In the wake of UAE GST tax reforms announced this year, all businesses within the UAE must submit VAT registration and file regularly. In the UAE, the Federal Tax Authority of UAE will be the authority for all VAT rules and compliance.
The UAE and other GCC countries have implemented the Value Added Tax (VAT) in the year 2018. There is a VAT of 5% for all transactions within the UAE with exemptions for specific services like local transport and selected financial services, the use of land for bare purposes, and so on.
General CRITERIA TO REGISTER VAT UAE
A business must register for VAT if the taxable imports and supplies exceed AED 375,000 annually. It’s not mandatory for companies with imports and supplies exceeding AED 187,500 per year. At the end of 2018, all businesses in UAE are required to be VAT registered regardless of whether their annual income lower than AED 375,000 annually.
Taxes are imposed at every step in the chain of supply. End-users typically bear the cost of VAT, while businesses pay and record the tax, essentially acting as an official tax collector for the government. Companies must keep a log of all financial transactions and make sure their accounts are reviewed frequently to ensure they remain within the tax regulations and avoid insolvency.
DOCUMENTS REQUIRED TO REGISTER VAT in UAE
- Trade License issued by the company
- Registration or incorporation certificate
- Article of association/partnership agreement or any other document indicating business ownership
- Manager profile
- Passport copy as well as Emirates ID of the manager
- The physical location of the office for the company
- Contact details
- Bank account information and statements
- List of companies of directors and partners in UAE in the last 5 years along with their license to trade copies
Alongside the documents required, Along with the required documents, the company must make several declarations to obtain tax registration numbers and complete the Tax Registration procedure within the UAE.
LIBRARY OF DOCUMENTS CONTAINING the details of
- The business activities of the applicant
- The actual or estimated value of financial transactions value
- Annual Turnover from the previous year, accompanied by supporting documents
- The details of the expected Turnover within the next thirty days
- Transactions involving imports and exports
- The list of GCC operations of the business
- Details on customs registration
How can AURION help you?
From educating the public regarding VAT guidelines to Registration of VAT and the VAT file, Aurion provides full assistance and complete services in VAT & Accounting. The VAT department at Aurion is fully equipped with the most current standards established by the federal tax authority. It is also skilled enough to provide rapid and precise VAT assistance regardless of the kind of company you run.
ACCOUNTING AND TAX CONSULTATION SERVICES in the UAE
ACCOUNTING Services In UAE
We can help you benefit from our experience in every aspect of accounting, financial planning, or business development to realize the potential for economic growth. The transfer of your bookkeeping responsibility to Aurion allows you to concentrate on the main concerns for your enterprise, including expansion. Accurate bookkeeping will enable you to make better-informed decisions regarding your company.
Our standardized processes simplify and enhance your accounting processes. Our skilled team is familiar with working with the most popular accounting software applications like QuickBooks, Peachtree, Quicken, Tally, etc. The accounting solutions we offer are unmatched in the region, offering professional business support that is proactive, high-quality in multilingual communications, and most trust-worthy standards in reliability and conformity.
Whether you’re a basic startup or an established firm with complicated reporting and control structures, our solutions are tailored to your needs and delivered with the same enthusiasm. Our management accounting services are customized to meet your specific business needs and could be as intricate as your requirements for group reporting needs.
- Growing to match your requirements for volume
- Unparalleled logistical support and assistance with order processing
- Integration with logistics from outside Document processing, external logistics, and many other applications
- Connecting with your banks to facilitate bidirectional electronic data transfers
Aurion is your reliable service provider in the field of VAT & Accounting. You will be able to concentrate on your business’s core activities. At the same time, we handle your VAT Registration and VAT Return Filing Accounting and Book Keeping Service with the highest precision and excellence.
RELEASES OF AUDIT FOR FREE ZONE COMPANY RENEWALS
Aurion offers the unique Audit Report Service for Free Zone businesses in the UAE to renew business licenses, open bank accounts, and close the company. Based on the business jurisdiction, the requirements for auditing differ. A majority of the Frei Zones within the UAE require firms to conduct an audit and then submit an audit report within the period of renewing their business license.
At the time of a company’s closing, companies in the free zone have to obtain a closing certificate or liquidator certificate, which is prepared following an audit of the business’s financials.
Keep your business records up to date in the most efficient method.
The financial reports of your business are essential to monitor the company’s growth and avoid any penalties or misrepresentation of money. Aurion will create accurate and precise audit reports for your company, which can be used for various objectives such as free zone business license renewals, opening bank accounts, and closing the company, among others.
The Audit experts will examine your company’s accounts, transactions, and financial statements and then prepare audit reports that are 100% compliant with UAE business law.
As an ISO 9001:2015 certified Consulting firm, we strive for continuous improvement and high-quality service on all of our assignments. We provide the highest security for your personal information, and business data with our own created Office Management System.
Additionally, by using the Aurion Mobile App, receive immediate notifications on your VAT registration, the filing of your VAT Return, and the Status of your accounting assignments in real-time. Our experienced consultants are ready to communicate with us!