Consulting Agency

Federal Business Companies Law in the UAE

Limited Liability Companies are penalized with a fine of AED 15,000 who are not required to keep accounting records for their transactions.

In the context of corporate tax related regulatory decisions, the Ministry of Finance has issued Ministry Decree No. (82) of 2023, which stipulates the need for taxpayers whose income exceeds AED 50 million and qualified persons residing in the free zone to prepare and maintain an audited financial statements 9% for companies whose annual net profit exceeds AED 375,000

The Ministry has provided small and medium-sized companies with many benefits when registering in the corporate tax system, such as exempting their profits up to 375,000 dirhams from tax, as well as the “Mowafaq” package, which facilitates their registration in the system.