Business In UAE | Earning Your Trust Everyday

Business in UAE: Keeping funds on your behalf, make payments, bookkeeping, nominee services, signatory, bank, and act as manager

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Trust and fiduciary services that are offered to you, which require us to act as per your instructions are:

1. Keeping funds on your behalf

• Keep in bank funds on your behalf.
  • You may instruct us to make payments from these funds as you deem appropriate.
  • You may instruct us to make transactions on your behalf.

• Acting on your instructions we will buy or sell assets on your behalf.

• Rent property and engage maintenance services for it.

• Pay your bills locally or internationally.

•  Transfer funds for your petty cash expenditures when you travel.

• Set up special purpose vehicles [SPV] for other investments you may want to make.

• Create investment accounts for you to trade in stocks and bonds on international investment platforms.

Varal fee for funds holding & disbursement: US$ 130 per transaction & 0.4% per month of average balance in the bank.

Choose among the three different subscription plans and get the best one according to your needs for managing your documentation. Try HABOT now.

2. Bookkeeping

• All financial transactions are booked.

• Bank statements are recorded and kept.

• Online access to your accounts can be given.

• Having accounts audited.

• Generating reports as required.

Wouldn’t you like to avoid hiring a full-time accountant and paying for visa and other government costs?

Varal fee for accounting & bookkeeping services: US$ 1,000 minimum per year. This is called engagement fee; US$ 5 per transaction extra if the number of transactions per month exceeds 5.

Choose among the three different subscription plans and get the best one according to your needs for managing your documentation. Try HABOT now.

3. Nominee services

• Acting on behalf of the ultimate beneficial owner.

• You can take advantage of nominees for 3 positions
  • Shareholder
  • Director
  • Secretary

• How it works
  • Beneficial owners and Varal sign a legal confidential nominee services contract.
  • The contract states that Varal is only a nominee, the real owners are the beneficial owners, and that Varal is acting only as per the beneficial owner’s written instructions.
  • The contract can be legally enforced.
  • You get a general power of attorney to run the business if you wish.

• Benefits
  • Beneficial owners are confidential.
  • United Arab Emirates [UAE] is currently a zero tax country, so the entity won’t be taxed.
  • Beneficial owners need not carry out registration or other formalities.
  • Complying with future legal requirements are also then carried out by the nominees.

Varal fee for nominees in offshore companies: US$ 1,150 per year per nominee position. US$ 10 per document.

Varal fee for nominees in Dubai local or UAE free zone companies: US$ 1,950 per year per nominee position. US$ 10 per document.

Choose among the three different subscription plans and get the best one according to your needs for managing your documentation. Try HABOT now.

4. Virtual office for offshore companies

• In case you need a Dubai office address you can avail of
  • An office address
  • Fax forwarding
  • Telephone
  • Email
  • PO Box address

• Steps
  • Once your company is open sign a virtual office agreement with Varal and we will act as your virtual office.

Varal fee for virtual office services: US$ 1,550 per year.

Choose among the three different subscription plans and get the best one according to your needs for managing your documentation. Try HABOT now.

5. Acting as a ‘Manager’ for your company

• Every free zone company in the UAE requires the appointment of a ‘Manager’ who is the legal representative of the company when dealing with the government.

• The real owners may not live in the UAE and so may need to appoint someone as their Manager.

• Varal offers to act as ‘Manager’ in such cases.

• The client won’t have to deal with the government.

• Occasionally, issues will arise which will need to be resolved.

• ‘Manager’ is also allowed to sign legal contracts as instructed by the client.

• Steps
  • Accept and sign a contract with Varal to act as a Manager.
  • A Manager is deemed to have a power of attorney to act on behalf of the company.

Varal fee for acting as a ‘Manager’: US$ 1,550 to 2,000 per year depending on the range of services required.

Choose among the three different subscription plans and get the best one according to your needs for managing your documentation. Try HABOT now.

6. Working with your bank on your behalf

• Bank coordination
  • On several occasions, your Dubai bank will ask questions which will require us to physically go to the branch and coordinate with the bank.
  • Sometimes emails are not enough.
  • Other queries that must be resolved.
    • About transactions.
    • Company’s document status.
    • Updating of company’s records.
  • These must be resolved at the local level to avoid freezing of the account.

Would you rather pay someone to do this local troubleshooting or fly down to Dubai for this resolution?

Varal fee for bank coordination: US$ 500 per year depending on the range of engagement required.

• Bank signatory
  • For several clients, it isn’t legally or operationally feasible to have a signatory for their account to do the signatures who resides in their home country.
  • For tax purposes, you may want your bank signatory to reside in the country where the bank account is opened.
  • Varal expedites signatures and fund transfers by acting as a local signatory. Naturally, acting as per instructions of the client.

• Steps
  • Bank signatory contract.
  • If the client is a company they need to pass a Board of Director’s resolution appointing Varal’s representatives as a bank signatory.
    • This must be attested by the UAE Embassy in your home country.
    • And further attested by UAE Ministry of Foreign Affairs.
    • Varal will then submit these documents to the bank and have an employee appointed as the bank signatory.

Varal fee for acting as bank signatory: US$ 1,000 per year depending on the range of engagement required. USD 10 per transaction where the signature is required.

Choose among the three different subscription plans and get the best one according to your needs for managing your documentation. Try HABOT now.

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