Compliance Services

Our compliance services were developed to help companies adhere to the ever growing demands of the UAE safety regulations.

With 20+ years serving the finance sector, we have learned to comply with regulations in an efficient manner that we believe will benefit any company.

We offer premium services including Country by Country Reporting, Economic Substance Reporting, Ultimate Beneficial Owner, Anti Money Laundering Compliance, Compliance Officer Outsourcing and Tax Compliance Services. 

  • Country by Country Reporting
  • Economic Substance Reporting
  • Ultimate Beneficial Owner
  • Anti Money Laundering Compliance
  • Compliance Officer Outsourcing 
  • Tax Compliance Services

 

 

Let's discuss your requirements

Country by Country Reporting

CbC Reporting is a part of Action 13 of the Base Erosion and Profit Shifting (BEPS) initiative led by the Organization for Economic Co-operation and Development (OECD) and the Group of Twenty (G20) industrialized nations.

BEPS Action 13 requires large Multinational Groups of Entities (MNEs) to file a CbC Report

That should provide a breakdown of the Multinational Group’s global revenue, profit before tax, income tax accrued and some other indicators of economic activities for each jurisdiction in which the MNE operates.

The purpose of CbC Reporting is to eliminate any gap in information between the taxpayers and tax administrations with regards to information on where the economic value is generated within the MNE Group and whether it matches where profits are allocated, and taxes are paid on a global level.

UAE-headquartered Groups of companies which meet the following criteria should comply with CbC Reporting legislation in the UAE:

  • MNE Groups (i.e., Groups which consist of two or more enterprises that are residents for tax purposes in different jurisdictions.); and
  • Have a total consolidated revenue that is equal to or more than AED 3,150,000,000 for the financial year preceding the reporting year concerned.

The UAE tax resident entity is an Ultimate Parent Entity of the MNE Group which is subject to the CbC Reporting Legislation. Based on the existing UAE laws and international tax treaties, an entity should be considered as a tax resident in the UAE if it is incorporated or created under the laws of UAE or has its place of effective management therein.

CbC Reporting requirements come into effect for financial years starting on or after January 1st, 2019. The CbC report should be filed within 12 months from the end of the reporting year of the MNE Group (e.g., With respect to the financial year commencing on January 1st, 2019 and ending by December 31st 2019, the CbC Report should be filed no later than December 31, 2020).

A CbCR notification is a form containing (i) confirmation that the notifying entity is the Ultimate Parent Entity of the MNE Group, resident in the UAE, and the UAE CbCR requirements are applicable to such MNE Group; and (ii) identification of such entity including trade license number, address, business activity and year end. A report including quantitative and qualitative information about the MNE Group. Information such as revenues, profits, employees count, business description, etc. should be reported.

Economic Substance Reporting:

As part of the UAE’s commitment as a member of the OECD Inclusive Framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued Economic Substance Regulations (Cabinet of Ministers Resolution No. 31 of 2019)

The Regulations require UAE onshore and free zone companies and certain other business forms that carry out any of the defined “Relevant Activities” listed below to maintain and demonstrate an adequate “economic presence” in the UAE relative to the activities they undertake (“Economic Substance Test”).

 

  • Banking Business
  • Insurance Business
  • Investment Fund management Business
  • Lease – Finance Business
  • Headquarters Business
  • Shipping Business
  • Holding Company Business
  • Intellectual property Business (“IP”)
  • Distribution and Service Centre Business

Ultimate Beneficial Owner:

UAE Federal Law 20 of 2018 on Anti Money Laundering and Countering the Financing of Terrorism (the “AML Law”) and Cabinet Decision 10 of 2019 issued under the AML Law require business licensing agencies in the UAE to identify the ultimate individual beneficial Owner(s) of businesses licensed by them.
An Ultimate Beneficial Owner is an individual who ultimately owns or controls 25% or more of a Business Partner, whether directly as a shareholder, or indirectly via control of companies, other entities or structures that control the Business Partner (the “UBO”).

