Hi Tuomas, Thank you for your informative video. I wanted to clarify one point regarding US LLCs for foreign non-residents. The US has agreements with many countries where a foreign person who forms an LLC in the US is typically required to pay taxes in their home country or the country where they live, often referred to as their "fiscal country." However, there is an option that simplifies this process and avoids tax obligations in multiple countries. By electing to have your LLC taxed as a corporation in the US, you ensure that all taxes are paid in the US, the country where the company is registered. This approach can make your LLC look more professional, as it centralizes tax payments and removes the complexity of dealing with tax claims from multiple countries. As a Spanish resident who owns two LLCs, this was the best advice I received from my lawyer. It has allowed me to live wherever I want without worrying about conflicting tax obligations from different countries, as my LLCs pay taxes solely in the US. I hope this information helps!
@@tuomaskiv In the US you also pay 0% if the income generated by the LLC comes from outside the US, and this is UNLIMITED! Another thing is, depending on the type of clients you have, in my case, all my clients are big businesses so I need to look professional and they need to feel they are dealing with an American company 100% and not someone hiding in the Middle East! Now, for someone who only does RUclips videos, earns ad revenue on royalties, or influencer, then yeah, the Dubai option is better. I shared my knowledge so you have extra information not to de-evaluate your content. Peace and Love!
@@waqasrana7891 NO! All money generated outside US is tax free. Let's say you have an American LLC and you have clients across the globe that generated 1 million USD, but you have 1 client within the US that generated 3000 USD, you only have to pay taxes of those 3000 USD IF your company is elected to be taxed as a corporation. If your LLC is no elected then you'll have to pay taxes of all the profit your company made in your home country or, in your fiscal country (which is the country where you live) In case you live in Dubai then that is your fiscal country, so you'll have to pay the 9% or whatever this video explains.
Your videos are amazing. Could you please cover some other issues on another short video maybe like health insurance and pension in the UAE. As far as I know if you are not an Emirati, u don't get state pension. How do you invest for pension? We r not going to be young forever. And plz explain how health insurance works in the UAE
Question hypothetically let's say I am in investments but not in metals but in other investment like gemstones or minerals, and crystals? How much tax and how much vat?
Thank you so much. This helped a lot. Just subscribed. One small complaint, please consider speaking slower. I had to rewind a lot in order to understand what you were saying. Thanks again.
this is exactly what i needed and have been looking for. i run a youtube business myself so this was very helpful. could you explain more about the"paying yourself" part
@@tuomaskiv i didnt really understand. can i choose how much i want to pay myself? or is there a threshold? can i pay myself all the profits of the company or do i have to keep some money in it. also can you explain business bank account vs personal bank account
I want to make a mobile app for iOS and Google Play store. Can I registered it in Dubai, Qatar , Saudi etc but live in NYC and hire myself as a remote worker eventually as the app makes income?
18:00 where are you originally from because if you hired yourself as an employee then had to pay for flights, etc, etc. but say your american then dont you have to pay american taxes
If I run a company in Sweden which is mostly online activities and I move to Dubai as an employee. Can I continue running a company in Sweden and declare taxes for it in Dubai? My goal here is: avoid Swedish taxes but also avoid setting up a company in Dubai for first few months as I want to try first if I like living there.
You can do that yes, but you need to check Sweden's company tax residency rules, ie does Sweden automatically tax all companies that are incorporated in Sweden or only companies that are managed & controlled from Sweden
So, from what you are saying it does not make sense to open a company in Dubai for SaS where I am the owner and the only employee, if I do not plan to live in Dubai, because, I would have to pay taxes in Denmark (my residence country). What if I do not pay salary to myself and all the money stay in the company? Does it change anything? Great channel, btw😉
@@tuomaskiv just to jump on this one, as mentioned in one of another video of yours, i think its fine to set up a company in dubai and spend the minimum amount of time that will give you your UAE residency tax certificate only if you dont spend more days in the other country than you would in the UAE . You would still benefit from it ( no taxes, and living in different countries all year long ), so i believe its good to run a business in the UAE only if you spend enough time there compare to other countries
Don’t fall in trap, Opening a company in Dubai is 100 times… really 100 times costlier than Indian and Pakistan, which is AED 22000 (INR 5 Lacs). It is just Trading License i.e. Company Registration Cost only. If you hire an employee it will cost you at least AED 7500 (INR 2 Lacs) per employee. Renewal of Trade license required every year, which has cost around AED 12000 (INR 3 lacs). In India You can Register a company in just INR 5,000. Renewal is just INR 2000 and No employees hiring cost. Doing business in Dubai is very hectic, too much compliance and non-compliance cost is huge amount….
why does everyone charge different prices to set up in dubai theres some who charge 5k for full set up some do for 10k and some for 25k + lol not sure why everyone got random pricing
Cheap ones below $5-8k are either scams and/or will put you into a weird freezone which will lead to problems Anything above $15k is overpriced and there is no reason to pay that.
