Economic Substance Regulations

Maintain Accurate Financial Records and Up-to-date Books of accounts!

Economic Substance Regulations (ESR) in the UAE are guidelines established to ensure that companies operating within the UAE engage in substantial economic activities and demonstrate real economic presence. These regulations require relevant businesses to maintain adequate economic substance in the UAE relative to the activities they undertake. The key objectives are to align with global standards set by the OECD and the EU to prevent harmful tax practices and ensure transparency. Companies must meet specific criteria, including core income-generating activities, adequate management and control in the UAE, sufficient full-time employees, incurred operational expenses, and adequate physical assets. Non-compliance with ESR can result in penalties and administrative actions.

Economic Substance Regulations

Guidance on applying the Regulations was issued on 11 September 2019 (Ministerial Decision No. 215 of 2019), and Cabinet Decision No. 58/2019 on the Determination of Regulatory Competencies lists the Regulatory Authorities tasked with administering and enforcing the Regulations. Amendments to the Regulations were made by Cabinet of Ministers Resolution No. (57) of 2020 on 10 August 2020 and an updated Guidance was issued on 19 August 2020. The rules mandate that UAE companies in onshore and free zones, along with other business entities performing specified “Relevant Activities,” must show a sufficient level of “economic presence” in the country about their activities to pass the “Economic Substance Test.”

The Regulations apply to financial years starting on or after January 1, 2019. Entities covered by the Regulations must submit an annual Notification form to their Regulatory Authority and an Economic Substance Report within 12 months of the end of their financial year (e.g., by December 31, 2020, for a financial year ending December 31, 2019). Entities do not need to meet the Economic Substance Test or file an Economic Substance Report for any financial period in which they have not earned income from a Relevant Activity or if they qualify for an exemption. However, a Notification form must still be submitted. Failure to comply with the Regulations can result in penalties, information exchange with foreign authorities, and other administrative sanctions, such as the suspension, revocation, or non-renewal of the entity’s trade license or permit.

Purpose of the Notification

The purpose of the notification is to give regulatory authorities initial information about licensees and their activities in the UAE during the relevant reportable period. This information is a prerequisite for filing an Economic Substance Report for the same period if required.

Who Needs to Submit a Notification?

A Notification must be filed if you are a corporate entity (such as a Limited Liability Company, Public Joint Stock Company, Private Joint Stock Company, etc.) or a partnership (such as a Limited Liability Partnership, General Partnership, etc.) that conducts any of the following Relevant Activities in the UAE during the relevant Financial Year.

Relevant Activities

Banking Business
Insurance Business
Investment Fund Management Business
Lease – Finance Business
Headquarters Business
Shipping Business
Holding Company Business
Intellectual property Business (“IP”)
Distribution and Service Center Business

Deadline for Filing a Notification

The notification must be filed within six months of the Licensee’s financial year-end. Notification is mandatory for the companies; non-compliance with the obligation to file a Notification before the deadline is subject to a penalty of AED 20,000.

Financial Year End	Notification Deadline (6 months)	Reporting Deadline (12months)
31-Mar	30-Sept	31-Mar
30-Jun	31-Dec	30-jun
30-Sep	31-Mar	30-Sep
31-Dec	30-Jun	31-Dec

Penalty of Incorrect Notification Information

Providing incorrect or false information in the Notification is subject to a penalty of AED 50,000. If a Licensee knowingly provides incorrect or false information or falsely claims an exemption from the Economic Substance Regulations, they may be considered to have failed the Economic Substance Test for the relevant Reportable Period.

Exemptions

If a Licensee claims to be an “Exempted Licensee,” it must specify the grounds for exemption under Question 1A-1E and furnish the required documentation to prove its exempt status.

An Exempted Licensee is not required to submit an Economic Substance Report or demonstrate Economic Substance in the UAE for Reportable Periods during which it meets the criteria for exemption.

1.A. The license is wholly owned by UAE nationals or UAE resident individuals who reside in the UAE, is not part of a multinational group, and only operates in the UAE.

1.B. Licensee is an Investment Fund as defined in the Regulations.

1.C. A licensee is a particular purpose vehicle or investment holding company of an Investment Fund as defined in the Regulations.

1.D. The licensee is resident for tax purposes in a jurisdiction other than the UAE.

1.E. Licensee is a UAE branch of a foreign company, and all income of the UAE branch is subject to tax in the jurisdiction of the foreign company

frequently asked questions

What is the difference between accounting and bookkeeping?

Accounting is the process of interpreting, classifying, and summarizing financial information for decision-making, while bookkeeping is the process of recording financial transactions in a systematic and organised manner.

What is the purpose of accounting and bookkeeping?

The purpose of accounting and bookkeeping is to provide accurate and up-to-date financial information that can be used to make informed business decisions, comply with tax laws and regulations, assess the financial health of the company, manage cash flow, and facilitate effective business planning.

Who performs accounting and bookkeeping functions?

Accounting and bookkeeping functions can be performed by trained professionals, such as certified public accountants (CPAs), bookkeepers, and accounting software.

How often are accounting and bookkeeping records updated?

Accounting and bookkeeping records should be updated regularly, usually on a monthly or quarterly basis, to ensure that the company's financial information is accurate and up to date.

What are the benefits of outsourcing accounting and bookkeeping functions?

