Specialized in finance, international business, and law our team can assist you with:
- Offshore Company Formation in all Major Jurisdictions
- Company Management and Administration
- Corporate Structuring and Re-Structuring
- Compliance and Risk Assessment
- Assistance in IP registration
In addition to company registration and forming of offshore companies, Stuart & Hamlyn Chartered Accountants also provides all the support subsequently to the business set-up, essential for the smooth operation and maintenance of offshore companies apart from other professional services like accounting, auditing, and consultancy.
Economic Substance Regulations in the UAE
Economic Substance Regulations is another compliance requirement for entities registered in the UAE. The United Arab Emirates (UAE) Ministry enacted Cabinet Resolution no. 31/2019 with effect from 30th April 2019 on Economic Substance Regulations in the UAE. This was followed by Ministerial Decision 215 for the year 2019 giving directives for the implementation of the provisions of Cabinet Decision no. 31/2019.
The Economic Substance Regulations align with the global standard set by Organization for Economic Co-operation and Development (OECD) on Harmful Tax Practices. UAE also joined the all-inclusive framework of OECD on Base Erosion and Profit Shifting (BEPS). Companies in which the Government of the State or Government of any Emirate of the UAE or any governmental authority or body of any of them having at least 51% direct or indirect ownership in the Company’s shareholding are exempted from Economic Substance Regulations.
How Can Stuart & Hamlyn Help You?
- S & H can help you get a clear understanding of the new substance requirements applicable in the UAE
- Company Management and Administration
- S & H can conduct an impact analysis – studying and analyzing the effect of the new regulations on your existing businesses
- S & H can assist in relevant compliances under the new regulations
Tax Residence Certificate
A Tax Residence Certificate is a document issued by the government to companies and individuals in the UAE for a minimum of 1-year validity that is used for establishing their tax residence and thereby to take advantage of double taxation avoidance on income signed by the UAE.
Public and private companies, investment firms, air transport firms, and other companies operating in the UAE as well as residents will benefit from the Avoidance of Double Taxation Agreements (DTA).
For a person to obtain a tax residency certificate, they must have been a resident in the UAE for a minimum of 180 days. Our experienced and qualified professionals can support and guide you in getting the Tax Residency or Tax Domicile Certificate in UAE without any hassle.
Ultimate Beneficial Owner (UBO) Disclosure in UAE
The Ultimate Beneficial Owners (the UBO Law) is part of the UAE government’s efforts to ramp up measures to deal with tax avoidance and money laundering while maintaining international best practices.
Over the past few years, the UAE government has been coming up with more and more effective measures against money laundering and terrorist financing activities. One of these decisions was Cabinet Decision No. 58 in 2020 regarding the Regulation of the Procedures of the Real Beneficiary. This decision mandates that companies registered in the UAE, both free zones and the mainland, must maintain a register of the Ultimate Beneficial Owner (UBO) and submit it to the relevant authorities. This will become a crucial part of the license application procedure or incorporation of a company, both in the mainland and in the free zones.
This regulation’s main intention is to bring more transparency to the UAE economic framework via improved disclosure and record-keeping requisites for companies. The Ultimate Beneficial Owner (UBO) regulations in Dubai will ensure that companies pay adequate attention to their ownership structure to avoid non-compliance with anti-money laundering and anti-terrorism financing laws.