Horizon Biz Consultancy

Dubai: Your Launchpad for Entrepreneurial Success!

Unlock a world of opportunity for your small business in Dubai! 🇦🇪

This comprehensive guide walks you through everything you need to know, from choosing the right structure to securing licenses and navigating legalities.

Link to blog -->

https://www.horizonbizco.com/blog/ultimate-guide-small-business-setup-dubai/

Big tax savings for UAE Free Zone businesses, but there's a catch! Read on to learn the new rules and qualify for 0% corporate tax.

Need help navigating? Contact us now!

Can't agree more😊

Saudi Arabia Cuts Industrial Costs and Boosts Investment with Tax Exemptions

The Saudi government has taken a major step to stimulate its industrial sector and attract foreign investment. The Cabinet recently approved new regulations that exempt a wide range of industrial inputs from import duties.

Reduced Costs, Increased Competitiveness

These exemptions cover essential items such as machinery, equipment, spare parts, raw materials, and packaging. This will significantly reduce production costs for Saudi companies. As a result, they can either:

1. Lower product prices to become more competitive with imported goods in the global market.
2. Invest the savings in improving product quality or marketing, further enhancing their appeal to consumers.

Attracting Foreign Investment

The reduced customs burden will also make Saudi Arabia a more attractive destination for foreign investors. They will benefit from:

1. Lower costs for importing necessary equipment and materials.
2. Increased competitiveness of their products in export markets.
3. Potentially lower production costs compared to their home countries.

Supporting a Thriving Industrial Sector

This initiative aligns with Saudi Arabia's vision of becoming a leading industrial nation. The government actively supports the private sector through various programs and entities, including:

1. Saudi Export Development Authority
2. Small and Medium Enterprises General Authority (Monsha'at)
3. Export-Import Bank of Saudi Arabia
4. Development Funds offering low-interest loans
5. Saudi Authority for Industrial Cities and Technology Zones (MODON)
6. Financing programs like Kafalah and others
7. Industry-specific Development Funds for agriculture, tourism, infrastructure, etc.

These comprehensive support structures aim to empower the private sector to contribute to Saudi Arabia's ambitious goals.

Running a business in the UAE comes with legal responsibilities.

This guide simplifies Anti-Money Laundering (AML) record-keeping for you. Learn how to avoid hefty fines and build trust with strong KYC and record-keeping practices.

Read the article now to get the details or DM us for further details and discussions.

Link to blog..

https://www.horizonbizco.com/blog/guide-to-aml-record-keeping-uae/

The recently published Free Zone Persons Guide clarifies the application of 0% VAT and Corporate Tax (CT) for transactions like High Sea Sales, Third Port Shipments, and Drop Shipments within the UAE.

Key Points:

1. Previously Unclear: Whether these activities triggered a 0% or 9% tax rate was previously uncertain.

2. New Rule: The requirement for distributed goods to enter a Designated Zone only applies if the final customer is in the UAE Mainland.

* If the goods are already in the UAE (including Free Zones), further sales within the UAE qualify for 0% tax.

* If the goods are outside the UAE, they must be imported through a Designated Zone before selling them in the Mainland (still 0% tax).

* Goods never entering the UAE (High Seas Sales, etc.) also qualify for 0% tax.

3. Distribution Mode Doesn't Matter: The type of distribution (High Seas Sales, Drop Shipment, etc.) doesn't affect the 0% tax treatment.

4. VAT & CT Considerations: The Designated Zone acts as a tax-neutral zone for VAT purposes (neither import nor export). However, these transactions might be considered a Qualifying Activity under CT Law, potentially capturing revenue for tax purposes but maintaining a 0% tax rate.

Overall, this clarifies the tax treatment for these previously uncertain transactions, offering businesses more flexibility and potentially capturing additional revenue under the UAE's Corporate Tax regime.

True, ain't it?

Unlock the tax benefits of transferring assets within your UAE business group! This post explores the complexities of Qualifying Group Relief (QGR).

Read more..

https://www.khaleejtimes.com/business/unlocking-the-secrets-of-qualifying-group-relief

Absolutely!

The Gulf Cooperation Council (GCC) is set to revolutionize travel with a unified visa system launching by year-end. This "1 visa, 6 countries" initiative will streamline travel across all GCC nations, similar to Europe's Schengen zone. Business leaders see this as a game-changer, particularly for "bleisure" travel, where business trips seamlessly blend with leisure experiences.

Check out the business benefits below. DM us for further discussion.

