On the 30th of April 2019, the UAE enacted the Economic Substance Regulation (ESR) by introducing the Cabinet Decision No. 31. According to this decision, economic substance requirements for the businesses which were carrying out “Relevant Business Activities” were provided. This decision was issued by the Ministry of Finance (MoF). Further updates were also later […]
The United Arab Emirates comprises of many free zones which provide numerous advantages and benefits to the upcoming businessmen and entrepreneurs. These free zones act as a springboard for the budding companies and provide various benefits to the companies. One such Free zone is the Sharjah International Airport Free zone (SAIF). Sharjah International Airport Free […]
The presence of various free zones in the United Arab Emirates along with various other essential factors such as proximity to markets, smooth transportation of goods and raw materials, stable government and a very cooperative business environment is a significant factor due to which the companies from all over the world flock to the country. […]
During the COVID-19 crisis and oil price slump, the UAE are spending tens of billions on supporting their economies, but the scaling back of state projects is counteracting the impact. Due to the downfall of the world economy and global travel disturbances and the lockdown of most public venues, the pain is felt by the tourism, retail, […]
One of the most attractive factors for a businessman to set up their business in a different location is if a particular set of conditions will be available to its business. All such factors, whether it is a suitable location, proximity to raw materials and market, cheap and knowledgeable labour or any other, are available […]
There are many tax-related frauds which happen all over the world. To combat this situation, Economic Substance Regulations (ESR ) have been presented all over the world in the countries which have none or very less corporate taxes. This move is a welcome one as it will help notify the business activities of the company […]
Restaurant business has been evolving continuously in every era. The whole concept is now limited to serving food and grabbing the attention of food lovers. Today, the competitive market forces the business entities to keep an eye on the overall aspects of the business entity. Imagine yourself to be the owner of a restaurant that […]
The outbreak of COVID-19 has disrupted the global economic and business environment. It has affected hundreds and thousands of people, and many industries all over the world are looking towards decreased future revenue. There is an increased affinity towards saving the business funds so that the businesses survive the present epidemic and the current employees […]
The UAE Federal Tax Authority (FTA) has recently introduced a new feature on the portal for Tax registered persons which is to seek a “Tax Clearance Certificate” from the Authority. This feature will be available to a person as soon as he or she logs in to their respective portal. After logging into the portal […]
The finance and accounting businesses are undergoing significant changes due to various technological advancements. Frequent and routine services like bookkeeping and accounting are flooding the markets. Businesspersons have so many options in terms of providers of ordinary accounting services that the demand for them is steadily decreasing. There’s little or no differentiation in the service provided in […]
