Looking for setting up a bank account? Or having set up the Company but looking for traction, that is, growth? Looking for banking facilities but not been able to break through?
We will look at your existing business profiles, connect with banks and structure the best possible arrangement for you.:
Back to opening of bank accounts: We assist in setting up Corporate bank accounts, both setup in the mainland and in the Free Zones. The due diligence process followed by the banks is different: For the free zones, the process is more stringent, especially when it is totally a new set up, the Central Bank guidelines have to be adhered to. This is where we come in: We talk to various banks mapped based on your requirements and co-ordinate the process for you.
Depending on the type of license, company profile and nationality, it may take between one to four weeks to set up a Corporate bank account and we will be with you throughout the process. Although this will be basically be guided by the Bank’s internal policy and the rules laid down by the Central Bank of the UAE,we will assist you to get over this process.
- Company Trade License;
- Share certificate in case of a free zone company;
- Memorandum / Articles of Association
- Office Lease agreement
- Passport copy, Emirates ID and Residence visa of the Shareholder and Manager (if different from the Shareholder)
- Proof of source of funds
- Business plan (if requested)
Further, we can assist your staff / employees / associates to set up individual (salary) accounts (personal accounts). This should take about one to two weeks,depending on the nationality.
In short, come to us if you need to save time as we are well aware of the documentation requirements.
In addition, we undertake:
- Project feasibility studies: Planning to set up a new hospitality venture? Come to us and we will provide you with a detailed feasibility report
- Company formation
- Setting up of SOP’s / policies and procedures
- Process review
- Internal controls
- Back office support: Accounting & bookkeeping outsourcing
- VAT Registration, filing of returns and payment.
Do look at our other info tabs for more.
The team? Here is the profile of our management consultancy head:
Baiju Narayanan, ……
Accounts & Bookkeeping
Zabeel now opens the door for a professional, hassle free, outsourcing of your accounting backoffice. Whether you are planning to set up a new entity in UAE
and are looking for a team to set up and manage the accounting function for you from scratch or are an existing business setup who needs to downsize its
accounts team or outsource it fully, our team will do this seamlessly, thereby enabling you to focus on your core strength: Building your business.
For new Companies, We help:
- Review your accounting needs and zero down on the most effective accounting system that is required to be deployed for a business of your size;
- Takes into consideration possible scale up that may be needed in future;
- Set up your entire accounting package, right from the Chart of Accounts to start your back office functions;
- Help you set up your bank account with a banking partner best suited to your needs (Refer Finance / Banking for further details);
- Advise you on when to complete / do your VAT registration process as per FTA requirements;
- Do the VAT registration process and filing of VAT returns;
- Do the entire book keeping for you;
- Prepare Business plans (Strategic) as well as Budgets as per your plans;
- Compile an MIS suited to your reporting needs;
- Finalise the financial statements: Your B/S, Income statement, Equity statement and Cash flow statement;
- Handle audit through our professional panel of auditors.
All this done with an amazing value for money package with the highest degree of professional competence.
There will be a selected team who will service your requirements. This, again reiterating, will:
- Reduce your investment in employees / associates. By having a completely outsourced desk, you save on visa costs, emirates id expenses, medical
insurance and other incidental costs;
- The selected team will be constantly trained on the current accounting practices and other industry requirements, utilizing our in-house training
division, which means zero training costs for you;
- As stated above, no need to look for another VAT consultant we will do that in house for you as part of the package;
- Data security: If required, we can even provide an IT consultant who can look into your data needs and provide solutions (such as having your own
data server) and can also implement / do the needful.
All in all, a hassle free, theoretically 24/7 solution to your accounting, book keeping and auditing needs, thereby enabling you to grow your business and leave
the back office worries to us.
Baiju Narayanan, Member of CMA (IMA, USA). His profile in brief:
Mark Demonteverde, IT consultant. His profile in brief:
UAE is now part of the VAT implementing countries, the others being Saudi Arabia (KSA) and Bahrain. UAE and Saudi Arabia implement VAT from 01 st January
2018 and Bahrain joined in later, from 01 st January 2019.
So what changed for businesses?
- Ensuring that all requirements of the Federal law relating to VAT are complied with;
- Increase in back office costs;
- Streamlining of record keeping;
- More importantly, having a VAT consultant or advisor or inhouse associate who understands the law, without risks of any penalties due to non-
This is where Zabeel management consultants come in. We look at every aspect of your business, right from Invoicing to delivery to collections and ensure that
not only are you are in compliance with the VAT law, but also all aspects, starting from documentation to filing of returns and payment of VAT are taken care
of, thereby freeing up your time to focus on things that you can do better.
With the implementation of VAT in UAE, there are many aspects that need to be clearly understood from a business stand point:
- When do you register for VAT?
- What is a standard rated supply?
- Which is an exempt supply?
- Which is a zero-rated supply?
- Industry specific implementation of VAT. For example, you own both a commercial property and residential property or a property part of which is for
commercial use and another for non-commercial (residential) use then how will you implement the VAT process?