"Failure to comply could result in fines ranging up to Dh100,000 (over $ 27,000), including suspension of trade licenses for a period between one month to 12," Atik Munshi, Managing Partner of Enterprise House / FinExpertiza UAE, told Gulf News.
"The process of submission of the UBO requirement is swift and efficient. But if an entity has failed to furnish its UBO requirements within the stipulated period, the time and process regarding acceptance would be solely dependent on the concerned local authority. All entities unless exempted are required to submit to the authority a "statement of UBO", "statement of shareholders" register", and if any, a "statement of nominee shareholder"," said Atik Munshi.
The new strict requirements of the UAE for the disclosure of information about the ultimate beneficial owners (UBO) by businesses are aimed to increase the transparency of business activities and prevent money laundering and financing of terrorism. Companies were to send information about their ultimate owners by July 7; in the event of delays, penalties would be imposed. Entities wholly owned by the local or federal government, or any-other companies wholly-owned by such companies, and entities in financial free zones are exempted from the UBO Regulations.
Read more:
https://finexpertiza.com/en/news/o-riskakh-bizn-v-oae/
"The process of submission of the UBO requirement is swift and efficient. But if an entity has failed to furnish its UBO requirements within the stipulated period, the time and process regarding acceptance would be solely dependent on the concerned local authority. All entities unless exempted are required to submit to the authority a "statement of UBO", "statement of shareholders" register", and if any, a "statement of nominee shareholder"," said Atik Munshi.
The new strict requirements of the UAE for the disclosure of information about the ultimate beneficial owners (UBO) by businesses are aimed to increase the transparency of business activities and prevent money laundering and financing of terrorism. Companies were to send information about their ultimate owners by July 7; in the event of delays, penalties would be imposed. Entities wholly owned by the local or federal government, or any-other companies wholly-owned by such companies, and entities in financial free zones are exempted from the UBO Regulations.
Read more:
https://finexpertiza.com/en/news/o-riskakh-bizn-v-oae/
Finexpertiza
Atik Munshi told Gulf News about risks faced by businesses in the UAE if beneficiaries are not disclosed
"Failure to comply could result in fines ranging up to Dh100,000 (over $ 27,000), including suspension of trade licenses for a period between one month to 12," Atik Munshi, Managing Partner of Enterprise House / FinExpertiza UAE, told Gulf News.
"The…
"The…
"The present steep climb in gas prices affects European energy-intensive industries immediately and necessarily. Wherever there is a high demand on heating and energy, almost every company will be indirectly affected in the business scene. The commercial sectors in Europe are the ones most likely to be hit by the extreme high gas prices, where even a short-term price increase affects production and service costs through cooling, heating, drying, lighting and so on," Mate Tot, Head of Energy at FinExpertiza Hungary, told the premier Russian news agency RIA Novosti.
The expert pointed out the industries most likely to be affected by the ongoing price hike: "The chemical industry, for example, nitrogen plants in Europe, is also exposed to risks, as well as hydrogen production, e.g. in Germany, where not "green" hydrogen but blue is dominant, generated from gas."
Source:
https://finexpertiza.com/en/news/mate-tot-rost-tsen-gaz/
The expert pointed out the industries most likely to be affected by the ongoing price hike: "The chemical industry, for example, nitrogen plants in Europe, is also exposed to risks, as well as hydrogen production, e.g. in Germany, where not "green" hydrogen but blue is dominant, generated from gas."
Source:
https://finexpertiza.com/en/news/mate-tot-rost-tsen-gaz/
Audit without borders, consulting without limits, a steady spot in the global networks top-rating, membership in the "elite club" of the audit profession, offices in 17 countries and an international team of 1 300+ strong - these and many more professional conquests FinExpertiza Global gets complimented on today.
On our network’s birthday we thank our trusted partners, loyal clients and FinExpertiza Founder Elena Trubnikova. Sustainably high standards of business support on any continent is a vision come true - all because of you!
On our network’s birthday we thank our trusted partners, loyal clients and FinExpertiza Founder Elena Trubnikova. Sustainably high standards of business support on any continent is a vision come true - all because of you!
IV FinExpertiza Global Conference is officially open in Limassol, Cyprus. Over the next two days heads of FinExpertiza member companies from 17 countries will discuss vital issues of the post-corona crisis agenda: economic development, digitalization and sustainable development. The delegates will share expertise in the core fields of audit and consulting and will cover a wide range of topics such as the influence of the pandemic on marketing models, tax aspects of crypto currencies, social impact bonds, energy legislation and more.
The International Audit and Consulting Network FinExpertiza was joined by Global-Audit from Uzbekistan. Currently, FinExpertiza's geographical footprint includes 17 countries.
Since 1997, Global-Audit has been providing clients with comprehensive services in audit, accounting, tax and business consulting. The company is based in Tashkent and has branches in the Fergana Valley and Kashkadarya Region.
"Currently, the economic interaction between Russia and Uzbekistan is growing steadily. Cooperation with Global-Audit will provide our clients with more opportunities for business development in the republic," said Ilgiz Baymuratov, Vice President of FinExpertiza Global.
Since 1997, Global-Audit has been providing clients with comprehensive services in audit, accounting, tax and business consulting. The company is based in Tashkent and has branches in the Fergana Valley and Kashkadarya Region.
"Currently, the economic interaction between Russia and Uzbekistan is growing steadily. Cooperation with Global-Audit will provide our clients with more opportunities for business development in the republic," said Ilgiz Baymuratov, Vice President of FinExpertiza Global.
"Christmas isn’t a day or a season, it’s an atmosphere. Wherever you are, it’s a chance to realize that you belong to an enormous global family. This is how we feel at FinExpertiza Global, and we do hope you catch this unique vibe that binds us together all year round! Merry Christmas!"
Elena Trubnikova
President, FinExpertiza Global
Elena Trubnikova
President, FinExpertiza Global
Dear friends, colleagues and partners! The New Year opens the hearts of your family and friends, while sadness and regret hurry out of the room, away from the Christmas tree. Over the past few years we’ve all learnt this lesson: whatever the times bring, we can deal with them, and they can’t deal with us. Hence our motto: "Can’t knock us down!" Happy New Year!
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"With the tax rate below 10 per cent and an exemption limit of Dh375,000 (about $100,000) profit, the UAE is a very attractive place to do business. The business community will take this in their stride and be part of the UAE success story," said Atik Munshi, Managing Partner at FinExpertiza UAE, to Gulf News.
The fact that the UAE’s corporate tax regime will come into effect from June 1, 2023 gives businesses - and all concerned - ample time to prepare. "There is usually a surprise element when most governments plan on introducing any kind of tax. So, a window of a year should actually be sufficient for business houses to plan," noted Atik Munshi.
The UAE introduces a federal corporate tax on business profits for the first time, the rate is 9%.
The fact that the UAE’s corporate tax regime will come into effect from June 1, 2023 gives businesses - and all concerned - ample time to prepare. "There is usually a surprise element when most governments plan on introducing any kind of tax. So, a window of a year should actually be sufficient for business houses to plan," noted Atik Munshi.
The UAE introduces a federal corporate tax on business profits for the first time, the rate is 9%.
FinExpertiza has moved up on the IAB rating, recaching #6 on the top 10 list of audit companies in Russia. The International Accounting Bulletin (IAB) is an influential trade magazine that covers the global accounting business. Each year IAB publishes a World Survey that ranks the leading 40 accounting networks and associations. Over the years FinExpertiza Global has upheld its position as an industry leader both on the home market and internationally.