We’re a leading firm of chartered accountants & VAT/Tax advisers supporting entrepreneurs, high net worth individuals, family offices and growing businesses in UAE.
As part of the UAE’s commitment as a member of the OECD Inclusive Framework and in response to an assessment of the UAE’s tax framework by the European Union (“EU”) Code of Conduct Group of Business Taxation, the UAE introduced a Resolution on the Economic
Substance (Cabinet of Ministers Resolution No.31 of 2019, the “Regulations”) on 30 April 2019. The Regulations require JAFZA Authority entities that carry out any of the ‘Relevant Activities’ to maintain an adequate ‘Economic Presence’ in the UAE relative to the activities they undertake and applies to financial years commencing on or from 1st January 2019.
There are also regulatory filing requirements that need to be met in order to comply with the ESR.
There are potentially two broad filing requirements under the Regulations: (i) Notification form and (ii) Annual substance return. Under the ESR, all filing requirements fall under the remit of the relevant Regulatory Authority, and as such it is the Regulatory Authorities that set the requirements, deadlines and format for notification filing as they believe is appropriate and which may vary. Below, we have summarised the most up to date filing requirements as released by some of the Regulatory Authorities
Reduce risk and improve your organisational performance by challenging existing assumptions and practices.
Businesses who partner with our services will reap the benefits of having a complete understanding of up-to-date financial strategies as per IFRS and better access to a wide variety of industry expertise which can boost the values to the company.
As your business is continuing to grow in size, you’ll most likely require more sophisticated and up-to-date strategic advice that your accountant can ever be offered.
It will also highlight control weaknesses and let the business owner know if risk management processes are operating effectively thus increasing the efficiency of your business.
There’ll be a lot of flexibility while working along with our services. Entrepreneurs are able to focus entirely on expanding core business and developing new products and services based on the professional advice of our specialized our services.
Having set the strategic financial plans on your core business allows more freedom and opportunity to grow, and permits products and services to be relevant to the markets to keep retain current clientele and attracting more customers.
We will assist the owners and/or the Company to identify potential buyers or sellers (as the case may be) and how these potential counterparties should be approached. Alya network has the advantage of a global reach and allows us to search for potential counterparties both openly or confidentially.
We will assist you to prepare your information package that tells the potential counterparties who you are and what you are looking for. Getting this package done right is important to maximise your reach to as many counterparties as possible. Such packages can be prepared on a confidential basis or a public basis.
We will support you and your business in performing the necessary due diligence on the potential buyer or seller, as the case may be.
We will support you and your business in performing any deal structuring or relevant negotiations, as the case may be.