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VAT refund procedure for tourists in the UAE

VAT refund procedure for tourists in the UAE

May 2018

VAT refund procedure for tourists in the UAE Recently, the Federal Tax Office (FTA) in the UAE has announced a newly approved VAT refund scheme for tourists who visit the country. According to provided information, this system will resemble the similar processes, which apply in some countries of Europe and Asia. Its launch will happen shortly, and in accordance with this approved scheme, sales points and outlets will be connected to the announced tax refund system. As we have mentioned, similar systems are already working in

Account abroad – how to open, which country to choose

Account abroad – how to open, which country to choose

May 2018

Account abroad – how to open, which country to choose Opening a bank account abroad is a solution that is in definitive demand among both private and corporate clients. In this review, we consider in detail all aspects of opening an account abroad – what are the existing solutions, which one to choose for your specific tasks and why, what procedure and specifics of opening an account, what documents should be prepared and what is important to know in order not to make mistakes when opening an account abroad or further

VAT tax record keeping in the UAE

VAT tax record keeping in the UAE

May 2018

VAT tax record keeping in the UAE Federal Tax Law of the UAE requires all enterprises that conduct VAT transactions in the country, to carry out mandatory registration of these financial transactions and to fill the reports on them in the FTA. According to the recently introduced law, every onshore company in the country that carries out any kind of activity is obliged to keep accounts and commercial books. The reports, when presented to the FTA, must contain accurate and up-to-date data. The law also states that any legal

The Secrets of Success of the UAE’s Economy – Competitiveness and Diversification

The Secrets of Success of the UAE’s Economy – Competitiveness and Diversification

May 2018

The Secrets of Success of the UAE’s Economy – Competitiveness and Diversification The economy of the UAE is not only one of the most diversified in the world, according to one of the latest international reports, it also takes a leading place regarding competitiveness. More precisely, the United Arab Emirates received the highest ratings for nine key indicators. The countries were evaluated not only from the economic perspective but also taking into account trading and tourist potential. Within the ranking, the

Company Transfer – via applying the re-domiciliation

Company Transfer – via applying the re-domiciliation

May 2018

Company Transfer – via applying the re-domiciliation In some cases, the company's place of incorporation may be changed, in case it is permitted by the terms of the jurisdiction, the articles of incorporation and the memorandum of association. In this case, we talk about the transfer of business, or officially its re-domiciliation. The transfer of business or re-domiciliation is the change of the company's place of its location and registration. For such an operation to be possible, the option for its execution should be

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