Documents required for Corporate Tax Registration in UAE
October 10, 2023
Documents required for Corporate Tax Registration in UAE
The UAE implemented a corporate tax system in January 2022, making it essential for businesses to register for corporate tax.
Businesses must ensure that the required documents submitted to the FTA for UAE corporate tax registration are accurate in order to successfully register for this tax system.
Tip: The best corporate tax registration services in the UAE are provided by RSN Finance.
This article will guide you through the documents needed to register your business for corporate tax in the UAE.Who in the UAE need to register for corporate tax?
- Taxable income up to AED 375,000 is subject to a 0% business tax rate.
- Any corporation income exceeding AED is subject to a 9% tax rate.
All multinational firms subject to OECD Base Erosion and Profit-Sharing rules that fall under Pillar 2 of the BEPS 2.0 framework, i.e., those with combined worldwide revenues greater than AED 3.15 billion, are subject to a 15% corporate tax rate.
Documents needed to register for UAE Corporate Tax
Businesses must be ready to provide the necessary paperwork to register for corporate tax in the UAE. The corporate tax registration procedure will be completed online.
The following documents are needed to register for corporate tax in the UAE.- Trade Licence For corporate tax registration, a copy of your business’s valid trade licence is a key necessity. Verify that the licence was issued by the appropriate department in your emirate and that it has not expired.
- Copies of shareholders or director passports Include passport copies of all shareholders and directors of the company. These should be notarized and attested as well.
- Copies of Emirates ID A copy of each owner/partner’s Emirates ID (including shareholders and directors), which is a required form of identity for UAE residents, should be provided.
- A power of attorney (POA) and a memorandum of association (MOA) Copies of the MOA and/or POA for your business that describe the organization’s structure, shareholding, and legal backings should be provided.
- Tax Residency Certificate (TRC) If your company is eligible for double taxation avoidance agreements (DTAA), you might be required to present a TRC generated by the tax authority in your home country.
- Financial Statements It is typical to present recent financial statements of your business, such as a balance sheet, income statement, and cash flow statement. The exact financial documentation may vary depending on your company’s size and structure.
- Activity Logs for Business A record of your business’s activities, including information about the goods or services provided and the target market, might be required. Be prepared to provide a comprehensive description of your business operations.
- Bank Statements To verify the company’s financial health and transactions, recent bank statements, usually covering the last six months, are frequently required.
- Audited Statements Audited financial statements may be required for some companies or larger corporations. These accounts need to be audited by a UAE-licensed auditor.
- Lease Accord Provide a copy of the office space lease for your business. The document should be attested by the relevant authorities.
- Contact information for the business Ensure that the registered contact information for your business, including the phone numbers, email addresses, and P.O. Box addresses, is accurate and up to date.
- Employment Records Employee records and information, such as copies of employment agreements and payroll information, may occasionally be requested.
- Bank Account Information Share details of the bank accounts used by your business, such as the name and location of the bank, account numbers, and IBAN information.
Corporate Tax Registration Services
It is significant to note that document requirements may vary depending on the trade zone in which your company is located and the nature of your business operations.
Therefore, it is advised to schedule a consultation with RSN Finance to make sure you have the proper paperwork and satisfy all regulatory requirements.
Our team of corporate tax consultants is well-versed in UAE CT laws and can assist your company in overcoming obstacles that may include unfamiliarity with corporate tax laws and regulations, structural problems, and compliance issues.Conclusion
Despite being implemented recently, the corporate tax system in the UAE is becoming more crucial for businesses of all sizes and in all sectors of the country.
To prevent penalties, fines, and legal issues, it is imperative for businesses to understand the specific document requirements and to guarantee that they are in conformity with tax laws.
The best approach to tackling this is to work with the best corporate tax advisors.
Book a consultation with RSN Finance today and be assured top-notch service!
Recent Posts
Have Any Questions?
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
- +971 4 342 3373
- +971 55 975 9746
