*Important Info on Crypto Banking in Dubai* We have been getting a question constantly that is it difficult to get a bank account for crypto or does bank support crypto businesses. There is a short answer and a long answer. The short answer is no, UAE banks are not offering bank accounts to crypto related business as of now. however, Crypto is completely legal activity in Dubai with the correct license its just that at the moment we don't have the regulatory and banking structure built to support banking for genuine crypto business and trader and keep the scammers away. What we see in future is the Virtual Asset Regulatory Authority coming up with frameworks and guidelines, doing partnerships with Crypto Exchanges and launching certifications for genuine crypto traders. I the meantime what will you do. If you are operating a bigger crypto/Metaverse/NFT project then we setup an offshore bank account in UK/Switzerland. But if you are an individual trader then we can work with local bankers to structure you an operational company bank account and personal banking via but you need to prioritize to keep majority of your holding in crypto and if you have a high cash liquidity requirement then a different banking structure needs to be created. Its a highly case-to-case basis so I suggest if you are confused on Crypto Licenses and banking then you can book a call with this calendar link with me and we can setup the best suited structure for your case. tidycal.com/setuphero/discovery
@vaknanu3499
Жыл бұрын
Very helpful. Booked a call and he guided me fully. Thanks brother
@satishdasin
2 жыл бұрын
I am doing crypto mining in India, but stopped recently due to regulation and taxation in India. Mining is no loger profitable. If I move to dubai, can I move my mining income? Will banks support?
@skyequity
Жыл бұрын
I trade forex and specialise in prop firm trading. What company should I open in Dubai DMCC.
@monicasingh6752
2 жыл бұрын
I am from India and I have to pay straight 30% tax on crypto gains with other regulation issues. So is it possible to move to Dubai with my crypto coins in wallet?
@SetupHero
2 жыл бұрын
Yes, there is no issues to move yourself to Dubai with your crypto in the wallets. Once you are an NRI, there is no taxation of Buying, holding or trading crypto applicable on you in India and Dubai is Zero Tax from Day 1.
@kingpin7038
Жыл бұрын
@@SetupHero so if i have more than $10 Million in my wallet in form of crypto and i get visa for dubai can i buy property over there through the crypto money? (INDIAN CASE)
@SetupHero
Жыл бұрын
@@kingpin7038 yes. You can buy property with crypto as this is now 100% approved by goverment. In fact, when you buy the property you will get a 10 years golden visa so you don't need to get a visa separately. 😉 we can help sort all this out for you. Feel free to reach out anytime!
@kingpin7038
Жыл бұрын
@@SetupHero bro a question.. for getting a golden visa one needs to show income proof of the country? For eg if i buy a property for the purpose of getting a golden visa… wont i need to show from where did i get the fund? Or can i send directly thru crypto.. will it create a problem later?
@SetupHero
Жыл бұрын
@@kingpin7038 there are property developers with Crypto as accepted mode of payment, with them its not an issue and you can buy directly by transferring them crypto. For a private purchase of property you would need to justify the proof source of funds to the bank. But we won't take this route.
@youtubetabtab9057
Жыл бұрын
Great content mate! For someone who want to cash out the crypto that he bought in Australia but want cash out in Dubai. These are my questions 1- how to open a Dubai bank account? 2- how to open binance Dubai account? 3- how long have to stay in Dubai before able to cash out the cryptos without paying tax. 4- the cryptos are bought in Australia but saved in a usb storage. Can this be move to Dubai and be cash out no tax? Thank you in advance
@SetupHero
Жыл бұрын
Hey. Thanks for your queries. To get a personal bank account, you need to have a UAE residency or we say Emirates ID. The easiest way to get this is to setup a FreeZone company and Sponsor yourself to be a UAE resident. Once you have the ID, opening a personal bank is straight forward. With "Binance Bank Account", if you mean a crypto enabled bank account then unfortunately we don't have that. All the crypto to Fiat conversion is still via Peer2Peer (P2P) Trading. Crypto is completely legal and even promoted by the local government however our banking sector don't have sufficient system to clear separate clean vs unclean crypto activities, so If you tell banks you or your company is in Crypto space, you will be denied the bank account. We hope this to improve as the industry matures. Crypto cash out either on exchange or hard wallet will trigger NO tax from Dubai Government point of view but If you are a Australian Tax Resident then you would be liable to report and pay the tax on that. You must first become a Australian Non Tax resident and get yourself off ATO, the timeline to get UAE residency certificate is 6 month but then how long it takes for ATO to approve your requests is on case to case basis and how good your accountant are locally. I hope this helps!
@jqjq1796
10 ай бұрын
Liked n subbed
@part4086
5 ай бұрын
I am from India & looking to do proprietary trading on Nasdaq futures listed on CME (Chicago Merchantile Exchange) for a prop firm which is outside UAE so no business carried with UAE residents. The prop firm provides fund & i am paid a % of profit as commission. I want to this business by staying in Dubai work from home. Any business setup for this?
@SyedAli-cx6ff
5 ай бұрын
Can you help getting freezone visa.
@cadtutorials1801
2 жыл бұрын
Posting from India, how do you bring in money from Dubai to India when working in forex or crypto? Also, does UAE provides banking support for crypto cashouts ? How hard or easy it is to get bank accounts in Dubai for crypto businesses?
