All about your TRN

TRN is one of the most important parts of any business operating in the UAE, it's also important to fully understand and know what the TRN stands for and why your business needs it.

What is a TRN?

The TRN (Tax Registration Number) is a 15-digit number given to a business by the Federal Tax Authority (FTA) to differentiate one entity from another after registration. and to file their taxes and interact with other companies and government entities.

Why do you need your TRN?

A TRN allows you to create simple communication between the provider and the consumer while preparing tax-related documents. This can be useful for a company declaring the tax paid on purchased goods and services while processing the final terms. There are some other factors that make the TRN unmissable in your business, such as:

• It provides your business with a unique identity
• To communicate with the FTA, you'll need your TRN
• It is possible to take the VAT credit on eligible expenses

Required documents:

To assure a smooth process you will need to have all your needed documents gathered for registration. We have summed up all the documents you will need.

• Company license
• Contact details of business owner
• Contact details Company
• Memorandum of Association of the Company
• Custom registration

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.

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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:

1. Trade license which we already have provided for you
2. Certificate of the company's registration
3. Your and the shareholder's visas and passports
4. 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?

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