Are you thinking of closing your UAE business or already close down after New Corporate Tax ?

[jafo]

I think turning back to the UAE is a bad decision for most people with existing setup.

The closing of DLS Dubai was entirely a personal health related thing. A lot of clients who know me are aware that I was already overworked since years and the unprofessional management for the introduction of the Corporate Tax gave me the rest.

The first week of June I almost didn't slept at all to geth this Blog Article together:

99% of Freezone Companies formed by DLS Dubai remain 0% Corporate Tax – Why?

From June 1, 2023, the UAE authorities have introduced a corporate income tax, for taxable individuals and companies with a tax rate of 9%. What does this mean for you?

dls-dubai.com

Nothing has changed since then and I strongly recommend to follow 1.-3. from this blog article as I gonna do the same for me as a Private Individual and the Paid Consulting Service I gonna offer for a strong core of former DLS Dubai Clients.

Another issue is unfortunately the fact that a lot and I really mean a lot of Dubai Corporate Service Providers are not honest and even some Authorities are talking bulls**t. This lead for me to the conclusion that it's impossible to provide upcoming clients in the next 3 Years the same Client Experience like for the Clients the past 3 Years.

So I decided to pass all our Employees to IFZA, say no to a 2XX.XXX EUR Income rather then telling bulls**t to the people like a lot of other Competitors.


But mate this isn't the truth you arrived 15 days ago and got full served with PRO Service, Emirates ID and Residence Visa. Need to check if Business Banking is done from Bettina but should be done as well latest by next week.

I understand a lot of clients have questions but preparing such a transit as well takes time and energy. For everyone who is now disappointed or maybe even pissed, for whatever reason, a full for DLS Dubai dedciated Consulting and Accounting Department is setup and shared with you as part of that E-Mail.

Thank you for sharing!

 

[bigbite100]

I understand a lot of clients have questions but preparing such a transit as well takes time and energy. For everyone who is now disappointed or maybe even pissed, for whatever reason, a full for DLS Dubai dedciated Consulting and Accounting Department is setup and shared with you as part of that E-Mail.

get well soon @Fred . Sorry, where is the dedicated consulting and accounting department ? the email shows general IFZA emails, this will not be personal consulting like customer know DLS Dubai for.

 

[Fred]

get well soon @Fred . Sorry, where is the dedicated consulting and accounting department ? the email shows general IFZA emails, this will not be personal consulting like customer know DLS Dubai for.

It's directly with our former CRO, 3 Peoplw orked full time on DLS Dubai Clients now working full time at IFZA ready to await DLS Dubai clients. We just decided to take out the Employee Names to be able to post it here in the forum as well.

 

[uranium]

It's directly with our former CRO, 3 Peoplw orked full time on DLS Dubai Clients now working full time at IFZA ready to await DLS Dubai clients. We just decided to take out the Employee Names to be able to post it here in the forum as well.

I wish if you could clarify if fzco with marketing license has to pay 9% tax or not

 

[Fred]

I wish if you could clarify if fzco with marketing license has to pay 9% tax or not

As of now I would just say Yes.

Why?

I rather like to stand here wrong afterwards then the other way around.

99% of Freezone Companies formed by DLS Dubai remain 0% Corporate Tax – Why?

From June 1, 2023, the UAE authorities have introduced a corporate income tax, for taxable individuals and companies with a tax rate of 9%. What does this mean for you?

dls-dubai.com

Check the "Worst Case Tax" and "Escape Clause" which was from context point of view over the last couple of days again and again in all big UAE Newspapers such as Gulf News.

I personally keep running a Consulting Business and opt for the Small Business Relief to have next 3 Years up to 750k$ Tax Free per year as Turnover=Profit in Consulting Business and then opt afterwards for the "Worst Case Tax" to have at least 350k$ Tax Free per Year.

From all what I have seen in past 3 Years this numbers pretty much covers 95% of the numbers DLS Dubai Clients were making.

 

[Au999]

Your physical and mental health is most important @Fred believe me. You've made the right decision and glad you're staying in Dubai.

 

[Fred]

Your physical and mental health is most important @Fred believe me. You've made the right decision and glad you're staying in Dubai.

Thanks for the kind words and clients like you with such a healthy attitude for life gave me the inspiration for doing so.

I can just everyone recommend to read the posts of @Au999 as well as he has the right view of the things at least in my opinion I see most things the same way.

