Category: News
New Visa Rules for Sponsoring Family Members in UAE
HLB HAMT News Team
Good news has been released for ex-pats in the UAE regarding visa regulations and clarifications by Ali Mohammad Al Shamsi, Chairman of the Federal Authority for Identity, Citizenship, Customs & Port Security of the UAE. The minimum salary required to sponsor family members has been halved.
Previously, the minimum salary required to sponsor parents was AED 20,000. Now, if ex-pats have a monthly salary of AED 10,000, they can sponsor up to five individuals. The regulation, which came into effect on October 3, 2022, has simplified the process of obtaining residence permits and sponsoring kin.
Sponsoring in the UAE
Expats must meet certain requirements to bring their relatives to the UAE. If expats want to bring their relatives to the UAE, their degree of relationship with the foreigner should be as follows:
- The foreigner’s father
- The foreigner’s mother
- Underage siblings (provided they can support them financially)
- The wife’s father and mother
In addition, the foreigner must have adequate monthly income and housing facilities to bring those relatives to the UAE.
- If their monthly income is AED 10,000, they can bring up to five individuals.
- If their monthly income is AED 15,000, they can bring up to six individuals.
- If ex-pats want to bring more than six individuals, the Chairman of the authority shall determine the applicant’s eligibility.
HLB HAMT to Assist!
If you are an expatriate planning to bring your family members to the UAE, you must meet all the criteria mentioned in the recent updates of UAE visa rules. However, HLB HAMT is available to provide assistance in completing your visa application with ease.
If you need any help, please contact hrd@hlbhamt.com
We are always happy to assist you!
Would you like to rate us on Google?
Related content
Sign up for HLB HAMT insights newsletters
HLB HAMT Bags two Prestigious awards at the SME TECH INNOVATION AWARDS 2023
Midhun Menon P
Phone:- +971 4 327 7775
Mobile:- +971 52 830 7998
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
The UAE’s SME sector is thriving and significantly boosts the economy of the nation. The SME Tech Innovation Conference & Awards is intended to serve as an annual event for the SME segment, fostering discussions and a better knowledge of as many technologies transformation-related areas as possible that might support business success.
We are pleased to announce that we bagged two awards at the highly anticipated SME Tech Innovation Awards 2023 held at Conrad Dubai on February 16th, 2023. HLB HAMT won the prestigious Outstanding Technology Transformation award and our director of Technology Consulting, Mr. Vimal Ramachandran has bagged the prestigious Technology Transformer of the year award. HLB HAMT got this award for achieving substantial objectives in our technology transformation journey. The Technology Transformer of the year award was presented to various achievers across industries, mainly to CIOs and IT heads of SME entities that are helping organizations drive and pursue digital transformation initiatives.
Would you like to rate us on Google?
Related content
Sign up for HLB HAMT insights newsletters
CBUAE Issues New AML/CFT Guidelines for the Insurance Industry
HLB HAMT News Team
Phone:- +971 4 327 7775
WhatsApp:- +971 56 219 1607
Mobile:- +971 55 807 4568
Email:- dubai@hlbhamt.com
New anti-money laundering (AML) and Countering the Financing of Terrorism (CFT) guidelines have been released by the Central Bank of the UAE (CBUAE) for the Licensed Financial Institutions (LFIs) in the insurance sector, which includes insurance and re-insurance firms, agents, and brokers.
The guidelines go through how insurance operators should use preventative measures to detect, analyze, monitor, and prevent money laundering and funding of terrorism risks that are pertinent to life insurance and other investment-related insurance products.
The Role of Due Diligence
- Conduct due diligence on each client,
- Comprehend the type of the customer’s business,
- The purpose of the operator’s relationship with the customer,
- Should maintain transaction monitoring systems, and
- Subject all customers to continual surveillance during the business relationship.
Any activity that may be connected to money laundering, terrorist financing, or a criminal offence must be reported by sending suspicious activity or transaction reports straight to the UAE’s Financial Intelligence Unit via the “goAML” site.
Financial institutions throughout the globe, particularly those in the Gulf region, are discovering that it is more and more challenging to apply new legislation and create complete compliance systems as the regulatory framework evolves and becomes more demanding. However, the government has put in place rigorous regulations to prevent money laundering and terrorist funding in the UAE.
