Company formation in Dubai

Company Formation 

Company formation is the process of legally incorporating a business as a limited company or LLP at Companies House. Upon formation, a company becomes a legal individual with its own rights, responsibilities and liabilities.The process is also referred to as ‘company incorporation’ and ‘company registration’.

When you incorporate a limited company, it becomes an individual ‘person’ in the eyes of the law. Incorporated businesses are completely separate from their owners in terms of finances, liabilities, contractual agreements, and ownership of property and assets.

 

How easy is it to register a company in Dubai?

In most cases, the Dubai Company Act requires a foreign investor to have a local partner who will own the majority interest. The only places investors may incorporate fully foreign owned companies are the Dubai free zones. The company registration requiremts will be different from case to case because of the type of company one chooses to open in Dubai. According to the Company Law, investors may set up the following types of companies in Dubai:

  • – limited liability companies,
  • – private and public joint stock companies,
  • – partnerships,
  •  branch offices,
  • – subsidiaries,
  • – free zone limited liability companies,
  • – free zone establishments.

For those seeking a simpler form of doing business in Dubai, the sole proprietorship could be an appropriate choice. Depending on the selected type of company and licensing requirements, the registration procedure with the Dubai Companies Registration Office will take several days.

 

Points to be kept in mind before incorporating a business.

  1.  Select a local sponsor, a UAE national for local business startupThere are plenty of business opportunities available in Dubai, as well as in the other Emirates of UAE. However, if you really want to start a business which must exploit the potential of Dubai then you need a locally registered LLC business.

    A UAE national must be taken as a 51% partner who is called a local ‘sponsor’. A local company provides the freedom to locate the business anywhere in the city. For a business startup in Dubai, this is a boon because it affords the best choice of locations to suit your budget.

  2. Select a Free Zone if you wish to own your business 100  Free zone Company in Dubai, UAE                Keep in mind that the only way for a business startup in UAE to start without taking a UAE national acting as your partner is to locate your business in one of the Free Zones.For a business startup, Free Zones offer three great advantages
    • 100% ownership
    • Speedy startup
    • Duty-Free customs boundary.
  3. Select a Location that optimizes suitability, convenience, and costs.  You need to set up your business in an area that is most profitable for your business or most convenient to your business. If you are planning a Free Zone company then you must make the selection based upon the criteria of distance, costs and if it is suitable for your product, business model, and trade requirements.
  4.  Confirm your Visa eligibility and requirementFor a business startup in the UAE, a visa permitting you and employees to live in UAE is essential to run your business.

    Visas are allowed for almost all businesses.

    However, their number varies according to a variety of criteria such as the size of the office, nature of the business, the category of the employee or the investor.

  5. Hire a registration agent to take you through the process of business startupHiring a business advisory firm to register your business startup may be your best option.A company registration agent will do many things for you:
    • Advise you on the right license and jurisdiction that meets your objectives
    • Prepare documents including legal documents
      – Company registration (Package)
      – Visas
      – Amendments
      – POA
      – BOD resolutions
    • Submit physically to banks, authorities
    • Monitor completion of jobs
    • Help you open a bank account
    • Facilitate and solve problems with your bank, legal issues, your jurisdiction
    • Trust and fiduciary services
    • Act on behalf of clients
      Accounting & Bookkeeping
      – Nominee
      – Bank operation in a limited way on instructions
      – Signatory
      – Manager                                                                                                                                        Simply put, a company incorporation agent will help you to maneuver through the legalities involved in starting a new business in the United Arab Emirates.                                                               visit:                                                                                                                                  http://www.namaccountants.com                                                                                                  or                                                                                                               contact us : +971-558876440

Importance of Charted Accountant

Importance of a Charted Accountants

Chartered Accountants don’t bring together any resources to create any significant economic development, they are resources themselves. Most CAs help the economy indirectly through the following activities:

  1.   Supporting in tax compliance. This includes liaison with government authorities, representing clients in courts, ensuring smooth business operations by taking over the complex tax compliance part. For example, without the CA profession, changes like GST will be very hard to implement.
  2. Financing -Creating opportunities by arranging for business finance. They are helpful in making calculations and convincing banks about the credit worthiness of entrepreneurs. On a large scale too, many CAs working with investment banks help to arrange some key business deals between organisations.
  3. Auditing – which includes the redundant but still necessary function of control procedures. This is to prevent leakages from the economy and stand vigil to check on creation of illegal properties, black money and frauds etc.
  4. Accounting – bringing together professional standards of accounting in changing business environment and to accommodate new developments in business. This ensures comparability, reliability and investor faith, which is good for the economy.
  5. General business support – a lot of other things that Chartered Accountants do can be classified as general support and consulting services. They can do this because of their knowledge about laws, taxes, compliance, financial markets, investments, valuations, banking, regulations etc. It’s too many things, but mostly for supporting roles only.
     

