The disadvantage of using a private bank account for company expenses

Question: #Hilda, I’m experiencing difficulties with getting my business bankaccount in the UAE, so I’m pondering about using my private bankaccount for my business. Could this have tax consequences in my country of origin?

Answer: yes, it might have tax consequences, since your private bank account might be considered as a private foreign savings account in your country of origin, and it is possible that the tax authorities in your country of origin consider this as taxable income. And a business account has a completely different tax status.