Accounting & Bookkeeping
Services in Dubai
Accurate accounting is essential for informed decision-making, cost control, and measuring business performance. Our accounting services ensure your financial records remain accurate, up-to-date, and fully compliant with UAE regulations and International Financial Reporting Standards (IFRS).
The process of business setup in Dubai
1. Prepare Documentation
If you’re an overseas entrepreneur starting up in a new country for the first time, the documentation process can be daunting. We help you to make the right decisions for your Dubai company and handle all of the complex paperwork.
2. Business Licence
Choosing the right licence and applying for it are essential to getting your business setup in Dubai right. Having an in-depth understanding of the dos and don’ts around setting up your business licence will help you to avoid the common traps we see people fall into.
3. Visa Process
Private companies can obtain new employment entry permits for their employees provided they apply for residence visa status within 30 days of the employee’s entry into the UAE.
4. Bank Account
Setting up a corporate bank account in the UAE can be a little arduous for international entrepreneurs. It requires careful consideration and there are several boxes to tick to ensure you have everything in place before approaching your bank of choice.
Bank Account Opening in UAE
Opening a business bank account in the UAE can sometimes be a complex process because banks follow strict compliance and verification procedures set by the UAE Central Bank. Proper documentation and verification of business activities are required before an account can be approved.
However, with the right guidance, this process can become much smoother. At Shicks Business Hub, our team assists clients throughout the entire bank account opening process, helping them prepare the required documents and coordinating with the bank to ensure a smooth and hassle-free experience.
Important Things to Know
In-Person Application
For many banks in the UAE, the applicant’s physical presence is required during the account opening process. This allows the bank representative to verify the applicant’s identity, review documents, and have the necessary forms signed.
Online Application
If you are currently outside the UAE, the account opening process can often be initiated online. However, banks may still require a video call or phone verification. Once the application is approved, you may need to visit the UAE to sign the final documents and activate the account.
Processing Time
The processing time for opening a corporate bank account in the UAE may vary depending on the bank and the complexity of the application.
- Digital or online applications: around 14 days
- In-person applications: approximately 25 working days or longer
Book Free Consultation
Our UAE Bank Account Opening Service
Client Assessment
Our consultants first review your company’s business activities, operational structure, expected annual turnover, and available capital. Based on this assessment, we recommend the most suitable banks for your business.
Coordination with the Bank
If the bank requests additional information or verification, our team will coordinate directly with the bank and assist you in fulfilling these requirements.
Documentation Support
Our team will guide you in preparing and organising the necessary documents required for opening a corporate bank account.
Bank Account Opening in UAE: An Entrepreneur’s Guide
The United Arab Emirates has become one of the world’s fastest-growing destinations for entrepreneurs, investors, and professionals. Every year, thousands of people relocate to the UAE to take advantage of its business opportunities, high standard of living, and global connectivity.
If you plan to live, work, or start a business in the UAE, opening a local bank account is essential. A bank account makes it easier to manage your finances, receive payments, transfer funds, and pay for everyday services within the country.
To help you understand the process better, this guide explains how banking works in the UAE and how you can open a bank account smoothly.
Overview of the UAE Banking System
Before opening a bank account in the UAE, it is useful to understand how the banking sector operates. The country has a well-regulated and stable banking system supervised by the UAE Central Bank.
Alongside the central bank, there are around 50 local and international banks operating across the UAE. These financial institutions maintain strong liquidity levels and capital reserves, making the banking system reliable and secure.
Most UAE banks are largely funded through deposits, which helps them maintain stability even during economic fluctuations.
Banks in the UAE generally fall into four main categories:
- Commercial banks
- Investment banks
- Industrial banks
- Islamic banks
Islamic banking has seen significant growth in recent years. These banks operate according to Sharia-compliant financial principles, which avoid interest-based transactions.
Currently, the UAE has eight full-fledged Islamic banks and more than twenty Islamic banking windows, representing nearly 20% of the country’s banking sector.
In addition, UAE banks follow international financial regulations such as:
- International Accounting Standards (IAS)
- International Financial Reporting Standards (IFRS)
- Basel III capital adequacy regulations
This ensures transparency and reliability within the financial system.