Outsourcing accounting and bookkeeping functions can save time, reduce costs, and improve the accuracy and reliability of financial information. It can also allow business owners to focus on their core competencies and leave the financial management to experts.

What are the common mistakes in accounting and bookkeeping?

Common mistakes in accounting and bookkeeping include errors in recording transactions, incorrect classification of transactions, incorrect posting to the general ledger, and failure to reconcile accounts.

What are the best practices for accounting and bookkeeping?

Best practices for accounting and bookkeeping include regular updates of financial information, thorough review of financial records, segregation of duties, and periodic internal and external audits.

Why Choose ADEPTS

Expertise and Experience

At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.

Tailored Solutions

Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.

Time and Cost Efficiency

By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.

Accuracy and Compliance

We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Expertise and experience

Adepts Chartered Accountants is a team of experienced and knowledgeable professionals who have extensive experience in providing accounting and bookkeeping services. They have the necessary skills, training, and knowledge to ensure accurate and efficient financial management.

Customized solutions

Adepts Chartered Accountants understands that each business has unique accounting and bookkeeping needs. They work closely with clients to tailor their services to meet the specific requirements of each business.

Time Saving

By outsourcing accounting and bookkeeping functions to Adepts Chartered Accountants, business owners can save time and focus on their core competencies. This allows them to devote more time and energy to other critical areas of their business.

Cost Effective

Adepts Chartered Accountants provides cost-effective accounting and bookkeeping services that help businesses reduce their overall financial management costs.

Improved Accuracy

Adepts Chartered Accountants utilizes advanced technology and software to ensure accurate and up-to-date financial information. Their processes and procedures are designed to minimize errors and ensure that financial information is reliable.

Compliance with Regulations

Adepts Chartered Accountants stay up-to-date with the latest accounting and bookkeeping regulations to ensure that clients comply with all relevant laws and regulations. This helps to minimize the risk of legal penalties and reputational damage.

Peace of mind

By outsourcing accounting and bookkeeping functions to Adepts Chartered Accountants, business owners can have peace of mind knowing that their financial information is in safe hands. They can trust that their financial records are being handled professionally and efficiently.

Flexibility

Adepts Chartered Accountants provide flexible accounting and bookkeeping services that can be customized to meet the changing needs of clients. They are responsive to client needs and can adapt quickly to changing circumstances.

VAT Registration In UAE

VAT is an indirect tax levied on the consumption or use of goods and services

What Is VAT?

Value Added Tax (VAT) is an indirect tax imposed on the supply of goods and services in the United Arab Emirates (UAE). It is charged at each stage of the supply chain, with the end-consumer bearing the VAT while registered taxpayers collect the tax on behalf of the government. The standard VAT rate in the UAE is 5%, and it applies to most goods and services, with some goods and services subject to a 0% rate or an exemption from VAT.

Navigate VAT Compliance With Ease In The UAE

At ADEPTS Chartered Accountants, we specialize in delivering expert VAT registration services in UAE. Our services are designed to assist businesses in adhering to the guidelines set by the country’s Federal Tax Authority (FTA). Comprehending and strictly following VAT regulations is imperative for businesses operating within the UAE, ensuring not only seamless compliance but also safeguarding against potential penalties.

Why VAT Registration In The UAE Is Essential

VAT Registration in UAE is a vital step for businesses in the UAE, ensuring compliance with FTA regulations and avoiding financial penalties. Our VAT Registration services in the UAE are straightforward, efficient, and tailored to meet your specific business needs.

Who Needs To Register For VAT?

The UAE government has categorized businesses into three separate turnover brackets, each with its own requirements:

Businesses with an annual turnover exceeding AED 375,000 in the last 12 months or expected to exceed in the next 30 days are required to register for VAT.
Businesses with an annual turnover between AED 187,500 and AED 375,000 have the option to register for VAT.
Businesses with an annual turnover of less than AED 187,500 are not obliged to register for VAT.

Comprehensive VAT Registration Services

Our role as leading consultants for Indirect Tax in the UAE region positions us uniquely to offer unparalleled services, including:

VAT Registration Services
VAT Documentation Assistance
VAT Filing & Compliance Services
VAT Deregistration Services
Tax Consultation Services
Audit Support During Registration

Required Documents For VAT Registration

The following documents are typically required for VAT registration in the UAE

Copy of Trade License
Passport copy and Emirates ID of the owner/partners
Memorandum of Association (not required for sole establishments)
Contact details of the company
Bank details
Turnover declaration for the last 12 months
Other specific documents based on the nature of the organization

Our Expertise at Your Service

Our VAT Registration Services team is dedicated to guiding you through every step of the process,
ensuring full compliance with FTA regulations we provide.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Register for Corporate Tax

In the United Arab Emirates (UAE), it is mandatory for all eligible Taxable Entities, including free zone entities and individuals conducting business, to register for Corporate Tax as per the UAE Corporate Tax Law

Corporate Tax Registration Deadlines in the
UAE have been announced!

