Cabinet Resolution No. 58 of 2020 Regulating Beneficial Owner Procedures

Posted by Parker Randall UAE
On November 4, 2020

In Brief: Cabinet Resolution No. (58) of 2020 regulating Beneficial Owner Procedures (the “Resolution”) came into effect on 24 August 2020 and replaced Cabinet Resolution No. 34 of 2020 issued earlier this year. The Resolution introduces new requirements for entities to disclose their beneficial owners. The main purpose is to enhance the transparency of entities […]

VAT Registration

Posted by Parker Randall UAE
On October 13, 2020

Any business which exceeds mandatory or voluntary registration thresholds may be required or may be able to register for VAT. A business must register for VAT if the taxable supplies and imports exceed the mandatory registration threshold of AED 375,000. Furthermore, a business may choose to register for VAT voluntarily where the total value of […]

Do suppliers of zero-rated and exempt supplies charge VAT?

Posted by Parker Randall UAE
On October 11, 2020

Suppliers do not charge tax on a zero-rated or exempt supply. What is the zero rate? If you make supplies at the zero rate, this means that the goods are still VAT taxable but the rate of VAT is 0%. You will need to record any zero-rated supplies in your VAT account and report […]

Do you like to start a business in Dubai?

Posted by Parker Randall UAE
On October 6, 2020

Why do people like to start a business in Dubai? Starting a business in Dubai should not take you more than a week once you’ve sorted all your legal procedures. But before you start your legal formalities, you need to consider some elements required in the process: 1. Type of business Your […]

6 Steps For An Error-Free Business Process

Posted by Parker Randall
On February 3, 2018

6 Steps For An Error-Free Business Process Every company wants to improve its business accuracy. However, mistakes are going to happen. When mistakes do happen, the following will take place: • Nothing changes. • Someone has to be blamed. 6 Steps For An Error-Free Business Process 1. Eliminate error factors Redesign processes and […]

Why does your company need an External Audit?

Posted by Parker Randall
On February 3, 2018

ThereWhy does your company need an External Audit? Today many companies think that auditing the accounts once a year is something they must do by law. But most business experts agree that the real value of the audit process is more valuable than that you think. Today many organizations operate under loss but assuming that […]

Why your business needs an accounting software?

Posted by Parker Randall
On February 3, 2018

Many small and medium-sized business owners are aware of the importance of using accounting software. The days of the accountant using a “pen and paper” system through the ledgers are most certainly over. Today even the smallest business has some form of accounting software to make life easier and to create efficiency for the finances […]

Why payroll is one function you should outsource?

Posted by Parker Randall
On February 3, 2018

Every company has a goal. That must be gaining a higher profit. It can only be achieved through two things; increasing its revenue or reducing its costs. There was a time all work-related tasks and services for a business of any size were done in-house. Later, business consultants have long advocated about outsourcing non-core functions. […]

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