Types of Bank Accounts in the UAE
When opening a bank account in the UAE, it’s important to understand the different types available. Banks offer several account options designed for both residents and non-residents.
Current Accounts
A current account is one of the most common types of accounts used in the UAE. It is designed for frequent transactions such as transfers, bill payments, and everyday banking activities.
Current accounts typically include:
- Debit card access
- Cheque book facility
- Online banking services
Many residents use current accounts to receive their monthly salary and pay rent through post-dated cheques.
Banks often offer two types of current accounts:
- Accounts with salary transfer
- Accounts without salary transfer
If your salary is transferred through the same bank used by your employer, the processing time is usually faster.
Most banks require a minimum balance of around AED 3,000, although this requirement may be waived when salary transfers are set up.
Current accounts can also be opened in several major currencies such as:
- UAE Dirham (AED)
- US Dollar (USD)
- British Pound (GBP)
- Euro (EUR)
- Japanese Yen (JPY)
- Saudi Riyal (SAR)
However, debit cards and cheque books are generally issued only for AED accounts.
Savings Accounts
A savings account is ideal for individuals who want to store funds and earn interest on their deposits.
Savings accounts generally offer higher interest rates compared to current accounts, although access to funds may be more limited.
These accounts may operate with either:
- Fixed interest rates
- Variable interest rates
Savings accounts can also be used to receive salary payments, although they usually do not include cheque book facilities.
Interest rates, fees, and minimum balance requirements may vary depending on the bank, so it’s always advisable to compare options before choosing one.
Investment Accounts
Many banks in the UAE also provide investment accounts that allow individuals to grow their capital over time.
Investment accounts usually require signing an agreement with the bank and depositing funds for a specific investment period.
Typical investment periods range between 12 months and 10 years, although longer terms may also be available.
Depending on the agreement, investment accounts may offer annual returns ranging from approximately 3% to 7%, although returns are not always guaranteed.
Offshore Accounts
Due to its large expatriate population, the UAE also offers offshore banking services, particularly in major business hubs such as Dubai.
Individuals holding a valid UAE residence visa can open offshore accounts to manage international financial activities such as importing, exporting, and global investments.
Offshore banking services may include:
- Asset protection
- Wealth management
- Portfolio management
- Private banking
- Business structuring
- Inheritance planning
These services allow investors to manage global assets securely and efficiently.
How to Open a Bank Account in the UAE
Opening a bank account in the UAE is generally straightforward once the required documentation is prepared. The process can take anywhere from a few days to several weeks, depending on the bank and account type.
Documents Required for UAE Residents
To open a current or savings account as a resident, banks usually require:
- Original passport and a copy
- UAE residence visa copy
- Salary certificate or employment letter
- Emirates ID or registration receipt
Documents Required for Non-Residents
Non-residents are usually limited to opening savings accounts only.
Although cheque books may not be provided, non-residents can still receive debit cards for ATM withdrawals and transactions.
Additional documents may include:
- Utility bill as proof of address
- Reference letter from your home bank
- Last six months of bank statements
- Proof of income or financial stability
Since banks must perform additional checks, opening a non-resident account may take longer.
Opening a Bank Account via Mobile Banking
The UAE is known for adopting advanced technology, and several banks now allow customers to open accounts through mobile banking applications.
While most banks offer mobile apps for managing accounts, only a few allow full account creation through the app.
Examples include:
- Liv (digital bank powered by Emirates NBD)
- Neo (digital banking by Mashreq)
- YAP (independent digital banking platform)
The process usually involves downloading the application, scanning your Emirates ID, completing verification steps, and depositing initial funds.
After the account is activated, your debit card is typically delivered to your address within a few days.
Corporate Bank Accounts in the UAE
If you plan to operate a business in the UAE, you must open a corporate bank account. UAE regulations generally prohibit conducting business transactions using personal accounts.
Corporate accounts are usually current accounts designed to handle higher transaction volumes.
