VAT (Value Added Tax) was introduced in the UAE on the 1st of January 2018, which is a big revolution in the taxation scenario for the country. In such a new tax regime, businesses in the UAE should be informed about the VAT registration process procedure. This blog discusses the essential documents required during the VAT registration process that will help businesses register effectively in the UAE tax regime.
Essential Documents For VAT Registration
The following documents have to be prepared and submitted to finalise the VAT registration process. The following list categorises the documents for better clarity:
Business Information
- Trade License: A copy of the trade license has to be submitted. It indicates that the business is lawfully registered in the UAE.
- Commercial Registration Certificate: The document confirms the legitimacy of the company and usually appears with the trade license.
Identification Documents
- Passport Copies: Copies of the owner(s) or authorised signatories passports to identify
- Emirates ID: Emirates ID for UAE nationals and residents copy
Business Bank Account Details
- Bank Statements: Bank statements which depict the last few months transactions of the business, revealing turnover and cash flow
- Bank Account Details: Number and name of the bank in which the business is held for VAT purposes
Financial Documents
- Project turnover for the coming 12 months. It will be a justification for registering the business.
- Statements of previous year’s accounts: If the case so allows, then statements of accounts of the last year will help in establishing that the business has turnover
Tax Group Documents (in case the case so permits)
Declaration of Tax Group: This is a declaration under which a business is registering with a tax group. The declaration will include members of that group and their respective tax registration numbers.
Submit an Application
With all documents in hand, companies can apply for registration under VAT online through the Federal Tax Authority’s website. It requires a very intricate form to be filled with uploading the necessary documents for application. All information supplied must be correct and detailed so as not to trigger any delay in the registration process.
RBS Auditors and VAT Registration
For example, the VAT registration process might be very complicated for a new business. RBS Auditors make that quite possible because of their tax compliance and accounting experience. Here are some significant services RBS Auditors provides with regard to VAT registration:
- Document Preparation: RBS Auditors can help businesses gather and prepare the relevant documentation to meet the FTA requirements.
- Application Submission: RBS Auditors covers the whole application process for its clients and submits the same to the registration authority in behalf of the business so that the details are duly and accurately submitted.
- Support in VAT Post-Registration: Apart from the registrations, RBS Auditors provide post-registration support such that the businesses have optimum VAT compliance so that tax risks can be minimised to have correct tax management by the businesses.
Conclusion
In any business, proper comprehension of documents needed for VAT registration in the UAE is paramount. The proper documentation can lead to a smooth and fast process of registration with an effective avoidance of possible risks. To make this as seamless as possible, firms should team up with RBS Auditors who will guide and aid through the VAT registration procedure. Thus, businesses will not need to worry about staying in line with UAE’s VAT regulations while continuing on their growth path.