According to the latest IAB World Survey rankings, the ANTEA Alliance of Independent Firms has once again secured a coveted position among the world’s leading associations by holding on to the 15th spot among the world’s leading alliances. The firm’s worldwide members and their teams are commended for their exceptional expertise and their commitment to achieving this level of success. For any of our services, Contact Us
Setting up a business in the United Arab Emirates (UAE) can be an excellent opportunity for entrepreneurs looking to expand their operations in the Middle East. The UAE offers a dynamic business environment, a strategic location, and a supportive regulatory framework. In this blog post, we will discuss the key steps involved in setting up a business in the UAE. Step 1: Choose a business activity and legal structure. The first step in setting up a business in the UAE is to decide
A tax residency certificate in the UAE is a document that confirms the tax residency status of an individual or a company in the UAE. The certificate is issued by the UAE Ministry of Finance and is used to claim tax benefits under the double tax avoidance agreements (DTAA) that the UAE has signed with other countries. Here are some of the uses of a Tax Residency Certificate from the UAE: 1) Avoiding double taxation: The TRC allows an individual
Cabinet Decision No. 85 of 2022 – Issued 2 Sept 2022 Brief overview The new decision effectively provides us with guidelines on determining the tax residency for both natural and legal persons. It also outlines the requirements and conditions for identifying a person as a Tax Resident in the UAE. Publication and Enforcement The decision shall be effective from March 01, 2023. Coverage 1. Natural persons shall be considered UAE tax residents if they: Have their primary residential place and financial
It is mandatory for all passengers entering or leaving the UAE with more than Dh60,000, or equivalent amounts in currency, financial assets, precious metals, or stones, to declare them to customs. Families members over 18 years old may carry an amount not exceeding Dh60,000 or the equivalent in foreign currency without disclosing it to customs officers under the UAE’s disclosure system. The cash and other valuable items carried by passengers less than 18 years of age, including children and adolescents, are added
A new rule by the UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) states that companies would be required to attest import invoices with a value of Dh10,000 and above and the attestation of invoices will be done electronically. Key Points: This will come into effect on February 1, 2023. There will be an attestation cost of Dh150 per commercial invoice. Customers will have a grace period of 14 days after the declaration of goods to comply with the attestation. Businesses that
What is the ‘Unemployment Insurance scheme’? In the event that a UAE employee working in the Private sector or under the Federal government loses their job as a result of termination by their employer, they will receive the benefits of Unemployment Insurance (60 percent of their average basic salary, calculated on an average of the six months leading up to unemployment), which is a form of insurance or social security. An insurance premium will be paid by the worker
The Ministry of Finance (MOF) announced that the tax registrants supplying Gold are not required to impose VAT on the supply of Gold and products which mostly consist of Gold, if the conditions of Cabinet Decision No. 25 are met. In such instances, VAT in respect of the Gold is accounted for under a special reverse charge mechanism which requires the registered recipient to account for VAT on the supply instead of the supplier. Based on a new decision by the
Federal Decree-Law No. 18 of 2022 – Issued 26 Sep 2022 (Effective from 1 Jan 2023) January 1, 2023, will mark a significant date for the UAE’s Value-Added Tax (VAT). During this time, the country will have completed five years under its tax regime, and the first major changes to VAT laws will take effect. Listed below are the changes that all business owners should be aware of: Article 1 – Definitions New definitions are added for Relevant
Over the past several decades, money laundering has become an increasingly prevalent issue. Both financial institutions and governments are constantly looking for new ways to fight money laundering, and several anti-money laundering policies have been put in place to help this effort to the maximum. Anti-money laundering laws entered the global arena soon after the Financial Action Task Force was created. The FATF was responsible for the creation of most anti-money laundering standards, and it made a framework for countries to
