Set Up A BUSINESS And A BANK ACCOUNT In Dubai As A Foreign Resident.

Hi, I'm GG Benitez, a certified international property specialist and a licensed California realtor bridging the United States and Dubai luxury real estate markets. I am asked regularly, beyond real estate, how businesses can set up here in the UAE in Dubai. I'm very excited to have my next guest on, Zeba, who is a financial consultant to answer some of your most pressing questions. Go, Zeba, welcome to the show. Thank you so much for having me. You are welcome. I am so glad you are so well versed in a variety of offerings that foreigners from the United States and Canada want to know about. So first question I'll ask about Zeba is, can a foreigner set up a business here in Dubai? One hundred percent, he can. Walk us through that and walk us through what you offer. Sure, so I've been a banker for ten years, worked in banks like HSBC and Emirates NBD, both extremely strong banks. I quit last year and started our own firm, which is basically into assistance of clients, assisting clients in corporate services, which is incorporations in Dubai, Singapore, Mauritius, Luxembourg. We also assist with banking if the clients have any sort of financial requirements that they want to restructure. So we assist. Hence the name, Financial Concierge. I love that. And I'm sure you have your hands full with people calling because Dubai has become this global business hub, attracting so many foreigners. In fact, Dubai is eighty-five percent made up of expats, and we have I believe the number is seventy-five percent of Fortune 500 companies are setting up their headquarters here in Dubai. So for me, I'm working on the real estate aspect of it, but I also have a lot of interested entrepreneurs that want to talk about setting up corporations here. So we'll get into the real estate in a minute, but please share with our viewers and listeners, what are the advantages of setting up a corporation here in Dubai? So we basically have categories of licenses. So certain mainland free zone, which is actually a discussion, which is an in-depth discussion, and we have something as an offshore, and of course, you have your foundations and things of that sort. But the reason why people want to set up, most of them are digital, which means clients need not be present over here, but still can incorporate a company over here. So if I'm based in the United States, yes, I can still be a resident there and set up my business here, correct? And then benefit from the tax situation, one hundred percent. So what happens is, for example, there are different departments or authorities that help with licenses and corporations. Some of them have a requirement that you need to have a previous history of travel over here. Although we inform the license, however, what happens is we cannot issue an entry permit visa. Which means you come in, go the next day, finish your medicals, finish your thumb print impressions, you're set, you're a resident, welcome to Dubai. But if you don't have that, there are certain authorities which work without a UID, which is a unique identification number, which means you need not come. So for example, you said you just came here last year and fallen in love. Yes. Similarly, you know, there are clients we've had who've never come to Dubai, but I've just heard about it. And you know, we've got the company formed, we've got the entry permits issued. So it is very possible. Secondly, the main benefit is also if a client wants to repatriate the money and go from here, he could take one hundred percent of his profits and the capital invested without any tax. That is very important to know. Very important to know. No tax, no tax. We don't have any personal tax, personal income tax. Of course, we are running into corporate tax, but that is different. Then there's one hundred percent. There's no foreign exchange control, which means if you want to send the money in any sort of currency, you can send it. It's okay. We deal with a lot of currencies over here. It's also a stable government. You know, policies don't really change rapidly. It's quite rooted. A lot of people don't know that. Do I need to have a local in my company? You know, as an employee? Yes, as an employee or a sponsor, as a sponsor? Both. Either, no, you don't need that anymore. There used to be a time right, that to set up a company here, you had to have a local sponsor. You had to have until 2020, but that is not the case anymore. That's not the case anymore. In a mainland license, you can one hundred percent own it, completely. Even if you have to have an employee, it's only if you have forty-nine employees, and the fiftieth one needs to be a local. Oh interesting, okay. So then you could still have, and then the fiftieth one. So for me, I could set up a PR firm completely without having a local sponsor, benefit from the tax situation here, make my money here, which we know there's a lot of money to be made in Dubai, a lot. Which is the reason why you have such a huge migration of high net worth individuals and billionaires moving their businesses, their headquarters, their investments to Dubai. Correct, so very interesting. May you please share with our viewers how the Golden Visa works? Sure. So the Golden Visa, you have different parameters on it, which is basically you have. You could be an athlete. You could be an actor, someone who is well known in their respective fields, having media credentials. You can get a Golden Visa straight. So that's one category. Really? So without even having to invest or start a business? Correct. Well, tell me more. So it's athletes. It could be athletes. Anyone who's a doctor, anything specialized in a particular field, anything that's renowned. What does that mean? I tell you, if we could sit and absorb what that means for a second, that Dubai is really trying to attract the most brilliant and greatest and most innovative and educated people to help this place continue to function. Of course, we're looking for talent all the time. Even in organizations, actually, we always have a cosmopolitan pool. So which is nice. If you want to have somebody who is from Peru, you'll probably have that person. Yeah. You want to have somebody from