Top 10 Audit Firms in Dubai, UAE
March 16, 2024
Top Audit firms in Dubai, UAE Alya Auditors Dubai stands as one of the Top 10 Accounting and Audit Firms in Dubai, UAE. In the
Menu
The UAE has been implementing various regulations, including VAT, AML, to streamline the economy as per global standards and the latest in this series is the UAE Economic Substance Regulations (ESR). As per the ESR, the companies in the UAE are required to demonstrate the economic substance in the relevant activities they carry out within the UAE. The companies need to first notify the regulators whether they carry out the relevant activities as per the ESR or not and then follow it up with the requirements for the UAE economic substance test and file ESR report.
The businesses that are within the scope of the UAE ESR, must prepare themselves to implement strategies for the annual UAE ESR notification and reporting. They must also need to satisfy the requirements for the UAE Economic Substance Test for which professional guidance of reputed ESR services firms in Dubai, UAE can be availed. The companies are still in dark over the requirements for satisfying the Economic Substance Test and this article is a comprehensive guide on the ESR Test Requirements.
Firstly, UAE based entities need to determine whether or not they performed any of the nine Relevant Activities during the FY 2019. If that is the case, the ESR Notification must be completed and submitted through the online portal provided by the UAE Ministry of Finance (MOF). Secondly, if an entity generated Relevant Income with those activities during the FY 2019, it must subsequently complete and submit the more extensive ESR Report through the mentioned portal. The 31 December 2020 deadline applies for both the ESR Notification and ESR Report. Entities not performing any of the Relevant Activities during the FY 2019 do not need to report under the ESR for that year. Entities (or branches) that can claim any of the specific exemptions under the ESR can do so by means of the ESR Notification.
The mainland, free zone, and offshore companies need to file the economic substance regulations notification before the prescribed due date. Failing to notify the regulatory authorities before the deadline will attract hefty penalties in the range of AED 10,000 to AED 50,000. The companies will incur the same amount of fine for furnishing incorrect information in the notification. To avoid such unforeseen incidents, the companies should consult the best ESR service firms in Dubai, UAE.
Alya Auditors serves businesses in the UAE with their experience in auditing, accounting, and VAT in the UAE. Experts will help them grow their business without having to combat challenges posed by inefficiencies in accounting tasks. We can also help entrepreneurs looking to start their dream business in the UAE. Get end-to-end accounting support coupled with the benefits of new-age technology that they use to boost your accounting tasks.
Apart from the above services we are also helping the companies and businesses in the UAE to file their ESR notification.
Learn more about Alya Auditors and its offerings.
Top Audit firms in Dubai, UAE Alya Auditors Dubai stands as one of the Top 10 Accounting and Audit Firms in Dubai, UAE. In the
Time is Running Out: Act Now on UAE Corporate Tax Registration Deadlines New FTA Update Establishes Precise Timelines Aligned with Businesses’ Licensing Month UAE businesses
Truly, let us know what service you are looking for and hence we can get back to you with more details.
Definitely, Alya Auditors is the one partner you need to ensure your business is built on accurate accounting books certainly, to spearhead greater growth and wider market reach.
An association of legally independent auditing & accounting firms in the UAE
Silver Tower, Business Bay. PO Box: 41102, Dubai, UAE.
Sharjah Airport Free Zone PO Box: 120403 Sharjah, UAE.
+971 48769377
+971 52 9750690 , +971 50 522 1035
Mon – Fri : 8:30 AM – 6 PM
Saturday – 9 AM – 5 PM
Sunday – Closed
© Alya Auditors 2022 All Rights Reserved