HLB HAMT is a renowned consultancy firm conducting impartial evaluations of anti-money laundering compliance systems in many sectors. Our team of professionals can assist you in developing, implementing, and enhancing your compliance programme for financial and other designated non-financial organisations.
Would you like to rate us on Google?
Related content
Sign up for HLB HAMT insights newsletters
The UAE’s Ministry of Finance Launches Corporate Tax Awareness Workshops for Business Communities
HLB HAMT News Team
Phone:- +971 4 327 7775
Mobile:- +971 50 677 5860
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Following the publication of the Federal Decree-Law on Taxation of Corporations and Businesses, the Ministry of Finance of the United Arab Emirates has commenced a Corporate Tax Public Awareness workshop. The first corporate tax public awareness session will take place on January 9 in Abu Dhabi, according to the ministry announcement.
Schedule of Workshops
| Monday 9th Jan, 2023 11:00 TO 12:30 | ABU DHABI Rosewood Hotel | OVERVIEW OF UAE CORPORATE TAX Session Language: English |
| Monday 16th Jan, 2023 09:30 TO 11:00 | DUBAI Ritz Carlton DIFC | OVERVIEW OF UAE CORPORATE TAX Session Language: English |
| Monday 23rd Jan, 2023 09:30 TO 11:00 | VIRTUAL | OVERVIEW OF UAE CORPORATE TAX Session Language: English |
| Monday 6th Feb, 2023 | SHARJAH | OVERVIEW OF UAE CORPORATE TAX Session Language: English |
| Monday 13th Feb, 2023 | RAS AL KHAIMAH | OVERVIEW OF UAE CORPORATE TAX Session Language: English |
| Monday 20th Feb, 2023 | FUJAIRAH | OVERVIEW OF UAE CORPORATE TAX Session Language: Arabic |
- Closed recordings of CT awareness will take place six weeks from 20th Feb – 27th March 2023
- Virtual sessions on the Webinar platform will be conducted from April to December 2023
Although everyone is welcome to attend the workshops, chief financial officers, tax directors and managers, legal counsels, business owners, and other business executives from all industries are the main targeted group.
The Ministry of Finance’s tax specialists will lead workshops that are intended to increase knowledge, offer a dependable forum for open dialogue, answer inquiries from diverse business sectors, and promote awareness.
In addition to addressing specialised areas like computing taxable income, tax relief, tax groups, transfer pricing, and other subjects, attendees will receive a summary of the corporate tax legislation, including scope, rates, important concepts, exempted individuals, free zones, administration, and deadlines.
Would you like to rate us on Google?
Related content
Sign up for HLB HAMT insights newsletters
The UAE Visa Rules: No Extension of a visit visa without exit
HLB HAMT News Team
Phone:- +971 4 327 7775
Mobile:- +971 55 160 1291
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
The requirements for UAE travel visa extensions have already been loosened as a result of COVID-19. However, now that situations are getting back to normal, the UAE’s immigration authority has made the decision to reinstate pre-pandemic rules.
The new regulation, which came into force on December 13, 2022, states that visitors in the UAE must depart the country before submitting an application for a visit visa renewal. From within the nation, it won’t be allowed to extend visitor visas. Instead, they must leave the UAE before applying for a visa extension.
Individuals who are in the nation on a visit visa now have a number of alternatives accessible to them.
- Until further notice, anyone with a visit visa from Dubai who wishes to extend their stay can do so from within the country.
- If an individual has a visa from another emirate and wants to stay in the UAE longer, they must leave the nation and submit new permission.
- If a person with a visit visa wants to alter their status, they must apply for a new visa, and after it is approved, they must leave the nation and return.
Due to humanitarian concerns during the outbreak, when travel was difficult, the UAE approved this alteration. The UAE’s immigration laws have undergone a considerable change as a result of the recently implemented new visa criterias.
Would you like to rate us on Google?
