Averyx Group

    It is the basic legislative framework that criminalizes money laundering and terrorist financing operations and capitalizes on the effectiveness of the legal and institutional framework in the implementation of procedures and measures that contribute to anti-money laundering efforts and combating the financing of terrorism and illegal organizations. GoAML is a software, designed as a solution against terrorism financing, money laundering, and other misuses of financial means, developed specifically for FIU. It is important to note that GoAML is governed by the Ministry of Economy (MOE) of the UAE which, in turn, reserves the right to conduct enhanced audits of the entities. This falls under the scope of applicability of this regulation. Such audits may include: AML/CFT Policies and Procedures Internal risk assessments Periodical AML/CFT reports Red flags policies on suspicious transactions PEP identification protocols The software was first developed by   the Un...

  A country's economic system can have a significant impact on the value of its currency. The economic system of a country refers to the set of institutions, laws, and policies that govern the production, distribution, and consumption of goods and services within its borders. In a free market economy, for example, the market forces of supply and demand largely determine the value of a currency. If a country's economy is performing well, with strong economic growth, low inflation, and high employment, investors may be more likely to invest in that country, increasing demand for its currency and driving up its value. Conversely, if a country's economy is struggling, investors may be more likely to pull out their investments, decreasing demand for the currency and driving down its value. In a more regulated or controlled economic system, government policies may play a larger role in determining the value of a currency. For example, if a government imposes capital controls or ...

  Starting a business in the UAE is an exciting opportunity. As the country continues to grow, so too does the emergence of entrepreneurs looking to establish their own business. There are many factors to consider when taking this path, and I'm here to guide you through the necessary steps. The first step is to decide on what type of business you’d like to set up and where you’d like to incorporate it. The UAE has a wealth of options including abroad company branches, free zones, and onshore companies. Different types of businesses offer different advantages and disadvantages so it’s important to review the options available before deciding what type of company to setup. Read More Once you’ve decided on the company type, you must then consider the process for establishing it. This will differ based on setting up the company offshore or in a free zone but should typically include anything from choosing and reserving a company name, submitting all necessary documents and applicatio...

  Welcome to the UAE. The country is known for its competitive tax system and low corporate taxes. Business owners and entrepreneurs can benefit from this rate, as the UAE offers one of the most competitive tax rates in the world. The UAE has a flat corporate rate of 9%, making it an attractive destination for businesses to set up and operate. This rate is among the lowest in the world, particularly when compared to other countries in the GCC. Additionally, there is no foreign exchange risk, which helps to attract businesses from abroad. Tax in the UAE consists of three main types: Corporate tax, value-added tax (VAT) and excise tax. Corporate tax is levied on foreign nationals working in the UAE and on entities’ profits. Value-added tax is charged on goods and se… Starting a business in the UAE is an exciting opportunity. As the country continues to grow, so too does the emergence of entrepreneurs looking to establish their own business. There are many factors to consider when tak...

  It is common for companies to operate within a group. Fundamentally, the basis of a group formation is a common ownership. The basic  Corporate Tax  rules applicable on a company by company basis and could in some circumstances result in unfair tax consequences for companies within a group. The tax authority in UAE has incorporated various rules in the Corporate Tax Decree Law which aim to eliminate or minimize such unfair tax treatments by recognizing the existence of Tax Groups of companies. Let us see how a Tax group can be formed and what is its impact on the group members. Who can form a Tax Group? Two or more Taxable Persons who are Juridical Persons and resident in UAE are eligible to form a Tax Group, where one Taxable Person is a Parent Company who holds directly or indirectly at least 95% of all other Taxable Person’s (Subsidiaries): · Share Capital · Voting Rights · Profits and Net Assets Additionally, all group companies should follow the same Financial Year...

  CORPORATE TAX IN UAE  | Tax Losses Corporate Tax is payable when the taxable person’s taxable revenues are more than the expenses incurred during a tax period. However, this need not always be the case. It is possible that businesses may incur more expenses than it earns in revenue. A Tax Loss occurs when the total tax-deductible expenses are greater than the taxable revenues earned during a particular tax period. To ensure the fairness of the tax system the Federal Tax Authority provides some reliefs while the businesses are in losses. The authority allows businesses to use the loss generated in a tax period to offset the taxable income in the future tax periods indefinitely. As per the decree law on Taxation of Corporations and businesses, a Tax Loss may be offset in the following ways: · Carry forward against the taxable income of subsequent tax periods of the same taxable person, subject to conditions. · Transfer to another taxable person, subject to conditions. Carry Fo...

  Corporate Tax in Dubai is imposed on the taxable income of a taxable person during a tax period. We have seen various taxable persons coming under the purview of Corporate Tax. In this section, we will discuss taxable income and what are the adjustments to be taken into account in order to arrive at the taxable income. Taxable Income The Corporate Tax regime proposes to use the accounting net profit (or loss) as stated in the financial statements of a business as the starting point for determining their taxable income. Financial statements should be prepared in accordance with the accounting standards acceptable in the UAE. A majority of the companies in UAE are following IFRS for the preparation of their financial statements and it is mandatory to comply with IFRS for banking institutions and certain publicly listed companies. However, as it stands any other acceptable accounting standards would be allowed to follow, depending on the type and status of the company. The financia...