Opening a corporate account typically takes two to four weeks, depending on the bank’s due diligence process.
Commonly required documents include:
- Company trade license
- Certificate of incorporation
- Share certificates
- Memorandum and Articles of Association
- Board resolution authorizing account opening
- Passport and visa copies of shareholders
Once these documents are verified, the bank will proceed with the account opening process.
Choosing the Right Bank in the UAE
Opening a bank account as an expatriate may feel overwhelming at first, but UAE banks are well accustomed to serving international clients. In fact, more than 80% of the UAE population consists of expatriates, so banks provide services tailored to global customers.
Before selecting a bank, it is advisable to ask a few key questions:
- Is there a minimum balance requirement?
- What fees or penalties apply?
- Are salary transfers required?
- What are the withdrawal limits?
- Are there fees for debit cards or cheque books?
- Are international transfers supported?
- How many ATMs are available?
Answering these questions will help you determine whether a bank meets your financial needs.
It can also be helpful to check whether your employer uses the same bank, as this can make salary transfers faster.
Business Credit Cards in the UAE
Business credit cards are designed to help entrepreneurs manage business-related expenses. These cards allow companies to make purchases on credit while maintaining proper financial records.
A business credit card can also help build a strong credit history for your company, which may be beneficial when applying for future financing.
Eligibility requirements vary depending on the bank but usually include:
- Minimum income requirements
- Valid company trade license
- Proof of business activity
Choosing the right credit card depends on factors such as rewards programs, spending limits, and annual fees.
Manage Your Finances Easily in the UAE
Opening a bank account in the UAE is an important step for anyone planning to live, work, or start a business in the country. With the right documentation and guidance, the process can be straightforward and efficient.
If you are planning to establish a company or open a corporate bank account in the UAE, Shicks Business Hub can assist you with the entire process — from company setup to banking support and compliance guidance.
Our team helps entrepreneurs and investors navigate the UAE business landscape smoothly and confidently.
Accounting Services in UAE
Our Accounting Services
Our accounting team handles the recording and maintenance of your company’s daily financial transactions. This includes managing invoices, expenses, and bank reconciliations so you can focus on growing your business while we maintain your financial records accurately.
We assist businesses in managing their monthly payroll operations efficiently. Our payroll services include salary calculations, generating payroll reports, gratuity calculations, and issuing employee payslips, ensuring compliance with UAE labour regulations.
Understanding your company’s financial position is essential for making informed decisions.
These reports typically include:
• Trial Balance
• Profit and Loss Statement
• Balance Sheet
• Cash Flow Statement
• General Ledger Reports
Account reconciliation ensures that your financial records remain accurate and consistent. Our accountants review your financial data to confirm that balances in your general ledger match bank statements and other financial records, helping to identify discrepancies and maintain accurate reporting.
Preparing for an audit can be complex, but our team provides full support during the auditing process. We ensure that your financial records are well-organized and maintained according to International Financial Reporting Standards (IFRS), helping make the audit process smoother and more efficient.
The Ultimate Guide to Business Accounting Services in Dubai
Accurate financial records are essential for every business operating in Dubai. Proper accounting helps companies track their financial performance, manage taxes correctly, and comply with UAE regulations.
Many businesses struggle with accounting and bookkeeping, especially startups and small companies. Poor accounting practices can lead to financial mismanagement, legal issues, penalties, or even suspension of a business license.
For this reason, many companies in Dubai prefer outsourcing accounting services to professional firms that manage financial records, tax filings, and reporting efficiently.
Accounting and Bookkeeping Regulations in Dubai
Businesses operating in the UAE must follow recognized accounting standards. The country follows internationally accepted financial reporting practices to ensure transparency and compliance.
Some key accounting principles include:
Revenue is recognized when it is earned.
Expenses are recorded when they are incurred.
Assets and liabilities should generally be measured at fair value.
These standards help businesses maintain accurate financial statements and comply with tax regulations.
Key Accounting Policies Businesses Must Follow
Record Keeping
According to UAE regulations, companies must maintain financial records for at least five years. However, the Ministry of Finance recommends keeping records for up to ten years to support tax compliance and audits.