Don’t fall in trap, Opening a company in Dubai is 100 times… really 100 times costlier than Indian and Pakistan, which is AED 22000 (INR 5 Lacs). It is just Trading License i.e. Company Registration Cost only. If you hire an employee it will cost you at least AED 7500 (INR 2 Lacs) per employee. Renewal of Trade license required every year, which has cost around AED 12000 (INR 3 lacs). In India You can Register a company in just INR 5,000. Renewal is just INR 2000 and No employees hiring cost. Doing business in Dubai is very hectic, too much compliance and non-compliance cost is huge amount…..
Hey Tuomas , really nice video ! I was wondering if I could help you with Best Quality Editing in your videos which visually appeal to audience and would increase average view duration and will also make a highly engaging Thumbnail which will overall help your videos to reach to a wider audience ? Pls let me know what do you think ?
$8.5k is NOT the service fee, that is everything including all the government fees (the company setup fee, residence visa, your medical tests, VIP processing etc etc). Service fee is less than $2.5k.
@@tuomaskiv just to clear are you saying that this cost will cover our whole setup in UAE from any country? Means we can land in UAE with a business license?
🇦🇪 Want to get set up in Dubai? Book a Free Consultation - www.genzoneconsulting.com/meetings/schedule-session/tk
I love your content Tuomas. Very informative and inspiring as well!
Hey Tuomas, Beautifully presented and explained all the information. 🥂🥂 Keep up the good work.
Hi Tuomas, Thank you for your informative video.
I wanted to clarify one point regarding US LLCs for foreign non-residents. The US has agreements with many countries where a foreign person who forms an LLC in the US is typically required to pay taxes in their home country or the country where they live, often referred to as their "fiscal country."
However, there is an option that simplifies this process and avoids tax obligations in multiple countries. By electing to have your LLC taxed as a corporation in the US, you ensure that all taxes are paid in the US, the country where the company is registered. This approach can make your LLC look more professional, as it centralizes tax payments and removes the complexity of dealing with tax claims from multiple countries.
As a Spanish resident who owns two LLCs, this was the best advice I received from my lawyer. It has allowed me to live wherever I want without worrying about conflicting tax obligations from different countries, as my LLCs pay taxes solely in the US.
I hope this information helps!
For someone living in UAE, it would be absolutely moronic to voluntarily pay US taxes when they can pay 0% in the UAE
@@tuomaskiv In the US you also pay 0% if the income generated by the LLC comes from outside the US, and this is UNLIMITED! Another thing is, depending on the type of clients you have, in my case, all my clients are big businesses so I need to look professional and they need to feel they are dealing with an American company 100% and not someone hiding in the Middle East! Now, for someone who only does RUclips videos, earns ad revenue on royalties, or influencer, then yeah, the Dubai option is better. I shared my knowledge so you have extra information not to de-evaluate your content.
Peace and Love!
@@emmaborn6952 I just want to know if your business outside US still you have to pay tax for that business?
@@waqasrana7891 NO! All money generated outside US is tax free. Let's say you have an American LLC and you have clients across the globe that generated 1 million USD, but you have 1 client within the US that generated 3000 USD, you only have to pay taxes of those 3000 USD IF your company is elected to be taxed as a corporation. If your LLC is no elected then you'll have to pay taxes of all the profit your company made in your home country or, in your fiscal country (which is the country where you live) In case you live in Dubai then that is your fiscal country, so you'll have to pay the 9% or whatever this video explains.
@@emmaborn5901 thanks for detailed information. Are you gonna setup company in Dubai ?
Hi Tuomas, thank you for the video! Do you have tips to ship products to dubai? Thank you
You ignored my last comment from your previous video but can you please make a video on social life making friends and networking in Dubai
@@GoogleAccount-l2r1t Yes, but you make money through friendly connections.
There are many networking events in Dubai depending on your industry
Your videos are amazing.
Could you please cover some other issues on another short video maybe like health insurance and pension in the UAE. As far as I know if you are not an Emirati, u don't get state pension. How do you invest for pension? We r not going to be young forever. And plz explain how health insurance works in the UAE
I just invest and save money myself. You just buy health insurance
@@tuomaskiv thank you for your answer and keep up the good work 🙂
BITCOIN will be your pension!
@@antoniodellemonache9008 it's too volatile bro
Very useful video. In what Free Zone have you set up your company?
yes this video is absolutely for me ... thanks for detail
great work, thanks for sharing! Can you also cover US LLC setup process, banking and taxes.
I will do this in a future video for sure!
Yo thats sick.✨️
Question hypothetically let's say I am in investments but not in metals but in other investment like gemstones or minerals, and crystals? How much tax and how much vat?
Thank you so much. This helped a lot. Just subscribed. One small complaint, please consider speaking slower. I had to rewind a lot in order to understand what you were saying. Thanks again.
Don't mind paying taxes in Dubai. Your taxes are actually going towards something not being squandered by bureaucracy.
this is exactly what i needed and have been looking for. i run a youtube business myself so this was very helpful. could you explain more about the"paying yourself" part
What more did you want explained?
@@tuomaskiv i didnt really understand. can i choose how much i want to pay myself? or is there a threshold? can i pay myself all the profits of the company or do i have to keep some money in it. also can you explain business bank account vs personal bank account
You can pay yourself however much you want but ow much you can deduct as an expense in taxes will be limited
@@tuomaskiv aah ok thanks
Hi bro, are you still in Dubai now?
