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Entrepreneurs can open corporate accounts in traditional banks with physical branches, as well as in digital banks and payment systems.
When choosing a bank to open a corporate account, consider the following: service level, fees, available currencies, online banking performance, bank reputation, as well as other conditions that may be important for your business.
Successfully opening a corporate bank account requires a well-prepared documentation package, which may vary depending on the specific requirements of each bank. Documents submitted incorrectly or incompletely may negatively affect the bank's final decision in processing the application.
Entrepreneurs can open corporate accounts in traditional banks with physical branches, as well as in digital banks and payment systems.
When choosing a bank to open a corporate account, consider the following: service level, fees, available currencies, online banking performance, bank reputation, as well as other conditions that may be important for your business.
Successfully opening a corporate bank account requires a well-prepared documentation package, which may vary depending on the specific requirements of each bank. Documents submitted incorrectly or incompletely may negatively affect the bank's final decision in processing the application.
Entrepreneurs can open corporate accounts in traditional banks with physical branches, as well as in digital banks and payment systems.
When choosing a bank to open a corporate account, consider the following: service level, fees, available currencies, online banking performance, bank reputation, as well as other conditions that may be important for your business.
Successfully opening a corporate bank account requires a well-prepared documentation package, which may vary depending on the specific requirements of each bank. Documents submitted incorrectly or incompletely may negatively affect the bank's final decision in processing the application.

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Since January 1, 2018, the UAE has implemented a VAT rate of 5%, which applies to most goods and services and is charged to companies operating within the country, except for those registered in designated zones.
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A Designated Zone is a territory within a free zone that is treated as outside the UAE for tax purposes, allowing goods to be exempt from taxation, provided certain criteria are met. The main taxation rules in Designated Zones are as follows:
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The Designated Zones are listed in the Cabinet Decision to Federal Decree-Law No. (8) of 2017 on Value Added Tax (VAT).
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Goods moved between or within Designated Zones are not subject to tax.
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The export and import of goods between a Designated Zone and a foreign company are also not subject to tax.
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For local companies and those registered in Non-Designated Zones (free zones not included in the Designated Zones list), the standard tax rules set forth in the Federal Decree-Law on VAT apply.
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Companies with an annual turnover exceeding AED 375,000 are required to register with the Federal Tax Authority (FTA) as VAT taxpayers.
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Companies with a turnover between AED 187,500 and AED 375,000 may register on a voluntary basis.
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Companies can offset VAT paid on purchases of goods and services (input VAT) against the VAT they collect on sales (output VAT), shifting the tax burden to the final consumer.
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Some goods and services may be exempt from VAT or taxed at a 0% rate, such as international transportation, educational, and medical services.
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</ul>
</ul>

Value Added Tax (VAT)

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As of June 1, 2023, the UAE has introduced a corporate tax at a rate of 9%, levied on the taxable net profit of companies with income exceeding AED 375,000.
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A 0% rate is applied to taxable income not exceeding AED 375,000.
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Charitable, non-profit organizations and medical institutions are fully exempt from corporate tax.
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</ul>

Corporate Tax

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Since October 1, 2017, the UAE has introduced an excise tax aimed at reducing the consumption of harmful products and funding healthcare initiatives. The tax applies to alcohol, tobacco products, and beverages containing added sugar, including energy drinks and carbonated beverages.Excise tax rates vary depending on the product category:
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50% on carbonated drinks (excluding mineral water)
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100% on tobacco products
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100% on energy drinks
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100% on electronic smoking devices and liquids used for them
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50% on products containing added sugar or sweeteners.
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Companies dealing with excise goods must register with the Federal Tax Authority (FTA), submit monthly declarations, and maintain records. Excise tax is paid upon the import, production, or release of goods for consumption in the UAE.
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Excise Tax

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Custom duties in the UAE are applied to most imported goods at a standard rate of 5% of the cost, insurance, and freight (CIF). Exceptions include certain categories of goods, such as medicines and food products, which may be exempt from duties or subject to a reduced rate.
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Goods imported into UAE free zones are generally not subject to customs duties as long as they remain within these zones. However, when such goods are transferred to the UAE mainland, standard duties apply.
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Customs Duties

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In the UAE, personal income is not subject to taxation.
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UAE citizens and residents are exempt from paying taxes on their personal income, including salaries, interest, dividends, inheritances, gifts, luxury goods, and capital gains.
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Personal Income Tax

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<li>Individual emirates may impose specific local taxes and fees in line with their economic and social needs. These taxes and fees are aimed at supporting public services and implementing infrastructure projects.</li>
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Local Taxes and Fees

The free zone is situated in Sharjah, the cultural capital of the UAE, in close proximity to both Dubai and Sharjah airports, as well as the Khalid and Hamriyah ports. This provides easy access to key markets in the Middle East, Africa, and South Asia, positioning the free zone as a vital logistics and trade hub.