Fines of 10,000 AED will be levied for late Registration

As of March 1, 2024, a new law has been introduced outlining clear timelines for Corporate Tax registration in the UAE. Whether you’re a resident or non-resident entity, or a natural person conducting business activities, it’s crucial to stay informed. Here’s what you need to know:

📅 Resident Juridical Persons: Deadlines vary based on license issuance:

Date of License issuance irrespective of the Year of Issuance	Deadline for submitting a Tax Registration Application
January 1st - January 31st	31st May 2024
February 1st - February 28th/29th	31st May 2024
March 1st - March 31st	30th June 2024
April 1st - April 30th	30th June 2024
May 1st - May 31st	31st July 2024
June 1st - June 30th	31st Aug 2024
July 1st - July 31st	30th Sep 2024
Aug 1st - Aug 31st	31st Oct 2024
Sep 1st - Sep 30th	31st Oct 2024
Oct 1st - Oct 31st	30th Nov 2024
Nov 1st - Nov 30th	30th Nov 2024
Dec 1st - Dec 31st	31st Dec 2024
Where a person does not have a license at the effective date of this Decision	(3) months from the effective date of this Decision

Natural Persons

Resident Persons exceeding turnover threshold must register by March 31st of the subsequent year. Non-Resident Persons meeting the same criteria must register within three months of becoming subject to tax.

Penalty Alert

Failure to register within deadlines results in a penalty of AED 10,000. Ensure compliance to avoid financial implications and adhere to tax regulations in the UAE.

Why is Corporate Tax Registration necessary in the UAE?

The registration is mandatory for both profit-making and loss-incurred enterprises, and businesses are required to obtain a Tax Registration Number. The standard statutory tax rate is 9% on taxable income above AED 375,000, while taxable income up to AED 375,000 is charged at 0%.

Timeline For Registration

The registration process began in early 2023, and businesses must register for Corporate Tax within a specific timeline. The registration application must be submitted to the Federal Tax Authority, and taxable businesses must file a tax return to the FTA no later than nine months after the end of the financial year. The UAE’s corporate tax law is designed to meet international tax standards and foster economic growth and stability.

Exemptions From Corporate Tax Registration

Exemptions are available for certain entities, such as government entities, government-controlled entities, and small businesses with revenue of AED 3 million or less. The UAE’s corporate tax law is designed to meet international tax standards and foster economic growth and stability. Now you can register for Corporate Tax with our comprehensive Registration services that are designed to guide businesses across the Mainland and Freezones through the intricacies of compliance with the Federal Tax Authority (FTA).

Register For Corporate Tax Services

Whether your company is new to the UAE market or has been a long-standing participant, Registering for Corporate Tax is now mandatory. This requirement stands irrespective of previous VAT registrations with the FTA. Our services ensure your business aligns seamlessly with these new regulations.

Simplified Process for Branches

For companies operating across multiple Emirates, our streamlined approach ensures that your branches are correctly registered under the main license (head office). This efficiency eliminates the need for multiple registrations, ensuring a hassle-free compliance process.

Registration for Mainland and Freezone Businesses

Eligibility for Tax Group Formation

Businesses in the UAE now have the opportunity to register as part of a Tax Group, offering potential administrative ease and financial benefits. To qualify, your business must meet specific criteria:

The parent company should hold at least 95% of share capital and voting rights in its subsidiaries.
Entitlement to a minimum of 95% of profits and net assets of subsidiaries.
Adherence to uniform financial years and accounting standards across all group entities.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

ISO Certification and Advisory

ISO certification is an internationally recognized mark of quality, safety, and efficiency. It's granted by independent third-party bodies and provides assurance that a company adheres to certain standards and best practices

What is ISO Certification?

ISO certification is an internationally recognized mark of quality, safety, and efficiency. It’s granted by independent third-party bodies and provides assurance that a company adheres to certain standards and best practices.

Benefits of ISO Certification

Enhanced Reputation

ISO Certification enhances your business’s reputation by demonstrating your commitment to meeting international standards.

Improved Operational Efficiency

Following the principles and guidelines laid out in ISO standards can lead to improved operational efficiency and quality assurance.

Global Recognition

ISO certification is internationally recognized, which can enhance your business reputation and provide a competitive edge in the global market.

Compliance with Regulations

Many industries require ISO certification as a part of regulatory compliance. Achieving ISO certification ensures your business adheres to industry-specific regulations.

Procedure to get ISO certification

Understand the ISO Standard

The first step is to understand the specific ISO standard you want to apply for (e.g., ISO 9001 for quality management, ISO 14001 for environmental management, etc.). Each standard has its own requirements and principles, so comprehending what is expected is crucial.

Gap Analysis

Perform a gap analysis to identify the differences between your organization’s current practices and the requirements of the ISO standard. This can be done internally, but an external expert can often provide more objective insights.

Develop an Action Plan

Based on the results of the gap analysis, create an action plan to address the gaps. This plan should include objectives, tasks, deadlines, and responsible parties.

Implement Changes

Carry out the activities in your action plan. This could involve modifying existing processes, developing new policies, or conducting training sessions.

Internal Audit

Conduct an internal audit to verify your organization’s compliance with the ISO standard. The purpose of this audit is to identify any nonconformities that need to be addressed before the external audit.

Management Review

Hold a management review meeting to analyze the effectiveness of the ISO system and to make decisions about continual improvement.

Certification Audit

Arrange for a certification body to conduct the certification audit. This audit typically occurs in two stages: a preliminary audit to review your organization’s readiness and a final audit where the auditor will thoroughly examine your organization’s conformity to the ISO standard.

Certification

If the audit is successful, the certification body will issue an ISO certification. This certification is valid for three years, after which a recertification audit is needed.

