Annual Leave in UAE

HLB UAE Payroll Team

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HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
Mobile:- +971 55 971 5959
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

    Get Free Consultation




    Ministry of Human Resources and Emiratization (MOHRE) has announced the introduction of Federal Decree Law No. 33 of 2021 that will regulate labor relations and employment practice in UAE Article 29 of the new UAE Labor law dated February 02, 2022 states the following regarding Annual leave policy;

    “The employee must be granted an annual leave during each year of service which may not be less than:

    • Two days per month in respect of any employee with more than six months and less than one year of service.
    • Thirty days per annum in respect of any employee whose period of service exceeds one year.”

    Here our payroll experts in UAE, explain in detail the Annual leave policy in UAE.

    Frequently Asked Questions

    1. Is annual leave in the UAE based on calendar days?

      Yes, annual leave is calculated based on calendar days and includes any public holidays and weekends that fall within, or any day taken due to illness if they fall within this period.

    2. Are companies allowed to provide annual leave in working days?

      Yes, Companies are allowed to provide annual leave in working days with the condition that benefit given to employees are either equal or more than the 30 calendar days. The standard leave days provided by companies using working days is 22 working days per year (Companies who are providing Two weekly holidays to their staff).

    3. Can the employer determine when the employee leave will be taken?
      Yes, employers are entitled to determine when an employee can take their leaves according to the work requirements as per Article 29. The Employer must notify the worker of the specified dates for his/ her leave within a sufficient time of not less than a month.
    4. Can an employer prevent an employee from taking annual leave?

      The Employer may not prevent the worker from benefiting from his / her annual leave accrued for more than two years, unless the worker wishes to carry it forward or receive cash allowance for the leaves accrued.

    5. How is leave encashment calculated?

      Employee is eligible for leave encashment for unutilized leave which will be calculated against his/ her last drawn Basic Salary.

    6. How are UAE national/public holidays that fall within an employee’s annual leave treated?

      Any holidays stipulated by law or by mutual agreement, that fall within an annual leave are treated as being part of the leave thereof.

    7. Can part-time employees take annual leaves?

      The part-time worker shall be entitled to an annual leave according to the actual working hours the worker spends working for the employer and its period shall be defined in the employment contract.

    8. Can an employee take annual leave during probationary period?

      Employee is not authorized to take annual leave during probation. The employer may agree to grant the worker a leave from his/ her annual leave balance during the probationary period. It has to be a mutual agreement between the employer and employee.

    9. Can an employee claim compensation for unutilized leaves at termination of contract?

      An employee leaving his employment, whether via termination or resignation is entitled for compensation through payroll of any outstanding leaves and it shall be calculated against the employees last drawn basic salary. In the case of employees whose service period is between six months to one year, the entitlement for compensation for unutilized leave days is calculated at an accrual of two days per month.

      See below sample calculation of leave balance during final settlement

    10. Can an employee carry forward leaves to the next year?

      The employee may, with the consent of the employer, and in accordance with company’s regulations, carry over his/ her annual leave balance or days thereof to the following next year. Employer is not authorized to carry forward annual leave for a period of two years unless the employee wishes to carry forward it or receive cash benefit against it.

    11. What happens when an employee does not resume to work after end of annual leave?

      According to article 89, ‘Subject to the provisions of this Law, any worker who fails to resume work immediately after the expiry of his/ her leave shall automatically forfeit his/ her wage for the period of his/ her absence, with effect from the day immediately following that on which the leave expires.’

    12. Can an employer terminate an employee who is on leave?

      No, employers cannot terminate the services of employees who are on annual leave as the law in article 90 states ‘Without prejudice to the instances in which an employer is entitled to dismiss a worker without notice or without the gratuity provided for in this Law, an employer shall not dismiss a worker or serve a notice of dismissal on him while the worker is on a leave provided for under this Section.’

      But if the employee is absent without a valid reason for more than 20 intermittent days or 7 consecutive days, Employer has the right to terminate the employee from service.

    13. Can an employee work for another employer during their annual leave?

      No, a worker cannot work for another employer while on annual or sick leave provided in article 88. If the employer establishes that he/ she has done so, the employer may terminate the worker’s services without notice and deny him the pay in respect of the leave period.

    14. Is it possible to convert vacation leave into sick leave if required?

      Vacation leave cannot be converted to sick leave if an employee becomes ill while on annual leave unless otherwise agreed by an employer.

    Payroll Service in UAE

    To know more about our payroll process, Click here

    For a comprehensive understanding of leave policies in GCC countries, Please refer to our articles.

     

    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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    UAE Unemployment Insurance Scheme

    HLB UAE Payroll Team

    image

    HLB HAMT - Accounting Firm in UAE

    Phone:- +971 4 327 7775
    Mobile:- +971 55 971 5959
    WhatsApp:- +971 56 219 1607
    Email:- dubai@hlbhamt.com

      Get Free Consultation




      The Ministry of Human Resources and Emiratization (MoHRE) announced the launch of the ‘Unemployment Insurance Scheme’ for government and private sector employees, on October 11, 2022.

