Qaisar Nawaz, founder of AlQaisar Accounting Services, shares valuable insights on UAE business finances, taxation, and the benefits of outsourced CFO services for SMEs.
The One-Window Operation: Simplifying Business Setup
AlQaisar Accounting Services offers a unique one-window operation for businesses in the UAE. This comprehensive approach covers everything from company registration and bank account opening to financial structuring and tax compliance. By providing all essential services under one roof, AlQaisar simplifies the process for SMEs and startups, allowing them to focus on their core business activities.
Qaisar emphasizes the importance of partnering with experts who understand local regulations and can guide businesses through the complexities of UAE’s evolving tax landscape. This is particularly crucial as the country implements new tax legislations, including VAT and corporate tax.
Understanding UAE Taxation: Myths vs. Reality
Many entrepreneurs have misconceptions about doing business in the UAE. Contrary to popular belief, the process of setting up and running a business in the country is highly efficient and digitalized. The government has streamlined various procedures, making it possible to complete many tasks, including company registration, through mobile applications.
Qaisar clarifies the tax situation in the UAE, explaining that while the country has introduced VAT and corporate tax, it remains one of the most tax-friendly jurisdictions globally. He highlights the 9% corporate tax rate, which is among the lowest in the world, and discusses the Small Business Relief (SBR) initiative that exempts businesses with annual revenue below 3 million dirhams from corporate tax until 2026.
The Future of UAE Business and Finance
Looking ahead, Qaisar predicts several trends that will shape the UAE’s business and financial landscape:
- Implementation of e-invoicing systems
- Increased adoption of digital currencies
- Growth of online-only banks catering to SMEs
- Continued focus on attracting international businesses
He notes that the UAE is preparing to welcome a significant influx of SMEs, with projections suggesting an additional 1 million small businesses globally by 2030. To support this growth, financial institutions and government bodies are adapting their services and regulations to create a more conducive environment for entrepreneurs and small business owners.
In conclusion, Qaisar advises business owners to focus on their core competencies while partnering with financial and legal experts to navigate the UAE’s evolving business landscape. This approach allows entrepreneurs to take full advantage of the opportunities offered by the UAE’s dynamic economy while ensuring compliance with local regulations.
