Questions & Answers
Questions & Answers
8 available 8 • View allKYC: Why banks ask for your local sponsor documents to open a business account?
0
Q: Hi,
I own a business in Abu Dhabi (a sole establishment) where I am the 100% shareholder as per trade license. The name of the Local Service Agent also appears on the Trade License as a Sponsor. The Local Service Agent is not an Owner, Partner or Manager.
While opening a business account, the bank asked me for the passport copy and Emirates ID of the Local Service Agent, is that mandatory? As the Local Service Agent is not an owner nor a partner or a manager, why the bank cannot open a business account with just my personal details?
A notarized Local Service Agent agreement was provided to the bank but they still insist on getting his passport and Emirates ID copies.

May 31, 2017
2672
Transferring money from the US LLC company to the personal Emirati account
6
Q: Hello,
I am a resident of the UAE. I own 2 businesses; a Freezone company in Dubai for my consulting activities and an LLC in the USA for my commercial activities.
So I have 2 business accounts, one in the UAE for my Freezone and one in the USA for my LLC. Do I have the right to transfer funds from my US LLC directly to my personal Emirati account?
Will these funds be considered as salary or dividends? Do I have to produce documents?
Thank you in advance!

Mar 6, 2021
994
How to withdraw money from the company account before it makes profits?
1
Q: Hello,
I would like to incorporate an LLC in the UAE, but it is unclear when the company will make profits.
How can I withdraw money from my business account?
In the US, that can be done via owner’s draw. Is this similar or does that work differently?

Jan 14, 2022
646
Transferring money to a personal account in the UAE

2
Q: Hello,
We have moved to the UAE and opened a Free Zone Company. We have managed to open our personal UAE bank accounts and these accounts have a GBP foreign currency account in them as well (personal).
Now, the issue is we are facing tremendous issues with two business banks that we opted to apply for our business accounts.
Our questions:
We have two clients in the United Kingdom that will be paying us in GBP £, can we get them to pay us directly into our personal GBP accounts whilst we wait for the banks to get their act together?
Would this be allowed by UAE law?


May 29, 2022
1870
The credit card loan is transferred to a wrong account. What to do?




2
Q: Dear sir/madam,
My credit card loan was transferred to a wrong account. The person is not willing to pay it back.
Is there any chance to get back the money?
Kindly advise me!





Oct 4, 2022
417
Can I open a business account for my company in the UAE if I do not have an Emirates ID?

0
Q: I want to open a business account for my company in the UAE without an Emirates ID or physical presence.
Is it possible through a PoA?
Is there anyone who can provide this service?


Apr 27, 2023
71
Is it legal to withdraw cash from my company account for personal use?


2
Q: Dear Sir/Madam,
Can I withdraw cash from my own company account for personal use and/or issue a cheque from the company to pay for a property?



Sep 18, 2023
858
Is it legal to transfer a customer’s funds directly to a leasing company instead of refunding them?




1
Q: Dear Lawyers,
A customer deposited cash with the company in order to purchase a vehicle. Now, the customer wishes to transfer the same funds to a leasing company for the purchase of a car.
As a result, the car dealer company will sell the car to the car leasing company, which will then deal with the customer.
What is the legality of transferring funds to the leasing company on behalf of the customer instead of returning the funds to the customer and having him deposit the funds with the leasing company?





+2
Nov 28, 2024
50
Legal blog
3 available 3 • View allAn Overview of the Legal Framework for Entrepreneurs in the UAE 4
Over the years the UAE has become a centre of trade and commerce for the Middle East, thanks to its strategic location, excellent connectivity and extensive services to assist with all aspects of business. According to the World Bank's 2016 report, the UAE has ranked 31st in the global index of ease of doing business. This encourages more entrepreneurs to set up different kinds of business entities in the country.
Mar 14, 2017
6315
The New Law of E-commerce in the UAE 7
The UAE has had tremendous economic development over the last two decades, which can be attributed to the country’s expanding market and large inflow of investments. The demonstrated level of preparedness and equanimity is evident in the legislative framework, characterized by the ongoing and systematic updates of laws. This proactive approach aims to align the legal landscape with the dynamic trajectory of economic advancement, ensuring continual synchronization with the prevailing progress.
Dec 13, 2023
539
IBAN Number and Bank Transfers 3
Due to the large number of individual and commercial banking transactions and transfers they carry out from one country to another or within the same country, we present here a quick glance at the importance of bank account numbers and not the names of beneficiaries when making bank transfers in accordance with the law and Central Bank regulations.
Apr 24, 2024
529
Laws & Regulations
4 available 4 • View allFederal Law No. (2) of 2015 On Commercial Companies 15
The provisions of this Law apply to the commercial companies established in the UAE and the foreign companies that have established in the UAE a base to conduct any activity therein or established a branch or representative office. The Law abrogates Federal Law No. (8) of 1984 Concerning Commercial Companies.
Mar 25, 2015
29524
Federal Law No. (4) of 2002 On the Incrimination of Money Laundering 1
The law defines the crimes related to money laundering, commitments and the jurisdictions of the governmental authorities, and the sanctions against perpetrators of money laundering.
Jan 22, 2002
1793
Federal Decree-Law No. (46) of 2021 on Electronic Transactions and Trust Services 2
The provisions of this Decree-Law, known as the "New E-commerce Law", govern E-commerce regulations in the United Arab Emirates. The New E-commerce Law repeals the previous UAE E-commerce Law (Federal Law No. (1) of 2006 Concerning Electronic Transactions & Commerce).
Sep 20, 2021
450
Cabinet Resolution No. (28) of 2023 on the Executive Regulations of Federal Decree-Law No. (46) of 2021 on Electronic Transactions and Trust Services 1
Cabinet Resolution No. (28) of 2023 on the Executive Regulations of Federal Decree-Law No. (46) of 2021 on Electronic Transactions and Trust Services
Mar 28, 2023
345