      The Unemployment Insurance Scheme is a type of insurance/social security that offers Emiratis and residents financial help if they lose their jobs as a consequence of being fired by their employers in the public and private sectors. The financial assistance will be provided in exchange for the worker paying a monthly insurance payment while they are employed. It aspires to establish a competitive knowledge economy by recruiting and keeping the greatest worldwide talent while maintaining an acceptable standard of life for the jobless.

      It is a mandatory social security support program that will pay all employees excluding investors, domestic helpers, part-time employees, retirees who have a retirement pension and those under the age of 18.

      Frequently asked Questions (FAQ’s)

      1. Who is obliged to take out unemployment insurance?

        • Both Emirati nationals and expatriates residing in the UAE are subjected to compulsory insurance.
        • Employees who work on a commission basis may also subscribe to the scheme.

        Employees are not eligible if they are:

        • Business owners who own and manage their businesses.
        • Investors.
        • Household workers.
        • Temporary employees.
        • Less than 18 years old.
        • Retired individuals.
        • Employees working in UAE Free Zones.
      2. Is taking out unemployment insurance mandatory?

        Yes, taking out unemployment insurance is mandatory starting from January 1, 2023, and employees must subscribe to it before June 30, 2023. Failure to register and pay contributions for more than three months will result in a fine.

      3. How can employees subscribe to the unemployment insurance scheme?

        Employees can subscribe to the insurance program through various channels, including the insurance pool’s website, smart application, bank ATMs, kiosk machines, business service centers, money exchange companies, du, and Etisalat. They can also use SMS and visit a website called the insurance pool, which comprises a group of UAE-based insurance companies.

      4. What are the steps to subscribe to the unemployment insurance scheme through the insurance pool website?

        To subscribe to the unemployment insurance scheme through the insurance pool website, follow these steps:

        • Visit www.iloe.ae.
        • Locate and click the “Subscribe Here” red icon.
        • You will be directed to the application portal. Under the “individual” category, indicate whether you work for the federal government or the private sector.
        • Sign in using your emirates ID or UID number (Unified Identification Number), enter your mobile number, and tap on the “Request OTP” button.
        • Enter the OTP you receive, after which you will be redirected to your ILOE Dashboard.
        • The dashboard will show you whether you fall under category A or Category B, under the scheme.
        • You need to review the summary of your information that is displayed. Then check the box saying “I confirm my entries are correct”.
        • Next you can choose your ILOE plan you will have the option to subscribe for one or two years. If you subscribe to the scheme for one year, you will also have the option of paying the premium monthly, quarterly, semiannually, or annually.
        • After reviewing, tick the “Terms and conditions” box once you have selected your preferred options. Click on “Pay Now”.
        • The insurance certificate will be emailed to you once you enter your email address (Optional).
        • Then you will be transferred to the online payment channel, where you will need to enter your card information.
        • Following that, an OTP will be delivered to the phone number associated with your card. Enter the OTP for payment processing.
        • Finally, you will receive an insurance certificate through email once payment has been processed and receive the confirmation.
      5. Who provides unemployment insurance?

        Dubai Insurance Co. (p.s.c.) is the authorized insurer to issue policies for the unemployment insurance scheme on behalf of the Involuntary Loss of Employment (ILOE) Insurance Pool.

      6. Who bears the cost of unemployment insurance?

        Employees are responsible for paying the cost of unemployment insurance, which can be paid monthly, quarterly, half-yearly, or annually. However, as per the latest update, employers can choose to buy the policy on behalf of their employees and deduct the premium value from their salary or pay it on their behalf.

      7. What is the cost of unemployment insurance premium in the UAE?

        The unemployment insurance program in the UAE has two categories based on the employee’s basic salary. For the first category, which includes employees with a basic salary of AED 16,000 or less, the monthly insurance premium is AED 5. For the second category, which includes employees with a basic salary exceeding AED 16,000, the monthly insurance premium is AED 10.

      8. What are the consequences if an eligible employee does not subscribe to unemployment insurance?

        • Never subscribed From July 1st, 2023, employees will pay a fine of AED 400.
        • Subscribed but stopped paying for at least 3 consecutive months Employees will be disqualified from receiving unemployment benefits. They will be required to resubscribe by getting a new insurance, pay any overdue sums, and pay a 200 AED penalty.
      9. Who is eligible for a compensation claim?

        Compensation is available to employees who paid their insurance premium for a full year and who are physically present in the UAE. Employees will not receive compensation if:

        • The employee got fired for disciplinary reasons under the UAE’s Labor Law in the private sector (Federal Decree-Law No. 33 of 2021), the Human Resources Law in the federal government, and any other applicable laws.
        • The employee resigns.
        • The claim involves fraud or deception.
        • The establishment where they work is fictional.
      10. How and in which period must the claim for compensation be made?