Cash Receipts
Transactions must be supported by proper receipts that include:
Business name
Date of transaction
Signature of the issuer
Amount and nature of the transaction
These records ensure transparency and help maintain accurate accounting records.
Bank Transactions
All business transactions processed through banks should be supported by bank statements and transaction details. Maintaining these records helps businesses prepare financial reports such as profit and loss statements and annual budgets.
VAT Compliance
Since the introduction of Value Added Tax (VAT) in 2018, businesses in the UAE must comply with VAT regulations and file VAT returns when applicable.
Proper accounting practices help ensure that VAT calculations and filings are accurate and submitted on time.
How Businesses Manage Accounting in Dubai
Companies usually manage their accounting in two main ways.
Hiring an In-House Accountant
Some businesses hire permanent accounting staff to manage bookkeeping, reconciliation, and financial reporting. While this provides direct control, it can be expensive due to salaries, insurance, and training costs.
Outsourcing Accounting Services
Many companies prefer outsourcing accounting services to professional firms. This allows businesses to access experienced accountants without the cost of hiring a full-time team.
Outsourced accounting services may include:
- Bookkeeping
- Payroll processing
- Accounts payable and receivable management
- Budgeting and financial planning
- Tax and VAT preparation
Benefits of Outsourcing Accounting Services in Dubai
Cost Efficiency
Outsourcing accounting can significantly reduce operational costs compared to maintaining a full-time accounting department.
Businesses save money on:
- Salaries
- Insurance and benefits
- Recruitment and training costs
Access to Professional Expertise
Professional accounting firms provide experienced specialists who understand UAE regulations and financial reporting standards. Their expertise helps businesses maintain accurate records and make better financial decisions.
Focus on Core Business Activities
Managing accounting internally can be time-consuming. Outsourcing allows business owners to focus on growing their business, managing clients, and expanding operations.
Regulatory Compliance
Accounting professionals ensure that financial records remain compliant with UAE tax regulations, VAT requirements, and reporting deadlines, reducing the risk of penalties.
Work With a Reliable Accounting Partner
Outsourcing accounting services can help businesses maintain accurate financial records, stay compliant with regulations, and improve financial management.
At Shicks Business Hub, we provide professional accounting, bookkeeping, payroll, and VAT support services for businesses across the UAE. Our experienced team ensures your financial records remain accurate and compliant while allowing you to focus on growing your business.
You can contact Shicks Business Hub for expert guidance on accounting and financial management in Dubai.
Mandatory Compliance Services in UAE
goAML Compliance
The goAML system is a mandatory platform introduced in the UAE to help monitor and prevent money laundering and terrorism financing activities.
Companies operating in certain sectors are required to register on the goAML platform and report any suspicious financial activities to the authorities.
Our team at Shicks Business Hub assists businesses with:
• Registering on the goAML portal
• Understanding compliance requirements
• Submitting Suspicious Activity Reports (SAR) when necessary
• Ensuring ongoing compliance with UAE anti-money laundering regulations
Ultimate Beneficial Owner (UBO) Registration
The UAE government requires companies to declare their Ultimate Beneficial Owners (UBO) to increase corporate transparency and strengthen regulatory oversight.
UBO registration identifies the individuals who ultimately own or control a company. This requirement applies to most mainland and free zone businesses operating in the UAE.
• Preparing the required UBO documentation
• Filing your UBO declaration with the relevant authorities
• Ensuring your company remains compliant with UAE regulations
Your Guide to Business Compliance Services in UAE
Running a business in the UAE requires following various laws and government regulations. These rules are designed to maintain transparency, prevent financial crimes, and ensure that businesses operate legally.
Business compliance services help companies understand and follow these regulations correctly. At Shicks Business Hub, we assist businesses in staying compliant with UAE laws while focusing on their growth and operations.
What Is Business Compliance?
Business compliance refers to ensuring that a company operates according to the legal and regulatory requirements of the country. This includes following licensing rules, employee regulations, financial reporting standards, and tax requirements.
