Insight

November 23 2022

Technology Advisory Services

The developments in technology remain rapid, providing a constant stream of opportunities for organizations to be better, more efficient, leaner, innovative and successful. However, the reality is that many boards, executives and management are still trying to get a firmer hold on technology. Extracting real value from technology that translates into tangible benefits whilst effectively managing technology risks remains a challenge for many organizations. Our Technology Advisory team consists of seasoned technology advisors who come from a diverse background and cover a range of specialist skill sets. Our passion is to see organizations extract the best value from a reliable, secure technology environment with high integrity. We see technology in a business context rather than in a silo. We firmly believe that ‘value add’ and ‘quality’ can only be created if there is significant involvement of senior, seasoned professionals that are able to bring their vast international experiences, lessons learned and exposures to good practices. We have the right team: we question, analyze, challenge and inspire change.

A Strategic Technology Advisory helps you:

Develop an appropriate IT Strategy

Align business in line with corporate goals

Invest in and adopt the right technology

Deal with ever-changing IT transformations

Stay updated to ever-changing technology trends

Enhance enterprise architecture

Optimize and manage IT costs

Mitigate IT risks and improve control

Assess IT planning and management

Improve logistics and optimize efficiency

Some of the areas in which Ascentia TAS is especially effective are:

Application Development & Maintenance

Application Outsourcing Services

Web Development

BI & Analysis

Customized Business IT Solutions

Backup And Disaster Recovery

Date Centre & Cloud

Digital Transformation

Information Systems and Cyber security Audit

Business Process Re-engineering

Robotic process Automation (RPA)

IT strategy, Governance and Risk Management

Payroll Outsourcing Services

Social Media and Digital Marketing

Web application Development

November 23 2022

VAT Registration Services in Dubai, UAE

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VAT Registration Services in Dubai, UAE

VAT Registration Services

ASCENTIA is offering VAT registration services in Dubai, UAE to get the Tax Registration Number (TRN) for your company in UAE. It is compulsory for all the companies and individuals having annual turnover of DH 375,000 or more to register for VAT in the United Arab Emirates.
The UAE government implemented VAT from January 1, 2018. All individuals and companies meeting the above mentioned threshold limit must register for VAT to continue conducting business activities in any emirate of the United Arab Emirates.
In UAE, the registration process for VAT is an online one and anyone that wants to register for VAT can visit the online portal of the Federal Tax Authority (FTA) and can start the VAT Registration process.There are a number of aspects which the applicant should consider before proceeding with the VAT registration process like whether to opt for mandatory registration or the voluntary one, register as a standalone or part of a Tax Group etc.

Importance of VAT Registration in Dubai, UAE

Most important reasons that define why VAT registration is considered as an essential part are:

It boosts the business profile

It averts financial penalties

One may claim for VAT refunds

It helps to grab a mass market

VAT Registration Process in UAE

To initiate VAT registration in UAE, one must fill the VAT Registration form online and submit the essential documents required along with the form in order to attain VAT Number. The entire registration process takes place on an online platform. Let’s have a look at the documents.

Documents for VAT Registration in UAE

The documents required for VAT Registration in UAE include:The documents required for VAT Registration in UAE include: Copy of trade license

Passport copy of business owner and partners

Copy of Emirates ID held by owner and partners

Memorandum of Association (MOA) of the company

Company contact details

Bank account details

The income statement for the last 12 months

Nature of business and activities performed

UAE VAT Registration Online

The online registration for VAT in UAE can be done through the VAT registration portal available on the website of www.tax.gov.ae. The steps to be considered while doing an online registration involves filing:

About the Applicant

Details of the Applicant

Contact Details

Banking Details

Business Relationship (optional)

About the VAT Registration

Declaration

Review and Submit

Once the application is submitted, the FTA will review the information and documents submitted, and if everything is found to be satisfactory, the application will be approved, and a Tax Registration Number (TRN) will be allotted.

What is VAT Certificate?

VAT Certificate is a document that serves as an official confirmation that a business entity is registered under the VAT law for the purpose of tax collection at every step of product development. This certificate is the final step after the VAT registration process, and is issued by the Ministry of Finance and has got a unique number for different business entities registered. VAT certificate UAE is a proof of business entities being registered under the UAE Tax Law and assures that the business entity is known by the Government of Emirates. Let’s have a look at the contents of the VAT certificate.

Contents of VAT Certificate

A VAT Certificate holds the following essentials:

VAT Registration Number

Date on which the business entity became VAT registered

Issue date

Registered address

First VAT return period

VAT return due date

Start and end dates of tax periods

Penalty for Non-Registration Under VA

T Any company that misses the VAT Registration Number cutoff date or fails to complete the VAT registration process under the deadline set by the Federal Tax Authority must undergo a VAT fine of AED 20,000.