        Claims must be submitted to the insurance pool within 30 days from the date of unemployment. Claims can be submitted via the e Portal www.dubins-wpp.ae, a smart application and the call centre at 800 382467.

      11. How does the compensation get calculated?

        Eligible employees must receive a monthly compensation equal to 60% of their monthly basic salary. However, Maximum compensation amount will be AED 20,000/-.

      12. How long is the compensation paid?

        Compensation will be paid from the date he/she loses the job and will be paid for 3 months or until he/she finds a job, whichever is earlier.

        Important Dates

        • Effective start date of unemployment insurance – January 1st, 2023.
        • Last date for registering with unemployment insurance – 30th June 2023, Without any fines.

       

      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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      DMCC Wage Protection System (WPS)

      HLB UAE Payroll Team

      image

      HLB HAMT - Accounting Firm in UAE

      Phone:- +971 4 327 7775
      Mobile:- +971 55 971 5959
      WhatsApp:- +971 56 219 1607
      Email:- dubai@hlbhamt.com

        Get Free Consultation




        DMCC has informed on the implementation of the WPS system for the companies registered under DMCC. All Companies are informed to pay their employees’ salaries through WPS system Effective from February 15 ,2023. There is no consequences in 2023. However, starting January 2024, DMCC may implement portal sanctions, fines and other penalties for non compliance of WPS.

        What is DMCC WPS?

        The Wage Protection System is an electronic salary transfer system that monitors and oversees the payment of employees’ salaries in the UAE and allows the DMCC to keep a record of private sector salary payments.

        Steps in implementing DMCC WPS

        1. Update recent salary of all the staff in DMCC portal.
        2. Set up monthly salary payments through Company UAE bank or an Exchange House.
        3. Download Current month salary report from DMCC portal –
          In order to download, Go to “My Reports” and extract the report for WPS salary-Current month in DMCC Portal.
        4. Prepare Salary information file (SIF) using the template provided by the bank or exchange house. Both employer and employee code to be used in SIF will be available in the WPS salary report-current month downloaded from DMCC portal.
          SIF Files composition

          1. Employee details are found on the EDR rows

            Column A – Employee Details Record.

            Column B – Employee 14-digit DMCC number.

            Column C – Bank routing code.

            Column D – IBAN.

            Column E – Start date of salary.

            Column F – End date of salary.

            Column G – Number of days salary paid.

            Column H – Fixed or Basic Salary of Employee.

            Column I – Variable Salary.

            Column J – No of Leave.

          2. The last row has the employer details as follows:

            Column A – SCR column (Salary control record)

            Column B – 13-digit DMCC Company ID.

            Column C – 9-digit bank Routing Code.

            Column D – File creation date.

            Column E – Time of file creation.

            Column F – Payroll Month and year.

            Column G – No of records in the file.

            Column H – Total amount of salary paid.

            Column I – Payment currency which is in AED.

            Column J – Optional field.

          A sample SIF file looks as below

        5. Upload/submit Salary Information File (SIF) to the bank or exchange house for processing monthly salary

        Who all are the parties involved in DMCC WPS?

        HOW DMCC WPS Works?

        The model adopted by the UAE Central bank is where information flows from the employer via WPS to one or more of the contracted agents for payment of the wages to the employees. The funds from the employer are secured by CBUAE prior to dispatching of information to the agents.

        The WPS cycle is explained below in the following infographic;

        Employer and Employee ID format

        Employer ID

        • If company number is 956325, employer id will be DMCC000956325.
        • Company number can be ascertained from company license, mentioned as ‘Account Number’.
        • Employer ID should be 13 digits.

        Employee ID

        • Format-DMCC+000+Company employment card/Permanent identity card (PIC).
        • If PIC ID is 3264598, employee ID will be DMCC0003264598.
        • Employee ID should be with 14 digits, Always adjust number of zeros to keep the total length as 14 digits.

         

        Frequently asked questions

        1. How can one register with DMCC WPS?

          Registration can be done by contacting the bank which the employer holds a local corporate account or through an authorized exchange house.

        2. What are the advantages of DMCC WPS?

          • Ensures that the agreed-upon wages are paid on time.
          • Provides advanced solutions that help employers safeguard their own interests and reduce the hassles associated with paying the employees.
          • Improves job security, at the same time ensuring transparency.
          • Ensures that DMCC is updated on wage data in the private sector.
          • Helps in taking measures to reduce labor disputes regarding wages.
        3.  Can one process salary payments via DMCC WPS in a foreign currency?

          The only authorized currency of remittance is the UAE Dirham. DMCC WPS payments must be made to a bank account registered in the UAE.

