UAE Finance Ministry modifies certain VAT Regulations, beginning January 2023

HLB News Team

image

HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
Mobile:- +971 50 677 5860
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

    Get Free Consultation




    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?         

     

    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

    Umm Al Quwain (UAQ) has declared the fine cancellation for delayed or revoked business licenses

    HLB News Team

    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




      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?         

       

      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

      DMCC Plans to Implement Wage Protection System (WPS) for its Entities

      HLB News Team

      image

      HLB HAMT - Accounting Firm in UAE

      Phone:- +971 4 327 7775
      Mobile:- +971 50 205 9540
      WhatsApp:- +971 56 219 1607
      Email:- dubai@hlbhamt.com

        Get Free Consultation




        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

        TheWages 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?         

         

        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

        UAE New Visa Rules 2022: What do the modifications imply for investors, visitors and job seekers?

        HLB News Team

        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 has become one of the world’s most well-liked travel destinations for investors, tourists and entrepreneurs due to its attractive visa procedures. UAE new visa rules introduced mark a significant shift in the UAE’s immigration regulations. The revamped visa system for the United Arab Emirates came into effect, and among its other changes were the extension of tourist visit visas, the expansion of the Golden Visa programme, and streamlined procedures.

          The key updates that were implemented are listed below.

          A. Visit Visa

          The major development for travellers visiting the UAE is that, instead of the existing 30 days, tourist visas will now be granted for 60 days.

          Additionally revealed was a five-year, multiple-entry tourist visa that permits travellers to remain in the UAE for up to 90 continuous days, but not exceeding 180 days.

          B. Golden Visa

          A long-term residency visa known as the “Golden visa” allows foreign nationals to reside, work, and study in the United Arab Emirates for up to ten years.

          The minimum wage threshold has been lowered from Dh50,000 to Dh30,000, allowing for the long-term residency of more qualified professionals. The Golden Visa will continue to be legitimate under the new arrangement, regardless of how long the owner stays abroad.

          Children of any age may be sponsored by Golden Visa holders. Also, the number of domestic workers they can sponsor is unlimited.

          C. Green Visa

          The Green visa in the United Arab Emirates is a form of residency visa that entitles the bearer to five years of self-sponsorship. They are not dependent on an employer or an individual from the UAE to sponsor their visa.

          For the period of their stay, those with green visas can now sponsor family members (spouses, kids, and first-degree relatives).

          Male children can be sponsored by their parents until they become 25 (up from the previous 18). No age restriction applies to sponsors of unmarried daughters.

          D. Job Exploration Visa

          This visa is granted to those that fall into the first, second, or third skill level, as well as recent graduates from the top 500 colleges globally, according to the Ministry of Human Resources and Emiratization. A bachelor’s degree or its equivalent is the minimal educational qualification. This visa does not need a host or sponsor.

          E. Remote Work Visa

          The UAE cabinet authorized a new ‘Remote Work Visa’ programme to allow workers from around the globe to work remotely from the UAE in an effort to recruit skilled, talented and experience individuals from various parts of the world. Foreign nationals may enter the UAE on their own initiative and engage in employment according to the rules and regulations of their one-year visa.

          Bottom Line

          With the new visa reforms, the UAE government has made an effort to raise living standards and make it more enjoyable to live, work, and setup a business. Also, the significant move offers businesses and innovators the chance to work in the UAE’s secure and alluring business climate, with exposure to all required facilities like top-notch infrastructure and connectivity.

          Both foreigners travelling to the UAE and those who live and work there would benefit greatly from the new visa regime. Hence, the UAE will be even more accessible to visitors and anyone looking to settle permanently in the emirates.

           

          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

          Get in touch

          Whatever your question our team will point you in the right direction

          Start the conversation

          Qatari citizens’ social security contributions to private employers in Qatar to commence in January, 2023

          HLB Payroll Team

          image

          HLB HAMT - Accounting Firm in UAE
          Phone:- +971 4 327 7775
          Mobile:- +971 50 205 9540
          WhatsApp:- +971 56 219 1607
          Email:- dubai@hlbhamt.com

            Get Free Consultation




            The Qatari government’s recent adoption of a new law discusses the extension of the private sector social security system and an increase in social security contribution rates. This extended law has been passed to motivate Qataris to work in the private sector and to reduce the adverse effects of early retirement.

