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The UAE offered free assistance to small and medium-sized businesses

The UAE offered free assistance to small and medium-sized businesses

3 November 2023

Virtuzone will prepare 10 thousand small and medium-sized enterprises in the UAE for the transition to corporate taxation.

Virtuzone, the leading provider of corporate services in the United Arab Emirates, has allocated more than 50 million dirhams (US$ 13.6 million) to provide free assistance to 10 thousand small and medium-sized businesses during the transition to corporate taxation. 

As it is known, in June 2023, a law came into force in the UAE that obliged businesses to register for corporate tax, keep appropriate accounting records and submit a declaration to the Federal Tax Service (not to be confused with a declaration for VAT). However, as experts found out, half of all companies in the UAE are not ready to meet the new legal requirements. In addition, many believe that the new rules do not apply to them.

Virtuzone has taken an unprecedented initiative to simplify the transition of small and medium-sized enterprises to a new accounting system and ensure their readiness to work in new tax conditions. Ultimately, this measure will stimulate the development of the country’s economy and make it even more attractive for foreign direct investment.

As it is known, small and medium-sized businesses account for 94% of companies operating in the UAE, they contribute to the national GDP in the amount of 63%. The Virtuzone initiative will help these enterprises, including those operating in the territories of free economic zones, to put their accounting in order and avoid large fines and penalties.

If you are planning to open a company in the UAE, get detailed advice from an ARAVANA Multifamily Office expert. Leave a request in the form below and we will contact you as soon as possible.

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    ARAVANA Capital management
    3 November 2023
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