        4. Which payments to employees are processed via DMCC WPS?

          All salaries must be processed via DMCC WPS. However, if employees receive any other form of payment from the employer other than salary payments, then these too can be processed via DMCC WPS.

        5. Can a group of companies make all the salary payments for all staff via one SIF file?

          No, every company under the group should make their salary payments separately. DMCC WPS does not permit the mixing of payments from different companies in one SIF file.

        6. How many SIF files can be sent by a company in one month?

          There is no limit to the number of files that a company can send out in one month.

        7. What is the minimum salary that can be processed via DMCC WPS?

          The salary and other allowances payable to the employee as agreed in the contract and what is updated in the DMCC portal should be processed via DMCC WPS.

        8. What is the maximum number of employees whose salary can be processed with one file?

          There is no limit to the number of employees whose salary is processed in one SIF file.

        9. Should End of Service Benefits be processed via DMCC WPS?

          It is not mandatory to process EOSB and gratuity payments via WPS.

        10. What are fines for evading DMCC WPS?

          There is no consequences in the year 2023. However, starting from January 2024, DMCC may implement portal sanctions and fines which will be deducted from the company’s portal account for non-compliance with DMCC WPS payments.

        How can HLB HAMT help in implementing DMCC WPS?

        • Fully complied payroll system to process DMCC WPS payroll.
        • Can assist in registering company with an authorized Exchange house in UAE.
        • System-generated SIF file as per the company’s corporate bank SIF format.
        • Uploading / Sending SIF file as per Corporate bank account requirement.
        • Share the SIF file to the Exchange house according to their required SIF format.
        • Can assist in generating WPS salary report from DMCC portal.

         

        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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        Energy Tariff Incentive Program (ETIP)

        Nithin NK, Partner

        image

        HLB HAMT - Accounting Firm in UAE

        Phone:- +971 4 327 7775
        Mobile:- +971 50 749 0576
        WhatsApp:- +971 56 219 1607
        Email:- dubai@hlbhamt.com

          Get Free Consultation




          The Energy Tariff Incentive Program 2.0 (ETIP) is the latest version of the Electric Tariff Incentive Program 1.0 (ETIP). This program includes a gas tariff to the existing Electricity Tariff Incentive Program for eligible industrial sector entities based on the eligibility criteria. The eligibility criteria include economic impact, spending on logistics and, demand-side management efficiency (both for electricity & gas) and energy management efficiency in the Emirates of Abu Dhabi.

          The Electricity Tariff Incentive Program was initially launched in 2019 by the Industrial Development Bureau of the Abu Dhabi Department of Economic Development (ADDED). This program is designed for ten years from 2019, which helps manufacturers obtain reduced tariffs based on the achievement of program objectives, thus lowering operating costs and can invest the savings towards R&D and further expansions.

          The program was initiated to promote Abu Dhabi’s vision of productivity, efficiency, transparency, and long-term clarity.

          Objectives of the program

          • Enhancing the economic impact of the industrial sector in the Emirate of Abu Dhabi.
          • Boost the manufacturing entity productivity in the Emirate of Abu Dhabi by encouraging technological transformation.
          • Improve the efficiency of energy usage in the Emirate of Abu Dhabi.

          Description of program

          The scoring criteria of the program for Manufacturing Entities which are in operation/production (I.e., industries that have a production license) for more than six months from the date of issue of the production/operational license from ADDED is as follows:

          Criteria for ETIP

          Several criteria are set for ETIP scoring for electricity and gas incentives. There are variations in the requirements for existing and new manufacturing entities.

          • Economic Impact

            For economic impact (50% weightage), the following attributes are considered:

            • Investment in Abu Dhabi.
            • Investment top-up score.
            • Emiratization; (For existing manufacturers)
            • Skilled Employment; (For existing manufacturer)
            • Supply Chain. (For existing manufacturers)

            For New Companies

            For existing companies

          • AD Logistics Criteria (For new entities)

            The weight of supply chain criteria concerning the total score is 30%. The AD Logistics Criteria is part of the Economic Impact evaluation for Existing Companies.

          • Productivity Criteria

            Productivity refers to how well an organization converts input (such as labour, materials, machines, and capital) into outputs. The productivity will be based on the value addition done by the manufacturing entity based on the total number of employees. Weightage is 30%.

          • Connection load and Energy Management System (Electricity)

            The manufacturing entity will scan and submit its site power connection details forum and Single Line Diagram for Connectivity load. If the site is distribution connected for power, the connected load can be greater than equal to or less than 5MW as stated in ADDC/AADC Site. Regardless of their connection load, manufacturing entities can be considered in the ETIP. Weightage is 20%.

          • Demand side management (Gas)

            The applicants forecasted demand for Gas consumption submitted to AD ports is compared with the actual consumption for the scoring criteria. Weightage is 20%.


