BMS Consultancy

🎉 Congratulations to all who have filed and completed their UAE Corporate Tax return today!

A proud day for everyone in the UAE tax and business community, the first major filing deadline since the corporate tax regime came into effect on June 1, 2023.

The journey has been full of learning, navigating grey areas, adapting to new rules, and gaining insights that will shape how we approach compliance moving forward. We look forward to more guidance and clarifications from the FTA to make future filings even smoother.

✨ Filing today feels like more than just compliance, it’s a moment of celebration and the start of a new chapter for businesses and professionals in the UAE.

Proud and grateful to be part of this historic first!

📢 Hey all juridical persons in the town – This is your LAST CALL for CT registration!

Yes, you heard it right.

This applies to:
🔹 Companies with nil revenue
🔹 Companies without bank accounts
🔹 Companies with no activity
🔹 Onshore or offshore
🔹 Free Zone or Mainland
🔹 Big or small

🎁 Take advantage of FTA’s generous penalty waiver!

📆 July 1st kicks off the last month to register for Corporate Tax without paying the AED 10,000 penalty.

Don’t miss your chance.
Use that 10k for a summer retreat instead 😎
Not for fines!

📩 Just message us — we’ve got you covered.

🧾 CT Registration
📄 CT Return Submission
✅ All by end of this month!

Stay compliant with your most ProfAssional accountant and tax agent

P.S. this is call for action for companies with first FY Jan-Dec 2024

📢 Corporate Tax Update – UAE

The UAE Ministry of Finance and FTA have launched an amnesty initiative waiving late registration penalties for Corporate Tax.

✅ Eligible if:

You’re subject to Corporate Tax or exempt but required to register.

You register with the FTA and file your first return within 7 months of your tax period end.

You comply fully with the law.

A great opportunity to catch up and stay compliant.

Disclaimer: This post is for general information only and does not constitute legal or tax advice.

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"Opening a bank account should be easy, right?
Just walk into a branch with your ID and done!"
A friend asked me 👆🏻

I wish.

If you’ve ever tried opening a bank account in Dubai, you know it’s more than just showing up with a smile.

But don’t worry—I’ve got you covered.

Let’s break it down.👇

🔥 Why It’s a Big Deal
A bank account isn’t just a formality.

It’s what keeps your finances moving.

But here’s the catch: The process can get tricky.

So let’s avoid the chaos, shall we?

✅ Your Ultimate Checklist (Don’t Skip This!)
If you’re planning to open a bank account, have these ready before stepping into a branch:

✔️ Valid Passport
➝ Must be valid for at least 6 months.
➝ Includes clear copies of all stamped pages.

✔️ Residence Visa
➝ No UAE visa? No bank account. Simple.
➝ Mandatory for opening a UAE bank account.

✔️ Emirates ID
➝ Lost it? Still waiting?
➝ A copy of the application receipt might save the day.

✔️ Trade License (For Business Accounts)
➝ Your business activity must match what’s on the license.
➝ No shortcuts here!

✔️ Memorandum of Association (MOA)
➝ Required for businesses.

✔️ Proof of Address
➝ Banks won’t take your word for it. Provide:
✓ Utility bills
✓ Tenancy contracts
✓ DEWA bills

✔️ CV & Company Profile
➝ Some banks require this to understand your background.

✔️ 6-Month Personal Bank Statements (if applicable)
➝ Helps banks assess your financial standing.

✔️ Company Website (if any)
➝ Not a must, but it strengthens credibility.

⚠️ Hidden Realities (No One Tells You This!)
Even if you have all the documents, be prepared for surprises:

🚨 Bank Interviews
➝ Yes, some banks will ask why you want an account.
➝ Be ready with a solid answer.

🚨 Approval Delays
➝ If anything is missing or unclear, expect weeks of waiting. (Frustrating, I know!)

❌ Common Mistakes to Avoid
Most people make costly mistakes when opening a bank account.
Don’t be one of them.

🚫 Forgetting the minimum balance
➝ Many banks impose heavy penalties if you don’t maintain it.

🚫 Choosing the wrong bank
➝ Not every bank suits your needs.
➝ Do your research before committing!

🎯 Save Yourself the Trouble
We’ve helped countless people fast-track their account openings because we know exactly what banks are looking for.

If you want to skip the stress and do it right the first time, send me a message.

Let’s get this done without unnecessary headaches. 🚀

Key Steps Before Filing Your UAE Corporate Tax Return!

Filing your Corporate Tax Return in the UAE isn’t just compliance—it’s about accuracy, strategy, and savings. Follow this essential checklist to stay ahead and avoid costly mistakes! 💼✨

🚨 Key Deadlines – Avoid Penalties!
📅 Deadline: File within 9 months of your financial year-end.

❌ Late filing penalties:
🔹 AED 500/month penalty
🔹 14% annual interest (compounded monthly) on unpaid taxes

💡 Pro Tip: Set reminders to avoid last-minute stress!