            Beginning on January 3, 2023, the new law will also be applicable to private sector employers who hire Qatari citizens are required to make contributions to the social security funds of their Qatari citizen employees, whereas presently, the law pertains only to employers in the public sector.

            The monthly contribution rates to these funds will rise from 15% to 21% of an employee’s basic income or compensation as from January 3, 2023, with a threshold of QAR 100,000. Employers will be required to provide 14% and employees will be obligated to contribute 7%, with few exclusion. Employers who violate the proposed regulations incur a maximum six-month jail sentence and a QAR 30,000 penalty.

            Also, this law is intended to support Qatar’s 2030 National Vision, which aims to ensure that Qatar develops into an advanced society able to maintain its growth and ensure a high living standard for its citizens.

            HLB HAMT to assist!

            Employers that are impacted by this can get assistance from HLB HAMT by reviewing their mandatory contributions and, if necessary, revising internal procedures.

            If you have any queries, please get in touch with our experts or send an email to payroll@hlbhamt.com

             

            Did you find the blog informative?         

             

            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

            Submission of Audited Financial Statements in Dubai Development Authority (DDA)

            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




              As per DDA Private Companies Regulations 2016 circular 421, FZ LLC’s and branch offices are required to prepare and submit their financial Statement and Annual Return each financial year. The requirements of the Audited Financial Statement for an FZLLC are provided in Regulations 63-68 of the Private Companies Regulations of 2016.

              This regulation aims to achieve compliance with the applicable Federal and local laws regarding Anti-Money laundering and Combatting Financing of Terrorism, Economic Substance, and tax laws. A branch office may choose to submit the consolidated Audited Financial Statement of its parents, or a stand-alone extract of the financials of the branch office operations only

              Companies from the below listed free zones must submit their most current audited financial statements by November 30, 2022.

              1. Dubai Internet City,
              2. Dubai Outsource City,
              3. Dubai Industrial City,
              4. Dubai Media City,
              5. Dubai Studio City,
              6. Dubai Production City,
              7. Dubai Knowledge Park,
              8. Dubai International Academic City,
              9. Dubai Science Park,
              10. In5,
              11. Dubai Design District and
              12. Dubai Quarters.

              The financial statement and the duly filled financial Statement Report Summary Sheet should be submitted via the AXS portal.

              Maintenance of books of accounts, Preparation of Financial statements, Appointment of auditors (Regulation 63 – 68)

              • Every company is required to maintain books of accounts in accordance with the generally accepted accounting principles and the records shall be kept at the registered office of the company.
              • Accounting records are to be maintained for at least 8 years.
              • Financial Statements are to be prepared for each financial year of the company and it is the duty of the Directors to ensure this.
              • The members of a company shall appoint an auditor to audit the financial statements of the company.

              The submission of the Audited Financial Statement will be carefully monitored by the Authority and failure to comply may lead to the implementation of Decision No (2) of 2017 at the sole discretion of the Authority.

               

              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

              Related content

              Get in touch

              Whatever your question our team will point you in the right direction

              Start the conversation

              UAE unveils new public-private partnership (PPP) law to establish a stable, functioning economy

              HLB News Team

              image

              HLB HAMT - Accounting Firm in UAE

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

                Get Free Consultation




                In an effort to boost the contribution of the private sector to the advancement of the economy, the UAE has declared the introduction of a new public-private partnership (PPP) law.

                According to His Highness Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, the PPP law was designed to coordinate collaborations between the two sectors by enabling the private sector to engage in tactical and infrastructure programs, enhancing investment in initiatives with strong economic and social principles, and elevating entrepreneurial endeavors to create opportunities and compete in local, regional, and international markets.