Will you come to BrokersView Expo next week？
It will be held on the 4th floor, Conrad Dubai, April 16-17, 2024
Great video Tuomas. Quick question: The GenZone Consulting is your business or the people that helped you?
I am partnered with them
@@tuomaskiv Perfect. Thank you mate
Is trading considered a business in order to move to dubai or Ill have to find other ways ??
that can be a business
@@tuomaskiv so I can live in Dubai and just trade ?
yes if you have any legal way of making money you can live there
@@tuomaskiv thank for the help man
I want to make a mobile app for iOS and Google Play store. Can I registered it in Dubai, Qatar , Saudi etc but live in NYC and hire myself as a remote worker eventually as the app makes income?
I smashed the like button.
What software are you using for accounting and generating reports / statements to submit and file to the authorities ?
I there anything different we need to do if we are 3 partner equal 33% share
18:00 where are you originally from because if you hired yourself as an employee then had to pay for flights, etc, etc. but say your american then dont you have to pay american taxes
he's from FInland
If I run a company in Sweden which is mostly online activities and I move to Dubai as an employee. Can I continue running a company in Sweden and declare taxes for it in Dubai? My goal here is: avoid Swedish taxes but also avoid setting up a company in Dubai for first few months as I want to try first if I like living there.
You can do that yes, but you need to check Sweden's company tax residency rules, ie does Sweden automatically tax all companies that are incorporated in Sweden or only companies that are managed & controlled from Sweden
So, from what you are saying it does not make sense to open a company in Dubai for SaS where I am the owner and the only employee, if I do not plan to live in Dubai, because, I would have to pay taxes in Denmark (my residence country). What if I do not pay salary to myself and all the money stay in the company? Does it change anything? Great channel, btw😉
No it does’t make sense. The UAE company would be tax resident in Denmark just like any Danish company, your taxes would not change in any way
@@tuomaskiv just to jump on this one, as mentioned in one of another video of yours, i think its fine to set up a company in dubai and spend the minimum amount of time that will give you your UAE residency tax certificate only if you dont spend more days in the other country than you would in the UAE . You would still benefit from it ( no taxes, and living in different countries all year long ), so i believe its good to run a business in the UAE only if you spend enough time there compare to other countries
There is any family benefits in dubai laike Europe? Unemployment , Medical benefits for a person ?
No, there are no handouts here. You don't pay tax so you pay for things yourself.
@tuomaskiv Thankyou so much for usefull information. GOD bless you❤️
Don’t fall in trap, Opening a company in Dubai is 100 times… really 100 times costlier than Indian and Pakistan, which is AED 22000 (INR 5 Lacs). It is just Trading License i.e. Company Registration Cost only. If you hire an employee it will cost you at least AED 7500 (INR 2 Lacs) per employee. Renewal of Trade license required every year, which has cost around AED 12000 (INR 3 lacs).
In India You can Register a company in just INR 5,000. Renewal is just INR 2000 and No employees hiring cost.
Doing business in Dubai is very hectic, too much compliance and non-compliance cost is huge amount….
yeah if you're poor Dubai is not for you
Now 9%?? I'll go Andorra 100% thanks!
Andorra has 10% tax
why does everyone charge different prices to set up in dubai theres some who charge 5k for full set up some do for 10k and some for 25k + lol not sure why everyone got random pricing
Cheap ones below $5-8k are either scams and/or will put you into a weird freezone which will lead to problems
Anything above $15k is overpriced and there is no reason to pay that.
Don’t fall in trap, Opening a company in Dubai is 100 times… really 100 times costlier than Indian and Pakistan, which is AED 22000 (INR 5 Lacs). It is just Trading License i.e. Company Registration Cost only. If you hire an employee it will cost you at least AED 7500 (INR 2 Lacs) per employee. Renewal of Trade license required every year, which has cost around AED 12000 (INR 3 lacs).
In India You can Register a company in just INR 5,000. Renewal is just INR 2000 and No employees hiring cost.
Doing business in Dubai is very hectic, too much compliance and non-compliance cost is huge amount…..
Is 375k is 3mill+ as Tuomas said a few times in the video while referring to threshold revenue for 9% taxation..?
Hey Tuomas , really nice video ! I was wondering if I could help you with Best Quality Editing in your videos which visually appeal to audience and would increase average view duration and will also make a highly engaging Thumbnail which will overall help your videos to reach to a wider audience ? Pls let me know what do you think ?
I'm looking for work as a software developer in Dubai. Currently based in the UK
$8,500 IS YOUR SERVICE FEE? Insane, not sure what is included in this, should have mention this as well!
$8.5k is NOT the service fee, that is everything including all the government fees (the company setup fee, residence visa, your medical tests, VIP processing etc etc). Service fee is less than $2.5k.
@@tuomaskiv just to clear are you saying that this cost will cover our whole setup in UAE from any country? Means we can land in UAE with a business license?
yes, correct (not including your airfare, accommodation etc)
@@tuomaskiv do you accept BTC payments ? is all the pay done in advance ?
Useful