UAE

Upon incorporation of an entity, initial setting up of the business in crucial for commencement of the business. Typically, we assist in getting the following initial steps in place.

• Appointment of first directors/ manager
• Issue of shares post incorporation
• Application for establishment card, labour computer card etc.
• Getting Company Stamps, PO Box etc. in place

When talking about the conduct of companies, having bank account is imperative for the carrying out of the operations of the company. M2K Advisors helps to carry out all the processes around opening of a bank account smoothly, ensuring all the necessary steps are taken care of.
Our team also provides support in the process of obtaining residency VISA (viz. Golden VISA, Business/ Partner VISA and employment VISA).

a) Corporate Tax

In the UAE, the rate of taxation is 9% on income over AED 375,000, subject to a few exemptions. If the turnover of a business does not cross the threshold of AED 1 million, then the business shall not be subject to corporate taxation.

Further, Free Zone entities are subject to corporate taxation @ 0% on qualifying income. However, the non qualifying income is subject to corporate taxation @ 9% with no exemption limit of AED 375,000.

The taxpayers are free to choose any 12 months period as fiscal year. The tax must be paid, and tax return is required to be furnished within 9 months from the end of the fiscal year.

We provide comprehensive tax services for businesses, corporations, and individuals, including tax return preparation and filing, as well as managing all communication with tax authorities. Our goal is to assist clients in gaining a clear understanding of the tax consequences of their financial choices and ensuring they stay informed about their tax responsibilities. Our services encompass interpreting complex tax laws and assisting enterprises in adhering to regulatory requirements.

b) Value Added Tax (VAT)

Businesses with total value of taxable supplies and imports exceeding AED 375,000 in the past 12 months are required to obtain VAT registration and collect VAT and comply with VAT regulations, including issuance of tax invoices, maintenance of records. The general rate of VAT is 5%.

Further, businesses whose supplies or expenses are likely to exceed AED 187,500 can obtain voluntary registration.

All registered businesses are required to file VAT returns as follows:

In case of business with annual turnover below AED 150 million: on quarterly basis, before 28 th of the month following the end of the quarter.

In case of business with annual turnover of AED 150 million or more: on monthly basis, before 28 th of the next month.

With our thorough understanding of the VAT laws, we can guide on the VAT compliances required by your business, assist in periodical evaluation of all compliances, reviewing the records maintained and assist in filing VAT return.

Further, we can assist in VAT assessments/ audits and advise on intricate aspects like supplies involving designated zones, effective use and enjoyment, transfer of a going concern, transactions between related parties, reverse charge, evaluate applicable levy of VAT, exempt supplies, zero rated supplies, VAT refunds etc.

International Tax

When companies engage in cross-border operations, our international tax services encompass guidance on adhering to foreign tax laws and regulations, facilitating other transactions that span international borders.

Transfer Pricing

Our team plays a pivotal role in assisting your organization in risk reduction while delivering impartial and independent Transfer Pricing solutions. We guide and support you through the intricacies of documentation and dispute resolution, ensuring the establishment of a fully compliant Transfer Pricing policy that aligns with regulatory requirements.

Advance Pricing Agreements

Our team of esteemed professionals collaborate to offer you a superior pricing methodology, enabling the establishment of agreements well in advance and effectively mitigating tax uncertainties, thereby providing you with more predictable and advantageous tax outcomes.

Country by Country Reporting

Our team aids large multinational corporations (MNCs) in crafting country-by-country reports, providing these companies with an extensive insight into the worldwide operations of the MNC and its subsidiary entities.

Tax Disputes

Our team is here to offer assistance to our clients when it comes to responding to official notices issued by Tax Authorities. Furthermore, we excel in expertly managing and guiding clients through departmental audits, ensuring a smooth and compliant process.

Mergers and Acquisitions

During the intricate process of acquiring or divesting a business, our proficient team is poised to provide comprehensive support by meticulously quantifying the tax ramifications inherent to the transaction. Moreover, we excel in the strategic structuring of the transaction to optimize its tax efficiency and alignment with the broader financial objectives of our clients. The team also provides a complete range of support services to the Management in relation to the M&A process to take you through the transaction smoothly.

Family Business Succession and Restructuring

Our team places a high priority on respecting and aligning with the core value systems upheld by each family we work with. We are particularly attuned to the aspirations of the younger generation within these families. In this regard, we exercise the utmost care and diligence when crafting a succession plan. We firmly believe that a well-defined succession plan and a comprehensive exit strategy are paramount for fostering a thriving and harmonious family business environment.

Economic Substance Regulations:

Our team assists in the compilation and submission of comprehensive reports detailing the company's financial aspects, encompassing income, expenses, assets, and personnel in the UAE. These reports intricately outline how these elements are interconnected with the company's pertinent activities.

Due Diligence:

Our team specializes in the meticulous process of due diligence, offering a comprehensive suite of investigative services that span the realms of legality, finance, and taxation. This entails conducting thorough examinations to unearth critical insights and conducting a comprehensive cost-benefit analysis to provide our clients with a holistic understanding of the risks and opportunities associated with their business endeavors.