After the implementation of 5% VAT (Value Added Tax) in the UAE, all the companies maintain proper book- keeping and accounting of fund transactions.
Based on the requirements of Clients, Al Fursan arranges site visit of Accountants enabling them to maintain proper records.
Al Fursan assists in start up companies by providing basic assistance in Accounting, invoicing and maintaining of records.
It has tie-ups with reputed Audit companies and makes arrangements for Audit Reports for UAE Companies at a very cost effective fees.
The United Arab Emirates and other GCC (Gulf Cooperation Council) countries have decided to implement Value Added Tax for all business transactions inorder to strengthen the Governments for providing adequate infrastructure, safety, security, public services and welfare of the people.
Towards the end of 2017, the Finance Ministry has started registering companies for value added tax that are above the yearly threshold as the country gears up for applying the 5% levy from January 1 2018. The Companies have to keep record of their financial transactions and make sure that all records are accurate. A business must register for VAT if its taxable supplies and imports exceeds AED 375,000 per annum. It is optional for businesses whose supplies and imports exceed AED 187,500 per annum.
The government also mentioned that it will ultimately become obligatory for all companies to be registered under the system, when it is rolled out in the second phase, regardless of the reported revenues.
VAT is charged at each step of supply chain. The ultimate consumers generally bear the VAT cost while Businesses collect and account for the tax, in a way acting as a tax collector on behalf of the government.
The tax collected from the customers is paid to the government by the businesses while it may also receive a refund from the government on tax that it has paid to its dealers. The net result is that tax receipts to government reflect the ‘value add’ throughout the supply chain.
If your business is registered for VAT you must report the VAT amount charged for you and the amount you paid to government on a regular basis. This will be an official submission and it is probable that the reporting will be made online. If the amount of VAT charged is more than you have paid then you have to pay the difference to the government. And if the amount you paid is more than you have charged then you can reclaim the difference.
The businesses will have the time to get ready before VAT will come into effect. The businesses need to make few changes in their core operations book-keeping and financial management, human resources, technology, etc. to comply totally with VAT. It is important that businesses try to understand the implications of VAT now and once the legislation is issued make every effort to align their business model to government reporting and compliance requirements. The final responsibility and accountability to comply with law is on the Companies.
The businesses that meet the requirement criteria are expected to register for the VAT three months before the launch of VAT. Using eServices businesses will be able to register for VAT through online.
The VAT return submission is expected on a regular basis for registered Companies. The default period for filing Vat returns for the majority of businesses is expected as three months. The return can be filed through online eServices.
The businesses will need to maintain the records which will allow the authorities to identify the details regarding the business activities and to review transactions. The details regarding the documents which will be required and the time period for maintaining them will be informed by the authorities.
Al Fursan can extend support by providing assistance of experienced Accountants for guidelines and submissions of documents, complying with the law. Team Al Fursan can act as a single window solution for all your company requirements.
Please follow the link to access the UAE VAT Law
Auditors report is mandatory for the renewal of freezone license (Such as SAIF Zone, Hamriyah Freezone, DWC, PO: P.O.Box: 335395, , DMCC) at the end of each accounting year. Al Fursan will assist you in the entire process of renewal including PO Box renewal and Audit Report Submission.
Years in Operation
I am a Japanese Chartered Accountant in NewYork and my Japanese Clients are feeling really comfortable with Al Fursans support in UAE Business. Actually I have never seen a firm like you in the USA.
The most trust worthy professional group I've ever seen
It’s happy to note that Al Fursan registered the branch of BVI Company in PO: P.O.Box: 335395, perfectly complying with all legal attestations. Thanks to Syam and team.
Quality, excellence and quickness are the hallmark of Al Fursan.
The entire job of setting up company in Freezone and getting warehouse was done in one day. Thanks to Al Fursan team.
I have had the opportunity to share the last several weeks with your consultant. It has been an enlightening experience for me and the other company managers.
I thank Al Fursan for their timely advice. If definitely saved me a lot of money & time.
Al Fursan is one of the best consulting teams in the UAE for all activities of company formation and related matters. We trust them the most.
Al Fursan team has helped us to find the right location to register our company and we appreciate their professional approach.
I am extremely satisfied with the services provided by Al Fursan. They were very professional and got the work done with expediency.
Thanks to Al Fursan's team I am able to concentrate on my work as they handle all other issues in a rapid and professional way.
I was very impressed on how fast and efficient the team was in incorporating our company within a few days and the exceptional assistance I received in obtaining my visa well within the time advised.
Very friendly, professional and cost effective company that created a stress free company establishment for GQ Holdings.
We feel safe in professional hands of Al Fursan since 2010 and we are sure we could not feel any safer without them. THANK YOU, Al Fursan!
Al Fursan Team did a great job in Incorporating our Company within the expected time and without any hassle. We were happy and satisfy with their Service. Thanking you!
Simply the best. Trustworthy, Professional and Caring. Highly recommended to anyone who is looking to set-up Free Zone company in UAE.
Al Fursan was the most professional Company to provide Customers with less experience in the UAE Company Establishment field a comprehensive Service and Support to get the Business started.
It was a pleasure working with Al Fursan, really professional, smart people who do their job FAST, EFFECTIVE and with JOY and HAPPINESS for doing the best.