Read more..

https://www.khaleejtimes.com/life-and-living/visa-and-immigration-in-uae/1-visa-6-countries-unified-gcc-entry-permit-to-boost-business-leisure-travel

Are you unsure if you'll have to pay the UAE Corporate Tax along with VAT?

Stay up to date with UAE tax laws and regulations with our Q&As on the UAE Corporate Tax.

DM us for more information/clarification.

Absolutely!🙂

Dear Sana, on behalf of everyone at Horizon Biz Consultancy, we wish you a very Happy Birthday!

We hope your day is filled with joy, laughter, and everything that makes you happy. We appreciate your contributions to our team and value your hard work and dedication.

May the coming year bring you continued success, both personally and professionally.

Once again, happy birthday Sana 💐

Understanding UAE VAT: A Guide for Businesses and Consumers

Read the blog to understand the different VAT categories in the UAE (standard rated, zero-rated, and exempt) with clear examples. Learn how to classify supplies correctly to avoid tax issues and ensure smooth VAT compliance.

Link to blog..

https://www.horizonbizco.com/blog/uae-vat-rates-guide/

"All labour that uplifts humanity has dignity and importance and should be undertaken with painstaking excellence" – Martin Luther King Jr

Happy Labour Day💐

Happy Birthday, Siddhi! We appreciate your dedication to Horizon. Thank you for being such an incredible teammate.

We hope you have an amazing day and a great year ahead!💐

Absolutely true :)

Considering launching a startup? Look no further than Dubai! With its strategic location, business-friendly environment, and government support, Dubai offers a thriving ecosystem for entrepreneurs to succeed.

Our latest blog post below dives deep into the city's thriving ecosystem, government support, and promising sectors. Read now and launch your venture to new heights! DM us for more information/discussion.

Link to blog..

https://www.horizonbizco.com/blog/dubai-future-startup-culture/

UAE Corporate Tax Updates: Stay Compliant!

Businesses have a special benefit under the corporation tax system in the United Arab Emirates: they don't need separate books for tax reasons. However, there's a catch to this flexibility: it's imperative to use the appropriate accounting standards.

Read more..

https://gulfnews.com/business/corporate-tax/uae-corporate-tax-businesses-must-make-sure-to-get-accounting-standards-right-1.1713845304332

Connect your Emara Tax Account with your UAE Pass now, to avoid access issues in the future.

Couldn't agree more🙂

Safety Measures and Precautions Following the Rain and Storms in Dubai

In the aftermath of the recent rain and storms in Dubai, it is crucial for all of us to prioritize safety and take necessary precautions to ensure the well-being of our community. Here are some important safety measures and precautions to be observed:

1. Property Inspection:

Please inspect your property for any damage caused by the rain and storms, and report any issues to the management for prompt resolution.

2. Electrical Safety:

Check electrical appliances and outlets for any signs of water damage before use to prevent electrical hazards.

3. Road Safety:

Exercise caution while commuting, and be mindful of any road damage or debris caused by the inclement weather.

4. Personal Safety:

Avoid venturing into flooded areas and adhere to safety warnings issued by local authorities.

5. Community Support:

Look out for one another and report any safety concerns to the management immediately.

6. Emergency Preparedness:

Familiarize yourself with emergency procedures and the location of emergency exits in your vicinity.

7. Stay Informed:

Stay updated with weather forecasts and official communications for any further advisories or alerts.

Your safety is paramount to us, and by following these measures, we can collectively ensure a secure and resilient community in the face of such weather events.

UAE Corporate Tax Updates: Stay Compliant!

New rules on tax portal access, registration, deregistration, and payments. Get a quick rundown to ensure your business stays compliant.

Read more..

https://www.khaleejtimes.com/business/economy/world-bank-raises-forecast-for-uaes-real-gdp-growth-to-3-9-in-2024-4-1-in-2025

> Are you unsure if the UAE Corporate Tax will replace VAT?

Stay up to date with UAE tax laws and regulations with our Q&As on the UAE Corporate Tax.

DM us for more information/clarification.

Confused about renewing your UAE trade license online?

Don't worry, this guide has you covered!

https://www.horizonbizco.com/blog/how-to-easily-renew-your-trade-license-online-in-the-uae/

Learn everything from who can renew online to step-by-step instructions, document requirements, and even renewal deadlines. ⏰

No more hefty fines! Renew your license stress-free today!

True isn't it? Persistence is the only key that unlocks success!

> Are you unsure if entities owned by the UAE or GCC Nationals will be subjected for the UAE Corporate Tax?

Stay up to date with UAE tax laws and regulations with our Q&As on the UAE Corporate Tax Registration.

DM us for more information/clarification.