Laws UAE businesses should know about
Cabinet Decision No. 56 of 2023 on Determination of a Non-Resident Person’s Nexus in the State for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses
Summary: This decision, issued by the Cabinet, provides clarity on the criteria for determining a non-resident person’s connection to the state regarding the taxation of corporations and businesses. It outlines definitions and rules related to immovable property and taxable income. The decision also addresses artificial transfer of property rights and the requirement for non-resident persons […]
What you should know about Direct debit in the UAE
It was recently announced that the UAE Central Bank has approved of a direct debit marketplace making it easier for both merchants and customers to make their monthly payments. Before we look at this any further we need to know, what is direct debit?When you allow for direct debit it means that you give a […]
VAT registration
As all businesses in the UAE are aware, at a certain point you have to register for VAT, but when do you do that and what are some of the steps involved? The following article will give you a brief overview of everything that you need to know when you are registering for VAT. When […]
What you should know about UAE Tax Invoices
As in many other countries, in the UAE there is a Value Added Tax (VAT) charge on most goods and services provided and once your business has exceeded the mandatory registration threshold of AED 375,000 you are required to register for VAT. Thus you become what is referred to as a registrant and now you […]
Opening a bank account in the UAE is not a walk in the park, or is it?..
Due to our field of work, we know all the insights about bank accounts in the UAE. Our clients have accounts opened in different UAE banks and we know pros and cons of nearly half of the banks operating in our region – we know about their charges, about their functionalities and how our clients […]
UAE Insurance for involuntary loss of employment
Starting from 1 January 2023 the UAE introduced Involuntary Loss of Employment (ILOE) Insurance. What is ILOE?ILOE stands for Involuntary Loss of Employment. This unique scheme provides security for employees who lost their jobs due to reasons other than disciplinary action or resignation until they find a new job. Who is eligible for subscription? All […]
Virtual assets in the UAE
Bitcoin, NFTs, crypto, and gaming tokens, we have all heard of these and have a basic idea of what they are, but how can these things be useful to a business and can you use them as a form of payment in the UAE? Not to worry, the following article will clear up everything you […]
7 Ways an Accountant Can Save You Money
According to a 2020 report on working practices of the UK’s 5.6 million micro firms (businesses with 10 or less employees), the average micro-business spends 15 hours per week (19% of their time in total) doing financial admin tasks. This report is just one example of similar surveys that look at struggles of SME owners […]
UAE Corporate Tax Law and what it means for your business
Following the recent news about big changes with the implementation of the EmaraTax portal, yet another milestone has been achieved by the UAE Federal Government – the introduction of the Federal Decree-Law No. 47 of 2022 on Taxation of Corporations and Businesses. Although many of the fine details are still not public, we wanted to […]