          Stakeholders’ Roles and Responsibilities

          There are four key stakeholders in the Energy Tariff Incentive Program. The four stakeholders and their roles and responsibilities are listed below:

          Process Flow

          How can we help

          As a certifying body (CB) for the ETIP program, we can guide the entity through the entire process and help enroll the program. We will advise you on best practices to improve your score.

           

           

           

          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
          js_loader

          Top 5 Reasons Why Financial Due Diligence is Essential for Successful Buyouts

          Ammar Kotwal, Manager

          image

          HLB HAMT - Accounting Firm in UAE

          Phone:- +971 4 327 7775
          WhatsApp:- +971 56 219 1607
          Mobile:- +971 55 807 4568
          Email:- dubai@hlbhamt.com

            Get Free Consultation




            Financial due diligence is a critical step in any business transaction, especially for a buyout, as it helps the buyer to understand the financial health and performance of the target company. Here are the top five reasons why financial due diligence is essential for successful business transaction buyouts:

            1. Evaluate the company’s financial health: Financial due diligence helps the buyer to assess the financial health of the target company, including its profitability, liquidity, solvency, and cash flow. This information can be used to identify any potential financial risks and opportunities associated with the acquisition.
            2. Identify any potential financial issues: Due diligence can help to identify any financial issues that may exist within the target company, such as accounting irregularities, tax liabilities, or potential legal disputes. Identifying these issues early in the process can help the buyer to mitigate risks and avoid potential costly surprises after the acquisition.
            3. Validate the company’s financial statements: Due diligence helps the buyer to validate the accuracy of the target company’s financial statements and ensure that they are in compliance with accounting standards and regulations.
            4. Assess the company’s financial projections: Financial due diligence can help the buyer to assess the target company’s financial projections, including revenue growth, margin expansion, and cash flow forecasts. This information is critical to determine the future performance of the company and its potential for growth.
            5. Determine the valuation of the company: Financial due diligence provides critical information to help determine the valuation of the target company. This information is essential for negotiating a fair price and ensuring that the buyer is paying the appropriate amount for the business.

            In summary, financial due diligence is crucial for a buyout transaction as it helps buyers assess the financial health of the target company, identify potential financial risks and opportunities, validate financial statements, assess financial projections, and determine the appropriate valuation of the business.

             

             

            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
            js_loader

            Five suggestions to get productive answers from ChatGPT

            Midhun Menon P

            image

            HLB HAMT - Accounting Firm in UAE

            Phone:- +971 4 327 7775
            Mobile:- +971 52 830 7998
            WhatsApp:- +971 56 219 1607
            Email:- dubai@hlbhamt.com

              Get Free Consultation




              Since it was launched last November, Chat GPT has quickly become popular among professionals for its ease of use and ability to complete projects in a matter of days. It can be used by anyone with a computer or tablet, making it an accessible tool for people at all levels of expertise. The responses too, have been terrific, like for e.g., it is a fantastic tool to remove writer’s block if you are a content writer. ChatGPT is a powerful language model that can be used for various natural-language processing tasks, such as text generation, language translation, and question-answering. However, to get the most out of this chatbot, it’s important to understand how to properly use and interact with it.

              I have been interacting with a lot of my colleagues and friends of late and realized that most really have used it, but mostly for fun purposes. Here is how you can make Chat GPT extremely productive

              • Set your Context Clearly

                When you give ChatGPT a more clarified context, it can provide a quicker response. ChatGPT will customize its response to what you asked by providing a little context. It is quick to the point and gives the best response when you ask it a question. When using ChatGPT, it is essential to provide clear, specific questions. This becomes especially important when asking a question or making a request about the model. The more context and information you can provide, the better the model will be able to understand and respond.

              • Ask Specific Queries

                Every signal you give and every clarification you make will be taken into account by ChatGPT to produce a response that is completely in line with what you asked for. You should be as specific and direct as possible in your query and include as many details in the query as necessary. When ChatGPT makes a response that lacks specificity, you can ask the chatbot for more details or finish the conversation. The chatbot will then add new information to its initial response.

              • Be Willing to Ask for More

                ChatGPT’ s responses can sometimes be vague. If you want more information, ask the chatbot to elaborate on it or finish its earlier response. Then ChatGPT will go on by supplementing its initial response with new information.

              • Train ChatGPT to respond the way you like

                ChatGPT can modify its speech by taking on a particular accent. You may, for instance, request that it react in a manner befitting a famous person or author. The Chabot can also change the responses by producing things like tables and bulleted lists. You can even order to react to you in a certain manner, such as by mimicking the writing style of a well-known author or sounding like a famous person.

              • Explore its features

                Another way to get the most out of ChatGPT, which is pre-trained on a large dataset, is to fine-tune it for specific tasks. The pre-trained model has been trained on a large dataset; however, it can be adapted to perform even better on specific tasks by fine-tuning it on a smaller dataset that is more relevant to that task.

