Bank Compliance, Legal and Tax Forum Successfully Held

On the afternoon of February 23rd, the inaugural "Bank Compliance, Legal and Fiscal Forum" in the UAE, co-hosted by Winson Law Firm and Zhengdao Accounting Firm, with Ms. Chen Yingna from RAKBANK as a special guest, was successfully held at the Swissôtel Al Murooj Dubai hotel. The forum featured presentations on relevant topics by Mr. Zhao Wenjie, founding partner of Winson Law Firm, Ms. Chen Yingna, Vice President of the Business Department at RAKBANK, and Mr. Yi Xianchuang, General Manager of Zhèngdào Accounting Firm.

The forum was attended by over forty Chinese-funded enterprises operating in the UAE, which focused on discussing compliance issues related to banking for businesses operating in the UAE, common legal problems encountered during daily operational management, and a detailed analysis of the UAE's Corporate Income Tax. The aim was to help enterprises enhance their compliance levels concerning banking and financial matters, as well as to improve their ability to uphold their rights using international law and regulations. The forum garnered widespread attention from various industries across the UAE.

Lawyer Zhao Wenjie delivered a specialized presentation on legal recourse measures for accounts receivable. He began by outlining the specific types of rights associated with accounts receivable, highlighting the dilemma of the payer's advantage over the payee's disadvantage. Based on this, he elaborately discussed the precautionary and remedial measures against the risks of accounts receivable. Finally, Zhao showcased Winson Law Firm's legal services regarding the collection of accounts receivable, combining non-litigation collection efforts with litigation safeguards to provide robust recovery assurances for clients in the Middle East. Zhao's speech was delivered in an accessible and organized manner, greatly benefiting the attendees who asked questions enthusiastically. Zhao patiently responded to each query.

Vice President Chen Yingna delivered a keynote speech on common compliance issues that enterprises encounter with banks, offering practical advice and guidance to businesses. A graduate with a master's degree in economics from Sun Yat-sen University, Vice President Chen has been with RAKBANK since 2010 and brings thirteen years of banking experience. Her team currently consists of over ten client managers overseeing nearly 2,000 corporate clients, 80% of which are Chinese enterprise clients. Chen provided detailed explanations on common compliance issues, including timely responses to banks, cash deposits, peer-to-peer payments, third-party payments, using business accounts for personal purposes or appropriate usage, and Hawala transactions.

Yi Xianchuang, General Manager and Senior Tax Advisor of Zhengdao Accounting Firm, delivered a keynote speech on UAE Corporate Income Tax, emphasizing the relevant policies and practical operations related to it. A graduate in financial management from Jinan University, Yi is an experienced registered management accountant and a UAE taxation advisor with 19 years of fiscal and tax experience, including 13 years in the UAE. Having worked for various multinational corporations in sectors such as logistics shipping, manufacturing, information technology, and management consulting, he currently provides professional services to over 200 different types of enterprises, possessing profound expertise and a broad international perspective. General Manager Yi focused on explaining the determination of taxable persons, the calculation of taxable income, annual reporting of corporate income tax, registration for corporate income tax (including tax groups), preferential policies for small businesses, related entities and related parties, as well as complex issues like transfer pricing and withholding tax.

Participants actively spoke up and asked questions, creating a lively atmosphere at the event.

This forum was the first "Bank Compliance and Fiscal Legal Forum" aimed at Chinese-funded enterprises in the UAE, offering a comprehensive presentation that integrated banking compliance, fiscal compliance, and corporate legal affairs. It also provided a platform for in-depth exchanges and learning for Chinese enterprises operating in the UAE.