We’re a leading firm of chartered accountants & VAT/Tax advisers supporting entrepreneurs, high net worth individuals, family offices and growing businesses in UAE.
United Arab Emirates (UAE) was added to the European Union’s list of non-cooperative tax jurisdictions due to concerns of the European Commission. With effect from 1 January 2019, the UAE introduced Economic Substance Regulations (ESR) via Cabinet Decision No. 57 of 2020.
The economic substance regulations (ESR), applicable from 2019 for all United Arab Emirates (UAE) legal entities with a commercial license, prescribe that quorate board of directors meetings are frequently held in the UAE. The international travel restrictions implemented as a measure to curb the COVID 19 outbreak mean that international groups with entities in the UAE should closely consider their corporate governance obligations in relation to the ESR and generally to potential overseas tax implications.
Every Licensee shall be required to meet the applicable Economic Substance Test requirements and submit an Economic Substance Report (file the ESR in the UAE) containing the requisite information and documentation prescribed under the ESR Regulations within twelve (12) months from the end of the relevant Financial Year.
The National Assessing Authority is subject to a six (6) year limitation period calculated from the end of the relevant Financial Year during which it must issue its decision in respect of whether a Licensee has met the Economic Substance Test. This six (6) year limitation period shall not apply if the National Assessing Authority is not able to make a determination during this period due to gross negligence, fraud, or deliberate misrepresentation by the Licensee or any other person representing the Licensee.
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.