🗳️ Tax Elections – Are You Making the Right Choices?
Choosing the right elections can reduce your tax burden:
✅ Small Business Relief – Revenue below AED 3 million? You may qualify for 0% tax.
✅ Free Zone Tax Regime – 0% tax on eligible income for qualifying entities.
✅ Foreign Tax Credits – Avoid double taxation by claiming eligible exclusions.

💰 Know Your Tax Rates – Stay Prepared!
📌 0% tax on taxable income up to AED 375,000
📌 9% tax on income above AED 375,000
📌 15% tax for multinationals under OECD Pillar Two

🔎 Ensure your financials align with the correct tax regime to avoid surprises!

🚫 Non-Deductible Expenses – Avoid Costly Mistakes!
Certain expenses cannot be deducted, including:
❌ Excessive entertainment expenses
❌ Fines and penalties (unless compensatory)
❌ Donations to non-approved charities

📑 Transfer Pricing – Get Your Documents Ready!
If dealing with related parties, you must:
📂 Prove arm’s-length pricing for all transactions
📂 Attach agreements, invoices & financial statements
🚨 Missing documents? AED 50,000 penalty per transaction!

💡 Pro Tip: Prepare these early to avoid last-minute issues!

💸 Tax Payments – No Extensions Allowed!
📅 Payment deadline = Filing deadline (no exceptions).
❌ Even with a filing extension, tax payments must be made on time to avoid interest.

💡 Plan your cash flow in advance to prevent penalties.

✅ Your Final Compliance Checklist:
✔ Confirm your financial year-end and filing deadlines.
✔ Review tax elections to optimize savings.
✔ Reconcile exempt income & non-deductible expenses.
✔ Prepare transfer pricing documentation.
✔ Pay your taxes on time – no exceptions!

💪 Proper tax planning = Compliance + Savings!

What are the main legal steps an entrepreneur or a start-up needs to take after completing the company incorporation process in the UAE?

After incorporating a company in the UAE, there are a few more important legal steps that an entrepreneur needs to take. Here is a concise overview:

Obtain necessary licenses:
Depending on the nature of your business activities, you may need to obtain specific licenses and permits from the relevant authorities in the UAE.

Open a bank account:
Set up a corporate bank account in the UAE to facilitate business transactions and comply with financial regulations.

Register for taxation:
Depending on turnover, Register for taxation with the Federal Tax Authority (FTA) in the UAE and comply with the applicable tax regulations. This includes obtaining a Tax Registration Number (TRN) and filing regular tax returns.

Comply with employment regulations:
Ensure compliance with labour laws by registering your employees with the Ministry of Human Resources and Emiratisation (MOHRE). This includes drafting employment contracts and adhering to the minimum employment standards.

Register for social security:
Enrol your employees in the applicable social security schemes, such as the General Pension and Social Security Authority (GPSSA) or the Dubai Retirement Savings Scheme (DEWS).

Comply with data protection regulations:
If your business involves processing personal data, ensure compliance with the UAE's data protection regulations, such as the Dubai International Financial Centre (DIFC) Data Protection Law or the Abu Dhabi Global Market (ADGM) Data Protection Regulations and related regulations.

Secure necessary permits:
Obtain any additional permits or approvals required for specific activities or sectors. This may include environmental permits, health and safety certifications, or industry-specific licenses etc.

Understand and comply with commercial laws:
Familiarize yourself with the UAE's commercial laws, contract laws, and intellectual property regulations to protect your business interests and ensure compliance.

Comply with accounting and auditing requirements:
Maintain accurate financial records and prepare regular financial statements in compliance with accounting and auditing standards applicable in the UAE.

Renewal and compliance:
Regularly renew your licenses and permits, visas, and ensure ongoing compliance with all applicable regulations, reporting requirements, and governmental obligations.

Disclaimer: Please note that this is a general overview, and the specific legal steps and requirements can vary depending on the type of business, the emirate in which you operate, and other factors.

Please feel free to contact us in case you may need more assistance or clarification.

Attention UAE Businesses!

If you missed the corporate tax registration deadline and are facing penalties, we have good news!

You can now submit reconsideration requests through the EmaraTax portal. This feature is live and accessible, providing a valuable opportunity to address any issues

Don't miss out on this chance to rectify your situation!

For more information, head over to the EmaraTax Portal. Let’s ensure we’re all compliant and moving forward!

Crypto Mining and VAT in the UAE: Key Updates You Need to Know!

The Federal Tax Authority (FTA) has released important VAT guidelines for cryptocurrency mining. Here's a quick summary:

🔹 Personal Mining: No VAT applies, and rewards are VAT-exempt.
🔹 Mining Services: Taxable at the standard 5% VAT rate.
🔹 Input Tax Rules:
- Personal mining expenses? Non-recoverable.
- Taxable services? Input tax can be recovered with proper documentation.
🔹 For Non-Residents: VAT registration is mandatory if supplying services to UAE residents.

The UAE continues to lead in establishing clear tax regulations for emerging technologies.