VAT Group Registration

VAT Group Registration is a tax registration process where two or more business parties club together to form a group, with a motive of paying a single tax. By registering under the Group VAT scheme, the businesses under consideration get a single VAT number and can file a single return. A VAT group allows people and entities that are closely linked financially, economically and organizationally to operate as a single VAT person.
The following prerequisites need to be fulfilled by the concerned parties to form a VAT group:

Each party should have a place of establishment or a fixed establishment in the UAE [‘place of establishment implies a location where a business is legally established in the UAE or where significant management decisions are taken and central management functions are conducted; ‘fixed establishment’ implies a location where a person conducts one’s business regularly or permanently, including branches]
The concerned parties should be related at economic, financial or regulatory level
One or more persons conducting business in the VAT group shall control the others

ASCENTIA – VAT Services

Ascentia has been a prominent player in dealing with the accounting and taxation services for business entities be it a startup or an established company. Understanding the importance and need for VAT Services for new and existing business entities, we deliver a wide range of VAT services. Few of these are:

VAT registration and VAT Group registration

VAT compliance and control

Data record and management

Accounting

November 23 2022

Reasons To Hire A Tax Consultant In The UAE

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Reasons To Hire A Tax Consultant In The UAE

UAE has successfully completed the first year of the implementation of VAT. According to most sources, implementation of VAT was smooth, transparent and successful despite some initial challenges. The Federal Tax Authority (FTA) was proactive in publishing user and industry guides as a part of pre-implementation and post-implementation process/support which was a key reason for this success. Another was tax consultants and tax agents that supported companies and taxable persons in the UAE to get compliant with the VAT regime. VAT, at one year of age, is a relatively new concept for many UAE businesses. Most businesses find it difficult to navigate VAT on their own due to little or no exposure to tax in the UAE. As a taxable entity, it is crucial to ensure that the business is compliant to VAT laws and regulations. Having a tax expert on your side is imperative to avoid errors, penalties and loss of reputation.

Why Companies Require Tax Consultants/Agents In The UAE?

A tax consultant/agent raises awareness and helps businesses to stay true with the VAT regime whilst an appointed tax agent can act as an intermediary between the FTA and the business.

Undertaking the VAT assessment of a business by a tax consultant helps it to prepare for all the processes it needs to undertake and the changes that must be made to work-flow, documentation, accounting, invoicing and ultimately reporting with minimal human inputs.

Tax consultants also assist businesses in registering in time and ensuring that they meet the registration criteria including Tax Group registrations.

The primary role of a tax consultant, after the initial registration and assessment is to ensure accurate, timely and reliable VAT returns.

By using their expertise, tax agents and consultants assist businesses to avoid errors, claim rightful input taxes to maximise profits and help businesses to best manage their cash flows, especially when credit periods to customers exceed the VAT returns period.

Tax consultants/agents can also assist in reviewing the VAT returns already filed (health-checks) for accuracy and documentation/records maintained by the taxable persons as per the requirements of the tax law.

Appointed Tax Agents are also able to assist businesses with tax audits and responding/representing the taxable person with the FTA in case of queries. This includes Arabic language capabilities as Tax Agents are mandated to have this capability.

Tax agents are often required to liaise with the FTA on behalf of the client for dispute resolution and reconsideration of decisions issued by the FTA. This can lead to significant savings for the business.

Tax laws are subject to change from time to time and keeping abreast of all relevant statutes and laws is the need of the hour. Tax consultants/agent by doing so ensure that businesses do not fall foul on account of not keeping up with the latest regulations and incur penalties.

ASCENTIA UAE- Your Advisor

ASCENTIA UAE has been based in the UAE since 2019 and offers many services from UAE. VAT Advisory is one such service, led by a Senior Partner and Director based out of the Head office in Dubai.
The VAT advisory team is well placed to offer end to end services in the VAT domain in the UAE, all the way from VAT assessment, registration, reviews, assistance with filing and ongoing advisory to liaising with the FTA for dispute resolution and reconsideration.
The team has extensive experience of VAT in the UAE having advised several clients in a variety of ways in the VAT value chain over the last 18 months.
ASCENTIA UAE provides professional, timely and relevant advice to businesses and clients to ensure they comply with the applicable rules and regulations and optimize their VAT returns and plan their activities accordingly.
VAT Compliance can be time and energy consuming and prone to errors and lapses, leading to expensive fines and penalties. ASCENTIA UAE can assist you to ensure that your business is always on top of things related to VAT with the least risk of loss of reputation and avoiding fines and penalties.

November 23 2022

UAE Economic Substance Regulations: Amendments – WHAT NEXT!

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UAE Economic Substance Regulations: Amendments – WHAT NEXT!

The Dubai government has introduced “Retire in Dubai”, a scheme that gives expats an opportunity to apply for retirement visa. Residents aged 55 and above can make use of this visa to continue their stay in the emirate and the visa can be renewed every 5 years. To be able to apply for retirement visa in the UAE, retirees must fulfill one among the below three financial requirements;

Amendment to the definition of the term “Licensee”

The amended Regulations do not consider natural persons, sole proprietorship concerns, trust and foundations as Licensees. The focus is now only on corporate legal entities (including government entities) and unincorporated partnerships to be considered as Licensees. It has also been clarified that branches shall be considered as extension of legal entity and shall not have separate legal status, subject to few conditions / scenarios.