Strategic location

The free zone offers a comprehensive business ecosystem, including modern D/Quarters office spaces, coworking spaces, and specialized studios for content production. It also supports startups and creative projects through in5 acceleration programs, providing mentorship and access to investors. This ecosystem fosters collaboration, knowledge sharing, and the implementation of innovative solutions, driving long-term business growth and strengthening the free zone&rsquo;s position in the global media industry.

Business Ecosystem

Type of business: Companies registered in the UAE with a valid license

Type of business: Freelancers with a freelance permit issued by the licensing authority

Type of business: Sole proprietors or individuals with exclusive rights to open and operate a bank account for their company

Personal bank accounts could be opend for UAE residents only.

Foreign incorporated companies can register their branch

Type of business: Cryptocurrency exchanges and trading

Type of business: Gambling establishments

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Wio Bank is a digital financial platform established in 2022 with the goal of providing advanced banking services and products for individuals and businesses.
Wio Bank is regulated by the Central Bank of the UAE, with shareholders including Abu Dhabi Development Company ADQ, Alpha Dhabi Holding, e&amp;, and First Abu Dhabi Bank (FAB). Founded on principles of flexibility, accessibility, and technological progress, Wio Bank aims to transform the banking sector by making it convenient and accessible for every client.
Wio Bank offers three main products in different rates:
<ul>
<li>Wio Business (rates Wio Standard, Wio Plus)</li>
<li>Wio Personal (rates Wio Essential, Wio Grow)</li>
<li>Wio Invest</li>
</ul>
Wio BusinessA product aimed at freelancers, startups, and small, medium, and large businesses, providing flexible and convenient banking solutions.&nbsp;Overview and Key Features:
<ul style="list-style-type: circle;">
<li>Access to a Corporate AccountJoint financial management by multiple users with multi-level approval.Multi-Currency Accounts.&nbsp;Accounts in AED, USD, EUR, and GBP are available for international payments, with a guaranteed exchange rate for transfers from AED to USD.</li>
<li>Automation of Accounting OperationsIntegration of the corporate account with leading accounting platforms for managing invoicing, VAT, procurement, payroll, and other operations.Invoicing. Automated tools assist in creating invoices, generating instant Stripe links for bill payments, and accepting payments through POS terminals.</li>
<li>Payroll Payments (WPS)A simplified system for transferring employee salaries using WPS.</li>
<li>Employee Bank CardEmployees can use physical and virtual cards for pre-approved expenses with set limits.</li>
<li>Saving Spaces AccountSaving funds in separate accounts for tax payments, rent, and other bills.</li>
<li>Wio Business CreditAccess to loans up to 250,000 AED for business development at low interest rates, with loan applications reviewed within 3 working days.</li>
</ul>
Wio PersonalA product for individuals, offering mobile and online banking solutions. Overview and Key Features:
<ul style="list-style-type: circle;">
<li>Spending with WioThe Wio Personal Mastercard allows for the use of both personal and borrowed funds, switching between debit and credit modes on a single card, earning cashback on all expenditures. The card is available in both physical and virtual formats, enabling real-time transaction tracking and budget control.</li>
<li>Wio CreditOffering low-interest credit with a 60-day interest-free period and instant application approval. It provides the option to choose billing dates and enable autopayments to avoid missed payments.</li>
<li>Savings AccountSavings with the best interest rates are available in two types: Fixed Saving Spaces and Saving Spaces. Fixed Saving Spaces offer higher interest rates for a fixed term, while Saving Spaces provide flexibility in money management, requiring no minimum balance and allowing instant access to funds.</li>
<li>Investment AccountAccess to over 2,000 UAE and US stocks, ETFs, and fractional shares through a single app with easy account funding and instant trading, starting from just $1.</li>
<li>International TransfersSecure money transfers to over 100 countries with competitive exchange rates and no hidden fees.</li>
<li>Automated Recurring TransfersThe "Scheduled Transfers" feature allows for automatic regular payments to any valid IBAN, eliminating the need for manual reminders.</li>
<li>Wio Carbon Calculator Tracking and improving daily spending with environmental impact in mind, with the option to offset the carbon footprint through donations to restore the UAE's mangrove ecosystems.</li>
</ul>
Wio InvestA product for private investors, offering a convenient online platform for managing investments. This includes access to various investment tools and services.
Wio Bank does not have its own ATMs, but cash withdrawals and deposits can be made without fees at First Abu Dhabi Bank (FAB) ATMs.

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Download the company formation guide

Cost estimate

Request to issue a license

Selecting the office space

Signing of the IFZA registration forms

Issuance of incorporation documents

Obtaining an Establishment card

Request for Entry Permit/E-visa

Status change (if applicable)

Request for medical fitness test

Submission of the application for obtaining Emirates ID

Medical fitness test

Submission of Biometric data

Issuing the UAE resident visa (E-residency)

Obtaining the Emirates ID

Submission and review of documents for opening a corporate bank account

Tariffs

Guide

Self-service company registration with no extra fees

Сhat Support

Assistance with document review and submission

Expert

An UPPERSETUP expert manages the entire process

Feedback from our clients