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Category: Banking and Financial Services

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Why Could You Face Issues With UAE Company Bank Account Maintenance?

January 11, 2021

When pursuing a business opportunity abroad, opening a bank account for your company is a critical factor along with the requirements for your business plan. Yet, once you open a bank account in the UAE, you may see some issues arise with your account maintenance. What are they, and how can you avoid them? Here are some of them.   But first, a quick review of the types of bank accounts in the UAE The available bank account options are similar to what you can find in most countries. Your residency status most often dictates what type of banking packages you can acquire. There are your day-to-day accounts that Emirati banks call standard (more basic) and current accounts. Current accounts in the UAE have enhanced benefits such

Master Corporate Banking Solutions in the UAE

April 8, 2020

What corporate banking solutions are at your disposal in the UAE? This question is one of the most critical throughout the company formation process, not just for the Emirati market but our other jurisdictions. While what you can find in the UAE is going to be our primary focus, there are some critical parameters we must approach before we can delve deeper into the plethora of features of corporate banking. What is corporate banking? Corporate banking, which you sometimes hear being called business banking, is the division of a bank that caters to corporate customers. That’s different from retail banking, which is the division of banking open to the general public. Retail banking is when you go to the branch, deposit money into your current or savings account,

Have More Confidentiality With Company Nominee Services

February 17, 2020

Have you thought about adding any corporate nominee service for your corporate governance? If you’re looking to add another layer of confidentiality, there are multiple facets in this management tool that can help you address those privacy concerns and meet your needs. We’ll examine what this service entails, the benefits a nominee service provides (especially to offshore companies), and the legal nominee options available to you.     The definition of nominee services Nominee services are a management tool that allows you to protect your identity by keeping your name out of public records. In essence, you appoint someone to a role on your board of directors in paper only to represent your entity on your behalf. As privacy is one of the critical advantages of

Changes to Dubai DIFC End of Service Benefits Regulations

February 3, 2020

Did you know that the End of Service benefits for businesses in the Dubai International Financial Centre changed as of 1 February 2020? If you haven’t heard, our previous article on changes to End of Service benefits in the Dubai Labour Market alluded to this new reality. Instead of the gratuity schemes that you’ll find in the rest of the United Arab Emirates, Sheikh Mohamed enacted the Employment Law Amendment Law No. 4 of 2020 which puts the new Dubai International Financial Centre (DIFC) Free Zone employee savings programme into place. How does this impact your current End of Service planning? Here’s what you need to know.   First, how did End of Service benefits work in the past? In our previous article highlighting end of service

Changes to End of Service Benefits in Dubai Labour Market

January 23, 2020

Is your firm keeping abreast of the latest trends in End of Service benefits (EoS) in your sector and market? If a significant portion of your workforce is coming from abroad, a fact that is especially prominent if you’re operating in Dubai and the rest of the UAE, this part of your employee benefits package is an area you should not overlook. This is a critical component of an employees’ overall compensation plan to attract. What do you need to know about trends regarding the end of service gratuity for companies operating in Dubai and the UAE? Here’s our examination.  First, how is the end of service benefit calculated in the UAE?  According to the UAE Ministry of Labour, the end of service incentives on a federal level

Expo 2020 and the Dubai Real Estate Market

January 2, 2020

2020 is shaping up to be a year where Dubai will be a primary protagonist on the global stage, thanks to Expo 2020 Dubai. Some industries are expected to benefit more than others from the six-month world’s fair, and the Dubai real estate market is one of them. What is the current state of the market? What are they predicting for the future after the expo ends in April 2021? Here’s our closer look. The current state of the Dubai residential real estate market Dubai’s residential real estate market has been in decline since its last peak in 2014. It was that year when the price of oil collapsed, and as a result, government coffers in the region were emptier, and investors subsequently tightened their

business consultancy services in Dubai

Outsourcing Business Consultancy Services in Dubai: Drive Growth

In today’s fast-paced and competitive business environment, companies are constantly looking for ways to streamline operations, reduce costs and focus

Best Offshore Accounts for Expats in the UAE

The Best Offshore Accounts for Expats in the UAE: What You Need to Know

The best offshore accounts for expats in the UAE provide a strategic avenue for individuals and businesses to optimise their

Changes to Dubai DIFC End of Service Benefits Regulations

Did you know that the End of Service benefits for businesses in the Dubai International Financial Centre changed as of 1

Changes to End of Service Benefits in Dubai Labour Market

Is your firm keeping abreast of the latest trends in End of Service benefits (EoS) in your sector and market? If a significant portion

Expo 2020 and the Dubai Real Estate Market

2020 is shaping up to be a year where Dubai will be a primary protagonist on the global stage, thanks

What Are My Company’s UK Tax Liabilities When Domiciled Abroad?

If you’re looking to take your business abroad or become an expatriate, one of the mitigating factors is your tax

Ultimate Beneficial Ownership and the Implications for Compliance

Some people may choose to remain anonymous in significant financial transactions, whether it be real estate, investments and more. As countries look

Beneficial Ownership and Technical Protocol With the UK

The British Virgin Islands’ Government has signed new legislation regarding Beneficial Ownership & Technical Protocol with the UK which will

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