Thailand, you'll have that person. Yeah. Just throwing in examples. Like you'd have people speaking different languages. So you definitely get that. It makes me very emotional. I don't know why. Maybe because of what's going on in the whole world and being an Arab from America. But I always describe Dubai sort of as a utopia where you have, and it just works. And you know, your Indian background? Yes, absolutely. I am Iraqi Palestinian American. Interesting. And we come here and we are working together. And I work with Russia and I work with Latinas. And you have eighty-five percent of Dubai made up of expats. Absolutely, and everybody living in harmony. You won't see fighting. No road rage. You won't see that. You hear so many multiple languages when you're walking around. You're catering to so many different people. There is such harmony, unity. And then when we go back to what you just said, about that you can get a Golden Visa if you're providing this different talent, etc., I just think that speaks so much about what it is. It just doesn't stop at talent. It also extends to someone who's an entrepreneur, say in India or a particular country, and doing exceptionally well. Of course, they qualify for a Golden Visa. We have to give certain documents, requirements, and like we've done for a client recently who is a Singaporean businessman. Okay, and he is qualified. So we've got nominations done for him. It can be done. We have also for anybody who's investing in property. So earlier it had to be, if the investment was two million, completed on a ready property, then you could qualify. But now, two million dirhams to be clear. Yes. But now they have changed it. So it's basically one million dirham needs to be paid up. Could be an off-plan, ready, mortgage property, doesn't matter. You still qualify. Of course, the criteria remains the same, that the property has to be two million worth at least, okay? So the value has to be two million, right? But if you paid one million dirham towards it, you now can secure it? Is it right away or what's that process to get it? It's right away. So if for example, if it's an off-plan property, you have to give a statement of accounts from the developer. If it's a mortgage property, you require to give a statement of accounts from the bank, which shows that you have contributed one million. Of course, your title deed or your OD, which is your pre-title deed, okay? Which says that you know, you have your property is two million and above. You qualify. Not only you, but your entire family can qualify. You can get as many sponsors as you want. So yes, that is fantastic. And that just changed, just happened recently, right? With allowing from the two million to that, if you paid one million towards it, you're able to secure it? Because before, I believe it was for an off-plan, for example, it had to be completed, and you had to actually take title, take ownership of it. But that's no longer? So again, Dubai continues to attract. Exactly. Okay. So those are the categories. The main ones. Are there more? Yes. So if you're a student who's done exceptionally well, so even if it's a small child, like you know, if it's nineteen, twenty years, doesn't matter. You still can qualify if you've done exceptionally well in academics. So there is no age restriction, which is unbelievable and super nice to me. That is incredible. And I saw by the way that NYU, my son right now is applying for colleges, that's his dream school, and they have a huge campus in Dubai as well. But now question, the Golden Visa pertains just for Dubai, right? It's not, or is it for the UAE? See, where your property related one is concerned, it's only Dubai because Dubai gives you that. Okay. Now, if somebody, we don't deal with other emirates, so I don't know. But one hundred percent, if it's, it's for Dubai. If somebody buys a property, then they qualify. If it's a Ras Al Khaimah, they don't qualify. Got it. Thank you for that clarification, because that's important to note as well. For example, if you're salaried and you can very well qualify. So earlier they had a criteria. They had to be five years minimum in that organization. But that's no longer the case. They could be lower designation, could be higher. They qualify on basis of their salary. Can you explain when you say that, um, their salary? Do you mean that if they make a certain amount salary, no matter how long they've lived here, once they've hit that certain amount, they're able to apply for a Golden Visa? Yes. I mean, Dubai just continues to find ways to really take care of the people that want to contribute to the economy and society. And it's not just about the business. Because like you were saying, students or you know, athletes. It's really about creating or there's someone who's more conservative, for example, you know, doesn't believe in real estate or doesn't have a very fancy job title or is in some fancy position. He or she could still qualify based on keeping some money in the bank. You know, you have certain people who are scared to invest. So even if you're just keeping money in the bank, on basis of your investment being present in financial assets, you can qualify. And that ten-year Golden Visa, it's renewable? Yes, yes. One hundred percent. Fantastic. Okay. So thank you for sharing that. And you help people? Yes, yes, we do apply and secure their Golden Visa. Wow. You are a master of all trades. I love it. I'd like to believe it. So we've talked, we've talked about setting up the corporation, we've talked about the benefit of Golden Visa that you can help with that. Another thing, let's talk about the banking. Let's talk about why it's important to have someone like what your company offers for somebody that wants to open up a bank account here. Whether it's a business, and is it just for the business or is it for an individual as well that you help? See, you need to understand that Dubai is right now on its peak. And it's just going to maintain that. I don't see it coming down. So bankers have a tremendous job that they already are burdened with. And what we do is basically we prepare the client in advance. Okay, these are the documents that are required. And we would request the client to have it sent to