Steps for Offshore Company Formation in UAE

Offshore company formation in UAE can be a great choice for any business owner as it brings many benefits like exemption from tax and high ROI. But, like any other company, to start an offshore company, you will have to go through many stages. Any mistake in the process of company formation in UAE can cost your business largely in the coming days. So, for successful incorporation of your offshore company, you must attentively learn about the different steps in the procedure of an offshore company formation in UAE.

The stages of offshore company incorporation are provided below:

• Select a name- The first thing that you need to do is choose a name for your business. You can list out a number of names from which you can select one. However, you must remember a few things while deciding on a name. Your company can neither deal in the following categories nor can have these words in it: Reinsurance, insurance, banking. Along with this, the ending of the name must be ‘Ltd’.
• Decide on the capital and the business activity- There is no restriction on the capital so you can start your business with any amount or sum. You should also decide, in which area, your company will operate. It can be anything from being a holding company to consultancy or anything. It only cannot work in the categories mentioned in the previous point.  
• Gather the documents- To apply for your business, you will first have to collect all the required documents. You must have a clear idea about the paperwork that you will have to submit. Some of these are as follows: residency proof, the name of the upcoming company, shareholders’ copy of passports, reference letter from the bank etc.
• Application- To do the application, one will have to gather the above-mentioned documents, as well as, the Share Certificates and the MoA or a Memorandum of Association. All these documents must bear the signature of the shareholders, directors, and secretaries. After these documents are prepared accurately, the same must be submitted. The registration takes very less time to get completed and can be as less as just 3 days. Upon the completion of the registration, you will get the incorporation certificate, Share Certificate, and the MoA.
• Bank account- You will have to open a corporate bank account for your company. To do this, you will have to submit the following documents- the copy of passport, filled up forms from the bank, bank statements of the past few months which must be original, original letter of reference from the bank etc.

You should always take extra care to carry out these processes if you want to avoid any problem or delay. You can always take the assistance of any registered professional firm to carry out this task effectively.

5 reasons why tax agent portals recommend hiring tax agents for your business

Today's business and tax procedures make it necessary to take the assistance of tax agents and accountants. These people have a crucial role in ensuring that you manage your business expenditures and make better decisions in case of tax planning. So the following are some reasons why hiring tax agents are necessary according to prominent tax agent portal.

1. These professionals will save up a lot of time for you

Imagine yourself buried under a pile of documents figuring your way out how to pay your taxes when you really should be spending time with your family. This is why hiring a tax agent or accountant will not only ensure that your taxes are dealt with efficiently but it would also save a lot of your time.

Your time is precious. You must spend the time to nurture new clients, follow up with the existing clients, and look at other aspects of your business. These aspects of your business demand your timely attention, but that doesn’t mean you have to put your taxes in the backburner. Always consult with the professionals.

2. They’ll come up with tax deductions you never knew possible

While they are tasked with handling your taxes, they will definitely find ways you can claim certain deductions on things that you probably weren’t aware of earlier. Deciding which expenditures can be declared as a cost of doing business could influence your income, and thus your taxes as well.

3. The agents will teach you how to organize your files for the upcoming year

Tax accountants or agents are extremely efficient in organizing files and records. They know how to keep the details, figures and paperwork properly in place. In fact, this part is included in their job description as well. Tax agents come up with a system for easily finding the documents required by the tax advisory UAE.

Knowing how they carry out even the simple bookkeeping practices will allow you to become more adept in the subject of taxes. It also enables undisturbed research and evaluation of data when it’s required.

5. It’s always the safe option to hire the professionals

Appointing a registered tax agent or accountant to maintain your tax records properly is always a safe and legitimate option, so it’s better that you seek the help of professionals in this case. The tax laws in UAE allow the citizens to seek the help of or hire someone to take care of the tax payments. It is actually much convenient and safer, and you can always ask for their advice on business matters.

So, always ensure that you appoint a credible tax agent who understands your needs and helps you make better business decisions.

