MANDATORY COMPLIANCE SERVICES
AVOID COSTLY PENALITIES AND STAY ON THE RIGHT SIDE OF THE LAW
Discover how top-notch compliance services in the UAE are revolutionizing businesses, ensuring seamless operations, and unlocking the path to unparalleled success.
We boast a specialized team of professionals ready to lead you through the UAE’s business regulatory landscape, covering aspects like Economic Substance Regulations (ESR) and Ultimate Beneficial Owner (UBO) requirements.
OUR COMPLIANCE SERVICES
VAT Compliance
All businesses in the UAE that exceed the VAT registration threshold must register for VAT and file VAT returns on time. We can help you to ensure that you are in compliance with all applicable VAT laws and regulations.
Corporate Income Tax Compliance
All businesses in the UAE must pay corporate income tax on their profits. We can help you to calculate your corporate income tax liability and to file your corporate income tax returns correctly and on time.
Labor Law Compliance
All businesses in the UAE must comply with the UAE Labor Law. We can help you to ensure that you are in compliance with all applicable labor laws and regulations, including those relating to employment contracts, visa requirements, and employee benefits.
UBO and ESR: What You Need to Know
When it comes to navigating the intricacies of business compliance in the UAE, Pro Smart Business stands as your trusted partner. We understand the value of compliance and its role in creating a secure and sustainable future for your business.
Economic Substance Regulations (ESR)
The ESRs mandate that companies operating in the UAE must maintain a strong economic presence. This transparency is essential to demonstrate financial integrity and prevent the misuse of offshore accounts.If your business engages in any of the “Relevant Activities,” you must fulfill annual filing requirements to remain compliant. These activities encompass a range of sectors, such as banking, insurance, holding companies, and more. It’s crucial to ensure compliance, as non-compliance can lead to penalties.
Even if your business uses different terminology for these activities, as long as they serve the same functions, they are considered Relevant Activities. There is no minimum income threshold, meaning all UAE entities must comply.For companies earning income from Relevant Activities, they must file within six months before the end of the financial year on the Ministry of Finance’s (MoF) ESR portal. This filing includes details of the activities conducted, income earned, and whether this income was taxed outside of the UAE.
Companies with income from Relevant Activities must prove that they have substantial economic substance in the UAE, as per Economic Substance Tests. This includes the Core Income Generating Activity Test, Directed and Managed Test, and Adequacy Test. High-risk companies are subject to enhanced tests, particularly those dealing with intellectual property.To maintain transparency and ensure businesses don’t employ overly complex corporate arrangements to commit fraud, evade taxes, or hide wealth, a strong economic presence is essential. If your company conducts Relevant Activities, compliance with the ESR is mandatory.
For businesses conducting Relevant Activities, it’s crucial to file a report on the MoF online portal within 12 months of the end of the related financial year. This filing involves a range of information, including the completion of Economic Substance Tests, details on outsourced providers, operational expenditure, and the number of full-time employees per Relevant Activity.
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Ultimate Beneficial Owners (UBO)
An Ultimate Beneficial Owner (UBO) is a person who significantly benefits from a transaction. UBOs vary by jurisdiction but are generally individuals with capital or voting rights within a company. UBOs often include the person who owns or manages their company.
To remain compliant with UBO regulations, businesses must register their UBOs. The UBO needs to hold a minimum of 25% shareholding, directly or indirectly. They may also have the authority to appoint or remove directors and managers.
- Obtain and review the organization's credentials
- Examine the chain of ownership
- Determine individuals who meet the UBO criteria
- Conduct Anti-Money Laundering (AML) or Know Your Customer (KYC) checks
Unlocking the Vital Role of Compliance Services in UAE with Pro Smart Business
At Pro Smart Business, we’re more than a business setup service provider in the UAE; we’re your strategic ally in navigating the intricate landscape of compliance. As your trusted partner, we recognize that compliance is the cornerstone of sustainable and secure business operations in the Emirates.
