KYC in the UAE: how to obtain bank secrecy
UAE legislation provides solid and dependable protection and confidentiality of tax data, banking operations, and information about assets and their owners.
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UAE legislation provides solid and dependable protection and confidentiality of tax data, banking operations, and information about assets and their owners.
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.
Banks obtain and verify information about customers who hold accounts.
Identify foreign citizens who are not tax residents of this country.
Transfer the data to a local authority at the end of the reporting period.
Compare accounting data and income tax returns, calculate additional tax due.
Data about ‘Reportable Persons’ is to be sent to the country of tax citizenship.
The generated report is sent to the country of tax affiliation (domicile).
Building trust structures to achieve business goals while protecting the anonymity of the owners.
Creating a unique tool for effective organization of management and investment in controlled structures.
Providing technical directors and shareholders in order to exclude interdependence of transactions.