Aurion client Clients Worldwide

ACCOUNTING

ACCOUNTING

AURION assists in start up companies by providing basic assistance in Accounting & Book keeping services. It has tie-ups with reputed Audit companies and makes arrangements for Audit Reports for UAE Companies at a very cost effective fees.

Implementation of VAT (Value Added Tax) in the UAE

The United Arab Emirates and other GCC (Gulf Cooperation Council) countries have decided to implement Value Added Tax for all business transactions inorder to strengthen the Governments for providing adequate infrastructure, safety, security, public services and welfare of the people. Towards the end of 2017, the Finance Ministry will start registering companies for value added tax that are above the yearly threshold as the country gears up for applying the 5% levy from January 1 2018. The Companies have to keep record of their financial transactions and make sure that all records are accurate. The companies in the UAE that report annual turnover of over Dh 3.75 million will have to register under the GCC VAT system. As per the government the companies whose revenue fall between Dh1.87 million and Dh3.75 million will have the option to register for VAT throughout the first phase of the VAT implementation. The government also mentioned that it will ultimately become obligatory for all companies to be registered under the system, when it is rolled out in the second phase, regardless of the reported revenues.
VAT is charged at each step of supply chain. The ultimate consumers generally bear the VAT cost while Businesses collect and account for the tax, in a way acting as a tax collector on behalf of the government.
The tax collected from the customers is paid to the government by the businesses while it may also receive a refund from the government on tax that it has paid to its dealers. The net result is that tax receipts to government reflect the ‘value add’ throughout the supply chain.


WHAT COMPANIES SHOULD DO?
  • Must charge VAT on taxable goods or services they supply
  • May reclaim any VAT they’ve paid on business-related goods or services
  • Keep a range of business records which will allow the government to check that they have got things right

If your business is registered for VAT you must report the VAT amount charged for you and the amount you paid to government on a regular basis. This will be an official submission and it is probable that the reporting will be made online. If the amount of VAT charged is more than you have paid then you have to pay the difference to the government. And if the amount you paid is more than you have charged then you can reclaim the difference.


WHAT DOES A BUSINESS NEED TO DO TO PREPARE FOR VAT?

The businesses will have the time to get ready before VAT will come into effect. The businesses need to make few changes in their core operations book-keeping and financial management, human resources, technology, etc. to comply totally with VAT. It is important that businesses try to understand the implications of VAT now and once the legislation is issued make every effort to align their business model to government reporting and compliance requirements. The final responsibility and accountability to comply with law is on the Companies.


WHEN ARE BUSINESSES SUPPOSED TO START REGISTERING FOR VAT?

The businesses that meet the requirement criteria are expected to register for the VAT three months before the launch of VAT. Using eServices businesses will be able to register for VAT through online.


HOW OFTEN ARE REGISTERED BUSINESSES REQUIRED TO FILE VAT RETURNS?

The VAT return submission is expected on a regular basis for registered Companies. The default period for filing Vat returns for the majority of businesses is expected as three months. The return can be filed through online eServices.


WHAT KIND OF RECORDS ARE BUSINESSES REQUIRED TO MAINTAIN, AND FOR HOW LONG?

The businesses will need to maintain the records which will allow the authorities to identify the details regarding the business activities and to review transactions. The details regarding the documents which will be required and the time period for maintaining them will be informed by the authorities.


HOW AURION CAN SUPPORT?

Aurion can extend support by providing assistance of experienced Accountants for guidelines and submissions of documents, complying with the law. Team Aurion can act as a single window solution for all your company requirements.


Please follow the link to access the UAE VAT Law

Auditors report for UAE Freezone License Renewal

Auditors report are mandatory for the renewal of freezone license (Such as SAIF Zone, Hamriyah Freezone, DWC, Dubai Airport Freezone) at the end of each accounting year. AURION will assist you in the entire process of renewal including PO Box renewal and Audit Report Submission.


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Clients Testimonials

  • I am a Japanese Chartered Accountant in NewYork and my Japanese Clients are feeling really comfortable with AURIONs support in UAE Business. Actually I have never seen a firm like you in the USA.

    - Mr. Nobu Murata - JapanCREARE FZE
  • Setting up a new business can be a real challenge unless you have consultants who could provide proper guidance. Aurion expertise in incorporation has made things a lot easier to us.

    - Nasr Husain Warour - Syria Oolchi FZE
  • The most trust worthy professional group I've ever seen

    - Serge Ndiaye - France SN AERO FZE
  • It’s happy to note that Aurion registered the branch of BVI Company in Dubai Airport Freezone perfectly complying with all legal attestations. Thanks to Syam and team.

    - Edwin Marshall Berkins – USA MD, PEREGRINE Development International Inc.
  • Quality, excellence and quickness are the hallmark of Aurion.

    - Melanie Silke – Germany Mesity FZE
  • The entire job of setting up company in Freezone and getting warehouse was done in one day. Thanks to Aurion team.

    - Ndibe Obi – Nigeria Next International Middle East FZE
  • I have had the opportunity to share the last several weeks with your consultant. It has been an enlightening experience for me and the other company managers.

    - Wadi (M.Munther) Wadi Nabulsi - JordanBargain International FZE
  • I thank Aurion for their timely advice. If definitely saved me a lot of money & time.

    - Chyngyz Shermatov - Kyrgyz Republic Brimpex FZC
  • Aurion is one of the best consulting teams in the UAE for all activities of company formation and related matters. We trust them the most.

    - Ahmed Walid Halabi - US Managing Director, VSD Global (Branch)
  • AURION team has helped us to find the right location to register our company and we appreciate their professional approach.

    - Venkata Surya Prakash Bhaskarabhaitla - India24x7Guru.com
  • I am extremely satisfied with the services provided by AURION. They were very professional and got the work done with expediency.

    - Humaira Siddiqui - PakistanSTRYX FZE
  • Thanks to Aurion's team I am able to concentrate on my work as they handle all other issues in a rapid and professional way.

    - Mr. Marco - Italy PROGESUB GULF FZC
  • I was very impressed on how fast and efficient the team was in incorporating our company within a few days and the exceptional assistance I received in obtaining my visa well within the time advised.

    - Kiabod T Mashad - BritainECAP FZE
  • Very friendly, professional and cost effective company that created a stress free company establishment for GQ Holdings.

    - Adam Wadi - Australia GQ HOLDINGS LTD
  • We feel safe in professional hands of Aurion since 2010 and we are sure we could not feel any safer without them. THANK YOU, AURION!

    - Mr. Hydyr - Turkmenistan Hibrius
  • AURION Team did a great job in Incorporating our Company within the expected time and without any hassle. We were happy and satisfy with their Service. Thanking you!

    - Mr. Lukas - Germany JM HYGIENE MIDDLE EAST FZC
  • Simply the best. Trustworthy, Professional and Caring. Highly recommended to anyone who is looking to set-up Free Zone company in UAE.

    - Mr. Shidan Shabrokh - UK PENRIX FZE
  • AURION was the most professional Company to provide Customers with less experience in the UAE Company Establishment field a comprehensive Service and Support to get the Business started.

    - Mr. Chris Alan Schubert - GermanyArabian Consulting DWC LLC
  • It was a pleasure working with AURION, really professional, smart people who do their job FAST, EFFECTIVE and with JOY and HAPPINESS for doing the best.

    - Mr. Marcel Bettim Jacobi - BrasilVictory Global FZE

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