Documents Required for Registration in VAT
UAE is going to implement Value Added Tax (VAT) from January 01, 2018. Value Added Tax (VAT) is a form of indirect tax that is applied to the consumption of goods or services at the point of sale.
VAT Registration Dubai
VAT in UAE is going to be charged at each stage of the supply chain. The tax percentage will be 5 per cent and the end-user will generally bear the VAT cost while the general businesses will collect the tax on behalf of the government. Businesses can claim the VAT Refund from the government.
Requirements for VAT Registration
Businesses who are generating a minimum annual income of AED 375,000 as confirmed by their financial records are required for the mandatory registration.
How to register for VAT in UAE?
VAT registration requires some official documents. Before submission of an application, some important documents must be completed. Businesses will get VAT registration in the form of a VAT certificate, with the help of official documents. Every VAT certificate will have a specific identification number. The identification number will be essential for all the tasks to be carried out for VAT in UAE.
Documents required for VAT registration
To register for VAT in UAE, businesses must complete the required documents. The process for VAT registration and fee submission will be done online. Following documents are required for VAT registration in UAE.
- Copy of Trade License (should not be expired).
- Passport copy of the owner/partners who owns the license.
- Copy of emirates ID of the owner/partners who owns the license.
- Memorandum of Association (MOA) (not necessary for sole establishments).
- Contact Details of company (complete address & P.O Box).
- Concerned person contact details (Mobile Number, E-mail).
- Bank Details (Account Number, Account Name, Bank Name, Branch Name & IBAN).
- Owner has any other entities?
- Income statement for the last 12 months (should be signed & Stamped).
- Expected revenue and expense for the next 30 days after VAT implementation.
- Are they exporting or importing?
- Are they dealing with any custom department? If yes, then attach VAT Registration Letter.
- Are they doing business with any GCC country? (Country name).
- If they are representing more than one entity, whether they want one tax group number for all the entities or separate tax numbers for each.
The submission of the documents will be done online. After online VAT registration, you will get the Tax Registration Number (TRN) from Federal Tax Authority (FTA) within the duration of 2-3 weeks.
VAT Return filing format is available on the Federal Tax Authority (FTA) website with the title of ‘VAT201 – VAT Return’.
SAB is equipped with a team of thriving VAT specialists who can help your business to overcome expected roadblocks such as lack of familiarity with VAT rules & regulations, structure and compliance issues, lack of resources and lack of a compliant accounting system.
Our exclusive VAT consultancy services involves providing an understanding of the VAT Laws and Executive Regulations, understanding your business model and evaluation of VAT’s impact on your business and help you to prepare and execute all VAT related concerns.