                The government has always been involved in harnessing private investment to promote its expanding facilities, even if the more recent motivations underlying the growth of PPPs in Dubai are distinctive.

                The PPP Law represents a significant improvement in the Emirate’s ability to implement PPP projects. Additionally, it will pave the path for the implementation of various initiatives that were inspired by the government’s aspiration to ramp up the involvement of the private sector in the growth of the nation’s economy.

                To sum it up, the PPP Law is an evidence of the expanding prominence of the private sector in the UAE. Also, the law sends a message to Dubai’s private sector and to international companies considering establishing operations here that the Emirate is welcoming investors and, additionally, ready to modify its operational and financial business models for diverse initiatives.

                 

                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

                New UAE Visa Policy Reforms to Roll Out from October 2022

                HLB News Team

                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




                  Visas are a hot topic of conversation as the UAE continues to implement new regulations in the aftermath of the COVID-19 outbreak. Some of the new modifications will come into effect starting in October 2022 as part of the UAE’s intention to reform its entrance permits and visa policy.

                  For the very first time, the new system provides travellers with a selection of visa kinds for various visit needs without first having a host or sponsor. These visas provide adjustable timeframes to accommodate travellers’ requirements and the objectives of the journey.

                  The following is a list of the new entrance visas and tourist visa modifications that will take effect:

                  • Visit Visa:- With the new visa, visitors to the UAE will be able to remain for 60 days as opposed to the previous 30 days.
                  • Business entry visa:- The goal of this entrance permit, which doesn’t call for a sponsor or host, is to entice investors and businesspeople to consider business and investment prospects in the UAE.
                  • Permission to visit family or friends:- According to the most recent revision, a visitor may apply for this entrance permission if they are a friend or relative of a citizen or resident of the UAE. Neither a sponsor nor a host is necessary.
                  • Multi-entry tourist visa:- Without a sponsor, the new five-year multi-entry tourist visa enables visitors to stay in the UAE for up to 90 days, with the option of an additional 90 days. On this tourist visa, a person may remain for a maximum of 180 days. Prior to application, the applicant must have a bank balance of $4,000 (Dh14,700) or its equivalent in foreign currency in the last six months.
                  • Visa for training or study:- This visa is intended for individuals or students who wish to enrol in training programmes, academic courses, or internships. Educational and research institutions in the public and private sectors may endorse applicants for this visa. It needs a letter from the organisation outlining the specifics of the training, study, or internship programme and its timeframe.
                  • Entry permits for a temporary work assignment:- This visa is designed for those who have a short-term job, such as a probationary period or a project-based assignment. The employer is sponsoring this visa. It needs a temporary employment agreement or a letter from the employer outlining the reason for the visit, as well as evidence of one’s physical and mental fitness for the job.
                  • Entry-level job exploration visa:- According to the Ministry of Human Resources and Emiratization, this visa is given to those who fall into the first, second, or third skill level as well as recent graduates from the top 500 universities worldwide. The minimum educational requirement is a Bachelor’s degree or its equivalent. There is no need for a host or sponsor for this visa.

                  By overhauling its entrance and residence systems, the UAE is making progress toward being the perfect location for employment, business, commerce, education, and living. These new visas and entry permits are considered as the major entry and residence amendments implemented in the UAE. The new process will be highly advantageous to both visitors and expatriates who live and work in the UAE. As a result, the UAE will become even more hospitable to foreigners and those wishing to establish long-term residence in the emirates.

                   

                   

                  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

                  Get in touch

                  Whatever your question our team will point you in the right direction

                  Start the conversation

                  The Impact of Transfer Pricing Regulation on Family-owned businesses in UAE

                  HLB News Team

                  image

                  HLB HAMT - Accounting Firm in UAE

                  Phone:- +971 4 327 7775
                  Mobile:- +971 50 677 5860
                  WhatsApp:- +971 56 219 1607
                  Email:- dubai@hlbhamt.com

                    Get Free Consultation




                    The UAE government is shortly anticipated to unveil its framework for corporate tax policy, which includes transfer pricing regulation too. This regulation’s implementation is required to provide an equitable and open business climate and eliminate misuse by means of tax-saving techniques.

