Securing UAE Tax Residency Certificate with India
Our Client contacted Healy Consultants at the end of June 2016 for assistance in securing a UAE Tax Residency Certificate (TRC) with India by August. Our Client facilitates delivery of global technologies with customized local solutions for Bauxite & Alumina and wider Mining, Minerals and Chemicals industry. It is based in San Francisco and has a major partner located in India.
Our Firm confirmed that a TRC can only be issued to an active company that is at least 1-year-old. Unfortunately, our Client did not meet this requirement and consequently we suggested our Client to buy a ready-made company that complied with the minimum requirements. Our Client agreed and our Senior Manager of Client Engagement, Ms Chrissi Zamora started sourcing and shortlisted 6 suitable companies. Eventually, our Client chose to proceed with an Umm Al Quwain (UAQ) company that was 1.5 years old.
Company purchase and TRC application
Healy Consultants conducted a due diligence check of the company including audited the company’s financial statements. Healy Consultants emailed our Client the results of our due diligence check and concluded the company was in good standing.
Immediately after, we prepared and submitted a TRC application to the UAE Ministry of Finance. The application included i) company documents, ii) audited financial statements, iii) 6-month bank statements, showing operational activities and iv) the personal information of the resident manager. Luckily, UAE Ministry of Finance approved the application in five days.
Right after we secured the TRC, we made changes to the company’s corporate structure to appoint our Client’s preferred new managers, directors and shareholder. The process was successfully finalized within 2 weeks.
During our engagement planning, we agreed with our Client that we would assist our Client to change the bank signatory of the existing corporate bank account at Noor Bank in Dubai and also open a new Emirates NBD bank account.
Our Client travelled to Dubai in early September and met with our preferred bank officers. The bankers conducted a due diligence check following which i) he was successfully appointed as sole bank signatory to Noor Bank’s existing corporate account within 5 days and ii) Emirates NBD account was successfully opened within 9 days.
In September, we couriered a company kit to our Client and received excellent feedback with regards to the services provided by Healy Consultants. For more information on this engagement and/or to obtain the contact details of our Client, please contact our Senior Manager of Clients Engagements, Ms Chrissi Zamora.