                In addition to analyzing text generated by ChatGPT, you can also use it in combination with other tools or models to achieve even better results. For example, you could use it in combination with a sentiment analysis model to determine the sentiment of a piece of text generated by ChatGPT. Or use it in combination with a named entity recognition model to extract specific information from the text.

              To summarize, when asking a question or making a request through ChatGPT, you can help the tool better understand your intent by providing clear, specific prompts. The more context and information you can provide, the better ChatGPT will be able to understand and respond to your request. You can fine-tune the model to suit your specific needs. Or use it in combination with other tools or models to achieve even better results. Please keep in mind that ChatGPT is a machine-learning model. And as such, it is not perfect and will make mistakes. Be prepared to filter, edit or post-process the output of the model and always be mindful of the context. Moreover, Microsoft’s association with Open AI means, ChatGPT is coming soon to Bing SE and to MS Office applications as well.

              In conclusion, ChatGPT is a powerful natural language model that can be used for various tasks. It can be beneficial to provide straightforward questions and fine-tune the model for specific tasks, ensuring that it is used effectively for whatever job needs to be completed.

               

               

              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
              js_loader

              Why should a proper Logistics ERP be used instead of spreadsheets like MS Excel?

              Midhun Menon P

              image

              HLB HAMT - Accounting Firm in UAE

              Phone:- +971 4 327 7775
              Mobile:- +971 52 830 7998
              WhatsApp:- +971 56 219 1607
              Email:- dubai@hlbhamt.com

                Get Free Consultation




                Don’t we all love or hate Microsoft Excel? Every one of us has found the tool useful at some point in our careers. Although I have never used Excel to its full potential (does anyone know what it is capable of?), it has done the job for us most of the time. For nearly 25 years, we have been providing solutions to the logistics and transportation industries. We have witnessed the initial fear of using a computer, the Y2K panic, the introduction of financial computation software, and the emergence of a centrally managed ERP solution. The majority of logistics companies that contact us want to upgrade from a spreadsheet-based system. It may seem strange in 2019, but it is true.

                As the saying goes, everything has a shelf life. Unfortunately, there is a limit to how much Microsoft Excel or other minimal computation and storage tools can be used for business purposes. It simply does not align with your company’s growth or make your employees’ jobs easier.

                Why do spreadsheets fail?

                The inability of Excel, or any spreadsheet program, to reconcile various versions and avoid manual errors is one of its worst flaws. There are numerous versions involved, and each employee can submit their version and swap out the current one. Collaboration is put in danger since the system is unable to determine which answer is right. Additionally, it can be challenging to spot fraud or data tampering in such circumstances. With such tools, businesses find it challenging to manage their budgets, future goals, and forecasts. As a result, the majority of them are switching to specialized software. A CNBC analysis found that roughly half of the spreadsheets used by large corporations have material flaws and that close to 90% of them contain inaccuracies. Excel does offer formulas, but are they accurate and user-friendly?

                The need for an effective logistics ERP

                Let’s take a look at how the scenario affects logistics, transportation, and warehousing companies. The daily operations of an Excel sheet are far too difficult. You have trucks traveling through several countries. You have complex cargos to handle, clients to satisfy, employees to manage, inventory to track, and reports to prepare that’s a lot of work for a poor spreadsheet to handle. Finally, an ERP system enables optimal inventory management, resulting in a more effective overall business management strategy. But that’s not all; not only will you improve your logistics by using various ERP tools such as Sage X3, and SAP B1, but you’ll also save we discussed how logistics ERP is important to the day-to-day operations of a logistics company. Simply put, it makes your office life much easier and faster.

                So, if your company wants to move away from the utopian spreadsheet system, please contact us. We can assist you in better managing your operations.

                 

                 

                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
                js_loader

                Company Registration in UAE

                HLB HAMT

                image

                HLB HAMT - Accounting Firm in UAE

                Phone:- +971 4 327 7775
                Mobile:- +971 55 160 1291
                WhatsApp:- +971 56 219 1607
                Email:- dubai@hlbhamt.com

                  Get Free Consultation




                  UAE is one of the most popular business locations in the world, and company formation there is a very reliable, regulated, and effective international trade option. The registration of a company in the UAE comprises several administrative and technical procedures. As a result, support from a business setup consultation and services organization will make it easier. HLB HAMT business consultants can assist you with Company Registration in UAE to fulfill your ultimate goal.

                  Any investor should consider registering a company in the UAE as a long-term investment. So, if you are a businessman or entrepreneur looking to register your company in the UAE, keep reading. This blog will lead you through the basic information on business registration in the UAE, including the benefits and more.

