We provide strategic advisory on banking, financial, and tax matters to help businesses remain compliant, financially structured, and prepared for regulatory change. Our guidance supports sound decision-making, risk management, and long-term financial stability in the UAE.
Our Banking, Finance & Tax Advisory practice supports businesses navigating the UAE’s evolving regulatory and financial landscape. We advise on corporate tax compliance, financial structuring, banking relationships, and regulatory obligations, ensuring that companies operate with clarity and confidence. From the introduction of the UAE Federal Corporate Tax regime to ongoing financial management and reporting, we help clients mitigate risk, maintain compliance, and align legal and financial strategies. Our approach is practical, forward-looking, and tailored to each client’s commercial objectives.
FAQs
Can offshore companies open bank accounts in the UAE?
In limited circumstances, yes but offshore companies face heightened scrutiny and more restrictive conditions. UAE banks generally prefer companies with a substantive presence in the UAE, such as mainland or free zone entities with local operations.
Can foreign shareholders open bank accounts for UAE companies?
Yes. UAE companies with foreign shareholders are generally permitted to open corporate bank accounts. However, banks apply enhanced due diligence in such cases, particularly where shareholders are non-resident or based in multiple jurisdictions.
Banks will typically assess ownership structure, business activity, source of funds, and the operational presence of the company in the UAE. While foreign ownership is permitted, account approval is discretionary and depends on the bank’s internal compliance requirements. Proper documentation, transparency, and regulatory alignment significantly improve the likelihood of a successful account opening.
Do banks share information with tax authorities in the UAE?
Offshore companies may be considered where there is a clear business rationale, transparent ownership, and demonstrable economic substance. Even then, approval is not guaranteed, and documentation requirements are extensive. In many cases, establishing an onshore or free zone entity provides a more practical and reliable pathway to banking access in the UAE.
Do companies with no revenue still need to file tax returns?
In many cases, yes. Even if a company generates no revenue or no taxable profit, it may still be required to file a corporate tax return once registered. Filing obligations depend on the company’s legal status and regulatory classification, not solely on profitability. Failure to file may trigger penalties, even where no tax is payable.
Talk to Our Lawyers
Get in touch to book a legal consultation