Related content
Sign up for HLB HAMT insights newsletters
The United Arab Emirates has issued its first federal “Corporate Tax Law”
HLB HAMT News Team
Phone:- +971 4 327 7775
Mobile:- +971 50 677 5860
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, has released the federal decree law No. 47 of 2022 on the taxation of corporations and businesses, referred to as the “corporate tax law.” A federal corporate tax will be implemented in the UAE on the basis of the corporate tax law, and it will go into effect for fiscal years beginning on or after June 1, 2023.
For the first time ever in the history of the UAE, corporate tax is being put into effect. The corporate tax will be applicable to all UAE businesses and legal entities or individuals conducting business in all emirates. Corporate tax management, collection, and administration shall be handled by the UAE Federal Tax Authority in conformity with the rules and regulations. The implementation of a corporate tax supports the nation’s goal of expanding its revenue sources and lowering its reliance on oil, which has traditionally served as the foundation of the economy.
Getting ready for and adhering to the new federal corporate tax will be a challenging path through uncharted territory for many UAE enterprises. HLB HAMT can provide you with a clear picture of what to anticipate from the law and what it will entail for the management and operation of your whole company. With our expertise by your side, you won’t have to worry since we have an in-depth understanding of UAE accounting, tax, and free zone operations, allowing us to offer our clients the best answers to the challenges.
Would you like to rate us on Google?
Related content
Sign up for HLB HAMT insights newsletters
The “EMARA TAX” has been launched by the UAE’s Federal Tax Authority
HLB HAMT News Team
Phone:- +971 4 327 7775
Mobile:- +971 50 677 5860
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
On 05 December 2022, the Federal Tax Authority (FTA) launched EmaraTax, an unified communication and entirely created digital platform for managing taxes in UAE. The switch from the old system to the new infrastructure was smooth, and all current users’ information was successfully transferred to EmaraTax, allowing them to comfortably utilise the advanced interactive platform without having any impact on any of the authority’s customers operations.
FTA Director-General Khalid Ali Al Bustani said, “The launch of EmaraTax is a significant step forward and also a milestone in the FTA’s ambitious plans to become a leading digital authority in the tax sector, marking a notable leap forward towards advancing the UAE’s tax system.”
Let’s examine some of the main characteristics of the Emara Tax.
Increased compliance is assured
Emara Tax will give a comprehensive overview, guarantee smooth interaction with all stakeholders, optimize administrative services, connect to numerous key taxpayer services, and lead to more effective processes and a higher taxpayer experience. As a result, FTA will be able to increase compliance and reduce risks.
Submitting a VAT return
The ability to obtain an excel version of the VAT return and submit it to the website using the new functionality reduces the possibility of network issues while manually entering the data online.
Access and track your whole activity history
The new portal enables you to follow the status of all your filed applications to the FTA and allows you to examine all of your correspondence with the FTA in one location.
Deregistration Process Streamlined
De-registration will be automatically granted upon filing of the last VAT return with the FTA-approved deregistration commencement, providing there is no outstanding taxpayer due.
Additional security measures
Taxpayers may now log in to the new Emaratax platform using their registered email address or an Emirates ID that is connected to a UAE pass. Additionally, it permits two-factor verification when logging into the account.
Reactivation of TRN
It is now possible for the individual who deregistered when their taxable supplies fell below the obligatory or voluntary level to reactivate their TRN through the action menu.
Bottom Line
EmaraTax would improve the UAE’s capacity to manage taxes by facilitating better, quicker choices and early engagement with taxpayers. EmaraTax collaborates with significant national technology-based initiatives like UAE PASS and prominent government bodies like the UAE Central Bank as part of its attempts to simplify the user engagement. Additionally, this fits in with the UAE’s national digital strategy, which aims to take advantage of emerging technology and create a strong digital infrastructure for both individuals and companies.
Would you like to rate us on Google?
Related content
Sign up for HLB HAMT insights newsletters
UAE Finance Ministry modifies certain VAT Regulations, beginning January 2023
HLB News Team
Phone:- +971 4 327 7775
Mobile:- +971 50 677 5860
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Modifications to some of the provisions of the federal decree legislation No. 8 of 2017 on value-added tax have been announced by the UAE’s Ministry of Finance (MoF) and will come into force on January 1, 2023.