                  Requisites for doing business in UAE

                  UAE provides all the benefits that an investor could hope for, including tax exemption, limited liability, and asset protection. To comply with all relevant government agencies’ legal requirements and to ensure that business owners obtain the possible economic benefits, it is crucial to follow the procedures listed below when establishing any type of enterprise in the United Arab Emirates.

                  • Submit the company registration application form and company name.
                  • Notarize the Memorandum of Association of the firm.
                  • File business documentation; receive a trading license and a certificate from the Chamber of Commerce and Industry.
                  • Make a name board.
                  • Apply for a business license at the Mnistry of Economy, DED or with Free zone authority.
                  • All employees in the mainland must be registered with the Ministry of Labor.
                  • Employees/workers must be registered with the Ministry of Labor and the General Authority for UAE nationals.

                  The whole commercial activity in the UAE may be classified into three types of licenses

                  • Commercial licenses that cover all types of trade activities.
                  • Professions, services, craftsmen, and artisans all require professional licenses.
                  • Industrial licenses are required to start an industrial or manufacturing business.

                  UAE ownership specifications

                  • Foreign ownership is allowed to be 100 percent in the Free Zones and in mainland.
                  • Operations that allow for 100% GCC ownership.
                  • On international businesses setting up representational offices or branches in Dubai.
                  • Professional or artisan businesses that can have 100% foreign ownership.

                  UAE legal structure for conducting business

                  • In the past, each emirate operated according to its protocols that governed the activities of foreign business interests.
                  • Since 1984, efforts have been made to establish a law for corporations that would apply to all UAE citizens. The “Commercial Companies Law” (Federal Law No. 8 of 1984, as changed by Federal Law No. 13 of 1988) and its by-laws have been issued.
                  • It also outlines the different types of business organizations that may be formed in the UAE. It outlines the specifications for shareholders, directors, minimum capital requirements, and incorporation processes. It also establishes rules governing the conversion, merger, and dissolution of organizations.

                  Different types of business organizations that the legislation defines are:

                  • General Partnership Company.
                  • Joint venture Company.
                  • Public Shareholding Company.
                  • Private Shareholding Company.
                  • Limited liability Company.
                  • Share Partnership Company.

                  HLB HAMT to Assist

                  A proactive step for an investor is to establish a firm in Dubai. The UAE’s lower taxes, ease of business, enhanced infrastructure, e-government system, and business potential exceed all expectations. In Dubai, nearly everything an investor needs to start a firm is accessible.

                  Registering a business in the United Arab Emirates with an experienced service provider can make operations simple due to their expertise and proficiency in this area. HLB HAMT can assist you with Dubai Company Registration by expediting the entire registration and administrative process so you can concentrate on expanding your enterprise there.

                   

                  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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                  Offshore company setup JAFZA: Everything you need to know

                  HLB HAMT

                  image

                  HLB HAMT - Accounting Firm in UAE

                  Phone:- +971 4 327 7775
                  Mobile:- +971 55 160 1291
                  WhatsApp:- +971 56 219 1607
                  Email:- dubai@hlbhamt.com

                    Get Free Consultation




                    In terms of operations, an offshore firm differs significantly from a free zone corporation. An offshore corporation is a legal business organization formed to operate outside of its registration jurisdiction or the location of its ultimate ownership. JAFZA Offshore Company Formation is a better option to get flourished in UAE. In this blog, we will cover some essential information on the offshore company setup in JAFZA.

                    Offshore company setup JAFZA

                    • An offshore business in Dubai presents a positive image to customers, suppliers, and potential investors. Especially when compared to other business forms in Dubai, the establishment of a Dubai Offshore Company is rapid and straightforward.
                    • Jebel Ali Free Zone (Jafza) is the world’s largest free trade zone that welcomes many investors to build their dreams.
                    • There must be at least one shareholder for an offshore company to get established in Jafza. For this sort of creation, there is no limitation on the maximum number of stockholders. A shareholder may be an individual (person), a legal entity (business), or a combination of both.

                    Offshore Company Formation Benefits

                    • The offshore firm may have 100% foreign ownership.
                    • A citizen of the UAE is not required to be a shareholder or sponsor.
                    • A company may own real estate on the Palm Islands or in any other area that the JAFZA has permitted
                    • There is no publicly accessible register of corporate officers. While registering a firm, there is no need to reveal the name.
                    • Maintain several currency bank accounts.
                    • The company is not required to keep records/books.
                    • Current offshore laws.
                    • Taxes on corporate and individual income will not apply to the offshore entity.
                    • There are no limitations on foreign currencies.
                    • The profits and money of offshore companies are fully repatriated.
                    • Since there is no need for an onshore office, there are no staff and associated expenses.
                    • It is lawful to avoid paying some taxes on income and earnings.
                    • Setting up an offshore company only requires a minimum amount of cash.
                    • One shareholder or director.

                    What are the requirements for establishing an offshore company?

                    • Only a certificate of incorporation is granted to a Jafza offshore company, not a business license. This means that the offshore business cannot engage in any commercial business with residents of the UAE
                    • The formation of an offshore company in Jafza must begin with selecting a registered agent. This registered agent will be in charge of all administrative tasks relating to Jafza operations.
                    • Once you have expressed your interest and chosen a registered agent, the registered agent must handle any communications on behalf of the firm.
                    • Jafza reserves the right to request any further paperwork it considers necessary.

                    Different types of Company structures for an offshore business in Dubai

                    • Investments or Joint Investments Company
                    • General Trading
                    • Holding Company
                    • Shipping or Ship Management Firm.
                    • Owning a property
                    • Copyright or patent firm

                    A registered agent must be present when an offshore company is established. The agent will need to get located in the UAE. HLB HAMT is a registered agency with JAFZA Offshore and one of the market leaders in offshore business consulting. We offer incorporation services in the UAE’s most prominent offshore centers and offer the best options to ensure that your firm is set up as quickly as possible.

                    What HLB HAMT Offer!

                    • Registered representative.
                    • Making Articles of Association and Memorandum.
                    • Creation of registration forms.
                    • Preparation of the Certificate of Incorporation.
                    • Helping to open a multi-currency bank account.
                    • Filing with the Companies Registrar.

                    The broad expertise of HLB HAMT, combined with the in-depth local knowledge of our team, allows us to fully comprehend the specific requirements of your business. This allows us to provide the best options, and ensure that your business is established with the least amount of effort and hassle.

                     

                    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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                    Dubai Virtual Assets Regulatory Authority (VARA) Rolls Out Regulations for Virtual Assets and Related Activities

                    Lavin Nalinababu

                    image

                    HLB HAMT - Accounting Firm in UAE

                    Phone:- +971 4 327 7775
                    Mobile:- +971 55 160 1291
                    WhatsApp:- +971 56 219 1607
                    Email:- dubai@hlbhamt.com

                      Get Free Consultation




                      Dubai, known for its innovative approach to technology, has recently released the Virtual Assets and Related Activities Regulations 2023 (VARA 2023), which provides a comprehensive framework for the virtual assets industry. The regulations, released by the Virtual Assets Regulatory Authority (VARA), aim to promote responsible innovation while protecting investors and consumers.

                      Virtual Asset: An Overview

                      The regulations define virtual assets as digital representations of value that can be traded, transferred, and stored electronically. This includes crypto currencies, digital tokens, and other virtual assets used for financial transactions. The regulations also cover related activities, including virtual asset exchanges, wallet providers, and other service providers in the industry.

                      Regulatory Framework

                      To ensure compliance, the VARA Regulations have divided the rulebooks into two categories:

                      1. Mandatory
                      2. Activity specific

                      The mandatory rulebooks, including the Company Rulebook, Compliance and Risk Management Rulebook, Technology and Information Rulebook, and Market Conduct Rulebook, must be followed by all Virtual Asset Service Providers (VASPs).

                      The activity-specific rulebooks, covering

                      1. Advisory Services,
                      2. Broker-Dealer Services,
                      3. Custody Services,
                      4. Exchange Services,
                      5. Lending and Borrowing Services,
                      6. Payments and Remittances Services, and
                      7. Management and Investment Services Rulebook

                      Key Features of the Regulations

                      • Licensing Requirements: Virtual asset service providers must apply for a license from VARA and demonstrate their compliance with the regulations before they can operate in Dubai.
                      • Cybersecurity Measures: VARA has introduced robust cybersecurity measures to protect investors and consumers. Service providers must implement strict security measures and have contingency plans in place in case of a cybersecurity breach.
                      • Consumer Protection: VARA has set clear guidelines for virtual asset service providers, including providing clear information to consumers, resolving disputes in a timely manner, and protecting the privacy of their users.
                      • Anti-Money Laundering and Combating Financing of Terrorism: The regulations include provisions for anti-money laundering and combating the financing of terrorism.
                      • Marketing Regulations: The regulations cover marketing regulations, protection against and investigation of market offenses, and the protection of confidential financial information.

                      Road Ahead for the Virtual Asset Industry

                      The virtual asset market in Dubai is anticipated to be greatly impacted by the issuance of the VA Regulations. The regulations will encourage responsible innovation and increase investor and consumer confidence. The regulations are also likely to attract international virtual asset businesses to Dubai, further strengthening its position as a leader in the industry. In order to stay up with how quickly the sector is changing, VARA will also continually reviewing and revising the laws.

                      Conclusion

                      Dubai’s Virtual Assets and Related Activities Regulations 2023 is a significant step forward for the virtual asset industry. The regulations provide a comprehensive framework for the industry, promote responsible innovation, and increase investor and consumer confidence. The future of the virtual asset industry in Dubai is bright, and the VARA 2023 regulations will play a key role in shaping its future.

                       

                       

                      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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