Other answers by
71 71 answers •
View allThe consequences of staying in the UAE after the end of the grace period 0
I am in my grace period after my residence visa cancellation. Is overstaying after the grace period illegal?
If I stay paying fine till my new visa gets finalized, how will it affect me? Will I face any ban?
Please advise!
Thanks!
Dec 26, 2022
1484
Can the tenant avoid paying early exit penalty for rent after losing job? 0
We have an existing tenancy contract in Sharjah, but due to unfortunate circumstances of this pandemic, my wife and I lost our jobs.
We already paid until December. Is there a current law where we can avoid paying the penalty of 2 months if we will end the contract earlier?
Oct 21, 2020
358
Travelling to GCC countries while have an unpaid loan in the UAE 0
Hello
Can I have your Whatsapp number? I have an urgent question, please.
Jan 13, 2020
727
Getting a new employment visa while a cheque bounce case is being processed 0
Hi All,
I have an existing criminal "cheque bounce" case under my name for dishonoring loan payments. I'm also a victim of unpaid salaries and gratuity from the previous employer.
However, I have reached a stalemate in negotiating with the bank as they are not interested in accepting the money I could offer in the interim despite having a clear understanding of my predicament.
Finally, I have an offer from a company after all these months and I'm anticipating to accept this offer but I'm yet to resolve the criminal case!
Since the bank is not willing to negotiate, I've planned to pay the criminal case removal fee or fine to the Dubai Police. I know that the bank would immediately proceed with a civil case should that happen.
My question is how long does it take to file a civil case? And can they initiate a travel ban without appeal while filing the civil case in court?
Will it affect my capacity to get a new employment visa stamped and work in the UAE while the civil case is active?
Jan 6, 2020
2003
Obtaining a part-time job while being employed on a full-time basis 0
I currently work in Dubai but I need an extra income from a part-time job.
Can I obtain the part-time job and still do my current job properly?
Is there an approval I need to get?
Jan 2, 2020
937

Premium
Other answers by
240 240 answers •
View allHow to change the lease contract for an entity that changed from sole establishment to LLC? 0
Good morning.
Kindly help me out with the below query:
If a sole establishment is converted into an LLC, what would happen to the existing Lease Agreement with the Sole Establishment as the tenant?
Thank you.
Aug 23, 2024
115
Bank filed a civil case over a loan: Better to settle with the bank or in court? 0
Good day, Sir,
I have received a message from the Dubai Court stating that a bank has filed a civil case against me. The loan has been pending since February 2019.
I cleared the cheque bounce case earlier with a court fine in 2019. I am looking forward to a minimum settlement plan with the bank. The outstanding amount was around 70,000 AED, and now the message is for 115,000 AED.
What will be the best way for me to proceed: approaching the bank or dealing with it in court?
Best regards,
Jul 7, 2024
521
Is it legal for my employer to withhold my salary until I leave the country or change status? 0
Hello,
I have given my notice, and my last day is July 24, but the employer is refusing to pay my salary; even the salary for June. Is this even legal?
He claims I'll get everything at once, which is after leaving the country or changing status.
Jul 2, 2024
529
Demanding that an employee pay for visa charges a year after resigning 0
Dear Lawyers,
I worked at a bakeshop here in Dubai. I resigned exactly one year ago. Now they want me to pay for visa charges, as stated in the offer letter.
If I cannot pay for the charges, my employer will claim financial loss due to the damages, estimated to be at least 7,000 AED.
What should I do about this? My monthly salary is only 2,800 AED.
Jul 1, 2024
115
Is an employee eligible for maternity leave in the first three months of pregnancy? 0
Dear Lawyers,
Is an employee eligible for maternity leave in the first three months of pregnancy?
If an employee takes sick leave in the first three months of pregnancy, can it be considered normal sick leave or maternity leave?
Jul 1, 2024
171
Get quotes from lawyers
Find the right lawyer for your legal needs.
Submit your request and get multiple
competitive offers from
qualified lawyers.
Popular Q&A
View all Looking for something else?
Ask for advice from a lawyer