June 8, 2022Dated: | Byadmin admin | Although businesses do not pay income tax in the United Arab Emirates (UAE), the VAT regime, ESR, AMT and CFT regulations, etc., can be tricky for those setting up a business in the Middle East. Also, missing deadlines could mean penalties or, even worse, cancellation of license. In this post, we have a curated compliance calendar to help you set up, run and benefit from doing business in the UAE without missing any deadlines. Value Added Tax (VAT) Compliance ComplianceHow to ComplyDeadlineMandatory registration for residents (TRN Certificate) Register through FTA’s Service PortalWithin 30 days of the date to registerMandatory registration in case of non-residents (TRN Certificate) Register through the FTA’s e-service portal Just before making taxable suppliesVAT Return Submit returns via FTA’s e-service portal 28 the month succeeding the tax period Tax Invoice Deliver the Tax Invoice to the recipient physically or through electronic mode14 days prior to the date of supplyInput tax claim beforeVAT Registration Claim Input tax through the first VAT Return First tax returnInput tax claim in VAT return Claim input through the periodic VAT ReturnFirst tax period during which the eligibility criteria is met and immediately subsequent tax period Source Company Registration and De-registration Compliance ComplianceAuthorityDeadlineTrade License Commercial Register Department of Economic Development/Free Zone When the license expiresTenancy contract / Ejari Dubai Land Department Renewal as per clause in the ContractP.O.Box Post Office Every Year December 31Chamber of Commerce Certificate Chamber of Commerce When the Certificate expiresEstablishment Card Ministry of Interior General Directorate of Residency & Foreign Affairs When the card expiresLabour Computer Card Card Ministry of labor When the Card expiresCustoms Registration (EXIM code) Customs Department AnnuallySpecific registration based on the nature of Business Concerned Authorities When the license expiresDeregistration of the company Relevant Licensing Authority As per the directive from the Relevant Licensing AuthorityKYC update with Bank Respective Bank While opening of an account Source Commercial Companies Law (CCL) in the UAE ComplianceHow to ComplyDeadlineAnnual Accounts and Report Submission of Financial Reports to Free Zone Authority. Maintenance of books of accounts by Companies in the MainlandWithin three months of the financial year-endGeneral Assembly Convened through a 15-day prior invitation from the Manager or the Board of Directors At least once within four months succeeding the financial year-endBoard Meetings Notice of meetings to be given as per MOA/AOA 4 times a year or as directed by the MOAAmendment in the company’s registered particularsRegistration of MOA and subsequent amendments with the competent authorityWithin 15 days of the modification Source Economic Substance Regulation (ESR) ComplianceHow to ComplyDeadlineEconomic Substance Notification yearFile with the Ministry of Finance Within six months of the financial year-endEconomic Substance Report File Ministry of Finance Within one year from the financial year-endResponse to the penalty proceedings initiated Filing with Ministry of Finance or Sending a Mail to the Competent Authority According to the stipulated time Source Anti-Money Laundering (AML)Regulations ComplianceHow to ComplyDeadlineRegistration on GoAML Portal Registering on the Integrated platform of the Ministry of Economy On the registration of the companyCompliance with the Regulation Appointment of Compliance Officer, Framing AML Policy and Procedures, Undertaking CDD, EDD checks for customer and Reporting of Suspicious Transaction through the Go AML Portal Mandatory compliance for all DNFBPs Subscription to the UN Security Sanctions List https://www.uaeiec.gov.ae/en-us/ All DNFBPs must subscribeAnnual AML/CFT Risk Assessment Information Login to the Ministry of Economy AML Portal (Data pertains to January to December period) AnnuallyResponse to Penalty proceedings initiated by the authorities Though the mail vide the Grievance Request Form Within 15 days of receipt of penalty notice Source Conclusion The above is a comprehensive guide to all business in the UAE concerning the various compliances they must adhere to for the smooth opertiaonsfo their concern. Flyingcolour can help you with the necessary compliances to help you start, run and operate your business in the UAE to receive the maximum benefit. Book your free consultation with us to know more about the comprehensive services.