Our ISO Certification Services

End-to-End ISO Certification Assistance

At Adepts Chartered Accountants, we guide businesses through every stage of the ISO certification process. From understanding your business needs to preparing for the certification audit, our team of experts is by your side, offering you professional advice and support.

ISO Certification Consulting

Our ISO certification consulting services help you understand the specific ISO standard relevant to your business and the processes involved in getting certified. We break down complex ISO standards into manageable steps that your team can follow easily.

ISO Compliance Audits

We conduct comprehensive ISO compliance audits to evaluate your business’s current operations against specific ISO standards. We identify any gaps and provide recommendations for improvement, ensuring you’re well-prepared for the certification audit.

ISO Training Services

Our ISO training services educate your staff about the specific ISO standards your business is targeting and the benefits of ISO certification. We provide practical knowledge on how to incorporate ISO standards into daily business operations.

Documentation Assistance

Proper documentation is key to achieving ISO certification. Our team assists with the creation and management of all necessary documentation, helping to streamline your processes and ensure you’re ready for the certification audit.

Post-Certification Support

Once you’ve achieved ISO certification, our services continue. We offer post-certification support to help maintain your compliance and to continuously improve your operations as per the ISO standards.

frequently asked questions

How long does it take to get ISO certified?

The time to get ISO certified depends on the size and complexity of your organization. On average, it could take between 3 to 6 months.

Do I need to renew my ISO certification?

Yes, ISO certifications have a validity period, usually three years. However, there are surveillance audits conducted annually to ensure you are maintaining the ISO standards.

What is the cost of getting ISO certified?

The cost of ISO certification varies depending on the size of your business, the type of ISO standard, and the certification body you choose.

Can a small business get ISO certified?

Yes, any size of business in any industry can become ISO certified. The standards are designed to be flexible and can be adapted to the needs of any organization.

What is the benefit of ISO certification for my customers?

ISO certification gives your customers confidence that your business operates according to internationally recognized standards, leading to higher customer satisfaction and trust.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Fixed Asset Management Services

At Adepts Chartered Accountants, we offer a comprehensive suite of Fixed Asset Management Services designed to meet the unique needs of businesses operating in the UAE

As a trusted and reputable provider of internal audit services in the UAE, we are dedicated to helping businesses achieve their objectives and maintain compliance with regulatory requirements. Our team of highly skilled and experienced professionals is committed to delivering tailored solutions that address your unique needs and add value to your organization.

Fixed Asset Management Services

Fixed Asset Management involves the strategy and processes for managing a company’s physical and intangible assets. The key components include asset acquisition, recording, depreciation, maintenance, and disposal. Effective Fixed Asset Management is crucial for accurate financial reporting, budget planning, and operational efficiency.

Importance of Fixed Asset Management

Financial Accuracy

Accurate tracking and valuation of fixed assets ensure reliable financial reports. Mistakes can lead to incorrect profit calculations and flawed financial decisions.

Tax Compliance

Accurate depreciation calculation is essential for tax purposes. Companies can deduct depreciation from taxable income, reducing the tax liability.

Budgeting and Planning

Asset management informs future budgets and business plans. Knowing the lifecycle of assets helps plan for maintenance, replacements, and new acquisitions.

Operational Efficiency

Tracking asset utilization can highlight inefficiencies and identify underused assets. This information can drive operational improvements.

Risk Management

A comprehensive fixed asset register helps manage risks related to asset loss, theft, or damage. It also supports insurance claim processes.

Audit Preparedness

Well-managed asset records simplify the audit process, making it easier to provide necessary documentation and answer auditor queries

Benefits of Outsourcing Fixed Asset Management Services

Expertise and Knowledge

Outsourcing allows you to leverage the knowledge and expertise of specialists. They are well-versed in the latest regulations and best practices related to fixed asset management.

Time-Saving

Our team examines your business processes to identify areas for improvement and optimization. We analyze process efficiency, internal controls, and compliance with relevant policies and procedures, providing recommendations for streamlining operations.

Accuracy and Compliance

Professionals ensure accurate calculations, timely updates, and strict adherence to accounting standards and tax laws, reducing the risk of errors and penalties.

Scalability

As your business grows and the number of your fixed assets increases, an outsourced service can easily adapt to handle the larger workload.

Objective Insight

External experts bring a fresh, unbiased perspective to your asset management, helping identify inefficiencies and recommending improvements.

Our Fixed Asset Management Services

Fixed Asset Register Maintenance

We maintain an up-to-date and accurate Fixed Asset Register, helping you track, control, and manage your assets effectively. This includes keeping track of purchases, disposals, transfers, and the current status of each asset.

Depreciation Calculation

We provide precise calculations of asset depreciation in accordance with the relevant accounting standards and tax regulations, ensuring your financial statements and tax returns are accurate.

Asset Verification and Tagging

Our team conducts thorough physical verification of assets and tags them for easy identification and tracking. We reconcile the physical verification results with the existing asset records to ensure accuracy.

Drafting Fixed Asset Policies and Procedures

We assist in creating robust fixed asset policies and procedures that set clear guidelines for asset acquisition, use, maintenance, and disposal, ensuring consistency in asset management.

Fixed Asset Audits

We conduct detailed audits of your fixed assets to confirm their existence, condition, and value, providing reassurance that your assets are appropriately managed.