The Federal Decree-Law No. 18 of 2022, which modifies several sections of Federal Decree-Law No. 8 of 2017 on VAT, among other significant changes, includes the following:
- Authorized individuals who produce taxable supplies are eligible to request for an exemption from VAT registration, if all their supplies are zero-rated or if they withhold any other supplies besides zero-rated supplies.
- Providing a 14-day window for the issuance of a tax credit note to pay output tax, in accordance with the window designated for the issuance of tax invoices.
- In some circumstances, the Federal Tax Authority may find it appropriate to forcefully deregister registered individuals.
Additionally, the Decree-Law updates several clauses in order to make them more clear and reinforce their intended meaning, to rewrite them, or to better align them within the legislative structure.
In view of the GCC Unified VAT Agreement, the modifications implemented are in accordance with global best practices. They are based on personal experiences, difficulties experienced by various business sectors, and suggestions from parties concerned. As part of its efforts to broaden its economy and lessen its reliance on oil, the UAE adopted a 5% VAT on the majority of products and services in 2018, and no further adjustments were announced to the VAT rate, which remains at 5%.
Would you like to rate us on Google?
Related content
Sign up for HLB HAMT insights newsletters
Umm Al Quwain (UAQ) has declared the fine cancellation for delayed or revoked business licenses
HLB News Team
Phone:- +971 4 327 7775
Mobile:- +971 55 160 1291
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
According to resolution No. 5 for 2022, which was issued by His Highness Sheikh Saud bin Rashid Al Mu’alla, a member of the Supreme Council and the ruler of Umm Al Quwain, implies that the fines collected on business entities in the UAQ emirate that are registered with the Department of Economic Development for delayed or terminated licenses must be cancelled.
The resolution which will go into effect on the day it is issued, be effective through December 31, and be released in the Official Gazette, will encourage the UAQ emirate’s citizens and businesses. The resolution further states that the UAQ Department of Economic Development shall offer suitable assistance in accordance with pertinent requirements.
A brief about Umm Al Quwain
A vibrant, pleasant, and engaging workplace environment is generated by Umm Al Quwain, which has been nicknamed the “free zone of the future.” Due to its stable economy, welcoming investment environment, and affordable labour costs, the emirate has experienced tremendous growth since its formation in 2014, making it an attractive commercial hub in the United Arab Emirates.
The free zone’s advantageous geography, adjacent to the main seaports in the United Arab Emirates and the international airports in Dubai and Sharjah, contributes to its appeal.
HLB HAMT will assist you in setting up a business in Umm Al Quwain on schedule and within your budget. Our experts handle the correct documentation for government registrations, company secretarial services, visa services, and other approvals.
Would you like to rate us on Google?
Related content
Sign up for HLB HAMT insights newsletters
DMCC Plans to Implement Wage Protection System (WPS) for its Entities
HLB News Team
Phone:- +971 4 327 7775
Mobile:- +971 50 205 9540
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Headquartered in Dubai, Dubai Multi Commodities Center (DMCC) is one of the most connected free zones in the world and the leading hub for business and trade in commodities. DMCC offers a wide range of world-class financial services, trading resources, and investment platforms and provides easy access to the world’s key commodities markets.
To curb unscrupulous practices and enhance employee welfare, DMCC Free Zone is currently working on adopting wage protection system (WPS) for firms registered with them. DMCC Free Zone will be the second Free Zone after JAFZA to fully adopt the use of WPS.
A brief about WPS
The Wage Protection System (WPS) is an electronic salary transfer system that allows institutions and organizations in the private sector to pay their employees through banks, exchange bureaus, and financial institutions approved by the UAE Central Bank to provide the service. UAE WPS was introduced in 2009 by the UAE Central Bank to meet the desired objectives of the Ministry of Labour. The purpose of WPS is to ensure wages are paid on time and in full. Currently, it is applicable to the private sector under the jurisdiction of the Ministry of Human Resources and Emiratization (MOHRE) and Jebel Ali Free Zone Authority (JAFZA) All government entities and public-sector institutions are exempted from WPS compliance.
If you would like to know more about UAE WPS, please go through the link
Did you find the blog informative?
Related content
