Update on Upcoming Webinars in April 2024 on Dubai & Singapore Countries

We are coming up with  Insightful webinars for our CA & CS Members in the April Month.

Dubai Webinar - 4th April 2024
Time - 12:45 PM to 2 PM IST
Click here to Register for Dubai Webinar.

Singapore Webinar - 18th April 2024
Time - 3 PM to 4:15 PM IST
Click here to Register for Singapore Webinar.

Note -
Members,‎ wishing‎ to learn‎ &‎ make MNC Clients‎ & Tap‎ International Market can join this webinar for upgradation of their skills.

Topics of the Webinar shall be -
a.‎ Costing,‎ Time‎ &‎ Process of‎ Company‎ create in UAE / Singapore
‎b. Basics of VAT‎ /‎ Corporate Tax in UAE & Singapore
c.‎ Why Dubai / Singapore‎ ?‎
d.‎ Bank Account & Visa related knowledge sharing topics.
e. Difference between Mainland‎ &‎ Free‎ zone in Dubai & Golden Visa in Dubai

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How to Open a Bank Account in Dubai UAE - Definitive Guide.

 

After establishing your company and obtaining a UAE resident visa, the next step is to open your business bank account. Opening a bank account for your company in the United Arab Emirates (UAE) is a pivotal step towards establishing a solid financial foundation and accessing a myriad of business opportunities. In this detailed guide, we'll walk you through the process of opening both Freezone and Mainland Company bank accounts in the UAE, including the required documents, types of bank accounts available, and the compelling reasons why having a business bank account is imperative for your company's success.

Documents needed for Company Bank Account Opening:

Basic Set of Documents: -Company’s License Copy, Memorandum -Shareholders Visa, Emirates ID -Home Country Address proof like utility bills

Advance Set of Documents: - Shareholders Background, Experience & Profile (CV) - Savings / Business Bank statements of Home Country - Source of Funds for investing in UAE Company - Business Plan of your UAE Company for future - Target Audiences & Target Countries Audience - Prospective Buyers, Prospective Suppliers, Your Website You may also be asked to provide additional documents depending on the bank you choose. Start Preparing the Details once you apply for License. How much time does it take to open bank account in dubai ? Opening of Bank Account will take minimum 15 Days or More in Dubai. It can also take time of almost 2 months to open bank account. Time for opening bank account depends on bank to bank and also depends on how speedily does you provide the details as required by banks. If you delay in providing details, then your bank account opening will further delay accordingly.

What would be minimum balance of bank account in UAE? Bank Balance in Dubai Banks can be Zero, 5000, 10000 to 500,000 AED. There are some banks in dubai which also offer zero bank balance bank accounts. So No need to maintain bank balance in such type of banks in dubai
Why Does Your Free Zone Company And Mainland Company Need a Bank Account? International investors and companies enjoy complete privacy while opening a corporate bank account. You can easily monitor and manage your company’s expenses, estimate tax liabilities seamlessly, and automate cash in-flow and out-flows. It also assists the owner in distinguishing between business and personal transactions.  When you open a business bank account, you need to provide a company name, the location of your business, the type of business you are running, and the bank account you wish to open. A business bank account also allows you to process your own checks and deposits as well as issue the company cheques.

What are the Benefits of opening a corporate bank account in the UAE?

Opening a company bank account in the UAE is a crucial step towards maximizing your business's financial potential and accessing a plethora of opportunities in the dynamic UAE business landscape.

Dubai is a global hub for banking, and it’s not just because of its size. It is also because of the professional banking services available in the UAE. Dubai is a key location for international banking and is the top destination for banking professionals.

 By understanding the process, required documents, types of accounts available, and the benefits it offers, you can navigate the process with confidence and unlock the full potential of your company's financial resources.

What are the Types of Bank Accounts that can be Opened in Dubai?

Current Account: Ideal for day-to-day business transactions with unlimited deposits and withdrawals.

Savings Account: Suitable for earning interest on surplus funds while maintaining liquidity.

Foreign Currency Account: Facilitates transactions in different currencies, reducing exchange rate risks.