Advisory Services

We provide strategic advice on fixed asset management best practices, helping you optimize asset utilization, plan for future needs, and make informed financial decisions.

frequently asked questions

What is a Fixed Asset Register?

A Fixed Asset Register is a comprehensive record of all fixed assets owned by a company. It includes details such as the purchase date, cost, accumulated depreciation, and net book value.

Why is asset tagging and verification important?

Asset tagging and verification ensure that physical assets align with the recorded financial data. It aids in accurate tracking, managing, and auditing of assets.

How is depreciation calculated for fixed assets?

Depreciation is typically calculated using either the straight-line method or the reducing balance method, as per relevant accounting standards and business practices.

What do fixed asset policies and procedures entail?

Fixed asset policies and procedures set guidelines for asset acquisition, usage, maintenance, and disposal, ensuring consistency and compliance in asset management.

What is involved in a fixed asset audit?

A fixed asset audit involves verifying the existence, condition, and value of assets. It confirms that the physical assets match the records in the Fixed Asset Register.

Why Choose ADEPTS

Expertise and Experience

Our team comprises highly skilled professionals with extensive experience in fixed asset management. We are proficient in UAE regulations and global accounting standards, providing you with accurate, compliant services.

Tailored Solutions

We understand that each business is unique. Our services are customizable to suit your specific needs and business objectives. We work closely with you to understand your needs and deliver optimal solutions.

Time and Cost Efficiency

By outsourcing your fixed asset management to us, you save valuable time and resources. Our services are designed to be cost-effective, providing high-quality solutions without the need for substantial internal investment.

Accuracy and Compliance

We prioritize accuracy and compliance in all our work. Our meticulous approach and thorough procedures ensure that your fixed assets are managed and recorded precisely, reducing the risk of errors and non-compliance penalties.

Dependable Service

We are dedicated to delivering reliable, consistent service. We believe in building long-term relationships with our clients, based on trust, integrity, and mutual respect.

VAT Consultation

At Adepts Chartered Accountants, we specialize in providing top-tier VAT Services to businesses in the UAE. Our qualified team is well-versed in the intricacies of UAE VAT laws and regulations, ensuring your business complies while optimizing your tax position.

Understanding VAT

Value Added Tax (VAT) is a form of indirect tax imposed on goods and services at each stage of production or distribution. Ensuring compliance with UAE VAT regulations can be complex and requires expert guidance.

Benefits of VAT Services

Ensuring Compliance

VAT laws and regulations can be complex. Professional VAT services help ensure your business complies with these laws, minimizing the risk of penalties or legal issues.

Simplifying Processes

VAT services streamline the process of calculating, filing, and paying VAT. This can reduce the administrative burden on your team and increase efficiency.

Strategic Planning

VAT services can provide strategic guidance on how to optimize your tax position, potentially saving your business money.

Risk Management

By regularly reviewing your VAT processes and providing advice on best practices, VAT services can help manage the risk of errors or oversights.

Training and Education

VAT service providers often offer training for your team, enhancing their understanding of VAT and improving their ability to handle VAT-related tasks effectively.

Time and Resource Allocation

With a professional handling your VAT obligations, your business can focus on its core activities, utilizing time and resources more effectively.

Keeping Up with Changes

VAT regulations may change over time. VAT services ensure your business stays updated and compliant with the latest rules.

Boosting Business Growth in UAE with Strategic VAT Services

Cost Efficiency

VAT services can identify potential areas for tax savings or recoveries, which can be reinvested into your business. By analyzing your business operations and supply chain, these services can suggest changes to your business model that can help minimize your VAT liability.

Business Decisions

VAT services can provide valuable insights into your business’s financial performance and the impact of VAT on your operations. These insights can aid strategic decision-making and planning, helping your business adapt to changes and seize opportunities.

Resource Management

With a VAT service handling your VAT obligations, you can free up time and resources to focus on other aspects of your business. This can help improve productivity and allow for faster growth.

Reputation

Compliance with tax laws also enhances your business’s reputation among stakeholders, including investors, customers, and the government. This can open up new opportunities and attract further investment.

Market Expansion

If you’re planning to expand your business within the UAE or internationally, VAT services can provide guidance on the tax implications of such expansions, helping you plan effectively and minimize risks.

Our VAT Consulting Services

VAT Registration

Starting with a comprehensive assessment of your business, we guide you through the registration process, helping you understand the nuances of VAT application. We take care of all the paperwork and liaise with the tax authority on your behalf to ensure a smooth registration process.

VAT Return Filing

We assist you with accurate calculation of your tax liability and guide you through each step of the VAT return filing process. We review all the transactions to prevent any potential discrepancies and file the return within the stipulated deadline, minimizing the risk of penalties.

VAT Compliance Review

We conduct a thorough review of your existing VAT processes, including how VAT is calculated, reported, and paid within your organization. Our aim is to identify any potential areas of non-compliance or inefficiency and provide solutions to ensure that you meet all VAT requirements.

VAT Implementation

We assist in the implementation of VAT-compliant systems within your organization, ensuring that you are well-equipped to handle all VAT-related processes. This includes aligning your accounting systems and processes with VAT requirements, guiding on appropriate documentation, and helping set up a proper invoicing system.

VAT Refund Services

We assist in the complex process of claiming VAT refunds. Our team verifies the legitimacy of the claims, prepares necessary documents, and follows through with the authorities until the refund is secured.

