Page 20 - Premier Brains Global -Doing Business in UAE (Low Res)

DOING BUSINESS in UAE

Register of UBOs

• UBOs are natural persons who ultimately
own or control or have the right to vote with
minimum 25% shareholding of the company,
whether through direct or indirect ownership
or who have the right to appoint or dismiss
the majority of the Directors / Managers.

• If no natural person satisfies the condition
above, then any natural person who
exercises control over the company through
other means shall be deemed as the UBO.
• If no natural person satisfies both
conditions above, then a natural person who
is responsible for the senior management of
the company will be deemed as the UBO.

Taxation for Businesses

Conducted within UAE

The Federal Tax Authority (FTA) was

established in 2016 by the President of
the UAE, His Highness Sheikh Khalifa Bin
Zayed Al Nahyan. This government entity

is responsible for the collection and
management of federal taxes in the UAE
along with the UAE Ministry of Finance.

BEPS Implementation in UAE

On May 16, 2018, the UAE agreed to comply • Action 5: Harmful tax practices
to the OECD Inclusive Framework on • Action 6: Treaty abuse
Base Erosion and Profit Shifting (BEPS IF). • Action 13: Transfer pricing documentation
The nation has made a commitment to and CbCR
quickly enacting the following four minimal • Action 14: Dispute resolution
requirements:
The UAE has agreed to execute the remaining
11 BEPS Actions in the medium- to long-term
in addition to these baseline requirements.
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