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We open, maintain, optimize taxes, prepare contracts and agreements, accompany transactions of any complexity and obtain licenses
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We will help you buy a ready-made company, with a set of documents, open accounts and licenses
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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
09.12.2024, 12:42
Choosing a company name: what to pay attention to?
Antwort Law understands that choosing a business name is an important step that affects the long-term success of a company. A name is not only part of branding, but also a reflection of the values, mission and strategic goals of the business. That is why it is important to choose a name that will work for you from day one and help you stand out from the competition.
02.12.2024, 12:04
Change of ownership in a company in the UAE
Changing the owner of a company in the UAE is a complex process that requires deep knowledge of local legislation and consideration of all its features. When changing the owner of a company, it is not enough to simply transfer the rights - it is important to take into account various legal and tax aspects such as compliance with corporate requirements, confirmation of licenses, checking accounting and tax obligations. Mistakes can lead to significant fines or even license revocation. Specialists of the international law firm Antwort Law offer comprehensive support at every stage, which guarantees compliance with all legal requirements of this country.
27.11.2024, 12:35
Case: how a letter from Antwort Law helped return a client's app to the App Store
In today's world, mobile apps are not just sales tools, but the foundation of the entire business and user experience, a platform for interacting with customers and maintaining loyalty. When an app is suddenly removed from the App Store, it can be a real blow to a company: invested funds, years of work and the company's reputation are at risk.
25.11.2024, 11:06
Top 5 mistakes when starting a business in the UAE
The UAE, despite the introduction of corporate tax, remains an attractive jurisdiction for many investors and entrepreneurs due to its favorable conditions for doing business. You can find a lot of advice and information on how to open a business in the UAE on the Internet, but we, as specialists of an international legal consulting company, often encounter the fact that clients come to us with incorrect ideas or having already made certain mistakes. In this article, we will analyze the most common misconceptions and tell you how to avoid such situations.
20.11.2024, 11:02
How to cancel a notarized power of attorney in the UAE
Cancellation of a notarized power of attorney in the UAE is a responsible process that requires strict procedures to minimize potential risks. In the legal practice of Antwort Law, we often deal with issues of notarization, apostille and other procedures related to the processing of client documents, including the execution and cancellation of notarized powers of attorney. We are ready to offer our expert knowledge and practical recommendations on key aspects of the procedure for cancellation of powers of attorney.
18.11.2024, 13:36
Top 5 banking risks for international business and how to minimize them
International business always faces a number of risks when interacting with banks, which can complicate operational activities and jeopardize the financial stability of the company. In their practice, Antwort Law lawyers regularly help clients minimize banking risks when supporting banking operations and international agreements. We have identified the five most common risks and developed effective strategies for their prevention and management, which allow our clients to act confidently and avoid potential financial losses.
13.11.2024, 11:22
How to effectively conduct legal due diligence on a partner before concluding a deal?
In business, success depends on reliable partners, so their legal due diligence before concluding a deal, or Due Diligence, is a mandatory measure to protect against risks and financial losses. At Antwort Law, we conduct a comprehensive check aimed at studying the financial condition, reputation and legal status of a potential partner. Such a detailed approach helps to avoid potential problems and guarantees successful cooperation.
11.11.2024, 11:37
How to properly fire an employee according to UAE laws?
The procedure for firing an employee in the UAE requires strict adherence to legal norms and procedures and not knowing the details can lead to serious consequences, including legal disputes, fines and losses for your company. International law firm Antwort Law specializes in UAE labor law and is ready to help you carry out your dismissal in strict accordance with the law. Let's consider the main points of the process of dismissal of an employee under the laws of the UAE.
06.11.2024, 13:41
Investment Company Registration in the UAE: Case from Antwort Law
International law firm Antwort Law specializes in comprehensive support of businesses in various industries, including investment projects. In this article, we would like to share a successful case of registering an investment company in the UAE, which covers several areas of activity such as investment management, brokerage services, consulting and software development. We will also talk about the company registration process, unique solutions offered by our client, and why the UAE is often an ideal jurisdiction for such companies.
04.11.2024, 11:21
KYC and GDPR: Balance between privacy and customer verification
Antwort Law closely monitors the changes in the legislation that influence the field of financial services, especially in the context of compliance with KYC (Know Your Customer) and GDPR (General Data Protection Regulation). In a world where financial crimes are becoming more complex, companies are forced to adapt to new realities, while protecting the personal data of their customers.
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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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