VAT Impact Analysis

We analyze the financial and operational impact of VAT on your business, providing insights that allow you to make informed decisions and implement effective strategies.

FTA Audit Assistance

During an FTA audit, our team provides invaluable support, ensuring all records are in order and any inquiries are promptly and accurately addressed.

VAT Periodical Return Review Assistance

We provide ongoing support in reviewing your VAT returns periodically to ensure accuracy and consistency, identifying errors or discrepancies and suggesting corrections.

VAT Historical Return Review

We scrutinize your past VAT returns to identify any potential errors or oversights that might result in penalties, helping rectify any issues promptly.

Voluntary Disclosure Submission

In case of errors or omissions in your VAT returns, we assist with the voluntary disclosure process, ensuring transparency and minimizing the impact of penalties.

Reconsideration Submission

: If you disagree with a decision made by the FTA, we can help submit a reconsideration application, advocating for your interests

Appeal to the TDRC

Should the need arise, we can assist you in appealing FTA decisions to the Tax Disputes Resolution Committee (TDRC), providing all the necessary support and guidance.

VAT Group Amendment

We assist with amendments to VAT group registrations, whether it’s adding or removing members or updating information.

TAX Code Mapping

Our team helps you map your accounting systems with appropriate tax codes, simplifying your VAT accounting and ensuring accurate reporting.

VAT Accounting Records Compliance

We help ensure your VAT records comply with the legal requirements, reviewing and organizing your documents and processes to ensure they meet all FTA standards.

VAT Training

We offer comprehensive VAT training programs, customized to the needs of your team. Our training covers the fundamentals of VAT, how to calculate and report VAT, and updates on any changes in the VAT law. This equips your team with the knowledge and skills necessary to handle VAT-related tasks efficiently.

VAT De-registration

If your business no longer meets the mandatory VAT registration requirements, we can assist with the VAT de-registration process. We ensure that all obligations are fulfilled prior to de-registration and help you navigate through the process smoothly.

frequently asked questions

What businesses need to register for VAT in the UAE?

Businesses with an annual turnover of more than AED 375,000 are required to register for VAT in the UAE.

What if my business makes an error on a VAT return?

If errors occur, we assist with the voluntary disclosure process to rectify the errors and minimize the impact of any penalties.

What is a VAT return and how often is it filed?

A VAT return is a formal document that details your business's VAT transactions and must be submitted to the FTA, typically every quarter.

What are the penalties for non-compliance with VAT regulations?

Penalties can range from fines to imprisonment, depending on the severity of the non-compliance.

What is a voluntary disclosure, and when should it be used?

Voluntary disclosure is a way for businesses to rectify errors or omissions in their VAT returns. It should be used when you discover inaccuracies that lead to tax implications.

Why choose Adepts Chartered Accountants for VAT services?

ADEPTS Chartered Accountants LLC is a premier accounting and bookkeeping firm in UAE, offering reliable services to manage income and expenditure, as well as helping clients to adhere to International Financial Reporting Standards (IFRS). Our team of professional financial advisors provides cost-effective solutions to meet long-term goals with exceptional accuracy and precision.

Expertise

Our team of certified accountants has extensive experience and an in-depth understanding of VAT laws in the UAE. We are equipped to provide accurate, efficient, and compliant VAT solutions tailored to your business.

Full-Service Offerings

From VAT registration and return filing to compliance reviews and training, we offer a comprehensive suite of VAT services, meaning you have one trusted partner for all your VAT needs.

Tailored Approach

We understand that each business is unique. Our approach is customized to your business's specific needs, industry, and operations to deliver the most effective results.

Proactive Communication

We keep you updated on changes in VAT laws, ensuring that you're always compliant and informed. Our team is accessible and ready to address your queries or concerns.

Value for Money

Our competitive pricing coupled with the value we add to your business through our expertise and services ensures you receive an excellent return on your investment.

Company Formation in Al Hamriyah

Al Hamriyah Free Zone is an emerging free zone in the UAE known for its simplicity, speed, and security in company formation. It offers businesses a strategic location with access to key global markets and a friendly business environment

Company Formation in Al Hamriyah

Types of Licenses in Al Hamriyah

Trading License
Industrial License
Service License
Professional License

Procedure for Al Hamriyah Company Formation

Business Plan Submission

Prepare and submit your business plan and other required documents for initial approval. This includes the company’s nature of business, intended activities, ownership details, and the preferred type of license.

Initial Approval

Once your business plan is reviewed and approved, you will receive initial approval to proceed with the company formation process

Select Premises

Choose the type of office space you require, whether it be a flexi desk, executive office, warehouse, or industrial land. The lease agreement will be prepared upon selection.

Apply for License

Submit the application for the type of license you require – Commercial, Industrial, or Professional, depending on your business activities. Provide all necessary documents, including passport copies, application forms, and other legal documents.

Pay the Fees

Upon approval of your license application, you will be required to pay the respective fees for license issuance and lease of your chosen premises.

License Issuance

Upon successful payment, the Al Hamriyah Free Zone Authority will issue the license, lease agreement, and other related documents.

Open a Bank Account

With all the legal documents, you can proceed to open a corporate bank account for your company.

Process Visas

Finally, you can process visas for your employees and dependents if applicable.

