Are you thinking of closing your UAE business or already close down after New Corporate Tax ?
- Thread starter troubled soul
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As of now I would just say Yes.
Why?
I rather like to stand here wrong afterwards then the other way around.
https://dls-dubai.com/en/99-of-freezone-companies-formed-by-dls-dubai-remain-0-corporate-tax-why/
Check the "Worst Case Tax" and "Escape Clause" which was from context point of view over the last couple of days again and again in all big UAE Newspapers such as Gulf News.
I personally keep running a Consulting Business and opt for the Small Business Relief to have next 3 Years up to 750k$ Tax Free per year︀ as Turnover=Profit in Consulting Business and then opt afterwards for the "Worst Case Tax" to︁ have at least 350k$ Tax Free per Year.
From all what I have seen in︂ past 3 Years this numbers pretty much covers 95% of the numbers DLS Dubai Clients︃ were making.
Why?
I rather like to stand here wrong afterwards then the other way around.
https://dls-dubai.com/en/99-of-freezone-companies-formed-by-dls-dubai-remain-0-corporate-tax-why/
Check the "Worst Case Tax" and "Escape Clause" which was from context point of view over the last couple of days again and again in all big UAE Newspapers such as Gulf News.
I personally keep running a Consulting Business and opt for the Small Business Relief to have next 3 Years up to 750k$ Tax Free per year︀ as Turnover=Profit in Consulting Business and then opt afterwards for the "Worst Case Tax" to︁ have at least 350k$ Tax Free per Year.
From all what I have seen in︂ past 3 Years this numbers pretty much covers 95% of the numbers DLS Dubai Clients︃ were making.
Maybe Fred missunderstanding, I just reply @jafo question.
I've done everything there and also finish Company account opening with WIO "banks" and come back home.
I've got your email last night about DLS close down and don't know what happened, since you disappeared for long time in the forum.
Now I known It's because of your health.
I don't known what to do now, everything is new with me. And your company suddenly shut down. I wonder who will take care of it later. Like bookkeeping, accountant or renew license, visa next year...
If possible, when your health is good, dm me on Whatsapp please. I need your advice on personal︀ p2p crypto trading .
I've done everything there and also finish Company account opening with WIO "banks" and come back home.
I've got your email last night about DLS close down and don't know what happened, since you disappeared for long time in the forum.
Now I known It's because of your health.
I don't known what to do now, everything is new with me. And your company suddenly shut down. I wonder who will take care of it later. Like bookkeeping, accountant or renew license, visa next year...
If possible, when your health is good, dm me on Whatsapp please. I need your advice on personal︀ p2p crypto trading .
I'm considering pulling out but only due to a lack of clarity on what to do next. It's still financially viable to stay but unfortunately, since Fred's departure, I am unsure of where to go for tax filings and related admin. Does anyone have any recommendations for this? The Co. turnover is roughly $400k p.a.
Again all DLS Dubai Employees were passed to IFZA including our Accounting Departement. Just reach out to them and let them do there work. Essentially you just have to follow with your 400k$ turnover our Blog Post which is still online and remains online.
Thank you Fred, you have been extremely helpful until now. We wish you all the best with your new venture.
I reached out to IFZA yesterday but unfortunately their response was that they are not registered tax agents so are unable to assist with tax filings. Until now it was easy as we could produce the︀ financial statements in house. But with the advent of the CIT, our assumption is we︁ will need a formal tax agent to handle our affairs. Is this the case or︂ am I understanding it wrong?
I reached out to IFZA yesterday but unfortunately their response was that they are not registered tax agents so are unable to assist with tax filings. Until now it was easy as we could produce the︀ financial statements in house. But with the advent of the CIT, our assumption is we︁ will need a formal tax agent to handle our affairs. Is this the case or︂ am I understanding it wrong?
The new tax regime will certainly spur setup of a lot of new accountancy firms. However, it will be sifting through the trash that will prove to be the problem. Fred - with his huge amount of satisfied clients - and the pre-CIT system was great, we could get reliable information from Fred and everything could be done from my desk with the support of DLS. Now it's back to square one, so I'll have to keep an ear to the floor and reach out to my network to try and find an accountant.
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