VAT Registration in the UAE

VAT Registration in the UAE

December 2017

VAT Registration in the UAE The UAE has resolved to introduce VAT from the beginning of January 2018. All onshore companies in the UAE have to register to receive the VAT number. The companies the taxable revenue of which surpasses AED 375.000,- mark per annum are obliged to file the VAT tax returns. The companies the taxable revenue of which is less than AED 375.000,- mark per annum but more than AED 187,500,- can decide if they want to file tax returns or not. If no tax returns are filed, means such companies also cannot

Top problems / challenges when opening business in the UAE

Top problems / challenges when opening business in the UAE

December 2017

Top problems / challenges when opening business in the UAE United Arab Emirates are well known for the very attractive business environment, its legal framework and favorable tax system. However the UAE, like any other country in the world, has its certain particulars which may potentially result in some challenges when opening a business here. This article highlights the most common possible problems which may be faced when starting the business in Dubai or other emirate of the UAE. The first one is the Knowledge on all

Islamic Banking – how to open an account in the UAE

Islamic Banking – how to open an account in the UAE

December 2017

Islamic Banking – how to open an account in the UAE According to the study conducted in 2017, Islamic banking is becoming more popular in the United Arab Emirates. More than half of the population gives preference to Islamic banking. In 2017, this indicator has exceeded the same indicator by five percent in comparison with 2015. The main feature identified by the study is as follows – non-Muslims living in the UAE use Islamic banking services 7% more often than in the previous year. This dynamics is very encouraging and

What the term Sponsor means in the UAE

What the term Sponsor means in the UAE

December 2017

What the term Sponsor means in the UAE When we think about the sponsor, we normally think about some person or company who provide some form of financial support. In case of the UAE, this term has two different meanings. One – the standard meaning we know under the term “sponsor” The second one is very different and quite specific for the UAE. This other meaning of sponsor or “local sponsor” is some local citizen or government body who are required to establish a company on the main territory of the UAE or obtain

Foreign Companies will no Longer Need a Local Partner

Foreign Companies will no Longer Need a Local Partner

December 2017

Foreign Companies will no Longer Need a Local Partner His Excellency Sultan bin Saeed Al Mansoori, the UAE Minister of Economy, will shortly introduce a new law allowing foreign enterprises to do local business without the services of a local partner. This will greatly simplify the work in the UAE market. It is expected that the law will come into force in 2018. Its main advantage is that foreign companies would not be required to have a local partner holding 51% of the company. At the time, all enterprises registered

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