Tax Consultants In Dubai Put An End To Tax Disputes

Are you a victim of tax disputes, every year, at the tax season? Probably, you are yet not aware how beneficial it is to hire a tax consultant in Dubai. With years of experience and plethora of knowledge, these tax advisors can erase off all your tax disputes. No matter, whether you are a self-employed person or own a corporate firm, hiring a tax consultant is what makes the difference.

Do you know, in precise, what are the tax disputes a businessperson or an individual faces in Dubai? Check in the subsequent lists whether your issue matches with any of the followings.

Common tax disputes in Dubai

Paying tax on exact dates is one of the major duties of a citizen and moreover, tax plays an important role in the development of your country. However, several disagreements arise when you are about to pay the taxable amount. Note the disputes that are common to every citizen.

• You may have forgotten the tax date and have failed to pay the amount on particular span
• Having too many taxes to be paid like property tax, road tax, business tax and others, it is difficult to keep a track of all the records
• An individual may not have a clear idea on the definite tax seasons. The confusion arises as property taxes, and business taxes are due once in a year whereas road taxes are collected every time you cross the tollgate.
• Corporate companies are subject to countless taxes and the slabs change very frequently. Therefore, it is a neck-breaking job for them to keep track of all the updates.

Hiring a professional tax consultant Dubai is one of the extraordinary ways to overcome all these tax challenges. Be a little stress-less with pro taking responsibilities of your taxes!

How tax consultant appears to be helpful?

For obvious reasons, tax consultants are subject matter experts and deals with a dispute better than you can. Choosing a tax consultant is far superior to losing pennies as extra tax.  Here’s how a consultant guides you through the tight circumstances.

• They check and affirm that you are paying taxes only for what you have to pay
• An advisor always keep you informed with all the latest updates
• They also let you know about the definite items subject to sales tax
• You can save a handsome amount as the consultants enlighten on the taxable services beforehand
• Corporate tax advisors prevent taxes from queuing up and simultaneously, draw innovative budget plans ensuring companies’ rapid growth

The role of tax advisors is indispensable when it concerns to maintaining corporate and personal finances in Dubai. You must not hesitate in choosing one, but make sure the consultant is genuine and knowledgeable.

Why Should a VAT Company Hire a Business Consultant?

It is a must to hire a business consultant for everyone who wants to set up a business successfully. A lot of work requires to be done to start a business and having an expert guidance can make the whole process much easier. This is how it can be ensured that no mistake is made during the process that can lead cost the business a lot in the future. One of the important tasks that one needs to carry out to successfully run a business is to file VAT return form, for which specific professional knowledge is required. In such situation also, the assistance of an expert is required.

Let us now see why it is essential to hire a professional consultant:

• Guidance- Even if one has the right knowledge about the necessary steps one needs to take to start a business, he/she needs an experienced consultant to give the right guidance. A consultant can inform about the possible risks in the market, the ups and downs of the whole process, the concerning regulations and laws in a particular nation etc. This will help the individual to make a better decision.
• Financial assistance- One of the most important aspects of setting up a business is the finance section. Without sufficient monetisation, it is not possible to properly start a company. Similarly, once a business is set, it is equally important to hire a professional who can give the right advice on how to organise and handle all the finance-related tasks.
• Deciding which legal structure to follow- There are various structures that a business can adopt. Based on the type of business, as well as, the goal of the owner, the structure can be decided. An expert can enlighten an individual about which structure would be the appropriate one for his/her business, and which can bring the most advantages and benefits.
• Saving effort and time- To set up a business, a lot of paperwork needs to be done. And this requires a lot of time and effort from the individual. Now a business owner needs to do a lot of other works related to the business, so, finding time to do all the legal paperwork can be difficult. A professional consultant can do all these tiresome and time-consuming works, and let the individual concentrate more on the business-related works. Thus, a lot of time and effort will be saved, and at the same time, the paperwork will be done accurately.

Thus, it can be seen that hiring an expert consultant will be advantageous for the business only. So, this is what every business owner should consider doing.