Accounting and legal

Accounting and tax

Healy Consultants’ Compliance Department offers our Clients our accounting services to assist you in all of your company’s statutory obligations:

    tax and legal obligations in UAE

  1. In the UAE, taxes are only levied on companies which deal in oil, gas and petrochemicals. All other companies pay no corporate, capital gains or withholding taxes;
  2. All trading companies, irrespective of their business activities, are mandated to pay a 5% tax on imports to the mainland UAE. Companies established in certain free zones are exempted from import duty on goods coming into the free zone;
  3. The UAE incorporation process mandates that business entities submit audited accounts to their respective Emirate authorities annually;
  4. A UAE business will benefit from the country’s 66 Double Taxation Agreements (DTAs) with countries including: Austria, Belgium, Canada, Indonesia, Malaysia, New Zealand and Singapore;
  5. Healy Consultants provides UAE accounting services. We therefore assist our Clients with i) establishing compliant accounting procedures ii) implementation of, and training on, accounting software iii) preparation of financial reports iv) analysis of financial documents to provide our Client with revenue projections, fiscal estimates for the subsequent year, and sensitivity analyses;
  6. It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants’ help to clarify your annual reporting obligations.

Legal and compliance

Our firm’s Compliance Department will also assist our Clients with fulfilling all of their mandatory legal and tax obligations:

  1. While UAE corporate law allows the directors control over the daily operations of the UAE business, these individuals are still appointed by the company’s shareholders. Shareholders have the power to remove the directors from their position;
  2. Every UAE business will appoint a manager who will be responsible for the administration of the company, unless specifically stated in his/her contract. Furthermore, the company shall be liable for all actions taken by the manager within the powers bestowed by the appointment contract;
  3. All resident firms must file returns with the relevant authorities, providing information about the directors and shareholders. Please note all this information will be publicly accessible;
  4. The UAE incorporation process mandates that all companies apply for the appropriate government licences before starting operations for the company. Please note licenses from the respective municipality or emirate may also be required in order to do business in the UAE. Common examples include a trade licence for buying/selling goods, an industrial licence for working with natural resources or manufacturing work and a professional licence to set up a skills-oriented business including engineering,legal, accounting, etc.;
  5. Separate licenses must be obtained for different activities. For example, activities such as building management and building maintenance cannot be performed under the same licence. The first activity requires a professional licence and the second requires a trade licence;
  6. UAE business registration laws do not allow firms to incorporate in one emirate and have their business address in another, i.e. all businesses must have their office in the Emirate in which they have incorporated;
  7. A UAE LLC is mandated to reserve 10% of annual profits until the reserve reaches 50% of the initial share capital;
  8. Intellectual property rights of foreign companies are respected in the UAE, as the country participates in many organisations and conventions including the World Intellectual Property Organization, World Trade Organization, Patent Cooperation Treaty (PCT) and WIPO Copyright Treaty;
  9. UAE business registration laws provide for de-registration of a resident company. This process takes 6 months on average. Healy Consultants will de-register a UAE business for our Clients for a fee of US$1,450.

Contact us

For additional information on our accounting and legal services in UAE, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi