Co-operative Societies & Crowdfunding in UAE to be Listed as Per New Law

HLB HAMT News Team

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    The UAE cabinet passed a new legislation on cooperative organisations, allowing them to trade on stock exchanges to attract new partners. Co-operatives, which are mostly supermarkets and retail firms, will be able to obtain excess revenue and broaden their holdings by listing their shares on the stock exchange.

    Entry to financial markets will also enable co-operatives to contribute more to the country’s economic growth, strengthen their position, and prosper. As per the legislation, financial markets will be able to create specific areas for the registration, trade, and exchange of cooperative shares, which would be separate from IPO and public trading platforms.

    Crowd Funding to be a vital player

    Crowdfunding is one of the finest ways to get funds for new business concepts that would benefit youth and entrepreneurship. The UAE Cabinet authorised the use of crowdfunding to support new initiatives in the public and private sectors. Crowdfunding is a method of gathering funding from a huge number of individuals, usually through the online. The Securities and Commodities Authority (SCA) will oversee the UAE System for Crowdfunding Platform Operators.

    The UAE Gender Balance Council Strategy 2022-2026 was also endorsed by the Cabinet in order to increase the number of women in leadership positions. Economic participation, well-being, protection, and entrepreneurship are the four vital components of the council’s plan, which strives to close the gender divide in all domains.

     

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    16:16 28 Jun 20
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    218141 JOSEPH THOMAS
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    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
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    RAVI CHOKSI
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    ROY ROSHAN VIVIAN
    ROY ROSHAN VIVIAN
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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    UAE to cut service costs for firms under proposed Corporate Tax

    HLB HAMT News Team

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      With the goal of improving the business climate, strengthening the economy and drawing more foreign direct investment, the UAE’s Ministry of Finance will review and reform service fee structures across all ministries and federal organisations. The decision comes after the UAE revealed intentions to impose a federal corporate tax on company profits beginning on or after June 1, 2023. When compared to other financial centers and established economies throughout the world, the corporate tax rate is relatively lower.

      The UAE has taken a number of steps to improve the ease of doing business in the nation, and the ministry will work with local governments in the UAE to further the objective of the fee revision and enhance the productivity of the UAE’s business landscape.

      Proposed Corporate Tax from 2023

      The UAE has long benefitted from its tax-free status to establish itself as a worldwide economic, energy, and tourist centre, attracting the world’s attention. Much of this tax-free environment is still in place, notably the absence of personal income tax.

      In past years, the UAE has made considerable tax adjustments to streamline its tax structure and broaden its revenue, bringing it into accord with worldwide guidelines and principles. Besides the “extraction of natural resources,” which will continue to be taxed at the emirate level, the new tax rate will be imposed on all enterprises and business operations in the country.

       

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      Varun R Chandra
      Varun R Chandra
      07:38 25 Apr 21
      HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
      Giuseppe Assi
      Giuseppe Assi
      06:20 31 Jan 21
      I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
      Mohamed Sheriff
      Mohamed Sheriff
      16:16 28 Jun 20
      Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
      218141 JOSEPH THOMAS
      218141 JOSEPH THOMAS
      16:20 23 Jun 20
      Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
      PMI
      PMI
      07:14 23 Jun 20
      In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
      RAVI CHOKSI
      RAVI CHOKSI
      08:28 21 Jun 20
      Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
      Maharajan Subramaniam
      Maharajan Subramaniam
      18:17 06 Jun 20
      High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
      Mohammed L
      Mohammed L
      08:07 05 Jun 20
      We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
      ROY ROSHAN VIVIAN
      ROY ROSHAN VIVIAN
      06:32 04 Jun 20
      Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
      Basil Daniells
      Basil Daniells
      05:55 03 Jun 20
      I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
      Amar Kashyap
      Amar Kashyap
      19:28 02 Jun 20
      Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
      Radz de Jesus
      Radz de Jesus
      16:03 02 Jun 20
      We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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      Vimal receives the Catalyst CIO Award in UAE

      Midhun Menon P

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      HLB HAMT - Accounting Firm in UAE
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      Mobile:- +971 52 830 7998
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        Our Director of IT, Mr Vimal Rama Chandran, CISA, BCM LA, COBIT 5 CA was presented with ‘The Catalyst CIO Award’ at the Future IT Summit & Catalyst Award 2022. The event was held on 17th March at the Conrad Hotel, Dubai. The event was organized by GEC Media Group, a leading IT publication company. The main partners of the event included companies like AMD, HP, Dell, AWS, Logitech, Epicor, Automation Anywhere, etc.

        The Catalyst CIO Award is one of the most anticipated award titles and one of the most coveted titles for the IT industry in the middle east. The award honours the path-breakers in the industry who has helped enhance the reputation of their respective companies in these adverse landscapes for the business. The award also considers innovative leaders in the industry who has helped increase customer satisfaction and increase productivity through implementing cutting edge technologies and helped in market penetration thereby acting as a “Catalyst” in this dynamic market scenario. Cost-saving or Revenue generation is one of the most sought-after attributes in a business and this award is a testimony to how Vimal has helped our organization save cost and generate revenue by leveraging cutting edge technologies and utilizing our resources in the best possible manner.

        HLB HAMT is endowed with experts who provide top-notch IT services in Dubai and who are ready to go the extra mile to help you fight risk and keep your data safe. We offer IT Audit services, that comply with IT policies and methods, IT controls as well as business stability.  We also provide ERP software solutions designed for medium-to-large national and global manufacturers, distributors, and after-sales providers. All our team members have a minimum of 10+ years of experience and expertise in managing IS, IT, Digital Solutions, Automation and Cyber Security Solutions, and are authorized for strategic decisions for all Information Technology projects, operations, compliance, standards, and procedures. HLB HAMT RPA-OCR based solutions can automate a lot of your document & project workflows and that too with an assured zero error output.

         

        Would you like to rate us on Google?         

         

        Varun R Chandra
        Varun R Chandra
        07:38 25 Apr 21
        HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
        Giuseppe Assi
        Giuseppe Assi
        06:20 31 Jan 21
        I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
        Mohamed Sheriff
        Mohamed Sheriff
        16:16 28 Jun 20
        Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
        218141 JOSEPH THOMAS
        218141 JOSEPH THOMAS
        16:20 23 Jun 20
        Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
        PMI
        PMI
        07:14 23 Jun 20
        In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
        RAVI CHOKSI
        RAVI CHOKSI
        08:28 21 Jun 20
        Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
        Maharajan Subramaniam
        Maharajan Subramaniam
        18:17 06 Jun 20
        High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
        Mohammed L
        Mohammed L
        08:07 05 Jun 20
        We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
        ROY ROSHAN VIVIAN
        ROY ROSHAN VIVIAN
        06:32 04 Jun 20
        Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
        Basil Daniells
        Basil Daniells
        05:55 03 Jun 20
        I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
        Amar Kashyap
        Amar Kashyap
        19:28 02 Jun 20
        Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
        Radz de Jesus
        Radz de Jesus
        16:03 02 Jun 20
        We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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        Dubai adopts ‘Virtual Assets Law’ to stimulate Crypto Investments

        Lavin Nalinababu, Business Consultancy

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        HLB HAMT - Accounting Firm in UAE
        Phone:- +971 4 327 7775
        Mobile:- +971 55 160 1291
        Email:- dubai@hlbhamt.com

          Get Free Consultation




          Dubai, the UAE’s financial hub, has taken a giant step forward in the global crypto space, announcing an unparalleled law to govern virtual assets in order to attract potential forms of enterprise as regional economic rivalry becomes more competitive.

          Virtual asset services will be regulated, monitored, and controlled by the Dubai Virtual Asset Regulatory Authority (VARA). The authority established the rules and procedures that oversee virtual asset operations, such as management, clearing, and settlement services. Also, VARA will function as the primary custodian for this niche sector, with the goal of anchoring the world’s virtual assets, which include cryptocurrencies and NFTs.

          Let’s dive straight into the details of Dubai’s virtual assets law:

          1. An individual who wishes to engage in any of the virtual asset operations must first establish a presence in the city.
          2. It is against the law for anybody in the emirate to participate in activities without first obtaining VARA approval.
          3. VARA’s primary tasks are as follows:
            • Organizing the issue of virtual assets and tokens, as well as their trade.
            • Virtual asset service providers are regulated and authorised.
            • Guaranteeing the utmost layers of safety for the personal data of participants,
            • The management of virtual asset platforms and portfolios,
            • Checking transactions and preventing the price manipulation of virtual assets
          4. The following activities are subject to VARA authorisation and control:
            • Services for exchanging virtual assets and currencies
            • Services for virtual asset custody and management
            • Service transaction between one or more types of virtual assets, and
            • Services for the transfer and administration of virtual assets
          5. A decision made by the board of directors of the Dubai World Trade Centre would define the activities that represent a breach of the requirements of this virtual asset law and its associated decisions, as well as the penalty imposed on an offender. Other than imposing a penalty, Dubai VARA has the right to revoke the permission for up to 6 months, cancel the permit, and collaborate with the Emirate’s competent commercial licensing body to revoke the commercial license.