us. We would check it before, of course, in line with banking, if it's fine or not. Because otherwise, the client just walks in, know, I want a bank account. I remember back, um, you know, many years back when I was not a resident over here and we just came and we got a bank account straightaway as non-residents, okay? But today the case has changed because you require to prove your source of income. Where are you earning from? It could be a salary. It could be that you have a company, irrespective. Or you could be retired. So you have pension income. Or some, or you have, uh, you're an investor. You have a lot of real estate income. We require a source of wealth. So where is the money kept? In which bank? To see if it's genuine. Because otherwise, you know, what if a person's source of income is there, but the money is not there in the bank? How do you know if it's legit? You don't know. You don't know. Then of course, we need to know the person's profile. Because it should not be something which is sketchy. And the country doesn't, being on those lines. And if it's a company, then you require the business plan. Because, for example, you can't have somebody from a certain background. I'll just ignore this example. If somebody is a doctor, for example, back home, and wants to set up a company which is into gold trading, bullion trading, it doesn't make sense. It's totally different. So in that case, we need to understand what the client background is, what the client's business plan is. Because we are governed by very strong US and European laws. And we have to regulate. We cannot afford to breach that. Because otherwise, there's a penalty, not only on the bank, but it's on the region. And we don't want that. Do you consider there to be, or do you suggest or advise there to be a difference between an individual purchasing property here in their name and, I don't know if this is a question you can answer, or in a corporation's name? And what the differences are between the two? Sure, okay. So now what happens is we form holding companies and we do holding and investment companies. We form now. What happens typically in that is, for example, if a client wants to create a portfolio of assets, it only makes sense putting in the holding company because it's in one place. And in the holding company, which is over here, you know, he could hold assets anywhere. Global assets can be held in one place. So it just gets easier for the client to know that all the assets are there. It's held by a company. Also, because a company process, you know, to transfer, so you have all your global assets put under that company. And you could receive, you know, for example, if it's a property, you could receive your rental yields. Or if it's a financial asset, you could receive your dividends coming in. It's just consolidated in one place. It makes more sense. If a client is looking at buying a few properties in an individual name, it's fine. Because, you know, for example, if it's an investor who keeps investing in properties and gets money from that, it's his business, okay, right? So you rather put it in a company than keeping it in an individual name? Okay, very good. What would you say are the top three to five questions that foreigners, and I know you've dealt with them, Americans and I know you've dealt with Canadians, ask you about setting up businesses here? Do I need to have a local on the license? Okay, and do you? No, you don't need to have a local on the license. Number two is, um, they always ask about their family. If they can sponsor them with the Golden Visa, and the answer is yes. It's always yes. Third is, do I have to declare my tax number? One hundred percent. You need to declare your tax number because we are a part of FATCA, which is a system followed by the US, wherein we have to mention your tax number. Something what US and Canadian clients always ask is, can a company own the company over here? Which means the parent company be in Canada or US, Canada, yes, and that parent company, can they own? Okay, yes, yes, of course. Because what happens with US clients is they are taxed on global income, irrespective, they become a resident somewhere or they don't become a resident. So in this scenario, they would rather prefer that their own company owning a company over here, which is one hundred percent possible. You can have that. The fifth question I'm asked a lot is not only by US or Canadian clients, but by a lot of British and European clients also. You know, what happens to my license if I want to drive a license over here? Okay, so it's very liberal over. If you come from these countries, obviously you follow very strict laws of getting your, uh, strict protocols of getting your license obtained. So your license can directly be converted. You could get a license over here without taking the test. You can use your license here if you're not just visiting. And you can rent a car. I have been doing so. But I've also been scared. When I leave in a couple weeks, the amount of tickets. Oh my God. You have to just be careful when you're driving. I just keep seeing these digital tickets coming in. Be careful. So well, with that, Zeba, I find your services and what you're offering, that missing piece that I've had with my American and Canadian interested investors who are interested in real estate. Because we know that real estate is a top sector here in Dubai, continues to grow, has been breaking records, top luxury real estate market, high capital appreciation, high rental returns, no taxes. And the business part where they're entrepreneurs that want to be part of this growing business hub and didn't know or understand that they can start a business here and how to start a business here. We already know why you want to because this is where East meets West, the center of the world. It's where it's happening. Um, so thank you most welcome for sharing your knowledge. And I look forward to continuing to be able to work together with our clients and helping them settle in. Thank you so much. It was a pleasure being here. Thank you. Thank you. I hope you are securing valuable information out of my podcast and YouTube series. Please make sure to like, subscribe, follow, and share. Good yeah.