The Federal Tax Authority (FTA) has announced that businesses must complete Corporate Tax registration within 90 days from the Date of Incorporation / MOA.
Understanding the importance of a net worth certificate is essential for many UAE residents and businesses, especially for visa applications and financial clearance. This certificate provides verified proof of an individual’s or a company’s financial position. Accurate, official document submission is critical for legal and financial procedures in the UAE. This guide details the specific documents required for obtaining a net worth certificate in the UAE , ensuring compliance and a smooth process.
What is a Net Worth Certificate and Why Documents Matter?
A Net Worth Certificate confirms the financial status of an individual or company by listing all assets and liabilities. It is an official document recognized by banks, embassies, and financial institutions in the UAE. The certificate assists with visa applications, loan approvals, and other financial verifications.
Documents Required for Individuals
Individuals must submit a complete set of verified documents to obtain a Net Worth Certificate in the UAE. These documents prove assets, liabilities, and identity. Only official documents are accepted; screenshots or unofficial proofs are not valid.
Identity Proof
Individuals must provide government-issued identity documents to clearly confirm their identity.
- Emirates ID
- Passport copy
Banking Proof
Bank documents verify financial transactions and balances over a period to provide an accurate snapshot.
- Bank statements for 3 to 12 months (stamped by the bank)
- Bank balance certificate (optional but helpful)
Property Ownership Proof
Proof of real estate ownership is necessary to include property value in net worth.
- Title deed or ownership certificate
- Latest property valuation report (if applicable)
Investment Proof
Evidence of financial investments shows liquidity and asset diversity.
- Fixed deposit certificates
- Mutual fund statements
- Demat or investment account statements
Vehicle Ownership
Documents proving ownership of vehicles registered in the individual’s name are required.
- Vehicle registration card (Mulkiya)
Liability Proof
Proof of outstanding debts is needed for an accurate net worth calculation.
- Loan statements
- Credit card statements (Liability Certificate)
Here's an overview of the documents required for a net worth certificate for individuals in UAE
Document Category | Examples | Notes |
Identity Proof | Emirates ID, Passport copy | Official government-issued ID required |
Banking Proof | Bank statements (3–12 months), Bank balance certificate | Statements must be official and stamped; screenshots are not accepted |
Property Ownership Proof | Title deed, Valuation report | Use the latest valuation if applicable |
Investment Proof | Fixed deposits, Mutual fund statements, and Demat statements | Official statements only |
Vehicle Ownership | Mulkiya | A vehicle registration card is necessary |
Liability Proof | Loan and credit card statements | Official financial statements required |
Documents Required for Companies
Companies must submit comprehensive documents to verify their financial position. These include identity proofs, detailed financial records, and asset and liability documents. Group companies may need consolidated financial statements for completeness.
Company Identity Documents
These documents prove the company's legitimacy and ownership structure.
- Valid Trade license
- Memorandum of Association (MOA)
- Shareholder list or Ultimate Beneficial Owner (UBO) details
Financial Records
Financial statements and banking documents verify income, assets, and liabilities. Audited statements are preferred for accuracy.
- Audited financial statements (latest financial year)
- Management accounts (if audited statements unavailable)
- Bank statements covering 3 to 12 months
Asset Evidence
Proof of fixed assets and property owned by the company reflects true net worth.
- Fixed asset register
- Property ownership documents
- Equipment valuation reports (if applicable)
Liability Documents
Detailed loan and payable account documents confirm liabilities.
- Loan schedules
- Accounts payable summary
Here's an overview of the documents required for a net worth certificate for companies in the UAE
Document Category | Examples | Notes |
Company Identity Documents | Trade license, MOA, Shareholder list | Establish company identity and ownership |
Financial Records | Audited statements, Management accounts, Bank statements | Audited statements preferred; management accounts acceptable |
Asset Evidence | Fixed asset register, Property documents, Equipment valuations | Document all physical and property assets |
Liability Documents | Loan schedules, Accounts payable | Verify all company liabilities |
Additional/Optional Supporting Documents
Additional documents can strengthen the net worth assessment by providing insight into fluctuating or non-traditional assets. These are especially useful when asset values are variable or have unofficial valuations.
Additional Supporting Documents
- Property valuation reports (from approved valuers)
- Third-party business equity valuations
- Gold or jewellery valuation certificates
- Overseas asset statements (require notarization/attestation)
- Foreign currency balance confirmations
How to Organize Your Documents for CA Verification?
Organizing documents into clear categories speeds up the Chartered Accountant’s verification. Ensure statements are current and grouped by type to reduce delays and omissions. This helps ensure the timely and accurate issuance of the Net Worth Certificate.
Conclusion
Submitting the correct, complete documents is essential to obtain an accurate and verified Net Worth Certificate in the UAE without delays. Proper preparation ensures compliance with UAE regulations and smooth Chartered Accountant verification. For expert help in document preparation and certification, contact Reyson Badger today.