 

Auditors in Dubai

AUDITORS IN DUBAIAudit Firms in Dubai, silicon oasis, JLT, Jebel Ali free zone, DMCC Dubai, UAE

‘The Dedicated Financial ,Auditors in Dubai’,

Auditors in Dubai – Among the top listed financial auditors in Dubai, UAE, Nam Accountants Group has gained immense respect and popularity as top Auditors with their rich service culture embarked in the area of auditing, business accounting and management consultancy. It was incorporated as an accounting firm with a strong vision of enhancing the business health and personal wealth of its clientele spread across the globe. The auditing firms in Dubai submit audited financial statements annually for ,Auditing in Dubai airport free zones,. Our auditors in Dubai make sure that the annual financial statements are submitted three months prior to the end of the financial year. If they failed to do so, then heavy fine can be imposed on the investor. Therefore, it is necessary that you choose any one out of many reputable audit firms in Dubai. Checking the track record of the auditing firm and their current or previous clients’ feedback can give you a good idea about the reputation of the auditing firms in Dubai, UAE..

Our Vision

To ensure clients progress financially and socially.

 

Our Mission

Our service is to ensure financial security and social responsibility of a business in order to enhance confidence level in every client.

 

We are proud to announce that we are one of the top most in

  1. Adudit Firm in Dubai
  2. Auditors in Dubai, UAE
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  4. Audit firm in Dubai silicon oasis
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  6. Audit firm in Dubai airport free zones

 

Audit Firm in UAE

Auditing Firms in Jebel Ali Free Zone

 

 

Chartered Accountants has earned its place as one of the most respected and trusted audit firms in Dubai, UAE by leveraging industry experience and technical proficiency in a range of corporate financial specializations, including accounting, auditing, and financial reporting, to provide clients tailored business solutions to fuel their Growth.

We go beyond providing our clients with conventional services – we customize valuable, data-based financial insight that enables our clients to bolster the cost-effectiveness of their processes and improve the allocation of their resources. Our team is composed of professionals, certified accountants and auditors in UAE, of combined experience providing auditing and consultancy services to clients in the UAE. By having a complete expert team in-house, we are able to offer a full spectrum of unified business solutions to our clients.

 

Track your finances with precision and efficiency, partner with one of the leading auditing firms in Dubai and the UAE today –

NAM ACCOUNTANTS

AUDIT FIRM IN DUBAI AIRPORT FREE ZONE

In the corporate world, business efficiency is the key to gaining competitiveness. When your business maximizes its resources, without increasing cost, you are left with more capital to spur growth and expansion. More importantly, an efficient business is able to steadily increase profit margins over time.

Give your business a competitive edge with the help of Auditors – your partner for growth and success.

DUBAI AIRPORT FREE ZONE is an ideal base to do business in the Middle East by providing a business-friendly environment, world class infrastructure, tax exemptions, and full repatriation of earning, total ownership and exceptional facilities. It is a rising hub of the country significantly known for extensive trade and commerce both in the national as well in the international arena. The demand for Auditors in Dubai Airport Free Zone is always high

Auditing in the companies can be of three types. It depends on the owner of the business that which type he requires for his company. They are:

  1. Internal Audit
  2. Statutory Audit
  3. Other Non-statutory Audit

 

For assistance please visit: www.namaccountants.com

Or

Contact +971-558876440

 

 

The Role of Tax and Accounting Services

tax service

Tax service and accounting are one of the most important functions of any business firm. Irrespective of their nature, size or scale of operations, organizations employ accountants, payroll managers, tax service, consultation and auditors to streamline the financial and regulatory records of their day to day transactions, bookkeeping processes and different in-house accounting wants and requirements. With the rise in employment and number of business transactions, these companies are finding it additional convenient to source this core function to professional tax service and accounting services providers.

Apart from making diligent and experienced adjustments to accommodate client requests, they additionally provide access to state of the art infrastructure and software support to manage confidential accounting data-smartly and in a quick manner.

Most of those service providers are supply professional and high-quality services. They provide an exhaustive list of services starting from the most critical jobs like tax and come filing to the generic ones like debt bank, payroll management, reconciliation, preparation of final accounts and income-expenditure statements, accounting of receivables and payables and another day to day data entry work.

