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Tax resident status in the UAE
Author : StephenGray  

Date :    04-06-2022 18:40:40

In recent years, tax residency issues have become increasingly important when processing tax returns for government, banks and tax offices. Obtaining tax residency in the UAE has grown in popularity for several reasons: The UAE will join the Common Reporting Standard (CRS) later than most other countries - as of 2018. In general, there are no taxes for businesses and individuals in the UAE on trade income, dividends, investments, bonds, etc.
The United Arab Emirates offers tremendous opportunities for international companies; Companies are easy to integrate and can be managed effectively. Who can apply for tax residence status in the United Arab Emirates? A UAE Tax Residence Certificate can be issued to an onshore company or an individual, but you must be a UAE resident first. This can be achieved in one of the following ways: You can register a company in your name. There are no requirements for this company to participate in active trading; The main purpose is essentially to support your tax residence status. This status is maintained on the basis of the onshore company, which must be renewed annually. You can buy real estate worth over a million dirhams in the United Arab Emirates.
The owners must be a single individual or a married couple. If there is more than one owner (or the couple's marriage is not officially registered), each person must invest a million dirhams in the property. Our package deal includes applying for a residence visa with the option of an annual extension. UAE onshore company Starting a business in the United Arab Emirates is fairly straightforward and has proven to be an excellent tool for international trade, as well as for holding dividends and interest. A business established for tax residency purposes cannot be just a shell and you must have some revenue in the company's bank account. Note that only onshore free zone companies in the UAE can be considered for tax residency purposes. Therefore, Ras Al Khaimah companies will be of no use in this regard. If you decide to start your onshore business in a free zone, consider the Umm al-Quwain Free Zone: unlike many others, there are no share capital or statutory accounting and auditing requirements. As with all UAE Onshore Free Zones, your business will need a specific license depending on the type of activity you want to do. An onshore company must also have a rented office - this service is included in our corporate package. Applying for a tax residence certificate: the process The acquisition of the UAE Tax Residence Certificate can be broken down into the following main steps: start an onshore company apply for a residence visa open a private bank account receive the certificate of tax residence Once you have been granted tax residency status in the UAE, you will be able to apply for Certificate of Tax Residence. The certificate will be issued either within six or nine months of receiving your residence visa. You will be asked to provide your private bank statement for the last six or nine months. Your bank account must be active with a positive balance, and transactions must be ongoing on the account. The immigration authorities will also check whether you have entered the UAE with your residence visa at least three or four times in the last six months. Note that the Certificate of Tax Residence is only valid if you have a UAE Residence Visa. It is issued for a period of one year and is renewed annually. However, you don't have to order a new certificate every year if you don't need one. Tax Residence Packages We offer corporate packages that combine: An onshore company in the United Arab Emirates (incorporation and maintenance) A residence visa A certificate of tax residence with tax number Annual maintenance includes the annual administration of the company and the issuance of the tax residence certificate for the calendar year. The sales tax identification number is only issued with the certificate of residence. The certificate can be issued in the name of the customer, but it can also be addressed to a recipient in a specific country. However, this is more relevant when the attestation is required for a company rather than an individual and is usually done for tax reasons, i.e. H. if the company has to rely on a double taxation treaty signed between the UAE and another country. While applying for a certificate of tax residence seems like a straightforward process, you always need to consider the specifics of the UAE and its changing legislation, and you should be reasonably flexible about the time frame. In most cases, however, the tax certificates of residence are successfully sent within two weeks of submitting the application, provided that you have fulfilled the obligations relating to your private bank account and have made several entries with the residence visa. https://www.confiduss.com/en/services/solutions/taxes/uae-certificate/

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