Accounting

Difficulty Opening a Bank Account in Dubai, UAE

DIFFICULTY OPENING A BANK ACCOUNT IN DUBAI, UAE

What are the difficulties in opening a bank account in Dubai and the UAE? Why don’t bank in the Emirates open business accounts? What causes failures?

UAE BANK ACCOUNT FOR UAE RESIDENTS

Both residents and non-residents can open a bank account. In the former case, it is possible to open a current income and savings account. In the latter case, banks will only open savings, deposit, or demand accounts. In practice, banks often refuse to open current accounts in the UAE, even for residents. This is because banks try to avoid customers from high-risk countries. Each bank has its own internal nationality rating. Therefore, if you decide to open a bank account in the UAE, it will be efficient to submit documents to several banks at the same time.

CORPORATE BANK ACCOUNT IN UAE

You can open bank accounts in the Emirates for different types of companies. They can be offshore companies, on the mainland or in a free trade zone. In practice, we observe that in 50% of cases companies are refused a corporate bank account in the Emirates. It does not matter whether you apply to a local or an international bank.

There are several options that will quickly solve the problem. Each has its pros and cons.

  • Buy a ready-made company with an existing bank account
  • Prepare the documents for the bank in a way that minimizes problems and meets the requirements

If in the first case you will carry out the verification, in the second case you will be checked.

WHAT DO UAE BANKS CHECK?

As mentioned above, banks check the reality of the business, i.e. the economic substance. The bank makes sure that your company has a real office and real operating costs in general. Some banks send an employee to check the availability of an office at the address stated in the documents. The bank may request information about employees. The size of rent and salary costs allows a quick understanding of the economic substance of the business. In addition, the bank will be keen to see audited accounts, biographies of the founders, a financial plan for the company opening the bank account, its potential suppliers and intended customers, etc.

WHY DO UAE BANKS REFUSE TO OPEN CORPORATE BANK ACCOUNTS?

Emirati banks are strict with customers because of pressure from regulatory and control authorities. The UAE is doing most of this to comply with European Union requirements and to get off the blacklist of non-cooperative tax jurisdictions. In other words, if an Arab bank sees that a company’s bank account in the UAE is being opened for tax optimization purposes, there is a high risk that the bank will not open the account because of the risk of losing its license.

WHAT IS THE MOST DIFFICULT PART OF NEGOTIATING WITH UAE BANKS?

The most uncomfortable and, in our opinion, the most difficult part of dealing with banks in the Emirates is that they are laconic with their customers. This is due to the fact that banks cannot, according to their internal rules, advise customers on how best to provide information. Bank staff can request a standard list of documents. You will never receive comments on these documents. You will never know the reason why you have been refused a bank account in the UAE.

WHAT SHOULD I DO IF MY BANK REFUSED TO OPEN AN ACCOUNT IN DUBAI, UAE?

You should analyse the documents you present to the bank and, if there have been repeated failures, we recommend that you contact companies such as “BestaxCA” operating in the local market to understand the specifics and internal requirements of the banks. Have a most experienced and reliable ccompany carry out an initial internal document review with detailed analysis and recommendations. BestaxCA is operating in the local market have maintaining a team of experts, connections, and best practices. Together, these allow you to address each specific case, understand the causal links, address weaknesses in the execution and submission of documents and ultimately achieve what you want – to open a bank account in the UAE.

If you have any questions or would like a comparative analysis of the benefits of opening a UAE bank account for your company, call BestaxCA for more information.

Accounting Software: The New Savior for Business Owners

Are you tired of all the never-ending, mind-numbing tasks that plague your business? Worried about what to do if you can’t find a good bookkeeper or accountant?

You’re not alone. Most small businesses are one-person operations and it’s hard for them to keep up with everything. That’s why there is Accounting Software in UAE! The software does all the work for you so you don’t have to worry about anything anymore. You just need a computer and an internet connection; no more late nights spent inputting numbers into spreadsheets or worrying about taxes! Just sit back, relax, and let the software do its thing while you run your company. It’ll make life easier–and maybe even save you some money in the long run.

Manage Multiple Things

Accounting software is a great way to take care of all the financial tasks that come with running a business. The software can help you manage your books, pay bills, and keep up with taxes so you don’t have to worry about them anymore! You can focus on what you’re good at–running your business–and leave the nitty-gritty details to the software. It’s a win-win!

If you’re ready to ditch the headache of managing your finances yourself, then it’s time to invest in some Accounting Software in UAE. There are plenty of options on the market, so find one that fits your needs and budget. Once you’ve made the switch, you’ll wonder how you ever managed without it! The United Arab Emirates is a dynamic economy, but it still has strict regulations for building new businesses. To build a business in the UAE, you need to understand company registration and then hire a team of financial consultants.

Hire A-Team

When you set up a business in the UAE, you’ll need to register it with the Ministry of Economy. This process can be complicated, so it’s best to hire a team of financial consultants to help you. Once your company is registered, you’ll need to get a trade license from the Department of Economic Development. This will allow you to legally operate your business in the UAE.

After your company is registered and licensed, you’ll need to open a bank account. This is where you’ll deposit your revenue and pay your expenses. It’s important to choose a bank that has experience working with businesses in the UAE. They can help you navigate the country’s banking regulations and open an account that meets your needs.

Running a business in the UAE can be complex, but it’s worth it to tap into the country’s booming economy. By following these steps and hiring a team of financial consultants, you can set up your company for success. embrace change and adapt to the new digital world!

Implementing ERP And Accounting Software

Bestax CA offers world-leading accounting software. Zoho is one of the many accounting software that Bestax Chartered Accountants uses. Bestax Chartered Accountants are experts in ERP and Accounting Software in UAE with over 15 years of experience. We have some ways of implementing ERP and accounting software:

  • Analyzing and comprehending your existing financial problem
  • Set a specific objective that delivers measurable results
  • Choosing the optimum and economic accounting solution
  • You may completely tailor your new accounting solution
  • Provide adequate training for your staff
  • Professionals who are available for any financial concerns 24 hours a day, 7 days a week
  • Improve data quality and accuracy
  • Each accounting program in the UAE is covered in depth
  • Simplify all of your company operations

ERP stands for enterprise resource planning. It’s software that helps businesses manage their financials, inventory, and other business operations in one place. The benefits of using ERP are many: it can save you time and money, improve your customer service, and make your business more efficient and productive. Enterprise Resource Planning software is a system that handles all business activity and can be used by small companies as well. BestaxCA has partnered with leading FTA Approved Accounting Software in UAE and excelled in their implementation on your businesses that operate in Dubai, UAE.

Understanding and analyzing your current financial situation are both essential to us. You need to know where you are before you can set a course for where you want to be. That’s why more and more business owners are turning to accounting software as a way to take care of all the never-ending, mind-numbing tasks that plague their business.

Ending: The UAE is a great place to do business, but it can be complex. By following these steps and hiring a team of financial consultants, you can set up your company for success. Bestax CA can help you choose the right Accounting Software in UAE and implement it in your business. With our experience and expertise, we can make sure your business runs smoothly and efficiently. Contact us today to get started!