UAE PASS MANDATORY FOR VAT AND CORPORATE TAX IN UAE ?

Starting September 30, 2024, accessing EmaraTax will require a mandatory UAE Pass login.
Federal Tax Authority (FTA), U.A.E has announced Mandatory UAE Pass-Based Login on the EmaraTax Portal from September 2024 for Corporate tax and VAT related filings and payment of taxes

Let us first understand, what is UAE Pass ?
It is UAE's National Digital Identity and Digital Signature application, allowing access to various government services by any federal or local government entity. It also allows users to link their direct and indirect tax registrations to access multiple accounts through a single application.

FTA has announced that signup and login on the portal will be available only through UAE Pass w.e.f. 30 September 2024. Hence, all existing EmaraTax users are required to link their UAE Pass with their accounts.

User Manual on how to login through UAE PASS on EmaraTax Portal can be accessed from here.

In order to activate their UAE Pass, UAE citizens and residents would have to register based on their Emirates ID on the UAE Pass app, whereas non-residents would have to upload their passports. Once the UAE Pass is activated, it can be used to create a new EmaraTax account or link it with an existing user.
For New Company set up in UAE, the following things need to be considered from now on as soon as you register company in UAE - After creation of company in Dubai or any other emirates in UAE, you also need to register for 1. Corporate Tax in next 3 months to avoid penalty of AED 10,000 2. UAE Pass for login to EmaraTax Portal (for both direct and indirect taxes related filings and registrations) Basic Questions and Answers Q: Is UAE Pass mandatory for Corporate Tax Returns filing in UAE? A: Yes, from 30th September 2024, UAE Pass is mandatory for EmaraTax Portal Login. EmaraTax Portal is a Government Portal in UAE, wherein you file your Corporate Tax and VAT returns Q: Is UAE Pass mandatory for VAT Returns filing as well in UAE ?

A: Yes, from 30th September 2024, UAE Pass is mandatory for EmaraTax Portal Login. EmaraTax Portal is a Government Portal in UAE, wherein you file your Corporate Tax and VAT returns Q: Who shall apply for UAE Pass ? A: All Business Entities (Existing companies and New incorporated companies in UAE) are suppose to apply for UAE Pass through their authorised signatories in company

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Unlocking Opportunities: The DIFC Innovation License for Indian Tech Startups and FinTech Companies for setting up company in Dubai

In a rapidly evolving global landscape, where innovation is the key to staying ahead, the Dubai International Financial Centre (DIFC) has emerged as a thriving hub for technology startups and FinTech companies. Recognizing the potential of Indian tech entrepreneurs and FinTech firms, the DIFC has introduced the Innovation License, offering a streamlined pathway to establish and grow their businesses in the heart of the Middle East.

Question :
For company set up in DIFC Dubai through DIFC Innovation License, which Indian companies can apply for the same ?

Answer :
Indian Entities conducting the following activities are eligible to apply for the Innovation License to open company in DIFC Dubai :

• Software development and implementation.
• Technology research and development.
• Information technology consultancy.
• Internet consultancy.
• IT infrastructure development.
• Portals and online services.
• Computer consultancy.

These eligibility criteria encompass a wide range of technology-driven activities, catering to diverse sectors and innovation specialties.

Costing and Benefits to register company in Dubai DIFC through Innovation license:

Cost of a Dubai Free-zone License DIFC: The cost to register a company in Dubai by obtaining a DIFC Innovation License in DIFC varies depending on the selected package and business requirements. However, compared to traditional licensing options, the Innovation License offers a cost-effective solution for startups and FinTech ventures, with transparent fee structures and minimal administrative burdens. The Innovation License offers numerous benefits to businesses, including:

• A subsidized license fee of USD 1,500 per annum for a period of 2 to 5 years.
• Access to co-working spaces at low costs, facilitating collaboration and networking opportunities.
• Heavily discounted visa options for team members, easing the process of talent acquisition and retention.
• One-time registration fee of USD 100 and a data protection fee of USD 250, making the incorporation process affordable and convenient.

What are the Benefits to set up entity in DIFC Dubai ? and Why Indian Software Startups, FinTech, and Technology Companies Should Consider the DIFC Innovation License ?:

1. Market Access: The DIFC serves as a launchpad for Indian startups and FinTech companies seeking to expand into the MENA region, offering access to a diverse and rapidly growing market.

2. Regulatory Clarity: Entrepreneurs benefit from clear and transparent regulatory frameworks, enabling them to operate with confidence and certainty in a regulated environment.

3. Ecosystem Support: The DIFC ecosystem provides valuable support and resources to startups and FinTech ventures, including access to mentorship, networking opportunities, and industry insights.

4. International Exposure: By establishing a presence in Dubai, Indian startups and FinTech companies can enhance their international visibility and credibility, attracting potential customers, partners, and investors.

5. Innovation Incentives: The DIFC offers a range of incentives and initiatives to encourage innovation and entrepreneurship, including grants, incubation programs, and collaboration opportunities with leading corporates.

   Features of the DIFC Innovation License:

   1. Strategic Location: Situated at the crossroads of Europe, Asia, and Africa, the DIFC provides unparalleled access to markets spanning the globe. Its strategic location offers Indian startups and FinTech companies a gateway to the Middle East and North Africa (MENA) region, fostering opportunities for expansion and collaboration.