          The Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, remarked that “the law presents a vital step that aims to advance the digital sector and protect the rights of investors, along with providing the most advanced virtual asset ecosystem in terms of organization, governance, and security.”

          The law defines the responsibilities and powers of the VARA authority, which will be deemed the responsible authority to govern, oversee, and manage virtual asset services, and enters into effect when it is released in the official Gazette.

          Except for the Dubai International Financial Centre, the virtual assets law will pertain to all special development zones, the Dubai mainland and free zones in the Emirate. The Dubai Virtual Asset Regulation Law strives to establish Dubai as a global hotspot for the virtual asset market as well as to play a role in determining the industry’s evolution.

          As the globe shifts its paradigm towards technological developments like cryptocurrencies and blockchain, the new virtual assets law will drive the crypto sector in the UAE.

          Please visit the link for the most up-to-date information about crypto news in the UAE.

           

          Would you like to rate us on Google?         

           

          Varun R Chandra
          Varun R Chandra
          07:38 25 Apr 21
          HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
          Giuseppe Assi
          Giuseppe Assi
          06:20 31 Jan 21
          I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
          Mohamed Sheriff
          Mohamed Sheriff
          16:16 28 Jun 20
          Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
          218141 JOSEPH THOMAS
          218141 JOSEPH THOMAS
          16:20 23 Jun 20
          Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
          PMI
          PMI
          07:14 23 Jun 20
          In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
          RAVI CHOKSI
          RAVI CHOKSI
          08:28 21 Jun 20
          Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
          Maharajan Subramaniam
          Maharajan Subramaniam
          18:17 06 Jun 20
          High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
          Mohammed L
          Mohammed L
          08:07 05 Jun 20
          We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
          ROY ROSHAN VIVIAN
          ROY ROSHAN VIVIAN
          06:32 04 Jun 20
          Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
          Basil Daniells
          Basil Daniells
          05:55 03 Jun 20
          I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
          Amar Kashyap
          Amar Kashyap
          19:28 02 Jun 20
          Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
          Radz de Jesus
          Radz de Jesus
          16:03 02 Jun 20
          We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
          Next Reviews
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          Start the conversation

          Taxes on corporate income in UAE to begin from June 2023

          March 10, 2022

          HLB HAMT - Accounting Firm in UAE
          Phone:- +971 4 327 7775
          Mobile:- +971 50 677 5860
          Email:- dubai@hlbhamt.com

            Get Free Consultation




            As the world is battling to avoid detrimental tax activities from forming as part of the continuously evolving business climate, the UAE is pioneering the way to address the vulnerabilities by adopting a viable and finest in class corporate tax regime.

            Beginning on or after June 1, 2023, businesses earning more than AED 375,000 ($102,000) will be subject to a 9% corporate income tax in the UAE. Net profits below that level are taxed at 0%. This decision was made as part of a bigger effort to encourage small, medium-sized firms to flourish and also broaden its economy in order to minimize its dependency on crude oil as well as to combat increased competition from other countries.

            As the taxes on corporate income in UAE are set to be imposed, investors and businesses will have a plethora of questions and concerns hovering their mind. To obtain a broader understanding of the recently proposed tax system, watch the videos provided below.

            UAE Corporate Tax | Know Important Updates About UAE Corporate Tax Rate – Ep#1

            How Do We Calculate the Taxable Income, What will be the Highest Tax Rate | UAE Corporate Tax – Ep#2

            Who is Eligible for Exemption in UAE Corporate Tax? | UAE Corporate Tax – Ep#3

            Is UAE Corporate Tax Applicable for Free Zone Companies? – Ep#4

            What is Tax Group & Eligibility of Tax Group UAE | UAE Corporate Tax – Ep#5

            Withholding Taxes And its Applicability | UAE Corporate Tax – Ep#6

            Transfer Pricing Implications | UAE Corporate Tax – Ep#7

            Registration of Corporate Tax UAE | UAE Corporate Tax – Ep#8

             

             

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