A full range of legal services and support for businesses of any size
We open, maintain, optimize taxes, prepare contracts and agreements, accompany transactions of any complexity and obtain licenses
Ready-to-sell companies with a full set of documents
We will help you buy a ready-made company, with a set of documents, open accounts and licenses
A comprehensive solution for getting crypto licenses
We obtain licenses for cryptocurrency exchange, crypto wallets, crypto processing, management of crypto assets and crypto funds
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Cases
Organization of a recording studio in the UAE
Task
Operate the recording studio MBP STUDIO LLC (instagram.com/mbpodcast_studio) from a legal point of view and ensure the protection of investors for the participation and division of the studio’s profits. Regulate the distribution of assets and the role of the project’s principals before and after launch.
Solution
A set of agreements has been drawn up, namely an investment partnership agreement and a corporate agreement between the participants. The work of the studio has been established and there is a clear distribution of income for the future. Instructions and recommendations were also given on the work of the studio in accordance with the laws of the UAE and international legislation in terms of advertising and attracting clients from all over the world.
Diana Gulevskaya
Diana Gulevskaya
13.03.2024
Opening an IT Company and Corporate Account
Task
We need a company for software development and sales. The projected annual profit is from $500,000 USD. We require a local bank account, the ability to accept payments from users worldwide, and maximum tax optimization.
Solution
The company is registered as an FZCo type in the Freezone IFZA within Dubai, UAE. The location was chosen for the founder's logistical convenience. A license for Computer Systems & Communication Equipment Software Design has been obtained. Two local bank accounts were opened within 1.5 months. A UAE residence visa (VNR) for the founder has been obtained. Execution Time: 2.5 months.
Lidia Ivanova
Lidia Ivanova
30.07.2023
Crypto Asset Management
Task
A company is needed to manage cryptocurrency in clients' accounts and accept payments from users worldwide in cryptocurrency for management on its own account.
Solution
The company is registered in Estonia, and it has obtained a crypto asset management license from the financial regulator. The process took 3 months. AML and KYC policies were developed for operations, a local office was selected, and an AML officer was hired.
Diana Gulevskaya
Diana Gulevskaya
Publications
17.04.2024, 13:59
Doing business in the UAE: cultural and legal features
The UAE, a country of seven emirates on the Persian Gulf coast, has emerged in recent decades as an important international hub for business and investment. Its favorable business environment, attractive tax system and strategic location attract entrepreneurs from all over the world. However, when doing business in the UAE, it is necessary to take into account both the cultural and legal features of this country, on the understanding of which your success depends. Let's take a closer look at these aspects with Antwort Law.
15.04.2024, 09:50
How to buy a shelf company in the UK
The UK is one of the most popular jurisdictions, and its business reputation, climate, entrepreneurial culture, and government preferences enable entrepreneurs to develop their businesses immediately at the international level. However, starting a company here may take more time and effort than it might seem at first glance, but rather a rather long process that will distract you from starting a business. If time is valuable to you, Antwort Law is ready to offer the best solution - purchasing a company already registered and prepared to work in the UK.
10.04.2024, 08:29
The impact of Ramadan on business in the UAE: our experience and advice
Ramadan is a holy month for the Muslim world, a time of deep spirituality, self-exploration and renewal of faith, during which strict fasting is observed from dawn to dusk. In the UAE, where Muslims comprise a significant portion of the population, Ramadan greatly impacts business and the economy. For many companies, this is a period of change in the rhythm of work, customer relationships and marketing strategies. Our Antwort Law office in Dubai is also certainly feeling the impact of this period on our work, and we are happy to share how.
08.04.2024, 09:59
Buying real estate in the UAE: key steps and recommendations
The UAE is one of the most attractive places to live and invest globally. High technology, luxury and traditional oriental values are harmoniously combined here. Dubai, Abu Dhabi and other emirates offer incredible business, leisure and real estate investment opportunities. Purchasing a home here provides the owner with a comfortable and safe haven in one of the most developed corners of the planet and opens the door to many privileges. Let's look together with Antwort Law at how real estate is purchased and what it gives to its owner.
03.04.2024, 11:28
Which visa is best for the UAE?
In a world where business opportunities are rapidly expanding, the United Arab Emirates (UAE) is becoming an integral part of the global economic landscape. Known for its financial centres, innovation and entrepreneurial spirit, the region is a magnet for businessmen and corporations worldwide. Before you enter this world of business, you need the key - a visa. This country provides a wide range of visa categories tailored to suit different purposes of visits, from tourism and business meetings to work and family reunions. Let's look with Antwort Law at the main types of visas available in the UAE, their characteristics, costs and recommendations for choosing the best option.