Our Al Hamriyah Company Formation Services

Consultation and Planning

Our experienced consultants will provide you with an in-depth understanding of the Al Hamriyah Free Zone rules, regulations, and benefits. We assist you in making informed decisions by evaluating your business model, growth plans, and industry requirements.

License Assistance

Our team guides you through the entire process of obtaining the appropriate license, be it a commercial, industrial or professional one. We help you understand the requirements for each type of license and assist in gathering and submitting the necessary documents.

Documentation and Legal Formalities

We handle all the paperwork related to the company formation process. This includes the preparation and submission of the application forms, the Memorandum and Articles of Association, and other required legal documents.

Bank Account Opening

As part of our services, we also assist in opening a corporate bank account for your newly formed company. We guide you through the procedures and requirements set by the UAE banks.

Office Setup Assistance

We provide assistance in finding suitable office spaces or warehouses based on your business needs. We also guide you through the registration and lease agreement process.

Visa Services

Our team assists you with the process of applying for visas for your staff, dependents, and investors. We help with the medical tests, emirates ID registration, visa stamping, and renewals.

Post Incorporation Services

After the formation of your company, we offer a variety of post-incorporation services such as bookkeeping, accounting, VAT registration, auditing, and payroll services. This allows you to focus on the growth of your business while we handle the regulatory aspects.

Benefits of Al Hamriyah Free Zone Company Formation

Strategic Location

Al Hamriyah Free Zone is located in Sharjah, the third-largest emirate in the UAE. Its location provides excellent connectivity to local and international markets, being proximate to the Sharjah International Airport and major seaports.

Tax Benefits

Companies in Al Hamriyah Free Zone can enjoy 100% exemption from corporate, income, and personal taxes. There’s also no customs duty for goods and services within the free zone.

No Restrictions on Repatriation of Profits

There are no restrictions on capital repatriation or transfer of profits made in the free zone to a foreign account.

Ease of Doing Business

Al Hamriyah Free Zone provides a seamless and hassle-free business setup process. Businesses also benefit from efficient administration services, including quick document processing, licensing, and visa applications.

State-of-the-art Infrastructure

The free zone offers modern facilities like offices, warehouses, and industrial lands that can cater to the needs of various types of businesses.

frequently asked questions

How long does it take to set up a company in Al Hamriyah Free Zone?

The company setup process can typically be completed in 2-3 weeks, once all the required documentation is in place and submitted. The timeframe can vary based on the specifics of each case.

What are the visa options for employees in Al Hamriyah Free Zone?

Al Hamriyah Free Zone allows for the issuance of visas for your employees, with the number of visas being linked to the size of the office space or warehouse that you lease.

Do I need to lease a physical office space for my business in Al Hamriyah Free Zone?

Al Hamriyah Free Zone allows for the issuance of visas for your employees, with the number of visas being linked to the size of the office space or warehouse that you lease.

Can my Al Hamriyah Free Zone company conduct business inside and outside UAE?

Yes, a company formed in Al Hamriyah Free Zone can conduct business internationally and with other Free Zone companies in the UAE. However, for mainland UAE operations, you may need a local distributor or agent.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Company Formation in SHAMS

SHAMS, or Sharjah Media City, is one of the newest and most desirable free zones for entrepreneurs and businesses in the UAE. Offering a dynamic environment and exceptional facilities, SHAMS is the perfect place for creativity to flourish

Company Formation in SHAMS

Types of Licenses

Service License
Trading License
Industrial License
Holding License

Procedure for SHAMS Company Formation

Business Activity Selection and Name Approval

Identify the activities your business will undertake, and select a trade name. Submit these for approval.

Application Submission

Fill out the application form and submit it along with the required documents, such as passport copies, business plan, and CV (if applicable).

Payment

Upon receiving initial approval, you’ll need to pay the necessary fees to get your trade license issued.

License Issuance

After the payment is processed, your business license will be issued. Now, you can conduct business under your new company’s name.

Establishment Card and Visa Processing

Once your license is issued, the next step is to apply for an establishment card, which will allow you to process visas.

Benefits of SHAMS Company Formation

Ease of Set-up

The process of setting up a business in SHAMS is straightforward and investor-friendly.

Cost-Effective

Compared to other free zones, the cost of setting up a company in SHAMS is quite affordable, making it attractive for startups and small businesses.

No Physical Office Requirement

There is no need for a physical office to set up a business in SHAMS.

Variety of Business Activities

SHAMS allow for a wide range of business activities, making it a versatile choice for many different types of businesses.

No Currency Restrictions

There are no restrictions on currency movement, providing ease of international business and transactions.

Residence Visa

It provides an opportunity for the business owner and their employees to get a UAE residence visa.

Strategic Location

SHAMS is conveniently located, providing businesses with easy access to both the eastern and western global markets.

Our SHAMS Company Formation Services

Comprehensive Consultation

We understand that each business is unique and requires specific strategies and solutions. Our experts will provide a comprehensive consultation to understand your business objectives and guide you on the most suitable license type and business structure.

Documentation Assistance

Our adept team assists you in gathering, preparing, and submitting all the required documents for the company formation process in SHAMS. We ensure that all your paperwork is accurate, complete, and submitted on time to avoid unnecessary delays or rejection.

Business Licensing

Adepts Chartered Accountants will guide you in selecting the most suitable business activity for your company and apply for the right business license accordingly. Whether it’s a commercial license, service license, or industrial license, we’ve got you covered.