@SetupHero
2 жыл бұрын
There is no issue for remitting money back to India once you are an NRI, you can do a Bank to Bank transaction or via money exchange and source of income is not connected to remittance. Plus, when we setting up a FreeZone company, we general make the owner as general manager and he will have a salaried employment contract that can be used as source of personal funds, if the funds are of reasonable amount. For crypto cash-out, its based on Peer2Peer trading. Crypto is completely legal and supported by UAE Government however bank don't support this at the moment. Bank don't offer accounts to companies with Crypto activities, we setup offshore Bank accounts in other countries if really needed. As a crypto trader, you should plan to keep most of your portfolio in Crypto with least possible level of cash transactions mainly for general expenses and asset purchase, but incase your business model does require high level of cash transactions then we work with expert local bankers to get you customize banking setup that works best for you, either inside Dubai or with a offshore bank account depending on case to case basis.
@thehumanentropy3158
Жыл бұрын
Please tell what will be the final cost of just opening a company in Dubai for trading.
@SetupHero
Жыл бұрын
You can download the cost breakdown on our website SetupHero.io
@dee7654321
Жыл бұрын
Great video thank you. I have one question: If I set up a freezone company, which would be managing and running a large number of validator nodes, and the income generated from running these validators would belong to the company and not myself. If I am able to get a company bank account, could I use the freezone company bank card to purchase things in Dubai as well as the UK where I would be predominately based, without paying any tax?
@SetupHero
Жыл бұрын
Hey! Using a bank card for global purchase is not an issue. How ever you cannot assume to be tax free by opening a freezone company while continue to live in UK. You will be required to declare the UAE company income to HMRC and pay a tax on that to UK government.
@nomadicabhishek2563
2 жыл бұрын
Hello From India, thanks for making awesome content. I have a question, will setting up a company in Dubai, will make us NRI in India? Or we have to move to Dubai for 183 days in a financial year to get 0% tax benefits?
@SetupHero
2 жыл бұрын
Thanks for the question. To be classified as a NRI in the Indian Tax system, you need to stay 183days outside of India. However, I would like to clarify that if you setup a company in Dubai, get your 3 years emirates ID and move to Dubai the next day. Any income made in Dubai or anywhere outside of India wont be taxed in India in these 183 days as long as this income is not sent to India and is kept in UAE account.
@ArmanTrades
2 жыл бұрын
Hey quick question, is it possible to do the whole transition from UK to Dubai and then send some money monthly to UK to parents account for family support?
@SetupHero
2 жыл бұрын
There wont be any issue to remit funds back home from UAE as its a very common practice for expats from all over the world. You wont be taxed personally on it once you become a Non-UK Tax resident however you would need to check what tax rate is applicable on your parents for receiving these funds.
@syedmansoor2452
2 жыл бұрын
Brother Shiraz, I live in India and I’m into crypto trading, due to taxations here I wish to move to dubai, I would like to know how I can move my crypto portfolio from India to dubai and also the licensing required.
@avelshakur9284
Жыл бұрын
Don,t case all is scam scam later you well know!!!!!!!
@colinjackson8875
Жыл бұрын
Has the minimum stay requirement to get Tax Residency come down to 90 days? have the exchanges formed relationships yet with Dubai banks for crypto banking? Is it mandatory to have a Dubai Bank Account for day to day banking? can i not just use my wise app, and my current UK bank account ?
@colinjackson8875
Жыл бұрын
if i dont want to set up a crypto business, and just want to trade my personal crypto via self custody and integration with an exchange, does a general purpose freezone company with the category of marketing work in any freezone? would the banks not know if they see lots of transactions between the bank and the crypto exchange that i am handling crypto and then shut my account down
@SetupHero
Жыл бұрын
@@colinjackson8875 Hey Colin. These are very valuable questions you have raised. I have them screenshot and i will create a video response to it as written response would be too long. I do have new video coming out soon on cashing out crypto legally where I discussed the current scenario of banking and crypto exchanges, that will help answer some to the questions. Feel free to book a call with me and happy to go over the queries on call for now. Setuphero.io/call (Free 30 minutes Call)
@colinjackson8875
Жыл бұрын
would local Dubai banks refuse remittances from the likes of Coinbase or Kraken in the US? (Not Dubai based crypto exchanges)
@mejain5178
Жыл бұрын
I am from India i just want to move to dubai for forex trading on individual capacity. So is required to take forex licence for retail forex intraday trading from DMCC by putting the start up capital of AED 50000 or i just need to set up any other company to get investor visa just to have personal bank account from where I can fund my forex broker for trading.
@SetupHero
Жыл бұрын
Hey Bro. For trading with own funds, taking a full Forex License is not the route..its highly regulated with huge upfront cost mainly for institutional investors dealing with public money. As a private investor we get an investment management company and you can use that to easily trade forex on any online platform! 👌
@skyequity
Жыл бұрын
Hie mate, so if I'm trading forex for prop firms, I need to open an investment management company?
@SetupHero
2 жыл бұрын
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@avelshakur9284
Жыл бұрын
All is SCAM and scam scam Scam all going to 000000000000!!!!!
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