Compliance Services in Dubai: A Necessity, Not an Option
UAE tax regulations are ever-evolving, and non-compliance can lead to substantial financial penalties. Our tax compliance services are designed to ensure that your business abides by the law, from proper record-keeping to timely tax submissions. We safeguard your financial interests while enhancing your peace of mind.
Every business, irrespective of its size or sector, must periodically undergo compliance audits. At Pro Smart Business, we go beyond the numbers. Our compliance audits are your insurance policy against regulatory breaches, ensuring your operations adhere to all statutory requirements.
The UAE places significant emphasis on environmental compliance. Failing to meet these regulations can result in not only fines but also reputational damage. Our environmental compliance audits scrutinize your eco-friendly practices, helping you meet green targets while staying aligned with the law.
In the UAE’s dynamic business environment, compliance isn’t optional – it’s a necessity. Partner with Pro Smart Business, your dedicated compliance ally, and empower your business to thrive within the bounds of the law.
Frequently Asked Questions
What are Compliance Services in Dubai?
Compliance Services in Dubai encompass various measures and strategies that help businesses adhere to legal and regulatory standards, ensuring they operate within the bounds of the law.
Why is Tax Compliance important for businesses?
Tax Compliance is vital for avoiding penalties and legal issues related to Tax Compliance. Ensuring accurate and timely tax submissions helps businesses maintain financial integrity.
What is the purpose of Compliance Audits?
Compliance Audits assess whether a business complies with relevant laws and regulations, ensuring that it operates ethically and within the bounds of the law.
How do Environmental Compliance Audits benefit businesses?
Environmental Compliance Audits evaluate a business’s eco-friendly practices, helping it meet green targets while staying aligned with Environmental Compliance Audit standards, avoiding fines, and enhancing its reputation.
What are Economic Substance Regulations (ESRs)?
Economic Substance Regulations (ESRs) are UAE regulations that require companies to maintain an economic presence to prevent offshore account misuse and ensure financial transparency.
What are Relevant Activities under ESRs?
Relevant Activities encompass sectors like banking, insurance, and holding companies. Businesses in these sectors must adhere to ESR compliance requirements.
What is the importance of ESR Compliance?
ESR Compliance is essential for financial transparency and prevents non-compliance penalties. All UAE entities must adhere to ESR obligations.
What role do Environmental Compliance Audits play in business sustainability?
Environmental Compliance Audits, a part of Compliance Services in Dubai, contribute to business sustainability by ensuring adherence to environmental regulations, minimizing ecological impact, and fostering responsible corporate practices.
How can Compliance Services in Dubai support ESR Compliance?
Compliance Services in Dubai, including tax compliance and audits, help businesses meet ESR obligations while adhering to ethical and legal standards.
Who are Ultimate Beneficial Owners (UBOs)?
Ultimate Beneficial Owners (UBOs) are individuals who significantly benefit from a transaction and often include the person who owns or manages a company.
How can businesses identify UBOs?
Businesses can identify UBOs by obtaining and reviewing the organization’s credentials, examining the chain of ownership, and conducting Anti-Money Laundering (AML) or Know Your Customer (KYC) checks related to UBO.
What are the compliance requirements for UBOs?
UBOs must hold a minimum of 25% shareholding, directly or indirectly, and may have the authority to appoint or remove directors and managers, meeting UBO regulations.
Why is compliance important for businesses in the UAE?
Compliance is essential for secure and sustainable business operations in the UAE, as non-compliance can lead to Compliance Audits, penalties, and legal issues.
How does Pro Smart Business support businesses in achieving compliance?
Pro Smart Business offers comprehensive Compliance Services in Dubai, including tax compliance, compliance audits, and environmental compliance audits, to help businesses meet their legal and ethical obligations.
What is the significance of tax compliance services in the UAE?
Tax compliance services are crucial in the UAE, as tax regulations are ever-evolving, and non-compliance can lead to substantial financial penalties related to Tax Compliance. These services ensure businesses abide by tax laws, maintain accurate records, and submit taxes on time.
