When it comes to corporate tax obligations in the UAE, there’s a common and persistent misconception: All free zone companies must register for corporate tax. This widespread belief is, however, inaccurate. Specifically, free zone companies structured as sole establishments have different requirements that can exempt them from corporate tax registration under certain conditions. Understanding the...
Introduction In a recent development, the UAE has announced the cancellation of its Economic Substance Regulations (ESR). This decision is part of a broader effort to align the nation’s regulatory environment with global standards and enhance business operations in the region. This article provides an overview of the cancellation, its implications, and what businesses in...
When it comes to maintaining compliance within the regulated sectors, staying updated with the inspection requirements is crucial. For Designated Non-Financial Businesses and Professions (DNFBPs), these requirements are particularly rigorous, as they are mandated by the Ministry of Economy (MOE). Inspections can be carried out by the license issuing authority, such as the Dubai Economic...
In the dynamic regulatory landscape of the UAE, Designated Non-Financial Businesses and Professions (DNFPBs) often find themselves navigating a complex maze of compliance requirements. Unfortunately, this journey is frequently marred by confusion and unawareness, particularly among small businesses. Let’s delve into some of the critical issues DNFPBs face and how Integrity Corporate Services (ICS) offers...
Introduction Abu Dhabi Global Market (ADGM) is an international financial center located in the capital of the United Arab Emirates, offering a robust legal and regulatory framework based on English common law. For those looking to establish a foundation within ADGM, there are provisions to do so without the need to appoint a Company Service...
When it comes to setting up a business, many entrepreneurs often wonder, “Why should I use a business consultant for Company Setup if I can get my license directly from the registration authority?” It’s a valid question, especially when considering the potential additional costs involved. However, the value of using a business consultant goes far...
Corporate banking in the UAE has garnered a challenging reputation among business owners. Many face significant delays and obstacles when trying to open corporate bank accounts, leading to frustration and financial setbacks. A primary reason for these difficulties is the UAE’s unique banking environment. As a global business hub with historically low or zero taxes,...
As a Designated Non-Financial Business and Profession (DNFBP) in the UAE, adhering to Anti-Money Laundering (AML) regulations is crucial. One key aspect of compliance is the use of AML screening tools. However, there is often confusion and misinformation about the necessity and functionality of these tools. This article aims to demystify AML screening tools, providing...
As the UAE continues to advance its digital infrastructure, the imminent implementation of Federal Decree-Law No. 14 of 2023 is a critical development for anyone involved in e-commerce. This legislation is designed to regulate all digital commerce activities within the UAE, including those in free zones under certain conditions. At ICS, we are equipped and...
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