EMI for Abu Dhabi virtual license company

[lmd995]

Do you guys know anything? The incorporation costs are extremely low, no local presence required. There is some threads about the Dubai one stating that it's hard to get UAE banking for these. But was wondering about EMIs, currenxie and others. Turnover wouldn't exceed 30k yearly.

Managing company own funds as a sole nature of business.



Many thanks

 

[Nicholas Van Orton]

Have you checked Wio (the digital bank version of FAB - First Abu Dhabi Bank)? If you're incorporated in that Emirate, it would seem like the first option to look at. Bear in mind it costs AED99 (USD30 approx) monthly to keep the account active.



NVO

 

[lmd995]

Nicholas Van Orton said:






Have you checked Wio (the digital bank version of FAB - First Abu Dhabi Bank)? If you're incorporated in that Emirate, it would seem like the first option to look at. Bera in mind it costs AED99 (USD30 approx) monthly to keep the account active.



NVO

Click to expand...

Will need to try it. Thanks

Trying to get some insight if it's worth it or if banking will be a dead end before making the move though. Thanks for the link, will look into it.

 

[Martin Everson]

I am not sure what purpose this company will serve with no physical presence in UAE. It will be as if your trading from your resident country. These type of companies will also be automatically reported to your resident country as has been the case since March 2021.














Thread 'Twelve no/low tax countries share data on companies with no substance with UBO's country'



Jan 7, 2022





Since March 2021 twelve countries now automatically share information on companies with no economic substance and where beneficial owners are non-resident. I think non-resident folk with companies in the below countries may be in for a letter from their tax man.



Anguilla

Bahamas

Bahrain

Barbados

Bermuda

British Virgin Islands

Cayman Islands

Guernsey

Isle of Man

Jersey

Turks and Caicos Islands

United Arab Emirates



------- quote start



undefinedTax transparency moves forward as no or only nominal tax jurisdictions first exchange information on the substance of entities​#-tax-transparency-moves-forward-as...ange-information-on-the-substance-of-entities...​

• Martin Everson
• 
  
  
  
  
  
  aeoi
  
  
  
  information sharing
  
  
  
  tax oecd
  
  
  
  
  
• Replies: 51
• Forum: Tax, Accounting, Licensing & Legal

 

[Aston VIP]

Martin Everson said:






I am not sure what purpose this company will serve with no physical presence in UAE. It will be as if your trading from your resident country. These type of companies will also be automatically reported to your resident country as has been the case since March 2021.














Thread 'Twelve no/low tax countries share data on companies with no substance with UBO's country'



Jan 7, 2022





Since March 2021 twelve countries now automatically share information on companies with no economic substance and where beneficial owners are non-resident. I think non-resident folk with companies in the below countries may be in for a letter from their tax man.



Anguilla

Bahamas

Bahrain

Barbados

Bermuda

British Virgin Islands

Cayman Islands

Guernsey

Isle of Man

Jersey

Turks and Caicos Islands

United Arab Emirates



------- quote start



undefinedTax transparency moves forward as no or only nominal tax jurisdictions first exchange information on the substance of entities​#-tax-transparency-moves-forward-as...ange-information-on-the-substance-of-entities...​

• Martin Everson
• 
  
  
  
  
  
  aeoi
  
  
  
  information sharing
  
  
  
  tax oecd
  
  
  
  
  
• Replies: 51
• Forum: Tax, Accounting, Licensing & Legal

Click to expand...

It is not only companies they share also if you buy properties without your emirates id, and only uses your passport

 

[diro]

Aston VIP said:






It is not only companies they share also if you buy properties without your emirates id, and only uses your passport

Click to expand...

So without EmiratesID no privacy in Dubai or Abu Dhabi ?

 

[Aston VIP]

diro said:






So without EmiratesID no privacy in Dubai or Abu Dhabi ?

Click to expand...

Correct

 

[lmd995]

I dont need privacy.



So would an EMI accept this company ? Its the cheapest outside EU. I need it to do business while avoiding some stupid EU regulations. Thanks a lot

 

[Aston VIP]

Yes, not all EMI's accept UAE companies. But some some do.

 

[lmd995]

Aston VIP said:






Yes, not all EMI's accept UAE companies. But some some do.

Click to expand...

Ok, I refer specifically about this type, normal UAE company it's other story of course

 

[Aston VIP]

Yes, also this type. You can also setup a bank in UAE, but often you need to pay a deposit to the bank, when you are not a resident

 

[lmd995]

Aston VIP said:






Yes, also this type. You can also setup a bank in UAE, but often you need to pay a deposit to the bank, when you are not a resident

Click to expand...

Ok what about EMIs outside UAE please ? Thanks so much for the valuable insight.

 

[Aston VIP]

Yes, I have one you can use where you can get a local account numbers - Like UK, Luxembourg and Denmark

 

[Martin Everson]

lmd995 said:






Ok what about EMIs outside UAE please ? Thanks so much for the valuable insight.

Click to expand...



You can try 3s Money if nothing else works. They are licensed in UK, Lux, HK and UAE. So if they don't accept your AD company then that would be shocking,

 

[lmd995]

I'm looking for experiences before to register it to not waste the registration fee. Thanks a lot for the recommendation.