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What is a Tax Residency Certificate?
A tax certificate is a formal document that indicates the countries of tax residence for a company or a legal entity. It is proof that you've been taxed in one country only. This is very important for those whose countries don't make use of the double taxation avoidance treaty with the UAE, countries like the US. The responsibility for issuing the tax residence certificate lies with the Ministry of Finance in the UAE. This document will only be available for a year and can be renewed when needed.
How to obtain your Tax Residency Certificate?
To obtain a Tax Residency Certificate you must meet up to one of these conditions. A few of them are:
- You'll have to be a resident of the United Arab Emirates
- Should be a company that is incorporated and managed in the United Arab Emirates
- Be a company operating on the mainland (be a mainland company)
You can't obtain a Tax Residency Company as an offshore company. Instead of that, you can receive a tax exemption certificate.
There are also a few individual requirements to obtain the Tax Residency Certificate, these are:
- Immigration report
- Tenancy agreement
- Copy of passport
- Copy of residency visa
- Copy of Emirates ID
- 6 month worth of bank statements
- Proof of income in UAE
The requirements for a company are:
- Copy of trade license
- Establishment contract
- 6 month worth of bank statements
- Copy of audited financial accounts
- Copy of owners' and partners' residency visa
- Copy of the owners' and partners' Emirates ID
With these documents, you'll be able to obtain your Tax Residency Certificate. Emifast offers you this service as well, making the process of obtaining your TRC carefree. Contact us for more information!
Corporate bank accounts may be one of the thorniest processes you will go through while setting up your business in Dubai. While you won't have to worry about a thing as we will arrange everything for you, it's still handy to know how everything sets in place. This bank account is going to help you observe all of your transactions, deposits and loans if required. With challenges like:
- Requiring a physical office
- Should prove credibility at all times
- Not easy to open when you come from a high-risk country
To open a bank account for an LLC of Free Zone each bank has its own timeline, all in all, it will take up to four weeks to complete this process.
Opening your bank account in Dubai
The UAE doesn't allow the do business with a personal bank account, so aside from that, you will need to open a corporate bank account as well.
Your corporate account should be a current one, this means that this has to be a transaction account.This type of account comes with the ideal way to make daily transactions, this provides a chequebook, debit card, no limit on your withdrawals, and many other strong points.
Current accounts are the main ones that will be used for corporate accounts, this comes with one obvious reason and that is: the ability of many daily transactions.
When we open your bank account we will need a few documents, these documents contain:
- Trade license which we already have provided for you
- Certificate of the company's registration
- Your and the shareholder's visas and passports
- The company's memorandum and articles of association
What about credit cards?
Credit cards are very handy to be used for businesses, this allows you to make small or big purchases on credit, they are only to be used for business purposes only, any personal purchase is not allowed here. This card is very important and can be used as a metric that is associated with your company's prosperous health.
It's also crucial to know that this card can be used for emergencies within the company, however, we do suggest you to obtain a credit card for you to build a credit score for your business.
Other than this, choosing the right credit card for you is a valuable decision to make as an entrepreneur as many banks do have different settlements. We assist you in this decision, making sure your choice will meet up to your wants and needs. With this process, you will also have to fall in on some criteria.
- A valid trade license
- Your age
- Income
Getting started on this is an exciting journey where we are at support and assist at all times, making it a trouble-free process for you. We will arrange this in a time span of 2 to 4 weeks, are you ready to jump in?
