A few months ago I moved to the UAE:
I opened a FZCO w/ IFZA.
I received my EID and UAE driver's license.
I opened a personal and business bank account.
I rented an apartment and received an Ejari/DEWA.
I opened a personal IBKR account.
I've lived in the UAE now for 90+ days.
In that time, a lot has changed with the upcoming 9% corporate tax rate.
I hadn't really been paying attention as I've been working 100+ hours per week on building my business, but now I am realizing I need to catch up soon as I'm almost at the 375k AED threshold for VAT.
I do not know what I need to do next. Any advice is highly appreciated.
1) Do I need to register for VAT? I provide digital consultancy services to a company in the USA. I have no customers in the UAE and no physical goods.
2) My estimated earnings are less than 3M AED per year for the foreseeable future. Should I switch to a mainland company and apply for small business relief? If so, how? Do I need to wait until 2024? I am afraid of missing a deadline and getting stuck with 9% CIT.
3) A tax residency certificate in the UAE seems easy enough for me to get, but I assume there is no rush to obtain one unless I plan to move back to my country of birth? Or is it better to establish a TRC as early as possible?
4) If I travel back to my country of birth for two months per year on holiday and stay in an Airbnb, is there anything to worry about?
Thank you!
I opened a FZCO w/ IFZA.
I received my EID and UAE driver's license.
I opened a personal and business bank account.
I rented an apartment and received an Ejari/DEWA.
I opened a personal IBKR account.
I've lived in the UAE now for 90+ days.
In that time, a lot has changed with the upcoming 9% corporate tax rate.
I hadn't really been paying attention as I've been working 100+ hours per week on building my business, but now I am realizing I need to catch up soon as I'm almost at the 375k AED threshold for VAT.
I do not know what I need to do next. Any advice is highly appreciated.
1) Do I need to register for VAT? I provide digital consultancy services to a company in the USA. I have no customers in the UAE and no physical goods.
2) My estimated earnings are less than 3M AED per year for the foreseeable future. Should I switch to a mainland company and apply for small business relief? If so, how? Do I need to wait until 2024? I am afraid of missing a deadline and getting stuck with 9% CIT.
3) A tax residency certificate in the UAE seems easy enough for me to get, but I assume there is no rush to obtain one unless I plan to move back to my country of birth? Or is it better to establish a TRC as early as possible?
4) If I travel back to my country of birth for two months per year on holiday and stay in an Airbnb, is there anything to worry about?
Thank you!