UAE anti-money laundering: Registration for non-financial entities, individuals extended until April 30

Ministry of Economy extends deadline for registration of designated non-financial businesses & professions in anti-money laundering regulations until 30 April

The Ministry of Economy (MoE) announced the extension of the deadline granted to Designated Non-Financial Businesses and Professions (DNFBPs) to register in the systems approved for countering money laundering and combating the financing of terrorism, until the end of April 2021. The extension has been granted due to a large number of companies in the sector coming forward to register in the last days of the previous deadline, which expired on March 31, 2021. Furthermore, the unusual circumstances faced by companies and the business sector in the wake of Covid-19 pandemic has also been taken into consideration.

The Ministry explained that it is mandatory for the targeted companies, which include brokers and real estate agents, auditors, dealers of precious metals and gemstones, and corporate service providers, to register in the goAML system and the Automatic Reporting System for Sanctions Lists before the end of the new deadline. The registration in these systems can be done free of cost. After the registration, they should also take the specified measures to ensure full compliance with the requirements of Federal Law No. 20 of 2018 on anti-money laundering, combating the financing of terrorism and illegal organizations, and their implementing regulations and relevant decisions.

The Ministry called on the concerned companies to take advantage of the new extended period for registration to avoid the penalties and fines stipulated in the law, which will be imposed starting from May 1, 2021. Fines start from AED 50,000 and go up to AED 5 million, while the penalties for companies that fail to register could even lead to the revocation of the license or closure of the facility itself.

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Vat Consultancy Services In Sharjah are trusted and licensed professionals who offer all-inclusive Tax Services for VAT Registered Businesses since UAE commenced with Tax.  They can inform businesses on the fiscal impact of the tax on goods and services, and the safety measure taken to alleviate the effects.

Vat & Excise Consulting In UAE, UAE has the ability to deal with their VAT dealings by fulfilling with VAT law and recommend on associated transactions. Let us know how VAT consultants assist to make the whole VAT procedure easy and hassle-free.

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Most of the companies are not known with the rules and regulations of estimating VAT and the procedure of payment. The companies should look for the direction of top VAT consultants in UAE, despite of striving with the complex formulas, complex numbers and wrong calculations. Other major reasons for hiring VAT consultants are mentioned below:

Also Read :- Vat Registration In UAE

Superior Knowledge:

The top VAT consultants come with greater knowledge about the whole thing associated to VAT. This proves to be advantageous particularly for those who don’t have any skills abbot VAT. Vat Consultancy Services In Sharjah The consultants who are knowledgeable with VAT laws & rules will be able to teach taxpayers about different VAT rates and the correct way to compute payment.

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A well-experienced VAT consultant, who has survived in the industry for a long period, and can avoid the common errors done throughout the VAT return in UAE / filing process.

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Reason for choosing a VAT professional is that it reduces the time necessary for analysis, assessments and evaluating the risks related with the company.

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They also help in making files and maintain record correctly to get ready for vat audits.

 

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Business Valuation Services In UAE – There are several reasons why you want an existing assessment of your business and lots of business owners take for granted that it is only required when selling but in fact, this is not the case.

However, selling your business is a main premeditated move and understanding the packed value of your business as it presently stands, plus future prospective is compulsory to make sure that you obtain the best possible price.

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Also Read :- Vat Registration In UAE

  1. Understanding of Company Resale Value

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You must be aware of what your company’s resale value in fact is to negotiate a higher selling price.

  1. Acquire a True Company Value

You will have an overview of what your business is important that is based upon straightforward data such as stock market value, total benefit value and company bank account balances. Business Consultancy Services Dubai However, there is enough to business assessments than those effortless factors. Work with a trustworthy valuations company to make sure that the accurate numbers are given.

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