KYC in the UAE: how to obtain bank secrecy

The modern realities of banking have practically eliminated the concept of "banking secrecy". When subject to the Common Reporting Standard (CRS), the only way to avoid the risk of revealing personal data of both personal bank accounts and accounts of controlled companies, is to use the mechanisms provided for by UAE legislation. At SORP Group, we offer our clients effective solutions so they can do business confidentially and make settlements without any restrictions.

Steps for Common Reporting Standard (CRS) and Automatic Exchange Of Information (AEOI)

Identify and monitor all bank account holders

Banks obtain and verify information about customers who hold accounts.

Highlight beneficiaries who have tax residency in other countries

Identify and monitor all bank account holders Banks obtain and verify information about customers who hold accounts. Highlight beneficiaries who have tax residency in other countries Identify foreign citizens who are not tax residents of this country.

Collect information about accounts of non-residents

Transfer the data to a local authority at the end of the reporting period.

Assess any aditional income taxes that are due

Compare accounting data and income tax returns, calculate additional tax due.

Identify the jurisdiction of tax residency

Data about ‘Reportable Persons’ is to be sent to the country of tax citizenship.

Send data to the country of tax residency

The generated report is sent to the country of tax affiliation (domicile).

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Legislative tools for preserving confidentiality when subject to CRS

UAE tax residency status

The UAE issues non-investment resident visas according to the OECD classification, provides evidence of tax residency in the UAE.

Center of vital interests

Documentary evidence of permanent residence in the UAE, as well as the presence of permanent sources of income in the UAE.

Economic presence in the UAE

Documentary confirmation of the business location, presence of a control center, management and administrative processes.

Physical presence in the UAE

Using various virtual office packages, including providing local phone number and email box, IP address and web hosting services, etc.

Nominee service tools in the UAE

Outsourcing of technical directors, management and staff to UAE residents who are meant to perform functional tasks.

Taxpayer status in the UAE

Registration of a legal entity as a taxpayer, timely filing of tax returns confirming the tax affiliation of the company to the UAE.

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Business confidentiality solutions by SORP Group

Arab trust

Building trust structures to achieve business goals while protecting the anonymity of the owners.

Holding company

Creating a unique tool for effective organization of management and investment in controlled structures.

Nominee service

Providing technical directors and shareholders in order to exclude interdependence of transactions.

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Protecting your tax and financial information with SORP Group

Incorporation of a UAE legal entity

A set of services for formation of an onshore company, holding or business structure for opening bank accounts and securing a clearinghouse.

Opening a UAE bank account

Assistance in communication with financial institutions in passing the KYC procedures when opening an account, which guarantees you the safety of tax information.

Business address in Dubai

SORP business center provides excellent solutions for renting equipped office spaces for staff accommodation and licensing procedures.

Passing bank checks

Providing staff to meet with bank representatives when passing KYC verification as well as confirming the location where all your bank accounts will be managed from.

Legal and financial expertise

Analysis, strategy development and documentary support of all financial transactions executed by specialists from the UAE and around the world.

Proof of Economic Substance

A package of measures to justify the existence and feasibility of an economic presence (ESR) in the country as evidence of the legitimacy of tax optimization.

Obtaining a residency permit

Securing the rights for a non - investment resident visa in order to obtain the UAE tax residency status.

Proving vital interests

Provision of legal and low cost housing and confirmation of sources of stable income in the UAE.

Confirmation of tax residency

Fulfilling the requirements to confirm tax domicile as proof of belonging to the UAE tax jurisdiction.