01.04.2024, 14:34
Rules of substance (economic presence; substance ) of a company in the UAE: what do you need to know?
The United Arab Emirates (UAE) is attracting the attention of entrepreneurs and investors worldwide due to its favourable business climate and constant desire for development, reflected in zero income taxes, speed and automation of business processes. However, according to the UAE Economic Substance Rules, companies must maintain substance (economic presence) to operate in the UAE. Let's examine the UAE's main standard requirements for substance with Antwort Law.
29.03.2024, 10:21
Kunlun Bank, specializing in sanctions transactions, closes settlements with the Russian Federation
Kunlun Bank, (formerly Karamay City Commercial Bank), a Chinese financial institution controlled by national oil and gas corporation KNPC, has informed its customers that it will completely cease processing payments with Russia as of March 29, 2024. In the last month, most importers have been struggling to find those who can process financial transactions quickly.
27.03.2024, 07:52
Closing bank accounts of Russian citizens in the UAE in 2024
In 2024, UAE banks began closing accounts of Russian citizens. This news is causing serious concern among Russians building international businesses, raising many questions and causing uncertainty. Antwort Law seems necessary to understand this issue in such a difficult situation. Let's look at the possible reasons for the Russian citizens' accounts being closed in UAE banks.
25.03.2024, 12:13
The process of obtaining an Emirates ID in the UAE: a detailed guide
The UAE has a booming economy and a high standard of living. Obtaining resident status and opening bank accounts here will be an important step for those planning to invest or develop a business in the region. Antwort Law is happy to assist you at every stage of legal adaptation in the country of your business, and this article provides recommendations to facilitate the process of obtaining an identification document (ID) in the UAE and opening local bank accounts. This short guide will detail every step of this important process, providing you with all the necessary information and guidance.
21.03.2024, 11:03
Choosing a place to register a business: Europe, Asia, USA or UAE?
Opening a business in another country is becoming increasingly accessible and attractive to entrepreneurs. The choice of location for a business is determined by many factors. In this article, the Antwort Law team will look at the importance of choosing the right location to open a business in Europe, Asia, the United States of America and the United Arab Emirates.
Contact us and we will help!
Feel free to call, ask a question or leave a comment, because the introductory consultation is free!
FAQ
Do I need a financial institution license?
There is a wide variety of financial companies involved in regulated activities. Most of them require an appropriate license.
How long does it take to open a corporate account abroad?
Opening a foreign corporate account takes from 2 weeks to 3 months. This is due to the requirements of financial regulators for banks and payment systems to conduct thorough and multi-stage checks of their clients. The final account opening time depends on various factors, such as the country, the type of business, the choice of the bank, the nationality of the founder and director, public information about them and the company, the availability of a complete set of documents, and other factors.
Why does the bank refuse to open an account?
The reasons can be diverse, but the four most common ones are: 1. Errors in document preparation. 2. Incomplete data, brief and unconvincing answers, lack of logic and structure in responses, and the absence of a well-thought-out company history. 3. The nationality of the founders and/or directors. 4. The company's activities or insufficient turnover. For example, it can be challenging for cryptocurrency companies to open an account due to the nature of their business, and many banks evaluate the potential turnover of the company during the selection process.
What to do if the bank requests a source of funds?
Provide documents that confirm the source of funds with which you will be depositing money into your account and conducting business. The most reliable sources are those that are officially documented and have had taxes paid on them. If you received funds from the sale of cryptocurrencies, which are not regulated at the legislative level in many countries, provide a statement from the exchange. In some cases, you may also need a lawyer's opinion or a certificate from government organizations.
Can a loan agreement be used as proof of the source of funds?
We do not recommend using loan agreements as proof of the source of funds. The common practice is that most banks do not accept such documents as adequate justification for the source of funds or they may ask numerous additional questions that would require gathering even more information. For example, documents about the lender, confirmation of their source of funds, as well as how and when you intend to repay this loan.
In what cases do banks request proof of the source of funds?
The source of funds is one of the most common requests from a bank, and the response to this request influences the decision to open an account and its subsequent operation. Typically, banks make this request in two scenarios. Firstly, when opening an account: the bank wants to know the sources from which you intend to make your initial deposit. Secondly, in the case of significant transfers between personal and corporate accounts: even if it's your company, you will need to specify the source of funds in your personal account.
Is it normal for a bank to send questions about your payments?
Yes, don't worry, this is a common practice for banks. They have the right to request any information regarding your payments. We recommend responding to all questions as accurately and promptly as possible.
How detailed should the responses to bank inquiries be?
It's best to respond directly to the specific question asked, without delving into unrelated areas. This way, you won't provide unnecessary information or arouse additional interest, while still addressing the banker's inquiry.
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