The additional corporations are looking towards minimization of operational and transactional costs, availing customized tax preparations and other services-the reliable and trusted way.

Nam Accountants offer customized professional accounting and tax services to high-growth companies across various industries.

UAE Offshore Company Formation

offshore company formation in uae

Firstly it portrays a good image within the minds of clients and suppliers. Secondly, the method of setting up is straightforward and therefore the greatest asset is that it’s tax-free in nature. It will be maintained as a confidential entity and a company bank account may also be opened by a UAE Company.

A UAE offshore cannot use workers within the UAE. It cannot conduct any business activity, it also, must appoint a registered office within the country premises and last however not the least important issue is it needs to submit its audited financials to the UAE government. Offshore company formation in UAE is a complicated method. First of all, some international tax procedures and legal processes are involved in it. The method of setting up a company at the base of the country is that the necessary side. A direct access to the company assets of the company as well as building a complete image within the emerging markets need to be ascertained. It’s a matter of privacy and status of the company. It permits funds to be transferred from the geographical boundaries of 1 country to the other country and there’s a considerable reduction in paperwork also.

They generally need the same documents that are needed for setting up a domestic company. It’s widely suggested that we take the help of workplace having its presence in UAE because of its familiarity with the local laws. First, of those entire agencies do an initial consultation, then they adopt a method of due diligence. When doing the groundwork the necessary documents are incorporated that are basic to the formation. Then a registered office of the company is set up along with the formation of a registered agent. Finally, we return to the final stage in the method wherever the requisite payment fees are done and then the company is finally registered.

an offshore company formation in UAE is a relative method however the only drawback is that it will be set up in a country, which encourages such an offshore company formation. in fact, it’s a matter of great privilege and some extent noteworthy is that countries like UAE have inspired this and the results are there to be seen.

Nam Associates offering the business consultancy services like offshore company formation in UAE, company set up in Dubai etc.

VAT Return Filing in the UAE

vat in uae

VAT return filing is that the official tax document to be submitted to the Federal Tax Authority before the due date. VAT return filing needs to be done by the taxable Person at regular intervals depends upon his tax amount. The VAT return should show the details of any output tax due and input tax recoverable at the side of different information as required by the format.

What has to be taken care while filing your VAT return?

While doing the VAT return filing method, details of the taxable Person are going to be pre-populated. Further, details like current VAT return amount, Tax year finish, VAT/Tax period reference range and VAT return submission due date also will be generated automatically.

The following should be taken care of VAT Return filing,

  • All mandatory fields should be completed
  • All amounts should be in AED
  • Use “0” if there are no amounts to be declared.
  • All amounts should be added to the nearest fills

The VAT Return Filing requires every registrant to provide details of taxable supplies.

Details to be summarized under Taxable Supplies include the following;

  1. Advances received.
  2. Supply of goods and services
  3. Goods sold under Profit Margin Scheme
  4. Credit notes issued
  5. Deposits received other than those which are refundable
  6. Sale of Commercial Property

The value of supplies of products and services under Reverse Charge Mechanism is to be declared separately. However, a worth of goods imported into UAE is auto-populated to the extent it had been declared under the taxable Person’s customs registration number.

Adjustments will be created to the of imported goods that are auto-populated in case of omission or mistake in the value when compared with the amounts reported within the customs and import declaration. Further, any import of products that aren’t subject to the standard rate of VAT within the UAE at 5-hitter can even be adjusted as by default all the imports are assumed to be subject to 5 VAT rate.

For assistance please contact +971-558876440 or visit:www.namaccountants.com

Concept of VAT in UAE

VAT I n uae

Businesses and consumers are charged with various forms of taxes and it’s vital to know what we are being taxed for. Value-added Tax (VAT) may be a form of consumption tax that is levied on totally different varieties of product and services provided to consumers. Most of the revenue generated by businesses for the availability of products and services are subject to tax. The tax is fully bared by the final consumers of the goods.

The quality Value-added Tax (VAT) rate is 20 %. But for bound categories of products and service, a reduced VAT rate of 5 % or a zero VAT rate of 0 percent might apply. Domestic fuel, sanitary hygiene product and energy-saving equipment are charged a 5 % VAT rate. Books, food and public transportation qualify for the 0 percent VAT rate. Certain product and services are altogether exempted from the VAT. This category of products and services include education, insurance, medical treatment and fundraising.

After understanding the basics of the VAT, we tend to are certain that you can have additional questions about the topic. Alternative common queries regarding VAT includes the business registration for VAT, VAT payment and refunds and also VAT connected notices, forms and application guidelines. VAT may be a complicated tax matter for most people to know. To read up additional or to get professional facilitate with reference to the VAT, get in touch with your local tax agent or search for more data online.