 

[NgonBoRe]

Maybe Fred missunderstanding, I just reply @jafo question.

DLS-Dubai is NO longer providing services?

I've done everything there and also finish Company account opening with WIO "banks" and come back home.

I've got your email last night about DLS close down and don't know what happened, since you disappeared for long time in the forum.

Now I known It's because of your health.

I don't known what to do now, everything is new with me. And your company suddenly shut down. I wonder who will take care of it later. Like bookkeeping, accountant or renew license, visa next year...

If possible, when your health is good, dm me on Whatsapp please. I need your advice on personal p2p crypto trading .

 

[Fred]

Maybe Fred missunderstanding, I just reply @jafo question.


I've done everything there and also finish Company account opening with WIO "banks" and come back home.

I've got your email last night about DLS close down and don't know what happened, since you disappeared for long time in the forum.

Now I known It's because of your health.

I don't known what to do now, everything is new with me. And your company suddenly shut down. I wonder who will take care of it later. Like bookkeeping, accountant or renew license, visa next year...

If possible, when your health is good, dm me on Whatsapp please. I need your advice on personal p2p crypto trading .

Just reach out to the Accounting Department send as part of the Email and yes I can offer you Paid Consulting for P2P Crypto Trading - no issue.

 

[MankouJoe]

I'm considering pulling out but only due to a lack of clarity on what to do next. It's still financially viable to stay but unfortunately, since Fred's departure, I am unsure of where to go for tax filings and related admin. Does anyone have any recommendations for this? The Co. turnover is roughly $400k p.a.

 

[Fred]

I'm considering pulling out but only due to a lack of clarity on what to do next. It's still financially viable to stay but unfortunately, since Fred's departure, I am unsure of where to go for tax filings and related admin. Does anyone have any recommendations for this? The Co. turnover is roughly $400k p.a.

Again all DLS Dubai Employees were passed to IFZA including our Accounting Departement. Just reach out to them and let them do there work. Essentially you just have to follow with your 400k$ turnover our Blog Post which is still online and remains online.

 

[yoyodubai]

@Fred, congrats on the new move and best of luck.

Question: how are you setting up your personal consulting business? Are you doing this via a free zone or mainland company, golden visa and just receiving income to your personal account, or something else?

 

[lory]

I wish you nothing but the best in the future and hope that you will be successful in your new business adventure!

 

[MankouJoe]

Again all DLS Dubai Employees were passed to IFZA including our Accounting Departement. Just reach out to them and let them do there work. Essentially you just have to follow with your 400k$ turnover our Blog Post which is still online and remains online.

Thank you Fred, you have been extremely helpful until now. We wish you all the best with your new venture.

I reached out to IFZA yesterday but unfortunately their response was that they are not registered tax agents so are unable to assist with tax filings. Until now it was easy as we could produce the financial statements in house. But with the advent of the CIT, our assumption is we will need a formal tax agent to handle our affairs. Is this the case or am I understanding it wrong?

 

[myhand]

Let's hope we can find a good accounting firm operating in similar ways as @Fred always has. It's rare to find such a responsive company like DLS Dubai was.

 

[MankouJoe]

The new tax regime will certainly spur setup of a lot of new accountancy firms. However, it will be sifting through the trash that will prove to be the problem. Fred - with his huge amount of satisfied clients - and the pre-CIT system was great, we could get reliable information from Fred and everything could be done from my desk with the support of DLS. Now it's back to square one, so I'll have to keep an ear to the floor and reach out to my network to try and find an accountant.

 

[sinos]

The new tax regime will certainly spur setup of a lot of new accountancy firms. However, it will be sifting through the trash that will prove to be the problem. Fred - with his huge amount of satisfied clients - and the pre-CIT system was great, we could get reliable information from Fred and everything could be done from my desk with the support of DLS. Now it's back to square one, so I'll have to keep an ear to the floor and reach out to my network to try and find an accountant.

There are a lot of Chartered Accounting firms already in Dubai run by Indian expats. Don't want to name names, you can surely google. Trust me, they are one of the best in the business.

 

[stronco]

There are a lot of Chartered Accounting firms already in Dubai run by Indian expats. Don't want to name names, you can surely google. Trust me, they are one of the best in the business.

Why not name names? Do you have experience with any of them?

 

[MankouJoe]

I agree, names would be great but I appreciate there may be rules against disclosing unsponsored names on this forum.

 

[stronco]

Forum is full of unsponsored names.