Online Banking Facilities: Most banks offer robust online banking platforms for easy access to account information and transactions.

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Unlock Exclusive Ramadan Benefits for Business Setup in Dubai and Saudi Arabia !

 

As the holy month of Ramadan approaches, Gulf Countries are offering exciting benefits to entrepreneurs and businesses looking to set up their business in Dubai and business in Saudi Arabia. At Talreja and Talreja LLC, we're thrilled to announce these exclusive offers that can help you start your business journey in UAE and business journey in Saudi Arabia with ease and savings.

Dubai, known for its business-friendly environment, is offering a remarkable deal during Ramadan 2024. Entrepreneurs can take advantage of the 1 Visa Lifetime free offer, making it easier than ever to bring skilled talent onboard without the hassle of visa costs. This initiative not only reduces operational expenses but also streamlines the recruitment process, allowing businesses to focus on growth and expansion.

Meanwhile, Saudi Arabia is rolling out an enticing offer of 20% off on the entire company formation cost throughout Ramadan. This significant discount presents a golden opportunity for aspiring entrepreneurs to establish their presence in one of the region's largest economies at a fraction of the usual cost. Whether you're a startup or a seasoned business, this discount can make a substantial difference in your budget planning and investment strategy.

These Ramadan benefits underscore the commitment of Gulf Countries to fostering entrepreneurship and economic growth. By incentivizing company setup in Dubai & Company setup in Saudi Arabia and investment during this auspicious month, authorities are not only supporting local businesses but also attracting international investors seeking lucrative opportunities in the region.

At Talreja and Talreja LLC, we're dedicated to helping you make the most of these Ramadan benefits. Our team of experts is ready to guide you through the entire process, from choosing the right business structure to navigating the paperwork and compliance requirements. With our assistance, you can capitalize on these exclusive offers and set up your business for success in the dynamic Gulf market.

Don't miss out on this limited-time opportunity to avail yourself of special Ramadan benefits for Starting your company in Dubai and Saudi Arabia. Contact us today to learn more about how you can take advantage of these offers and embark on your entrepreneurial journey with confidence. Ramadan Kareem!

Frequently Asked Questions (FAQs)

1. What are the eligibility criteria for availing the 1 Visa Lifetime free offer in Dubai during Ramadan 2024? Are there any specific requirements or restrictions?

There are no criteria. Any Business owner willing to start the Business in Dubai, can take this benefit of 1 Visa Lifetime Free while creating a company in Dubai.

2. Are there any limitations or conditions associated with the 20% discount on company formation cost in Saudi Arabia throughout Ramadan? For example, does it apply to all types of businesses or specific industries?

The offer for 20% discount on company formation in Saudi Arabia is available only for customers planning to do Service based business activities (for service oriented companies)

3. Are there any additional incentives or support programs available for businesses looking to establish themselves in other Gulf Countries during Ramadan, aside from the offers mentioned for Dubai and Saudi Arabia?

No. Offer is currently available only for Creating the company in Dubai and Creating the Company in Saudi Arabia. Offer is available only for registering the company till the end of Ramadan.

4. Will these Ramadan benefits be applicable to businesses looking to set up branches or subsidiaries of international companies in Gulf Countries, or are they exclusively for new startups or local businesses?

Yes. Offer is also available for Creating a Subsidiary Company in Dubai, Creating a Branch office in Dubai, Creating a Subsidiary Company in Saudi Arabia and Creating a Branch office in Saudi Arabia.

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What are Details required for Corporate Tax Registration in Dubai UAE ?

 

What are Details required for Corporate Tax Registration in Dubai UAE ? 