 

Tips on How to Choose a Tax Agent

tax agent

It’s once again the tax season however you haven’t hired any Tax Agent and now you’re troubled because your company is at risk. What to do in such situation? Who to believe and who not to? Evidently right now there are thousands of queries running in your brain and you’re doubtful regarding the consultant that you’ll hire will be good or bad.

Here you will find the tips which will be help for you while choosing a Tax Agent.

  1. Asking the Right Person

First step is to ask from among friends and relatives who have some experience on this activity. Appearances are deceiving. Friends and relatives who seem prosperous are not essentially those who have the simplest tax agent. However, those who have own some business and many properties may have someone whom they calculate to do their tax statements. These individuals obviously would suggest someone.

  1. Deciding Which Tax Consultant

After short listed for the tax agents, make an appointment to visit their office. Tax agent is privy to extremely confidential financial info. Before deciding that one, the experience and credentials of the chosen one should be established.

Tax preparation needn’t be something to be anxious concerning. As long as you’ve got the proper tax consultant with you then there’s nothing to worry about. Assist the tax professional by keeping records in an organized manner. Don’t build unrealistic demands unless ready to supply information and data that may build those demands happen. Good accounting work takes time and effort. Your cooperation and honesty is important to positive results. The tax consultant could be a key person for your financial well-being. Make sure to have the proper tax agent for worry-free tax statements.

If you are looking for a Tax or VAT Consultancy in Dubai,

Visit: www.namaccountants.com

Choosing a Tax Agent in Dubai

We have lot of benefits from having a good Tax agents in Dubai. Here are some tips for getting good Tax agents in Dubai, to help you get in order your individual tax returns.

  • Complete tax situation
  • You have more tax issues. This includes being behind in filing tax returns, owing tax to the government among the range of accounting services.
  • You are having issue filing your own individual tax return.
  • You want to protect your business, like acquisition, financial and leasing.

The tax agents who is qualified to handle particular areas that you may need to help in dealing with. Here are some tips:

  • Do not trust agents accountants who say that everything are often deducted or that they will deliver big tax refunds every time.
  • If you have got a straightforward, uncomplicated tax return, you’ll approach any retail accounting company to assist you prepare and file it. The price usually depends on the amount of tax forms to be accomplished and also the seniority of the tax accountant.
  • Get only certified and authorized tax agents in Dubai. Keep in mind that there’s a range of accounting expertise.
  • You have the option of going to a Tax consultancy firm.

In you search for the correct tax agent in Dubai; you will be dealing with tax experts.

If you have any assistance in Tax preparation, Visit: www.namaccountants.com

Looking Into Accounting and Audit Services

audit service

If you think that the financial side of your business can be running additional smoothly, then you’ll wish to check out all the various firms who offer accounting service and audit services. Each business needs to have their money sector running properly, and if you think that yours desires a little bit of facilitate, then you’ll wish to contact one of these firms immediately. You’ll be able to also realize several of them that do payroll services as well. Ensuring that each one of your workers is paid during a prompt and correct way is one of the most important aspects of running a business. These firms can make sure that all of your workers are satisfied with their work compensations weekly or bi-weekly, depending on the pay policy your individual company has.

You may also feel that you would like financial advice. Whether you manage a business, this service is of good help to you. There are many various things to admit in terms of what you’re going to do with your cash once you pass on. These companies will help you with each the money and legal aspects of those issues.

These firms will even help non-profit organizations with their financial issues, no matter they will be. If sure complications are arising because the result of the money that is coming in, then you’ll need good solid advice as presently as possible. By hiring a corporation like this, you’ll get the kind of financial recommendation you need to stay far from overly-complicated legal things. Whether or not you’re trying to manage your budget or wish help preparing your taxes, having one in every of these firms could be a great idea.

If that’s the case, then you may need to consult a corporation like this to assist you out. These financial advisers are specialists at what they are doing. No matter however hopeless or confusing your own specific situation looks, you’ll get facilitate. Big businesses communicate firms like these all the time for facilitate, particularly once it issues their payroll for employees. there is nothing a lot of important than keeping your operation running smoothly and making sure that there are no complications that present itself because the results of financial problems. By hiring a team of specialists to advise you and your company, you may be able to stay the proper track along with your business.

If you have any financial problems, getting a Nam Accountants can help you to get back on track with your accounting. There are all types of Accounting service, auditing service, VAT Consultation and Tax agents in Dubai, UAE.