Bank Account
Opening in the UAE

The UAE operates a unique tax regime that fosters a favorable business environment. Historically known for its zero-tax policy, the country introduced a landmark tax reform in 2018 by implementing a Value Added Tax (VAT) system. VAT is levied at a standard rate of 5%, with certain goods and services either exempt or subject to a zero rate.

Who is exempt from paying VAT?

• Mainland companies whose income from UAE clients does not exceed AED 375,000 per year;
• Qualified Free Zone residents who meet specific criteria.
• Voluntary registration as a VAT payer with the UAE Federal Tax Authority (FTA) is available for businesses with a turnover of AED 185,000 or more.

Registration to obtain a Tax Registration Number (TRN) is mandatory for businesses with a turnover of AED 375,000 or more. Company reporting obligations include:

• Quarterly filing of reports with the UAE Federal Tax Authority (FTA)
• For companies with a high volume of transactions, monthly reporting is required.

Companies are also required to issue tax invoices to their counterparties for payment. Our team of consultants has extensive expertise in VAT compliance, enabling clients to optimize their operations and reduce associated burdens.

Consulting services regarding fund transfers from residents of the Russian Federation to the cards of individuals and legal entities residing in other countries, as well as assistance in facilitating such transfers.

Consultations on transferring digital currencies (USDT) from individuals who are residents of the Russian Federation to users in other countries.