PrimeFour Consulting LLC,
Prime Tower, 27th Floor,
Post Box No. 112037,
Business Bay, Dubai- U.A.E
Welcome to the seamless process of opening a business account with UAE banks. We understand the importance of efficiency and accuracy in facilitating this crucial step for your business. To ensure a smooth and hassle-free experience, we have compiled a comprehensive list of documentation requirements.
Business Activity Information:Provide a brief overview of your business activities to help us understand your operational scope and industry.
Ownership Structure Details:Outline the ownership structure of your business, including the percentage of ownership held by each partner or shareholder.
CV or Profile of Signatories and Shareholders: Provide resumes or profiles of signatories and shareholders to understand their background and involvement in the business.
Registered Address of the Company: Share the official registered address of your company to establish its legal location.
Submit proof of Dubai residential address for signatories, preferably in the form of a DEWA (Dubai Electricity and Water Authority) bill.
Provide the bank statements of the associated company for the past six months to assess financial standing and transaction history.
Submit personal bank statements of signatories or partners for the preceding six months to evaluate personal finances.
Furnish the names of suppliers and any relevant invoices to understand business relationships and transactions.
Provide copies of contracts relevant to your business activities for review.
Client Names/Invoices/Contract Copies (if available):
Share client names, invoices, or contract copies, if applicable, to understand revenue sources and business engagements.
Submit three photos of the office, including the exterior signage board, to visually verify the physical presence of the company.
Contact Information (Mobile Number, Telephone Number, Email Address):
Provide contact details for effective communication during the account opening process.
Specify the currencies required for the business account to accommodate international transactions, if applicable.
Share the home country addresses of all owners and signatories for additional verification and correspondence purposes.
Provide details of the annual turnover to assess the scale of your business operations and financial performance.
By meticulously providing these details, we can expedite the process of opening your business account with banks and ensure compliance with regulatory requirements.
To open a personal banking account, you will need to present the following documents at UAE banking branch:
Income Proof:Submit any additional income proof documents if required by the bank to assess your financial standing.
Address Proof:Furnish address proof documents if required by the bank to verify your residential address.
We aim to make the personal banking account opening process straightforward and convenient for you while ensuring compliance with regulatory standards.
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E-mail : contact@primefourconsult.com
Phone : +97145808141
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A Freezone Company in the UAE is a business entity established within a designated free zone, offering foreign investors various advantages such as 100% foreign ownership, tax exemptions, and simplified import/export procedures.
Yes, both individuals and foreign corporate entities can own a Freezone Company. This is one of the key advantages of setting up a business in a UAE free zone.
Corporate Tax is a type of direct tax imposed on the net income or profit of companies and businesses. It is also known as "Corporate Income Tax" or "Business Profits Tax" in some regions.
The UAE Corporate Tax becomes effective for Financial Years starting on or after June 1, 2023.
For example:
Yes, UAE Corporate Tax applies irrespective of the ownership nationality. It covers entities locally or internationally owned.
The UAE introduced VAT to diversify income sources and maintain the high standard of public services. It is a 5% tax applied to most goods and services.
Let us say a mobile phone is manufactured and sold through various stages—manufacturer to wholesaler to retailer, and finally to the consumer. At each step, a 5% VAT is applied, and businesses can claim a refund on the VAT they have paid on their purchases.
The standard VAT rate is 5%, but there are categories like zero-rated (0% VAT), exempt (no VAT), and deemed supplies.
Businesses must register for VAT if their taxable supplies exceed AED 375,000 per year or voluntarily if it exceeds AED 187,500.
Accounting is the systematic recording, reporting, and analysis of financial transactions, while bookkeeping involves the daily recording of financial transactions.
Accounting provides a clear picture of your financial health, helps in making informed decisions, and ensures compliance with financial regulations.
CEO, Exavibes
Working with Prime4 Consulting to establish our office in Dubai was a game-changer for us. Their team provided invaluable support throughout the entire process, from navigating legal requirements to finding the perfect location. Thanks to their expertise and dedication, we were able to smoothly expand our operations into Dubai and hit the ground running.
Founder & Director, Moods Investment Research Inc.
PrimeFour Consulting provided excellent guidance for setting up my company in Dubai and registering for VAT/Tax. Highly recommended!
Director, PNM consultancy
PrimeFour and its team have been instrumental in supporting our business ventures in the UAE and Middle East. Their exemplary service and dedication have consistently exceeded our expectations. With their expertise and guidance, we've navigated through complexities seamlessly, achieving remarkable results. PrimeFour's commitment to excellence and client satisfaction is truly commendable. We highly recommend PrimeFour to anyone seeking reliable and top-notch business support in the region.
Managing Director – Equinox
I have engaged Mr. Asif from PrimeFour Consulting in the UAE, and he has been an incredible ally in setting up our entities. His local knowledge is unparalleled. I highly recommend PrimeFour Consulting for Business Setup, Corporate Tax, and Management consultancy.
Zeptium Technologies LLC– Sales Manager
I have been thoroughly impressed with the exceptional service provided by PrimeFour Consulting. Their team has been incredibly prompt in responding to all my queries, ensuring that every concern is addressed with clarity and professionalism. I especially appreciate the valuable guidance I received regarding corporate tax filing process. PrimeFour Consulting has truly been a reliable partner in navigating the complexities of tax regulations, and I would highly recommend their services to any business looking for expertise and efficiency.
Consultant
I raised a query about the Corporate Tax registration process and deadlines with PrimeFour Consulting. They responded promptly with a professional and thorough explanation, addressing all my concerns. Excellent and efficient service from the PrimeFour Consulting team!
Consultant
PrimeFour Consulting provided exceptional support for my new company formation query. They offered a range of options with transparent pricing, making the entire process clear and straightforward. Their team followed up promptly to ensure I had all the necessary information. Excellent professionalism and prompt service.