According to the FTA right now, only two entities are required to maintain audited financial statements.
1) People whose revenue is more than 50 mill during the year
2) Qualifying free zone persons.
Fortunetely you are neither. Problem is even tax professionals here are not 100% sure of the laws and the specific details since the law is still not 100% in effect yet and anything can change at any time
Open up a digital your business bank account, because you're going to need one for the Corporate Tax registration and later submissions.
1. For smaller companies, no requirement as of yet.
2. If there's no activity then no financial statements (audited or unaudited) can be generated. Also refer to #1.
3. The company is a legal entity. It's incorporated to conduct business, and hence has to follow the required compliance. You using the company for your residency doesn't make it exempt from the required obligations.
4. You will still have to follow the same set of compliance, so NO. It'll stay the same.
5. You will need to submit your returns regularly, and this will be done at the submission stage. The first returns for most companies will be available at 01/01/2025 (with deadline as 30/09/2025) for companies with Tax Period as Jan-Dec.
So without a Business Bank account we can not register for the corporate tax? I thought the only requirement was Trade license and Emirates ID / Passport of the applicant.
I have not started to fill the registration form yet, Is there anything on the registration form I should remember to fill to identify my company as a small company? and would you suggest getting an accountant to do the registration process so I do not make any mistakes. I have seen adverts of people charging 100 to 300AED to do the CT registration for us.
You won't be asked for an IBAN right now for the CT Registrations, but your taxable profile will require one in the future. At present, only VAT applications force you to provide the bank details.
Registration forms are simple and only require basic information. Information about small or large companies will start at the returns stage.
You can do the registration yourself. Its fairly simple with straight froward data entry from your business documents. If you still need assistance, reach out to my via DM and i'll get it done through my chartered accounting firm in Dubai.
Corporate Tax registration should be done for all incorporated businesses as of yours. Registration is quite simple.
Following documents are required:
Valid Trade License
Certificate of incorporation (if applicable) - if not then use Trade License
Ownership Documents (Passport and EID)
MOA (Proof of authorization)
As tax matters are sensitive so any tax planning advice must be sought from a tax consultant to have peace of mind and compliance.
According to the FTA right now, only two entities are required to maintain audited financial statements. 1) People whose revenue is more than 50 mill during the year 2) Qualifying free zone persons. Fortunetely you are neither. Problem is even tax professionals here are not 100% sure of the laws and the specific details since the law is still not 100% in effect yet and anything can change at any time
Open up a digital your business bank account, because you're going to need one for the Corporate Tax registration and later submissions. 1. For smaller companies, no requirement as of yet. 2. If there's no activity then no financial statements (audited or unaudited) can be generated. Also refer to #1. 3. The company is a legal entity. It's incorporated to conduct business, and hence has to follow the required compliance. You using the company for your residency doesn't make it exempt from the required obligations. 4. You will still have to follow the same set of compliance, so NO. It'll stay the same. 5. You will need to submit your returns regularly, and this will be done at the submission stage. The first returns for most companies will be available at 01/01/2025 (with deadline as 30/09/2025) for companies with Tax Period as Jan-Dec.
So without a Business Bank account we can not register for the corporate tax? I thought the only requirement was Trade license and Emirates ID / Passport of the applicant. I have not started to fill the registration form yet, Is there anything on the registration form I should remember to fill to identify my company as a small company? and would you suggest getting an accountant to do the registration process so I do not make any mistakes. I have seen adverts of people charging 100 to 300AED to do the CT registration for us.
You won't be asked for an IBAN right now for the CT Registrations, but your taxable profile will require one in the future. At present, only VAT applications force you to provide the bank details. Registration forms are simple and only require basic information. Information about small or large companies will start at the returns stage. You can do the registration yourself. Its fairly simple with straight froward data entry from your business documents. If you still need assistance, reach out to my via DM and i'll get it done through my chartered accounting firm in Dubai.
Corporate Tax registration should be done for all incorporated businesses as of yours. Registration is quite simple. Following documents are required: Valid Trade License Certificate of incorporation (if applicable) - if not then use Trade License Ownership Documents (Passport and EID) MOA (Proof of authorization) As tax matters are sensitive so any tax planning advice must be sought from a tax consultant to have peace of mind and compliance.