All new business partners registering as an FZLLC or as a Branch Office of a foreign (non-UAE) Company will be required to complete and submit the UBO Form as part of the registration and licensing process.

All existing business partners registered as an FZLLC or as a Branch Office of a foreign (non-UAE) Company will be required to complete and submit the UBO Form as part of their license renewal at the next renewal.

The Authority reserves the right to request any Business Partner to supply additional documentation and other verifiable information to evidence disclosures made in the UBO declaration. Certain Business Partners are exempt from making a UBO declaration.

RERA Compliance:

RERA (Real Estate Regulatory Agency), a government agency in Dubai that develops rules and regulations for various real estate operations, mandates that all developers registered with RERA open an escrow account and conduct an independent audit to determine the project’s completion status and construction progress. RERA also requires an annual submission.

A compliance audit involves review and verification of activities of developers to ensure that they are in compliance with the applicable real estate laws and regulations.

Parker Russell UAE’ employees are well known for their capability and expertise in identifying, analyzing and make strategies for complex problems in real estate and provide ideal solutions.

Anti-Money Laundering Compliance:

One of the most important financial hubs in the UAE and the Middle East, Dubai hosts a range of international business interests in its special economic zone: the Dubai International Financial Centre (DIFC). Established in 2004, the DIFC is home to hundreds of banking and financial institutions and has, since its inception, grown to become one of the top ten financial centers in the world. That profile also makes Dubai an attractive target for financial criminals seeking to exploit the city-state’s concentration of wealth in order to launder money or finance terrorist activities.

The DIFC has its own regulatory regime in order to deal with the financial risks it poses, and it is essentially a different authority from the rest of the UAE. The Dubai Financial Services Authority (DFSA), which is in charge of preventing money laundering and other financial crimes in the special economic zone, oversees this regime. As a result, financial companies doing business in Dubai must be mindful of the anti-money laundering and counter-terrorist funding threats they pose, as well as how to comply with DFSA regulations.

Compliance Officer Outsourcing:

One of the most significant business trends over the last decade has been to outsource functions that are not core business activities. Cutting costs and gaining expertise are the two most prevalent motivations for outsourcing.

Parker Russell UAE will provide you consultants who have the relevant skills and experience to be a competent and effective Compliance Officer. The consultant that we will be providing is the most appropriate to your Firm’s business and to your requirements, whether that is a particular industry background or a specific Compliance discipline.

Parker Russell UAE’s consultants undertake regular training to ensure they have the most up to date knowledge as well as insight into industry best practice which they can bring to your Firm.

Tax Compliance Services:

Since the UAE government has announced that VAT will be implemented in the UAE beginning in 2018. When it comes to filing or registering for VAT, several businesses having issues So the VAT filing and registration process must be performed properly and in compliance with the Federal Tax Authority’s (FTA) guidance.

Types of Registration

Any company which exceeds mandatory or voluntary registration thresholds may be required or may be able to register for VAT.

There are two types of registration Mandatory Registration Voluntary Registration. A company has to register for VAT if the taxable supplies and imports exceed the mandatory registration threshold of AED 375,000. Moreover, a company can choose to register for VAT voluntarily where the total value of its taxable supplies and imports (or taxable expenses) is in excess of the voluntary registration threshold of AED 187,500.

Parker Russell UAE Chartered Accountants has a team of consultants and practitioners who will support the organization in claiming and filing the right VAT. After the introduction and enforcement of Value Added Tax (VAT), all companies that fall under the threshold have been required to register for VAT, and any failure to do so may result in business penalties.

Parker Russell UAE provides Tax Compliance services and will help your company to prevent tax Related fraud, saving Funds and solving all the Compliance Related Issues.

Companies must provide all documents to apply for VAT in the UAE, and we will help them collect these documents. The documents listed below are required for VAT registration in the UAE. Before moving on to the next point, we double-check that the company has all of the necessary paperwork.

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