UAE client case studies
UK Sports Consulting Company Establishes a Branch in Dubai
Our client, a global sports consulting and management conglomerate with their headquarters in the UK and with subsidiaries in Latin America and the Middle East wished to establish a presence in Dubai to venture into the untapped niche market in the region. Having found Healy Consultants Group PLC business website through Google, our Client approached Healy Consultants in February 2017 to determine the ultimate corporate structure and Dubai free zone to register their business. After expert analysis and deliberations with Healy Consultants’ UAE business setup experts, our Client decided to register a branch office in the Dubai Media City Free Zone.
Healy Consultants Group PLC prepared and emailed our Client an engagement advancement proposal including a formal invoice, engagement letter and due diligence checklist and a list of our existing and past client for professional refence. Our Client promptly provided us with the due diligence documents and settled our fees in full. Thereafter, Healy Consultants Group PLC prepared a detailed engagement project plan mapping out a step by step plan to engagement completion as well as a quality business plan to assist with corporate bank account opening in Dubai.
Healy Consultants Group PLC firstly confirmed with the Dubai Media City Free Zone Authority the optimum cluster suitable for our Client’s business and informed our Client of the same. Healy Consultants Group PLC then prepared the corporate structure, obtained the necessary branch registration documents from the DMC, prepared the board resolution and emailed the same to our Client for signature, notarization and attestation in the UK and courier back together with other additional parent company documents. Upon receipt of the original attested documents from our Client, Healy Consultants Group PLC submitted the complete quality branch registration application with the DMC FZA. Within 1 week of application submission, Healy Consultants Group PLC obtained the approval of the DMC FZA, secured the Commercial License of the branch office and immediately emailed our Client a scan copy of the same.
Corporate bank account opening
With the branch registered and commercial license obtained, Healy Consultants Group PLC approached multiple Dubai banks to secure in writing their interest for our Client’s business activity. Healy Consultants Group PLC then prepared all the required bank due diligence documents and scheduled multiple meetings with Dubai banks in accordance with our Client’s preference. Upon meeting with the bank officers at Healy Consultants Group PLC Dubai office, our Client decided to proceed with Emirates NBD Bank as their preferred banking institution and signed the necessary bank forms. Further, Emirates NBD advised that parent company documents had to be notarized and attested in UK and originals couriered bank to Dubai.
Upon receipt of the signed, notarized and attested documents, Healy Consultants Group PLC assisted our Client to complete the legalization process with the Ministry of Foreign Affairs (MOFA) in UAE. Healy Consultants banking team thereafter submitted a quality corporate bank account application to Emirates NBD for consideration. Within 2 weeks thereafter, Emirates NBD compliance department approved the multicurrency corporate bank account and directly emailed our Client the bank account numbers. The bank then couriered the internet banking token to our Client’s UK address within the subsequent 3 weeks.
To conform to the DMC’s statutory requirements, Healy Consultants Group PLC procured and provided our Client with a company stamp from a UAE Government approved agent. Upon receipt of all the corporate documents, our Client’s legal representative collected all the original branch office documents from Healy Consultants Group PLC’s Dubai office.
Securing UAE Tax Residency Certificate with India
Our Client contacted Healy Consultants
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.