Although businesses do not pay income tax in the United Arab Emirates (UAE), the VAT regime, ESR, AMT and CFT regulations, etc., can be tricky for those setting up a business in the Middle East. Also, missing deadlines could mean penalties or, even worse, cancellation of license.
In this post, we have a curated compliance calendar to help you set up, run and benefit from doing business in the UAE without missing any deadlines.
Value Added Tax (VAT) Compliance
| Compliance | How to Comply | Deadline |
| Mandatory registration for residents (TRN Certificate) | Register through FTA’s Service Portal | Within 30 days of the date to register |
| Mandatory registration in case of non-residents (TRN Certificate) | Register through the FTA’s e-service portal | Just before making taxable supplies |
| VAT Return | Submit returns via FTA’s e-service portal | 28 the month succeeding the tax period |
| Tax Invoice | Deliver the Tax Invoice to the recipient physically or through electronic mode | 14 days prior to the date of supply |
| Input tax claim beforeVAT Registration | Claim Input tax through the first VAT Return | First tax return |
| Input tax claim in VAT return | Claim input through the periodic VAT Return | First tax period during which the eligibility criteria is met and immediately subsequent tax period |
Company Registration and De-registration Compliance
| Compliance | Authority | Deadline |
| Trade License | Commercial Register Department of Economic Development/Free Zone | When the license expires |
| Tenancy contract / Ejari | Dubai Land Department | Renewal as per clause in the Contract |
| P.O.Box | Post Office Every Year | December 31 |
| Chamber of Commerce Certificate | Chamber of Commerce | When the Certificate expires |
| Establishment Card | Ministry of Interior General Directorate of Residency & Foreign Affairs | When the card expires |
| Labour Computer Card | Card Ministry of labor | When the Card expires |
| Customs Registration (EXIM code) | Customs Department | Annually |
| Specific registration based on the nature of Business | Concerned Authorities | When the license expires |
| Deregistration of the company | Relevant Licensing Authority | As per the directive from the Relevant Licensing Authority |
| KYC update with Bank | Respective Bank | While opening of an account |
Commercial Companies Law (CCL) in the UAE
| Compliance | How to Comply | Deadline |
| Annual Accounts and Report Submission of Financial Reports to Free Zone Authority. | Maintenance of books of accounts by Companies in the Mainland | Within three months of the financial year-end |
| General Assembly | Convened through a 15-day prior invitation from the Manager or the Board of Directors | At least once within four months succeeding the financial year-end |
| Board Meetings | Notice of meetings to be given as per MOA/AOA | 4 times a year or as directed by the MOA |
| Amendment in the company’s registered particulars | Registration of MOA and subsequent amendments with the competent authority | Within 15 days of the modification |
Economic Substance Regulation (ESR)
| Compliance | How to Comply | Deadline |
| Economic Substance Notification year | File with the Ministry of Finance | Within six months of the financial year-end |
| Economic Substance Report | File Ministry of Finance | Within one year from the financial year-end |
| Response to the penalty proceedings initiated | Filing with Ministry of Finance or Sending a Mail to the Competent Authority | According to the stipulated time |
Anti-Money Laundering (AML)Regulations
| Compliance | How to Comply | Deadline |
| Registration on GoAML Portal | Registering on the Integrated platform of the Ministry of Economy | On the registration of the company |
| Compliance with the Regulation | Appointment of Compliance Officer, Framing AML Policy and Procedures, Undertaking CDD, EDD checks for customer and Reporting of Suspicious Transaction through the Go AML Portal | Mandatory compliance for all DNFBPs |
| Subscription to the UN Security Sanctions List | https://www.uaeiec.gov.ae/en-us/ | All DNFBPs must subscribe |
| Annual AML/CFT Risk Assessment Information | Login to the Ministry of Economy AML Portal (Data pertains to January to December period) | Annually |
| Response to Penalty proceedings initiated by the authorities | Though the mail vide the Grievance Request Form | Within 15 days of receipt of penalty notice |
Conclusion
The above is a comprehensive guide to all business in the UAE concerning the various compliances they must adhere to for the smooth opertiaonsfo their concern.
Flyingcolour can help you with the necessary compliances to help you start, run and operate your business in the UAE to receive the maximum benefit.
Book your free consultation with us to know more about the comprehensive services.
To learn more about UAE Compliance Calendar, book a free consultation with one of the Flyingcolour team advisors.
Disclaimer: The information provided in this blog is based on our understanding of current tax laws and regulations. It is intended for general informational purposes only and does not constitute professional tax advice, consultation, or representation. The author and publisher are not responsible for any errors or omissions, or for any actions taken based on the information contained in this blog.