United Arab Emirates is a country with lots of benefit given to many Start Up Entrepreneurs. The VAT Implementation in Year 2018 brought the country with improvements in many aspects of life and business, the recently concluded Expo 2020 was a great success.
Many Start-Up companies are on a path to growth and increasing numbers of foreign investors are coming to the country. Here are some questions that they have in mind: How to Register for UAE VAT Registration? Who is obliged to register for VAT? Who may register? What are the required documents?
Who is obliged to register?
UAE-resident businesses who make taxable supplies in the UAE must mandatorily register for VAT provided the value of their taxable supplies and imports in the last 12 months exceeded, or is expected to exceed in the next 30 days, the mandatory registration threshold of AED 375,000. Non-UAE-resident businesses who make taxable supplies in the UAE must also mandatorily register for VAT, regardless of the value of its taxable supplies and imports, where there is no other person obligated to pay the due tax on these supplies in the UAE.
Who may register?
UAE-resident businesses who make taxable supplies in the UAE may voluntarily register for VAT if the value of their taxable supplies and imports, or taxable expenses, incurred in the last 12 months exceeded, or is expected to exceed in the next 30 days, the voluntary registration threshold of AED 187,500. What are the required documents?
Valid Trade License
MOA
Passport & Emirates ID of Authorized Signatory
Monthly Turnover Declaration with signature and stamped on companys letterhead
Supporting documentation for Sales Invoices and Suppliers Invoices
How to Register?
1. Sign-up for an e-Services account through the FTA’s website and activate it.
2. Access the e-Services account dashboard.
3. Click on “Add New Taxable Person”.
4. Click on “Register for VAT”. and complete the VAT Registration form contains 8 section.
There are serious consequences in failing to register and fines for businesses that are not complying with FTA Regulations.
If you need help for FTA VAT Registration & Filing, we are ready to help you. You can reach us thru sending email: freelancefinancecontroller@gmail.com or whatsapp us: 050 376 04 36 for 30 MInutes FREE Consultation.
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