   2. Regulatory Support: The DIFC operates within an internationally recognized regulatory framework, providing a conducive environment for startups and FinTech ventures. With a robust legal system and regulatory infrastructure, entrepreneurs can navigate compliance requirements with ease, ensuring business continuity and stability.

   3. Innovation Ecosystem: As a dynamic business hub, the DIFC offers a vibrant ecosystem conducive to innovation and growth. Entrepreneurs benefit from access to a diverse network of industry players, including investors, mentors, and corporate partners, fostering collaboration and knowledge exchange.

   4. Flexible Licensing: The DIFC Innovation License is tailored to the needs of tech startups and FinTech companies, offering a flexible and cost-effective solution for establishing a presence in Dubai. With customizable license options, entrepreneurs can choose the package that best suits their business model and growth trajectory.

   5. Access to Capital: In addition to regulatory support, the DIFC provides access to a wide range of funding opportunities, including venture capital, private equity, and strategic investment. Indian startups and FinTech companies can leverage this capital ecosystem to fuel their expansion plans and scale their operations. In conclusion, the DIFC Innovation License presents a compelling opportunity for Indian tech startups and FinTech companies to capitalize on the growing demand for innovation in the Middle East. With its strategic location, supportive ecosystem, and flexible licensing options, the DIFC serves as a catalyst for growth and success in the region. By leveraging the benefits of the Innovation License, Indian entrepreneurs can unlock new avenues for expansion and establish a strong foothold in one of the world's most dynamic business hubs.

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FAQs on Repatriation of Fund, Taxability and Validity of transaction from UAE to NRE Account in India

Question by Customer -
My Dubai UAE Company has invested in India in my NRE accounts out of the income earned from overseas. Whether this transaction is valid. I am a Director in that Company and have closed all the operations in that company. So amount lying in Companies account is fully transferred to my NRE account. Please update on the taxability and validity of transferring amount from UAE Company to my NRE Account in India.

Answer to the Query
If it was investment by NRI in an Indian company and the same was also reported as FDI with bank, then repatriation of investment is possible. But yes, if the amount is out of reserves (i.e in excess of capital) then first decide the nature of transfer from company to Investor’s NRE Account. As dividend or other professional payments will be chargeable to tax. Treatment of the transaction varies from case to case. A Good Consultant can understand the matter as per your transaction and then can advise on legal ways available  for repatriation.

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Whether an Indian Company buy Residential and Commercial property in Dubai UAE?

Question by Customer -
Whether an Indian Company or UAE Branch of an Indian Company buy Residential or Commercial property in Dubai UAE?

We have recently opened a Branch of one of the Indian Listed Companies in Dubai freezone. Now we are looking to buy the commercial and residential property in UAE. 

So we want to understand if there will be any restrictions or compliances required to be done for purchasing the commercial property in UAE from Indian FEMA Perspective as well as from Dubai UAE Perspective.

Answer to the Query -
From Dubai UAE Laws Perspective -
Yes, Indian companies can buy the Residential and commercial properties in Dubai UAE by opening the Branch or Subsidiary company in Dubai UAE. Indian Companies cannot directly buy properties in UAE. First of all, they need to create a company in Dubai UAE either as a Branch or a 100% subsidiary of Indian Company. Once the company is created in Dubai, then they can buy property in Dubai UAE through their Dubai UAE Entity.

From Indian FEMA Laws Persepctive -
There is a limit specified in the Directives issued by RBI. Indian Companies can buy Properties outside India upto a Maximum Threshold Limit as given under the Directives below -

(i) At the time of setting up of the office, AD Category – I banks may allow remittances towards initial expenses up to fifteen per cent of the average annual sales/income or turnover during the last two financial years or up to twenty-five per cent of the net worth, whichever is higher.

(ii) For recurring expenses, remittances up to ten per cent of the average annual sales/income or turnover during the last two financial years may be sent for the purpose of normal business operations of the office (trading/non-trading)/branch or representative office outside India subject to the following terms and conditions:

a) The overseas branch/office has been set up or representative is posted overseas for conducting normal business activities of the Indian entity;

b) The overseas branch/office/representative shall not enter into any contract or agreement in contravention of the Act, Rules or Regulations made there under;

c) The overseas office (trading / non-trading) / branch / representative should not create any financial liabilities, contingent or otherwise, for the head office in India and also not invest surplus funds abroad without prior approval of the Reserve Bank. Any funds rendered surplus should be repatriated to India.

(iii) The details of bank accounts opened in the overseas country should be promptly reported to the AD Bank.

(iv) AD Category – I banks may also allow remittances by a company incorporated in India having overseas offices, within the above limits for initial and recurring expenses, to acquire immovable property outside India for its business and for residential purpose of its staff.

(v) The overseas office / branch of software exporter company/firm may repatriate to India 100 per cent of the contract value of each ‘off-site’ contract.

(vi) In case of companies taking up ‘on site’ contracts, they should repatriate the profits of such ‘on site’ contracts after the completion of the said contracts.

(vii) An audited yearly statement showing receipts under ‘off-site’ and ‘on-site’ contracts undertaken by the overseas office, expenses and repatriation thereon may be sent to the AD Category – I banks.

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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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