I am seeking advice regarding the management of my business and personal finances in the UAE


Question:

I am seeking advice regarding the management of my business and personal finances in the UAE.I am the sole owner and only employee of a company, registered under the Ras Al Khaimah Economic Zone (RAKEZ). My salary is deposited into my company’s business account at Mashreq Bank.
I am interested in understanding whether I am required to maintain separate accounts for my business and personal finances, or whether I can use the company account for personal purchases and expenses.
I would greatly appreciate your guidance on this matter, particularly regarding the legal implications and any specific regulations that may apply in my situation.

 

Answer:

Thank you for your email.
Since a company is a separate legal entity, it is advisable to have separate accounts for the company and the individual. In this way you will be able to audit the books of the company independent of your personal expenses. This will also reflect clearly about your company’s income and expenses, and that of your own personal income and expenses.
It is advisable to consult a lawyer specializing in corporate matters so that you may get appropriate legal advice. If you would like to schedule an appointment, please do not hesitate to contact us.

 

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