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Virtuzone, a Dubai-headquartered provider of company formation solutions, corporate services and tax consultancy, will provide SMEs with free corporate tax registration, free accounting services for three months to help them meet their reporting requirements for corporate tax, and a region-first compliance guarantee.
In June 2023, corporate tax started to take effect in the UAE, and all businesses are now mandated to register for corporate tax, manage their books and keep proper accounting records, and file a corporate tax submission with the Federal Tax Authority (FTA).
However, more than 50% of UAE-based companies are still not ready to comply with the new corporate tax rules, with many adamantly believing the rules do not apply to them while they do.
Virtuzone will therefore be investing over AED50 million (US$13.6 million) in free corporate tax and accounting services that will enable 10,000 businesses and entrepreneurs to be corporate tax-compliant by December 2023.
“Corporate tax started a few months ago, but there is a lot of confusion around it in the business community. Many clients and businesses come to us asking if it applies to them since they are free zone companies or just small businesses,” said Virtuzone Accounting and Tax Managing Director John Casey. “We will help them comply with ease, get their books in order, and allow them to avoid penalties and fines. As a leading corporate service provider in the UAE, we aim to lead and guide SMEs in navigating this new terrain in the UAE’s constantly evolving business landscape.”
Neil Petch, founder and Chairman of Virtugroup, the holding company behing Virtuzone, added, “To help facilitate the smooth implementation of corporate tax and ease the transition for SMEs, Virtuzone has taken this historic initiative to support the local business sector, help boost the nation’s economy, and work alongside the government in making the country an even more attractive hub for foreign direct investment.”
Related: Gamechangers: UAE Company Formation Specialist Virtuzone On 10 Years Of Supporting Entrepreneurs
This article is from Entrepreneur.com
