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Our team will be present at the Asia Outbound Summit in Dubai from the 17th to the 18th May 2022.

This will be an opportunity for you to meet us and discuss potential partnerships and business opportunities.

Don't miss that opportunity.

Looking forward to meet you

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0% tax rate for taxable income up to Dh375,000 to support small business and startups

Read more to find out how we can support you with your accounting requirements ...

The Ministry of Finance of the UAE has announced that the UAE will introduce a corporate tax on business profits that will be effective starting June 1, 2023.

This new corporate tax regime has been designed to incorporate best practices globally and minimise the compliance burden on businesses.

Corporate tax will be payable by the companies on the profits as reported in their financial statements prepared in accordance with internationally acceptable accounting standards, with minimal exceptions and adjustments.

Businesses and commercial activities to be taxed

The corporate tax will apply to all businesses and commercial activities alike, except for the extraction of natural resources.

With a standard tax rate of 9% and a 0% tax rate for taxable profits up to Dh375,000 to support small businesses and startups.

Corporate tax incentives

Free zone businesses that comply with all regulatory requirements of the UAE and that do not conduct business with mainland UAE will still benefit from Tax Incentives.

The UAE will not impose withholding taxes on domestic and cross border payments, or subject foreign investors who do not carry on business in the UAE to corporate tax.

UAE business will be exempt from paying tax

If you have setup an international headquarter in the UAE, the business will be exempt from paying tax on capital gains and dividends received from its qualifying shareholdings, and foreign taxes will be allowed to be credited against UAE corporate tax payable.

One corporate tax return each financial year

Businesses will only need to file one corporate tax return each financial year and will not be required to make advance tax payments or prepare provisional tax returns.

How we can help?

If you are not prepared to recruit an accountant, our expert team provides account management, analytics, bookkeeping, and compliance to give you piece of mind.

Our Accounting as a Service packages are based on the number of transactions you process each month, or you can choose our non-bundled monthly fixed fee package tailored according to your circumstances.

Talk to us -

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Be ready to file your financial report now ! That's the new regulation

Our solution : Accounting as a Service (read more below)

As from August 2021, the Seychelles International Business Companies (IBC) Act was amended and introduced the following important requirements for the Seychelles IBCs.

Accounting Records

  • Bi-annual filing of accounting records to your registered office in Seychelles

As from February 6th 2022, each Seychelles IBC shall send updated accounting records to its registered office in Seychelles at least twice a year. In addition, existing accounting records relating to transactions or operations completed in the past seven (7) years up to December 31st 2021 must be kept in Seychelles by February 6th 2022. While the accounting records must be kept at the registered office in Seychelles, they are not required to be filed with the Registrar and are not open to public inspection.

  • Large companies & non-large non-holding companies – annual financial summary

The Amended Act includes the following new definitions:

(a) Large Company means a company that meets the annual turnover threshold specified for a “large business” under the Revenue Administration Act, namely Seychelles Rupees 50,000,000 (approx. US$3,000,000 a year as of August 2021); and

(b) Holding Company means a company with no trade or business operations of its own but holds interests in other companies or assets.

From February 6th 2022, large companies and non-holding companies must prepare an annual financial summary to be kept at their registered office in Seychelles within six (6) months from the end of the company’s financial year (section 175(1B) of the Act).

A discretionary penalty fee not exceeding US$10,000 will be imposed on companies and their directors for breaching the requirements relating to keeping accounting records.

Our solution

You might be thinking, Oh ! What a headache!

No. You don't have to worry about the day-to-day routine of accounting. Our Accounting as a Service program puts your books in the right hands and allows you to focus on what you do best: Run your great business! We'll take care of all of the tax preparation, recordkeeping and reporting for you so that you can keep your business running smoothly.

Instead of keeping an accountant on your payroll, it's as easy as renting one!

Talk to us -

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