DOCUMENTS REQUIRED FOR VAT REGISTRATION
- Copy of trade license copy.
- Passport copy of owner & partners.
- Copy of Emirates ID (Owner & Partner).
- Memorandum of Association (MOA).
- Nature of business and activities performed.
- Company contact details.
- Bank account details.
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VAT REGISTRATION CRITERIAS
DOCUMENTS REQUIRED FOR CORPORATE TAX
- Copy of trade license copy.
- Passport copy of owner & partners.
- Copy of Emirates ID (Owner & Partner).
- Memorandum of Association (MOA).
- Power of Attorney (POA) if no MOA.
- Contact details of concerned person.
- Company contact details.
- Bank account details.
- Corporate Tax period.
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CORPORATE TAX CRITERIAS
Registration is mandatory for all legal entities, including mainland and free zone companies, foreign entities conducting business in the UAE, and natural persons like freelancers exceeding AED 1 million in annual revenue.
- 0% for profits up to AED 375,000.
- 9% for profits exceeding AED 375,000.
- Special tax rates apply to certain large multinational enterprises as part of the OECD’s Base Erosion and Profit Shifting (BEPS) framework, particularly under Pillar Two
CORPORATE TAX DEADLINES & PENALTIES
1. Deadline based on License Issuance
Businesses are required to register by specific deadlines depending on when their commercial licenses were issued. The key deadlines for 2024 are as follows:
- January–February License Issuance: Register by 31 May 2024.
- March–April License Issuance: Register by 30 June 2024.
- May License Issuance: Register by 31 July 2024.
2. Penalties for late registration.
Failure to register by the deadlines results in a penalty of AED 10,000. In addition to this, continued non-compliance can lead to daily penalties, legal action, and reputational damage.