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Banking & Financial Services

JSB Incorporation understands that while setting up your business, the challenge of navigating through the  banking and  financial intricacies found in the UAE can be huge hurdle to come over.

JSB Incorporation has access to on-the-ground professionals experienced  in the  financial and banking discipline in the UAE  and can provide vital services  at competitive prices .

 

These services include core banking advisory and administrative handling, prospective auditing, accounting, reporting, collections outsourcing, IPS systems, corporate and private account applications and the preparation of statutory financial statements.

 

Core banking services cover a full realm of advice on choosing the right banking services provider for your business and assistance navigating individual local and international institution requirements, along with assistance in successfully navigating the account set-up procedure.

Core Banking

UAE has a broad range of international and domestic banks all over the country and for your business it is important to correctly select your banking service provider.

Requirements for opening an account usually include;

• Identity documents

• Signatories list,

• Company structure overview

• Proof of address.

• A certificate of incorporation/trade license

• Details of company directors.

 

Most banks will also want to see a projection of company transactions, future profits and information clarifying the nature of the business.

For non-resident accounts, the Ministry of Foreign Affairs will need to certify documents.

When establishing banking arrangements in the UAE you will be required to physically sign for verification of your company bank account in the presence of the Banking Officer. JSB Incorporation also advises on which bank will best serve your company requirements and will assist you with all administration processes.

 

To open a company bank account  in UAE, the laws require you to  physically sign for verification  in the presence of the bank’s corresponding banking officer.

We at JSB Incorporation advices you on the bank and services best  suited for your business needs  and assist your throughout the whole process.

Statutory Financial Statements

Joint stock companies, L.L.C and partnerships limited by shares registered in the UAE require mandatory preparation of annual financial statements and need them to be audited within three months of the end of the financial year, which are to be filed with the relevant authorities like Ministry of Economy and Commerce.

International Financial Reporting Standards (IFRS) is utilized for the preparation of financial statements for all UAE entities.

 

UAE laws also require companies setup in free zones to prepare complete financial statements including P/L account, balance sheets  and explanatory notes.

In the UAE, Companies which are outside of free zones, other companies/ partnerships limited by shares have the option to prepare their financial statements in accordance with any generally accepted framework.

Subsidiary companies of listed companies that are registered in other jurisdictions have the option to prepare their financial statements in accordance with the framework followed by their parent company.

JSB works with a team of highly qualified auditors to assist you all your accounting requirements. Our auditor’s services include

 

• Monthly P&L reports

• Balance  Sheets

• Advising on Regulatory Compliance and Changes

• Advice on Controls

• Yearly Audited Accounts

• Process System Weaknesses

 

 

While UAE has issued no specific ethical standards, IFAC is usually followed.

Free zones in UAE have a rigorous accounting process including monitoring and streamlining of auditing practices. Review, monitoring and practices of audit firms is also conducted annually.

Auditors have a fixed period of one year to which they are appointed. The auditor can continue post approval of shareholder general assembly meeting.

 

 

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