Email id (User id) & Password of EmaraTax Portal:

·      If already Registered for VAT:  Please share Same Email id (User id) & password for login to EmaraTax Portal

·      If Not Registered for VAT:       Please share New Email id for registration to EmaraTax Portal for Corporate Tax

 

Company Name:                                                  

Mobile number:                                                   

Office landline number:                                         

 

Pls. select the Appropriate Column from the table below & provide relevant documents:

Natural person	Incorporated Bodies (e.g. a Company, a UAE company established by Decree or Limited Liability Partnership)	Other non-Corporate bodies (e.g. a partnership, trust, club, charity, etc.)	Government entity
Trade License(s)	Trade License(s)	Trade License(s)	Law or decree of establishment
Partnership Agreement (if applicable)	Certificate of Incorporation (if applicable)	Certificate of Incorporation (if applicable)	Contact Information
Contact Information	Articles of Association/ Partnership Agreement (if applicable)	Club or Association Registration	Bank Account details
Passport and Emirates ID	Power of Attorney in favour of Authorized Signatory	Power of Attorney in favour of Authorized Signatory	Customs details (if applicable)
	Authorized Signatory documents	Authorized Signatory documents	Authorized Signatory documents
	Passport and Emirates ID of manager, owner and senior management	Passport and Emirates ID of manager, owner and senior management

Accepted file types are PDF. The individual file size limit is 2 MB.

Frequently Asked Questions (FAQs)

1. Is there any additional information or documentation required for companies or entities that have multiple trade licenses, partnerships, or complex ownership structures in UAE?

Companies or entities with multiple trade licenses, partnerships, or complex ownership structures may have additional documentation requirements or considerations. A professional consultant can provide personalized guidance tailored to your specific situation. 2. Is there a specific deadline or timeline for completing the Corporate Tax Registration process in Dubai UAE once the required details and documents are submitted? Yes. All New Entities incorporated after 1st March 2024, are required to complete the Corporate tax registration process in Maximum 3 months from the date of issue of license. All Existing Companies incorporated before 1st March, 2024, they need to complete the registration process as per the chart given in the below blog post, but the maximum time is upto 31st December 2024. Click here to refer the Chart.

3. Is there any Penalty if we fail to register for Corporate Tax Number before Due Date ? Yes. There is a Penalty of AED 10,000 if you fail to register before Due Date given above.

4. Are there any fees or costs associated with the Corporate Tax Registration process, and if so, how are these fees calculated and paid?

No. Corporate Tax Registration is free of cost. UAE Government does not charge any fees for Corporate Tax Registration. However, if you hire a consultant for Corporate Tax Registration, then the consultancy or professional fees will be charged by consultant for the service.

5. What steps should companies or entities take if they encounter any issues or challenges during the Corporate Tax Registration process on EmaraTax Portal, such as technical difficulties or discrepancies in the provided information?

If you encounter any issues or challenges during the Corporate Tax Registration process on EmaraTax Portal, such as technical difficulties or discrepancies in provided information, it's advisable to consult with a professional consultant promptly. They can provide guidance and assistance in addressing any issues that may arise.

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Why Should a Company Consider Forming Incorporation?

 

 

The decision to form a corporation is ultimately up to the business owner. Business type and location influence the decision. Many benefits may influence a business owner's decision to incorporate. There are better approaches when deciding to incorporate a business. Before selecting Business Incorporation Services Dubai, one should educate themselves on the subject because the pros of forming a corporation aren't the only things to consider. 

·         Safeguarding Individual Property 

 

Business owners can shield their wealth from creditors and court actions by forming a legal entity because incorporated entities are subject to the doctrine of limited liability. Due to the company's limited liability status, its members and their individual assets are only legally responsible up to a specific limit. If anything happens to them, it will only affect the percentage of shares that they own. One advantage of forming a company is this. 

 

·         Being Open and Honest in Business 

 

Following a company's incorporation, the Ministry of Corporate Affairs website will have nearly all the relevant information about that company. Anyone interested in doing business with the company can access all the relevant information there. As a result, the government can maintain corporate transparency. A company can benefit greatly from being transparent. 

 

·         Trustworthiness and Dependability 

 

Customers need help putting their faith in sole proprietorships and other businesses run by individuals. This is because these types of businesses can collapse at any moment. It is hard to trust such entities because they lack separate legal entities, limited liability, transparency, etc. Alternatively, the government has direct oversight over incorporated entities. They incorporate them after they verify them properly. 

 

Conclusion 

 

Creating a legal entity from Talreja and Talreja for your company has many benefits. It has the potential to improve a company's stability and growth greatly. Incorporating a business provides legal protection and opens doors to market growth and development due to the various incorporation options, cost-efficiency, and the opportunity to take advantage of tax deductions and exemptions. They also provide Book Keeping Services Dubai.

