Appolonia
I have tried searching through previous discussions and have been unable to find a clear answer to my particular situation.
As a non-Dubai resident individual (sole trader) I would like to open a bank account in my own name to which payments can be remitted in Dubai. Is this possible without the necessity of setting up a corporate identity in Dubai?
The objective is to ultimately have a residence in Dubai. I understand from previous messages that this Bank account will have to be a 'savings account' until final payment on my residence. Are there any age restrictions to achieving residency?
arniegang
Sole Trader status does not exist in Dubai, you have to be registered as a L.L.C.
This is only possible in your own right within a free zone otherwise the LLC has to have 51% local ownership/sponsor.
No it is not possible to open up any form of account including a savings account unless you either own property or are in the process of residency.
I see no purpose of your request unless it is connected with either tax evasion or laundering purposes. Either of which, i would not even consider the ME, the penalties are very severe.
I guess as you asked if there is a minimum age regarding residency you are young. I do not know the answer but i would guess 21.
Also in terms of opening a LLC even in a free zone you would have to deposit a minimum of 300k AED to even pass start.
Appolonia
Thanks for your comments however 21 year old tax evading money launderer is just a bit wide of the mark. I am considering retiring to Dubai and have the notion there may be a spark in the old plug yet so some earnings from consulting are not out of the question. Residential properties are mostly under construction and may take some time to buy, hence possession of a bank account prior to obtaining residency status. Considered setting up a company in a TFZ however the expense of a separate office does seem unnecessary unless required by law and an additional question arose from a comment I picked up which appeared to restrict age to under 60. At 199 I thought I had better clarify if possible. Can you offer any advice?
Thanks again for your prompt comments.
arniegang
I am affraid there are no options available to you other than my previous post my friend.
However you state no property is available, there is plenty if you are prepared to pay the price. Alternatively you can put a deposit down, then a bank would consider a savings account.
Otherwise its 300k and a LLC i am affraid.
XRW-147
- Appolonia wrote:
At 199 I thought I had better clarify if possible.
Someone call GB.