SORP has been dealing with UAE banks for over 15 years so we know everything about their compliance procedures. Add to that our experience in supporting clients when interacting with financial institutions and you are guaranteed to get the account you want - a safe tool for your company’s settlements.
The UAE’s safe banking system, stable local currency, absence of currency controls, reliable lending institutions and convenient account operation from any part of the world make it one of the most attractive countries in which to arrange your banking services. By contacting SORP Group you will be able to get prompt, courteous, efficient assistance to open your corporate account as well as follow-up support in operating your account and in dealing with the bank’s officers.
Incorporation of a mainland (local) or free-zone (FTZ) company to open a corporate account and perform all the banking transactions required.
Collating all necessary documents and preparing for KYC procedure, accompanying you to the meeting with an officer of the bank.
SORP Business Center offers office spaces for rent to prove to the bank that the company has a physical office when opening an account.
Communication provision so that the bank’s officers can easily make contact as required when dealing with transactions on a corporate account.
Preparation of contracts, acts of acceptance etc., justifying the transactions, as well as auditor’s opinions to confirm the rationale of operations on the account.
Meeting the legal requirements and completing procedures necessary to be fully protected against automatic exchange of financial information as provided by CRS.
We have numerous contacts and an excellent working relationship with leading UAE banks. It means we fully understand their compliance requirements and banking procedures. SORP Group experts have also built up a wealth of experience in a great number of business sectors and activities. It all adds up to a set of highly professional capabilities that are ready and waiting to support your ongoing banking needs.
Depending on the residency status of the account holder, UAE banks provide a range of corporate account types (resident and non-resident versions) that have different requirements and conditions for opening and servicing.
When you engage SORP Group to obtain a corporate bank account you may also get a solution for opening personal accounts for shareholders and directors of your company. In this case the bank will ask for the original passports, personal bank account statements for the past six months, and confirmation of the center of vital interests (residence address, utility bill, etc.) which SORP Group is capable of arranging for you as well.
Transactions into and out of the account should align with stated business activities
Banks want to see that the account transactions correspond fully with the activity that your company is licensed for.
Transactions must be supported by contracts and other evidence of validity
To ensure the account is used only for valid business transaction, banks ask for supporting documents - contracts, invoices, bills of lading, waybills etc.
The company must have a physical office with a UAE address
The company’s office where the business is managed and controlled from should coincide with the legal registered address of the company.
Timely notification of any changes in the key data of the company
Any changes in the constituent and legal documents of the company, its structure, composition of members etc. should be communicated to the bank.
Confirmation of annual renewal of licenses and permissions issued to carry out business activities
Banks monitor that all licenses and permissions, issued by the relevant authorities for the company to run its business, remain valid.
Ongoing validity of residence visas of the account signatories
Should the signatory’s residency visa expire, the bank may close the company’s account and/or change its status to a non-resident one.
The company offers comprehensive solutions for businesses and shareholders from incorporation to obtaining UAE tax resident status.
Checking your company's concept for strategic and legal errors
We have helped thousands of clients acquire, build and develop businesses in the UAE
We carry out turnkey works - we will draw up a development plan for your company, help you obtain all permits and find qualified personnel that meets the requirements of financial regulators
We will ensure the security of your investment, compliance with current legislation and confidentiality of information
The SORP group of companies has its own Business Center - 54000 sq. ft of modern office space for licensing in the UAE and meeting the requirements of KYC and Economic Substance