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Financial & Corporate Tax Compliance
BEST FINANCIAL EXPERTS WORKING WITH UK NATIONALS
Being one of the leading financial compliance providers in Dubai, Avyanco supports its collaborated employers in their business management and staff administration to identify and manage regulatory risks. Our goal is to ensure that every compliance services in Dubai have adequate internal controls over risk identification and management.
UAE Annual Financial Compliances
FOR UK RESIDENTS
ESR
In 2020, the UAE enacted the Economic Substance Regulations (ESR). Licensees who engage in the relevant activity shall file a notification six months after the fiscal year-end and an Economic Substance Report twelve months after the fiscal year-end. This requirement does not apply to licensees who do not engage in a relevant activity under financial compliance in Dubai.
AML
The UAE maintains a strong anti-money laundering system to promote transparency and abide by laws in other foreign jurisdictions. Two laws, No. 2/2002 Anti-Money Laundering (AML) and No. 1/2004 Counter-Terrorist Financing (CTF) serve as the foundation for this system.
Check Due Diligence
While confirming the identification, the CDD exactly establishes the following requirements:
- Identifying details (name, date of birth, address)
- Beneficial ownership of the company
- Customer-focused business model
Compliance Requirement: Yearly, Half Yearly, Quarterly, Monthly
Corporate Tax
The establishment of a federal Corporation Tax ("CT") on corporate earnings, commencing with the fiscal year commencing June 1, 2023, was announced by the United Arab Emirates (UAE) Finance ministry on Jan 31, 2022.
UBO
It is necessary to keep an Ultimate Beneficial Owner (UBO) and shareholder record. While dealing with financial compliance solutions in Dubai, if any modifications have been made to these registries, this must also be communicated to the regulatory authorities. Each emirate's UBO submission is unique, thus you must submit this to the appropriate regulatory authority.
Compliance Requirement: Yearly
VAT
The UAE implemented Value Added Tax (VAT) on January 1, 2018, at a flat rate of 5%. The new tax was enacted to give the government an extra source of money, aside from oil earnings, to fund a variety of high-quality public services.
Compliance Requirement: Quarterly Return Filing
Compliance Requirement: Annual notification filing and report submission
External Audit
This Financial compliance services in Dubai covers all sorts of companies including free-zone-based businesses.
Compliance Requirement: Annual Financial statement of external audit, yearly submission of banks and regulations report.
LocationsFAQ
What are Financial Compliance Services or Corporate Compliance services in the UAE?
Financial compliance in Dubai is the regulation and enforcement of financial and capital market laws and rules. It extends across the entire financial spectrum, from investment banking to retail banking. There is a reason why there exist requirements for Financial Compliances in Dubai. Simply put, financial institutions are among the most frequently targeted verticals for cyberattacks, and these regulations are intended to ensure that organisations maintain a minimum level of security.
Following the 2008 Global Financial Crisis, compliance services in Dubai became a top priority for regulators and other stakeholders. Adequate financial compliance in 2008 could have saved people’s retirement funds, homes, and pensions while reducing the overall recession magnitude. Furthermore, financial compliance is essential for maintaining public trust in capital markets and the banking system.
Why choose Avyanco for Financial Compliance & Corporate Compliance services in Dubai?
Compliance is built into our DNA. At Avyanco, we are constantly working to ensure that our solutions meet the most recent compliance and regulatory standards around the world. We undergo external audits and reviews to ensure that our services are ready for market changes that may disrupt your business. Our mission is to promote and maintain financial market transparency and integrity, as well as to protect customers, the economy, investors, and society from financial crime, ethical threats, market manipulation, and systemic risk through financial compliance solutions in Dubai.
What is risk and compliance in financial services?
Compliance risk is an organization’s potential exposure to legal penalties, financial forfeiture, and material loss, resulting from its failure to act in accordance with industry laws and regulations, internal policies, or prescribed best practices. Compliance risk is also known as integrity risk.
How to build a compliance framework?
- List all relevant regulatory and legislative requirements wherein your business operates.
- Assess the current state and identify gaps.
- Develop systems and processes.
What is compliance work in accounting?
In accounting, a compliance standard is a set of Accounting Policies, Relevant Accounting Standard, and rules that help companies maintain relevancy and accuracy. Additionally, compliance standards protect a company’s security. Of course, standards are only practical when they are observed and enforced.
What is AML in banking?
Anti-Money Laundering (AML) is the execution of transactions to eventually convert illegally obtained money into legal money. AML legislation is becoming increasingly strict for financial service providers. They must be prevented from financing money laundering and/or terrorism.
What is compliance with GAAP?
Being GAAP compliant means that a company has followed Generally Accepted Accounting Principles (GAAP) and its financial records show prospective investors that the company has followed standard accounting practices.
What is IFRS compliance?
International Financial Reporting Standards (IFRS) are a set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent, and easily comparable around the world.