                    Businesses that assist one another financially will be subject to increased inspection under transfer pricing regulations, which is an essential component of corporate tax law and a practice more frequently seen in family-run businesses.

                    The OECD’s larger Pillar II framework and its most recent global minimum corporate tax criterion, which exposes major corporations to a minimum tax rate of 15 percent, are in accordance with the UAE’s implementation of a corporate tax duty of 9 percent. To avoid multinational corporations from utilizing tax shelters, OECD countries, including the UAE, are required to adopt transfer pricing regulations.

                    Family businesses were cited as a group that may be required to change a few of its activities to meet with the transfer pricing regulations because of their excessive prominence in the region and also because they represent a significant portion of private sector companies.

                    Regional family businesses are related to one another and seek to assist one another, leveraging their connections to the community to foster an advantageous business climate. Delivering ideal environment to a related business might be viewed as base erosion or profit shifting under the proposed corporate tax framework, even though family businesses were not adopting these tactics to evade law.

                    It is anticipated that the corporate tax’s adoption will be utilized to enhance the business climate because it will fundamentally alter how businesses operate from a legal and accounting perspective. Family businesses may need to reconsider their conventional modes of operation as enterprises adapt their legal and accounting frameworks in advance of the UAE’s new corporate tax system, which takes effect in June of next year.

                     

                    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

                    Get in touch

                    Whatever your question our team will point you in the right direction

                    Start the conversation

                    UAE introduces additional Real estate transaction reporting rules to prevent money laundering

                    HLB News Team

                    image

                    HLB HAMT - Accounting Firm in UAE

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

                      Get Free Consultation




                      The UAE has strengthened regulations on real estate investment by recently announcing the reporting rules for real estate transactions as part of an effort to tighten its regulatory framework for tackling money laundering and terrorism funding.

                      His Highness Abdullah Sultan Bin Awwad Al Nuaimi, Minister of Justice, said, “The introduction of reporting rules for certain transactions in the real estate sector is another example of how the UAE is coordinating across the government and with the private sector to strengthen the national framework for anti-money laundering and countering the financing of terrorism.”

                      The UAE is one of the first nations to have a system in place for real estate deals incorporating virtual assets. The real estate industry in the United Arab Emirates is a significant area for investment and a critical element of the nation’s economic growth. As a result, the UAE is eager to implement policies and rules that encourage the industry to adhere to the highest possible international standards for good financial operations.

                      As per the regulations, all real estate agents, brokers, and law offices will now be required to submit reports to the Financial Intelligence Unit (FIU) for all freehold real estate transactions in the United Arab Emirates that involve any of the following three payment methods given below, whether they account for all or a portion of the property’s value:

                      1. Cash payments totalling or exceeding Dhs55,000 made in one or more instances
                      2. Payments that also involve access to a virtual asset
                      3. Payments made using virtual assets as the source of the fund(s) utilized in the transaction

                      Real estate agents, brokers, and law offices must collect and record the identity documents of the participants to the pertinent transaction as well as other necessary transactional documents as part of the reporting process. Both people and business entities that are participants to the aforementioned real estate transactions are contrary to the regulations.

                      “The new requirements, which apply to both the real estate and legal sectors, aim to ensure the development of their regulatory frameworks, leaving little or no room for manipulation or illegal practices that could negatively impact the work environment and the economy and investment within these sectors”, said His Highness Abdulla bin Touq, Minister of Economy.

                      The UAE has strict rules in place to stop both the financing of terrorism and money laundering. Over the years, the nation has continuously implemented rules to crack down on fraudulent activity. Exchange houses operating in the UAE have also been subject to penalties from the Central Bank of the UAE for not meeting the required standards of adherence to anti-money laundering laws.

                       

                      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

                      Get in touch

                      Whatever your question our team will point you in the right direction

                      Start the conversation
                      Get in touch
                      x
                      x

                      Share to:

                      Copy link:

                      Copied to clipboard Copy