Introduction of the term “Exempt Licensee”

The amended Regulations exempt the following entities from fulfilling the substance test: Investment Funds Entity which is tax resident outside UAE Local entities (not part of MNE Group) subject to fulfillment of certain conditions Branches of foreign entities subject to tax outside the UAEE

Extended scope of ‘Distribution and Service Center’ Business

Licensees no longer required to resell goods purchased from foreign connected persons outside UAE to qualify under Distribution Business. Even local sales shall be considered as in-scope activity. Licensees no longer required to provide services to foreign connected persons in connection with business outside UAE. Even services provided in connection with business within UAE shall be considered as inscope activity.

Miscellaneous

The definition of High Risk IP Licensee and CIGA requirement for IP Business has been rationalized. There would be electronic submission of the notifications and substance report on designated portal provided by Ministry of Finance. Notifications are required to be filed within six months from the end of the Financial Year. ‘Substance Test’ will now be assessed by Federal Tax Authority, being National Assessing Authority. Additional penalties in case of defaults.

Apart from these, a valid UAE health insurance is also a must to avail the scheme. A retired expatriate and their spouse can apply for the visa and they will have to meet the minimum criteria not just the first time, but at the time of renewal as well. Dubai Tourism is collaborating with the General Directorate of Residency and Foreign Affairs to develop the program. According to Helal Saeed Al-Marri, Dubai Tourism’s director general, the initiative has been introduced to “further enhance Dubai’s position as an iconic global city and make it the world’s most preferred lifestyle destination. The retirement programme will contribute towards our tourism economy by facilitating frequent visits from families and friends of the retirees and increasing visitation from markets with a high retiree population,” he said. The initiative is expected to yield positive results for the economy of Dubai. Sectors that include real estate, retail, tourism, healthcare, hospitality, entertainment and finance are likely to benefit from the introduction of retirement visa in Dubai.
“5 year retirement visa is a novel approach initiated by the government of UAE that will permit expats to continue their stay in the emirate. They need not go back to their home country, which will be beneficial not just for the individual, but the economy as well. Many of the expats who work in Dubai, have spent a significant portion of their lives here and has got used to the high quality of life the city provides. Hence, an opportunity to stay back here will be welcomed whole-heartedly” Dubai has been taking numerous steps to improve the lives of expats residing in the emirate. The comfortable & luxurious lifestyle coupled with excellent infrastructure is one among the many factors that attracts residents and expats alike to this ‘safe haven’.

October 27 2022

The Dubai government has introduced “Retire in Dubai”

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The Dubai government has introduced

“Retire in Dubai”

The Dubai government has introduced“Retire in Dubai”

The Government of United Arab Emirate (“UAE”), introduced Economic Substance Regulations (the “Regulations”) on 30 April 2019 vide Cabinet Resolution No. 31 of 2019 supported by Ministerial decision no. 215 of 2019 (the “Guidance”) and Frequently Asked Questions (“FAQs”). The Regulations and Guidance were followed by Cabinet Resolution No. 58 of 2019 designating Regulatory Authorities and Relevant Activity Guide (the “Guide”) providing additional guidance on the Relevant Activities(RA) and their associated Core Income Generating Activities (“CIGAs”). On 10 August 2020, Government of UAE has amended the Regulations and the Guidance vide Cabinet Resolution No. 57 of 2020 (“amended Regulations”) and Ministerial Decision 100 of 2020 (“amended Guidance”) respectively, effectively nullifying Resolution No. 31 of 2019, Ministerial decision no. 215 of 2019, Cabinet Resolution No. 58 of 2019 and amending the Guide and FAQs. Key amendments / changes have been discussed hereafter. Further, the amendments /changes shall apply retrospectively from 1 January 2019.

Amendment to the definition of the term “Licensee”

Have AED 1 million in savings

Own a property in Dubai worth AED 2 million

Insight

Technology Advisory Services

Technology Advisory Services

Technology Advisory Services

VAT Registration Services in Dubai, UAE

VAT Registration Services in Dubai, UAE

VAT Registration Services

Importance of VAT Registration in Dubai, UAE

VAT Registration Process in UAE

Documents for VAT Registration in UAE

UAE VAT Registration Online

What is VAT Certificate?

Contents of VAT Certificate

Penalty for Non-Registration Under VA

VAT Group Registration

ASCENTIA – VAT Services

Reasons To Hire A Tax Consultant In The UAE

Reasons To Hire A Tax Consultant In The UAE

Reasons To Hire A Tax Consultant In The UAE

Why Companies Require Tax Consultants/Agents In The UAE?

ASCENTIA UAE- Your Advisor

UAE Economic Substance Regulations: Amendments – WHAT NEXT!

UAE Economic Substance Regulations: Amendments – WHAT NEXT!

UAE Economic Substance Regulations: Amendments – WHAT NEXT!

The Dubai government has introduced “Retire in Dubai”

The Dubai government has introduced

“Retire in Dubai”

The Dubai government has introduced“Retire in Dubai”

Looking to Setup Business in the UAE?