Because regulations frequently change, it can be challenging for business owners to keep track of them. Professional compliance services help ensure that your company remains fully aligned with UAE laws.
Why Do Businesses Need Compliance Services?
The UAE has strict regulations for businesses. Failing to comply with these rules can result in heavy penalties, fines, business restrictions, or even legal action.
With the help of Shicks Business Hub, businesses can stay updated with regulatory changes, avoid compliance risks, and ensure smooth operations.
Common Business Compliance Issues
Some common compliance issues faced by businesses in the UAE include:
- Operating without a valid trade licence
- Not registering employees with the Ministry of Human Resources and Emiratisation (MOHRE)
- Trading restricted or banned goods
- Failing to comply with tax regulations
Maintaining proper compliance helps businesses avoid legal complications and maintain credibility in the market.
Corporate Tax Compliance
The UAE introduced a 9% federal corporate tax on taxable profits exceeding AED 375,000, effective from 1 June 2023.
Businesses must ensure proper accounting, financial reporting, and tax filing to remain compliant with the new tax regulations. Free Zone companies may still benefit from tax incentives if they meet specific conditions.
goAML Compliance
The goAML system was introduced in the UAE to combat money laundering and terrorism financing.
Businesses operating in certain sectors must register on the goAML platform and report suspicious financial activities when required.
At Shicks Business Hub, we assist with:
- goAML registration
- Document submission to the Financial Intelligence Unit (FIU)
- Suspicious Activity Report (SAR) filing
- Ongoing compliance monitoring
Failure to comply with goAML regulations can result in heavy fines and legal action.
Ultimate Beneficial Owner (UBO) Registration
The Ultimate Beneficial Owner (UBO) is the individual who ultimately owns or controls a company. UAE regulations require companies to identify and register their UBO to maintain transparency.
A person is generally considered a UBO if they:
- Own 25% or more shares in a company
- Have significant voting rights or decision-making authority
- Exercise control over the company’s management
Companies must maintain records of shareholders, nominee directors, and ownership structures to ensure proper compliance.
Our experts at Shicks Business Hub can help you complete your UBO registration and declaration efficiently.
How Shicks Business Hub Can Help
At Shicks Business Hub, our compliance specialists provide professional support to ensure your business meets all regulatory requirements in the UAE.
Our services include:
- Trade licence compliance support
- MOHRE employee registration assistance
- Corporate tax compliance guidance
- goAML registration and reporting
- UBO declaration and documentation
Our goal is to simplify compliance procedures so that you can focus on growing your business.
The Importance of Business Compliance
Business compliance is essential for maintaining a legally operating company in the UAE. Staying compliant helps protect your business from penalties, ensures transparency, and builds trust with authorities and clients.
If you need professional assistance with business compliance in the UAE, the team at Shicks Business Hub is here to support you.
E-Commerce - Introducing FYNDO
Our Official Partners
Our Services Include:
We provide everything you need to start and grow your E-Commerce business
Learn how to build and scale your E-Commerce business with our expert-led training programs
Expand your business across the Middle East with our regional expertise
Efficient logistics to streamline your operations
We design and develop high-performing E-Commerce websites
Services
Focus on growth while we handle operations
Online Store Setup
- Shopify & custom store development
- Conversion-focused design
- Payment & shipping integration
- Ready-to-sell setup
Product Hunting & Market Research
- High-demand product research
- Competitor analysis
- Profit margin evaluation
- Trend forecasting
Virtual Assistant Services
- Order management
- Customer support
- Store management
- Daily operational tasks
E-Commerce Training
- Beginner to advanced training
- Live practical sessions
- Proven selling strategies
- Marketplace insights
Gulf Market Setup
Expand your business into high-potential Middle Eastern markets:
- UAE, KSA, Qatar, Kuwait, Oman & Bahrain setup
- Local compliance & registration
- Marketplace onboarding (Amazon, Noon, etc.)
- Regional growth strategy
3PL & Warehouse Facility
Seamless logistics to power your business:
- Third-party logistics (3PL)
- Inventory storage & management
- Fast order fulfillment
- Reliable warehousing solutions