 

For more information, you can visit our website https://www.talrejaandtalreja.com/ or call us at +971-55-4559621

UAE Corporate Tax Registration Deadline Announced with Penalty of AED 10,000 on Non-Compliance by Federal Tax Authority

Introduction:

The business landscape in the United Arab Emirates (UAE) is undergoing a significant change as the Federal Tax Authority (FTA) announces the deadline for corporate tax registrations. This move represents a crucial step in the UAE's commitment to enhancing its fiscal framework and aligning with global standards. In this article, we will delve into the key details surrounding the corporate tax registration deadline and its implications for businesses operating in the country.

The Deadline: The Federal Tax Authority has officially declared the deadline for corporate tax registrations in the UAE. Businesses are required to complete their registration process by the specified deadline, ensuring compliance with the new tax regulations. Click here to download the PDF containing Deadlines for all different type of Corporates Registered in UAE. This announcement follows the UAE's commitment to adopting international best practices and fostering transparency in its financial ecosystem.

Who is Affected? The corporate tax registration mandate applies to a broad spectrum of businesses operating in the UAE. Whether you are a large corporation, a small or medium-sized enterprise, or a newly established business, compliance with the registration deadline is imperative. It is crucial for business owners to understand the specific criteria that determine their obligation to register for corporate tax and take prompt action accordingly.

The Registration Process: To facilitate a smooth transition into the new tax framework, the FTA has outlined a comprehensive registration process. Businesses need to gather the necessary documentation, including financial records and legal entity details, to ensure accurate and efficient registration. The FTA's online portal serves as the central platform for businesses to complete their registration, providing a user-friendly interface to navigate through the process.

Benefits of Compliance: While adapting to new regulatory measures may seem challenging, compliance with the corporate tax registration deadline brings several advantages for businesses operating in the UAE. Firstly, it ensures that businesses contribute to the country's economic development by fulfilling their tax obligations. Additionally, compliance fosters transparency, thereby enhancing the overall business environment and attracting international investors.

Penalties for Non-Compliance: It is essential for businesses to recognize the consequences of non-compliance with the corporate tax registration deadline. The FTA has outlined penalties for businesses that fail to register within the stipulated timeframe. These penalties may include fines, legal ramifications, and potential damage to the business's reputation. Therefore, it is in the best interest of businesses to prioritize timely registration to avoid any adverse consequences.

Conclusion: The announcement of the corporate tax registration deadline by the Federal Tax Authority marks a pivotal moment in the UAE's economic landscape. Businesses must proactively engage in the registration process to ensure compliance with the new tax regulations. Embracing this change not only contributes to the country's fiscal development but also positions businesses for sustained success in the dynamic UAE market. As the deadline approaches, it is crucial for businesses to stay informed, act promptly, and seek professional guidance to navigate this transformative phase effectively. Frequently Asked Questions (FAQs)

1. 1. What specific criteria determine a business's obligation to register for corporate tax in the UAE? Understanding the specific criteria for corporate tax registration is crucial. Typically, factors such as annual turnover, the nature of business activities, and legal structure play a role. For personalized guidance based on your business specifics, We recommend reaching out to a Corporate Tax Consultant for a consultation. They can provide tailored advice to ensure accurate and efficient registration.

2. 2. Will businesses receive any support or guidance from the Federal Tax Authority during the corporate tax registration process? Businesses can expect support and guidance from the Federal Tax Authority during the registration process. The FTA often provides resources and guidelines to facilitate a smooth transition. However, for a more in-depth understanding of your business's unique needs, consider scheduling a consultation with a Corporate Tax Consultant, if required.

3. 3. How does the introduction of corporate tax align with the broader economic goals of the UAE, and what long-term impact can businesses anticipate? The introduction of corporate tax aligns with the UAE's broader economic goals, aiming for economic diversification and sustainability. While the long-term impact can vary for each business, it is generally expected to contribute to a more stable fiscal environment, potentially attracting increased foreign investment.

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