Legal and Compliance Guidance

Navigating the legalities and regulations in a foreign country can be complex. We help you understand the UAE and SHAMS legal and compliance landscape, and ensure that your business complies with all necessary regulations and laws.

Post-Formation Support

Our services don’t just stop at company formation. We offer post-formation support to help your business in SHAMS thrive. From accounting and bookkeeping to VAT registration and compliance, we provide a range of business services to help you focus on growing your business while we take care of the rest.

frequently asked questions

What type of businesses can be formed in SHAMS?

SHAMS is open to a wide variety of business types and industries, including media, trade, services, and consultancies among others.

What documents are required for company formation in SHAMS?

Typically, you would need a passport copy, visa copy, and a business plan, among other documents. The exact requirements can vary depending on the type of business and license.

How long does the company formation process in SHAMS take?

The duration can vary depending on the type of business and the speed of document submission, but typically it can take from a few days to a couple of weeks.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

Legal Counselling

Welcome to Adepts Chartered Accountants, your trusted provider of Legal Counselling services in the UAE. We understand the complex legal landscape and the challenges businesses and individuals face in navigating the legal framework. Our experienced team of legal professionals provides strategic and practical advice to help you make informed decisions and effectively manage legal matters

What is Legal Counseling?

Legal counseling is the provision of professional advice and guidance on legal matters. It involves assessing legal issues, providing insights into laws and regulations, and offering recommendations to help individuals and businesses make informed decisions and manage legal risks.

Importance of Legal Counseling

Legal Compliance

Ensure compliance with applicable laws and regulations, minimizing legal risks and potential penalties.

Risk Management

Identify and mitigate legal risks, protecting your interests and assets.

Business Growth and Expansion

Receive expert advice on legal matters related to business growth, mergers and acquisitions, contracts, and more.

Cost-Effective Solutions

Legal counseling can help you explore cost-effective solutions and alternatives, minimizing legal expenses while still achieving desired outcomes.

Long-Term Protection

Legal counseling provides long-term protection by helping you understand and navigate the legal landscape, ensuring your rights and interests are safeguarded.

Our Legal Counseling Services

Legal Consultation

We offer expert guidance and advice on various areas of law, assisting clients in understanding their legal rights, obligations, and potential risks.

Contract Review and Drafting

Our legal professionals help clients with contract drafting, reviewing, and negotiation to ensure clarity, fairness, and protection of their rights and interests.

Regulatory Compliance

We assist businesses in navigating complex regulatory frameworks, ensuring compliance with applicable laws and regulations specific to their industry.

Legal Research and Opinions

Our legal professionals conduct in-depth research and analysis on legal matters to provide clients with accurate and up-to-date information for informed decision-making.

Legal Representation

We offer legal representation services, advocating for our clients’ interests in legal proceedings, including negotiations, settlements, and litigation.

Our Approach to Legal Counseling Services

At Adepts Chartered Accountants, we follow a meticulous and tailored approach to internal audit, ensuring that our services align with the specific needs and objectives of our clients. With our expertise and commitment to excellence, we strive to deliver comprehensive and valuable insights to enhance your organization’s operations, risk management, and internal control systems.

Client Understanding

We strive to understand our clients’ unique needs, circumstances, and objectives. We take the time to listen and gather comprehensive information to tailor our advice and solutions accordingly.

Comprehensive Analysis

We conduct thorough analysis of legal matters, considering relevant laws, regulations, and precedents. Our team carefully examines all aspects of the case to provide accurate assessments and practical recommendations.

Clear Communication

We believe in clear and transparent communication. We ensure that complex legal concepts and processes are explained in a way that clients can easily understand. We keep our clients informed at every stage, empowering them to make informed decisions.

Ethical and Professional Conduct

We adhere to the highest standards of professional ethics and conduct. Our team maintains confidentiality, integrity, and professionalism throughout the legal counseling process.

Collaboration and Support

We foster a collaborative relationship with our clients, working as trusted advisors and partners. We provide ongoing support, address any concerns, and guide our clients through legal complexities with empathy and dedication.

frequently asked questions

Do I need legal counseling if I have a small business?

Legal counseling is beneficial for businesses of all sizes. It helps you navigate legal complexities, ensure compliance, protect your rights, and make informed decisions to mitigate risks.

How much does legal counseling cost?

The cost of legal counseling services may vary depending on factors such as the complexity of the matter, scope of services, and the expertise of the legal professionals involved. We offer competitive pricing and can provide a tailored quote based on your specific needs.

Can you help with legal disputes or litigation?

Yes, we have experience in dispute resolution and can provide guidance and representation in legal disputes, whether through negotiation, mediation, or, if necessary, litigation.

Is legal counseling confidential?

Yes, client confidentiality is of utmost importance to us. We adhere to strict professional and ethical standards, ensuring that all discussions and information shared during the legal counseling process are kept confidential.

How long does a legal counseling session typically last?

The duration of a legal counseling session can vary depending on the complexity of the matter and the depth of discussion required. We strive to provide sufficient time to address all relevant issues and ensure a comprehensive understanding of your situation.

Why Choose ADEPTS

Expertise and Experience

Tailored Solutions

Time and Cost Efficiency

Accuracy and Compliance

Dependable Service

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.

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