Im talking about business accounts and PSPs for EU companies with UAE resident UBOs.
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Dubai is dead, any alternative to the free zone 9% tax?
- Thread starter JonnyStekkino
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Im talking about business accounts and PSPs for EU companies with UAE resident UBOs.
Removed from FATF but not removed from EU High AML tax list. Until it is not fully removed from this list it will be still problematic.
High risk third countries and the international context content of anti-money laundering and countering the financing of terrorism
The Commission is mandated to identify high-risk third countries having strategic deficiencies in their regime on anti-money laundering and countering the financing of terrorism.
Also I don't think removal will help a lot. UAE will still remain high risk country in view of banks and PSP
Bahamas (Freeport zone) or Cayman Islands (Enterprise City) ?
Are all of you guys moving away from Dubai? how many would you estimate from the total number of companies incorporated in Dubai will close or move their companies to other offshore jurisdictions?
Do you know a source for where we could find such figures or would such sources be manipulated as much in the UAE is ?
Do you know a source for where we could find such figures or would such sources be manipulated as much in the UAE is ?
It's on its way, trust me, predicted about the FATF, euro clearances are to be getting smooth, EU is on its way to remove UAE from money laundering list.Removed from FATF but not removed from EU High AML tax list. Until it is not fully removed from this list it will be still problematic.
High risk third countries and the international context content of anti-money laundering and countering the financing of terrorism
The Commission is mandated to identify high-risk third countries having strategic deficiencies in their regime on anti-money laundering and countering the financing of terrorism.finance.ec.europa.eu
Also I don't think removal will help a lot. UAE will still remain high risk country in view of banks and PSP
I suspect a lot are taking advantage of the 3-year “small business relief” exemption while assessing where to go next.
I believe the max exodus will be late 2026. Not only due to the expiration of SBR, but also because of the high likelihood of an oversupply of properties thus driving down the inflated property market.
I think the UAE authorities are assessing the small business relief, and if they think too many firms will move out at expiry, they might very well extend it.
Imagine getting a nominee Emirati on board as a director or shareholder. I can tell you things will go way smoother.
The government actually even pays you to hire Emiratis. If you pay them a low salary, you get some kind of grant. Since there are no payroll taxes, it's like picking up money from the ground.
The first question is, are you a tax resident in UAE?
The second question: is this US LLC effectively managed and controlled in the UAE and forms a permanent establishment in the UAE?
A foreign person or non-resident entity is considered to have a PE in UAE -
- if it owns at least one permanent or fixed location in the country for operating its business.
- if a resident person holds the authority to operate a business on behalf of a foreign individual who is a non-resident.
- if it owns any other partnerships or connections that are mentioned in other Cabinet Decisions, if not in Federal Decree-Law no. 47.
Under the corporate tax regime, foreign companies having a PE in the UAE will be subject to the corporate tax rate of 9% on annual taxable income exceeding AED 375,000 attributable to UAE business operations and activities such as service provision, goods production or sale, property rentals, etc. These non-resident entities are required to register for corporate tax and file tax returns within 120 days of the end of the financial year.
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As I understand it, you can request the SBR at the moment of filing the tax declaration, which means in 2025. Therefore, no one can say before this time how it works in practice
Do you have any information on why this can/should be done before 2025?
I may be mistaken, but so far my view is the same as in this article.
I paid and consulted 3 separate advisors yesterday and today.
Two of them told me need asap to register the company for tax and audit 2023 as they will ask for it to apply for tax relief (small business ..) in 2024. You have to pay tax for 2024 according to the law, why you mention 2025?
Two of them told me need asap to register the company for tax and audit 2023 as they will ask for it to apply for tax relief (small business ..) in 2024. You have to pay tax for 2024 according to the law, why you mention 2025?
It depends on when your fiscal year starts. If it starts on June 1, then until February 28, 2025. If from January 1, then until September 30, 2025.
But this year, you need to register for CT (the deadline for registration depends on the date of the company's license).
An audit is not mandatory for all companies.
In any case, I'm describing my understanding of the situation and I could be wrong. Perhaps your fiscal year starts on June 1, then everything can be (but not must be) done in 2024, including the SBR. In that case, your consultants might be right about the need to hurry.
Thank you so much for all this great info! My year starts Jan 1st if I remember correct.
Thank you
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