Preserving banking secrecy in international exchanges

Instruments available in the UAE allow you to preserve your confidentiality, without breaking the law.

The reality of banking services today, against a backdrop of cross-border tax information exchanges, stricter ASC requirements, and pressure from the OECD on business force investors to seek out new and advanced solutions to preserving banking secrecy.

How it works

Who shares clients’ tax information?

Banks

Investment funds

Brokers

Insurance companies

Financial institutions’ obligations in the context of international exchanges

Financial institutions take steps to identify the tax residence of anyone being monitored who holds either new or existing personal or corporate accounts.

When a client’s residence was obtained via investment, financial institutions exchange information with the country of the account holder’s citizenship, as well as his or her country of tax residence.

How international tax exchanges work

Identify the account owner Financial organizations identify who controls the account.

Identify the holder’s tax residency Foreign tax residents are identified.

Gather account information Financial organizations collect information on foreign tax residents’ accounts for a given reporting period.

Identify the nature of residence Having identified any investment features of the client’s residence, the financial institution sends reports to both the client’s country of tax residence and the country of citizenship.

Information is sent to the country of tax residence Information is gathered based on tax residency, and a report is sent to the appropriate foreign tax authorities in the country where the client is a tax resident.

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The benefits of working with SORP

In the UAE, you can:	SORP Group offers:
Obtain a bank account as a full resident, thereby avoiding any exchanges of your tax information Obtain tax resident status in order to protect your tax information from exchanges on foreign accounts with your country of origin Obtain full residence, not through investment, and confirmation that the UAE is your center of vital interests	5,000 m2 of our own office space Trained technical personnel with management education State licensing for accounting and tax services A team of legal experts and attorneys Partnerships with leading audit companies

SORP Group uses the following tools to ensure your banking secrecy is protected

Registration of resident status Registering your status as a resident, not through investment, in line with OECD qualifications

A series of steps confirming your center of vital interests Proof of residence and an available source of income within UAE territory

A series of steps confirming your center of management and control Documentary and factual confirmation that your business’s management center is in the UAE

The ability to open a virtual office- invisible presence in the UAE Remotely access a local telephone number, and send correspondence from a Dubai IP address

Documentation of the presence of local staff Technical staff with a residence visa and permanent residence in the UAE ensure your company’s management and sign documents from within the UAE Technical staff with a residence visa and permanent residence in the UAE ensure your company’s management and sign documents from within the UAE

Obtaining a local tax number Filing and registering a certificate designating your company’s tax affiliation in the UAE.

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Designating tax residency

What factors determine tax residency?

Grounds for determining your center of vital interests	Grounds for determining your center for management and control
Holding a residence permit Having a source of income within the UAE Having a place of residence Owning other property in the UAE: real estate, a car Holding a local bank account Having a local telephone number Proof of social interest in the UAE	Having a taxpayer number Having real office space and a personnel list including associates and directors who are residents of the UAE A physical place to conduct activities, management, hold shareholders’ meetings, and sign documents A place for holding shareholders’ meetings Having a service auditor and local tax advisor

Apply to register your company in the UAE

Upon submission of your application to the SORP Group, you will receive a free expert consultation within 20 minutes. Our team of experts will help you evaluate your needs to optimize solutions for launching your project in the UAE. We provide comprehensive support through every step of the process of operating a business in the UAE. The first step to creating a successful business begins with your call or email today!

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