this idea of creating the UAE free zone company good, or would you recommend something different?

Thanks a lot for your time answering, I highly appreciate it.

Last edited: Jan 3, 2023

 

[Fred]

Hi @imtaku ,

1.) Yes you can easily send USD from Wise to UAE - see below list

What countries can I send USD to? | Wise Help Centre

You can get ACH for the Dubai Company directly as well through Payoneer for example - however this should be only used for ACH USD payment collecting and then send it to your fully fledged Business Bank Account in Dubai.

2.) If you can proof the Source of Funds for the 1.5M$ there is nothing wrong about sending everything at once - the issue we see here is more on the Wise side as they for sure ask you questions for 1.5M$ Transfer while the UAE Bank keeps calm as getting USD from the US is low risk.

3.) If you want to improve your current Banking SItuation which is built on Wise (which is not to recommend at all) and at the same time a 0% Tax Structure who even gives you a Residence Visa - yes it is a good idea.

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