Transfer of funds from UAE into the UK

[imanhabib1]

Hi,

I am a British Citizen healthcare professional currently residing in London. I am planning to open a hospital in the middle east for which we require purchase of expensive machinery worth of 4 million pounds from UK. My business partner has the funds in his UAE account and wants to transfer it into my UK business bank account. So most of the funds will then be used for export of machinery for the hospital and purchase of property in the UK under my ltd company name. So my query is what is the best course of action to take in order to transfer the funds into my account.

1. Will i get tax on this money?
2. Will the bank freeze my account and if so what are the bank's general request in case of large amount of transfers?
3. Do I need to include my business partner in my UK company as a share holder and then transfer the funds is that more feasible and easier to get around it?

My partner has all the evidence and paper works to show his money that he holds in the UAE bank is legit and earned from different companies he owns abroad.

Any help and aid will be much appreciated. thanks.

[AGoodman]

1. Probably not but it depends - on what basis is the UK company receiving the money? As a loan or is it a payment to buy the machinery from UK Co once UK Co has bought it
2. It depends if the transfer is suspicious - if your company has a current turnover of £100,000 and then receives £4m, I would expect/hope the bank would at least ask questions. If your bank has your business plan showing you opening a £50m clinic, probably not. The way you describe it below certainly sounds very suspicious.
3. DO you want to give your partner a share of your company? You need an accountant and/or lawyer. If you are opening a hospital, surely you have these?

[bd6759]

I think the bank will find this as odd as I do.

You are going to open a hospital in Middle East

You have funds in the Middle East.

You want to bring those funds into the UK

You will buy a property in the UK with those funds (not sure how this will help set up a hospital in the Middle East).

You will route this transaction through your personal company.

You need an accountant and a solicitor. An internet forum is no place to get advice on passing multi million pound international transactions through your own company that is apparently not connected with this venture. They money will get tied up with the anti money laundering regulations.