VAT REGISTRATION SERVICE FOR THE UAE COMPANY
On November 28, 2017, the UAE government approved the Executive Regulations of the Federal Decree-Law No (8) of 2017 on Value Added Tax (VAT), which will come into force and will be implemented across the United Arab Emirates from January 1, 2018. Executive Regulations provide detailed information about which services and goods will be exempt, zero-rated or a subject to 5% VAT rate. The Regulations answer all questions regarding who, how and why should register for VAT, who is eligible to deregister, who is exempted and what are the due dates.
We at My Business Consulting DMCC will keep you informed about all the updates in this matter. Our Tax Specialist would be happy to assist you with advice and prepare your company for VAT compliances. Get in touch with us at [email protected]or direct Mobile No. +971-55-554-7007 (available on WhatsApp).
SCOPE OF OUR SERVICES
Review of Corporate Documents
Assessment of Corporate Structure
Business activity fact summary
Online Typing of VAT Application
English & Arabic Encoding
(Arabic language is mandatory to proceed)
Coordination with Federal Tax Authority (FTA)
Submission or Revision of Application as per FTA
Communication with clients with regular update
Obtaining TRN (tax registration number) registration of the company
YOUR GUIDE TO VAT
WHAT IS VAT?
Value Added Tax – is the tax imposed on all taxable goods and services that are bought or sold for consumption. The rate of the Vat is 5%.
SHOULD I REGISTER?
Mandatory registration should be done by companies whose expected turnover is over AED 375, 000
HOW TO REGISTER?
You can register through the Federal Tax Authority portal or simply contact us for a hassle-free registration
WHICH SECTORS ARE EXEMPTED?
The information will be updated upon publication of the approved Executive Regulation from FTA
WHICH INFORMATION IS REPORTED?
Ownership details, Business activity, Turnover for last 12 months, Projected turnover for next 30 days, Related Businesses of partners
WHICH DOCUMENTS DO I NEED?
Please see the detailed list of documents required for the VAT registration below
HOW WILL VAT IMPACT MY BUSINESS?
VAT will demand you to structure your business, organize your finance and revise your selling prices, have a professional and effective accounting team
WHAT TO DO NEXT ?
CALL US for assistance in VAT registration and professional Tax advisory - design of your invoices, credit and debit notes, contracts, and much more
DOCUMENTS / INFORMATION REQUIRED
• Valid UAE Trade license • Articles of Association • Share Certificate • Certificate of incorporation/registration • Owners and Manager’s valid passport copy. • Owners and Manager’s UAE valid Resident visa copy and valid Emirates ID (if UAE residents) • Authorised signatory valid passport copy, valid resident visa and Emirates ID copy (if different from Owner/Manager) with proof of authorisation. • Contact phone number. Preferred mode of contact (email/Phone) • Company’s UAE Bank Account details in AED currency (Bank name; IBAN, SWIFT, Bank Address). The corporate bank account must be operational.
• Additional Trade licenses of businesses in the U.A.E (if any) in which any of the partner is related to for last 5 years• Summary of business activity• Turnover for last 12 months in AED• Last audited financials (if available)• Projected turnover for next 30 days in AED• Customs Authority registration details (applicable for trading co only)• Expected amount of imports and exports and GCC supplies (for trading co only) in AED• Preferred User ID for Federal Tax Authority access of online portal (regularly monitored email ID)• Password (from 6-20 character, with at least one alphabet, one numeric and one special character)
Freaking Out About VAT in UAE?
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Neqtat Al Entelaq Limited More professional than expected, especially Ms. Alaina. We would really recommend My Business Consulting DMCC to all. Aswaq Capital Limited We are very happy to do the registration of Aswaq Capital in My Business Consulting DMCC. And everybody is very helpful. Shafiq Massoud It’s obvious, that My Business Consulting DMCC is committed to professional services and I will not hesitate to recommend your company to others. Blue Atlas Investment Holding Ltd Very efficient and helpful. Excellent time management as we were on a tight schedule. Everything was prepared in time.
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