Corporate Financial Solutions

Elevate your business with precision and trust – Our Accounting and Bookkeeping services are designed to empower you every step of the way.

At the heart of every successful business lies accurate financial management. Our services ensure that every transaction is meticulously recorded, summarized, and reported, not only maintaining compliance but also safeguarding you from potential tax-related challenges. With our expert approach, you’ll stay ahead of regulatory requirements and focus on what matters most—growing your business with confidence.

Why do businesses in the UAE need Accounting and Bookkeeping services?

When inexperienced investors launch a business in the UAE, they often opt to outsource their accounting and bookkeeping tasks to specialized agencies. This approach allows them to concentrate on driving business growth rather than getting bogged down by the complexities of financial record-keeping. Accounting and bookkeeping in the UAE follow specific procedures that can be overwhelming for those unfamiliar with the system. By entrusting these tasks to a qualified team of professionals, investors can ensure their finances are handled accurately and efficiently. This not only facilitates smoother operations but also unlocks new opportunities for growth, enabling the business to stay focused on its core objectives.

Key Benefits of Having Accounting & Bookkeeping Services in Dubai

Maintaining transaction records
Understanding sales records
Ensuring legal compliance
Adhering to local regulations
Ensuring transparency in profit and loss
Accurate use of funds
Managing foreign currency transactions
Maintaining proper cash flow
Preparing financial statements
Making improved financial decisions

As the UAE introduces a new corporate tax system, businesses need a reliable partner to ensure they stay on top of their tax obligations. Starting from 1st June 2023, a 9% corporate tax applies to many companies operating in the Emirates. We handle all corporate tax filing and management, so you can leave the complexities to us and focus on what you do best. Let us navigate the new corporate tax landscape for you!

Eligibility for UAE Corporate Tax

The UAE's corporate tax for 2023 is set at 9% on the profits (revenue minus expenses) of businesses generating over 375,000 AED (approximately USD $100,000). Companies with annual earnings below this threshold will continue to enjoy a 0% tax rate.

Who is exempt from Corporate Tax?

There are a few types of income that are exempt from corporate tax. These include:

Wholly government-owned entities

- Non-profit organizations (terms and conditions apply)

- Specific types of investment funds

- Personal Income

Corporate tax does not apply to personal income generated by individuals that is not associated with any trade or business in the UAE. These incomes include salary from employment, real estate, share investments, income from interest, and other personal income sources.

Free Zone Businesses

Businesses registered in free zones can enjoy a 0% corporate tax if they do not engage in business with the mainland and comply with all the regulatory criteria set by the authorities.

Capital Gains and Dividends

Capital gains or dividends earned by individuals or businesses from qualifying shareholdings are exempt from UAE corporate tax.

Effective Date

The new corporate tax policy came into effect for the tax year starting on June 1, 2023. Companies with a financial year beginning in January will not be required to pay tax on revenues generated prior to January 1, 2024.

At WeSetupBusiness, we offer complete corporate tax services from detailed advisory to registration, ensuring compliance, filing, and submitting tax returns. Our team of professional accountants and tax experts, with years of knowledge of local rules and regulations, handles all aspects such as assessment, compliance, audit, registration, accounting, and filing, so you don't have to do the heavy lifting. You can rest assured that your tax requirements are in safe hands.

Registration and Deregistration

Businesses that fall under the corporate tax (CT) requirements must register with the Federal Tax Authority (FTA) and obtain a Tax Registration Number within the specified time frame. If a company doesn’t register voluntarily, the FTA has the authority to register it automatically.

If a business stops its CT registration (for instance, during liquidation), the FTA should be notified within three months. For an individual to be deregistered, they must have submitted all CT returns and paid any owed taxes and penalties up until the cessation. If the deregistration application is not submitted on time or if payment and filing obligations aren’t met, issues may arise.

Filing, Payment, and Refunds

Businesses need to submit only one tax return and the necessary supporting documents to the FTA for each tax period. There’s no requirement to file a provisional CT return or make advance payments. All tax returns and supporting schedules must reach the FTA within nine months after the end of the tax period. Payments for corporate tax must be completed within nine months following the tax period. Taxpayers may request a refund from the FTA if they can prove it’s warranted.

Corporate Tax Advice

Our specialists are here to provide guidance on corporate tax matters that could affect your business. This includes information on potential tax exemptions available to you and how to take advantage of them.

Corporate Tax Registration

Our team will help you register your business for corporate tax with the FTA and ensure that you meet all deadlines related to your tax obligations.

Corporate Tax Returns

We will evaluate your corporate tax situation, aiming for the most favorable tax results for your business, and manage all necessary submissions to the FTA throughout the year.

VAT

The United Arab Emirates introduced the Value Added Tax (VAT) on January 1, 2018, with a rate of 5% on all types of products and services. This tax is applicable to the expenditure and use of goods and services at each point of sale. Businesses are obliged to collect and account for the tax to aid the government.

Whether voluntary or mandatory, the VAT registration process is the same. The tax authorities have a particular portal for the process where businesses can easily register. However, one must be very mindful while undergoing the application procedure to ensure it is done correctly in order to gain approval from the authorities.

Mandatory VAT registration applies to businesses with yearly income exceeding AED 375,000. Voluntary VAT registration is available for businesses providing taxable products or services with yearly income of more than AED 187,500 but less than AED 375,000. Businesses with yearly income less than AED 187,500 do not need to register for VAT.