Sharjah

VAT Deregistration in the UAE: A Guide All Business Setup. Corporate PRO, VISA Related Services: Contact Tycoon Documents, Dubai Apply Online Contact us The UAE has been operating under a 5% Value Added Tax (VAT) regime since 2018, covering most goods and services, particularly those related to the corporate sector. While businesses must comply with VAT obligations such as record keeping, filing VAT returns, and adhering to deadlines, there are scenarios where VAT deregistration is necessary. What is VAT Deregistration? VAT deregistration is the process by which a business ceases to be registered for VAT. This typically occurs when a company’s taxable transactions fall below the threshold set by the UAE’s Federal Tax Authority (FTA), or when the business stops trading altogether. Once deregistered, the business is no longer required to charge VAT on sales or claim VAT on purchases. However, they are also exempt from the administrative, financial, and legal burdens of VAT compliance. Conditions for VAT Deregistration in the UAE Eligibility for VAT deregistration depends on several factors: No Longer Providing Taxable Supplies: If a business ceases trading or providing taxable supplies and does not expect to have taxable transactions in the next 12 months, it must deregister. Falling Below the Voluntary Threshold: If the value of taxable goods and services provided by the business over the past 12 months falls below AED 187,000 (the Voluntary Registration Threshold), the business must deregister. Falling Below the Mandatory Threshold: If the taxable turnover drops below AED 375,000 (the Mandatory Registration Threshold), the business must apply for deregistration after 12 months of voluntary registration. Note: Voluntary registration requires a company to remain VAT-registered for at least 12 months before it can deregister. Steps to Deregister for VAT Log into the FTA Portal: Go to the FTA web portal and log into your Taxable Person Account using your Tax Registration Number (TRN). Select Deregister Option: In the VAT section, choose the “De-register” option from the “Actions” menu. Choose the Reason: Select the reason for deregistration from the drop-down list (e.g., no longer providing taxable supplies, value of taxable supplies below the threshold). Upload Documents: Provide supporting documents for your deregistration request. Submit Application: Complete and submit your application form. FTA Review: Wait for FTA approval. The review process typically takes around 20 working days. Submit Final VAT Report: Once pre-approved, file your final VAT return with the FTA. Clear Outstanding Liabilities: Settle any outstanding VAT debts or request reimbursement, if applicable. Receive Deregistration Certificate: Once the process is complete, download your Deregistration Certificate from your e-Services account. Key Considerations The final VAT return and payment of outstanding VAT must be completed within 28 days of the deregistration’s effective date. Failure to do so can result in penalties. Businesses must continue filing VAT returns until the deregistration is officially approved. Non-compliance with the deregistration process or delays can lead to penalties, including an initial fine of AED 1,000 and additional monthly penalties of AED 10,000. Additional VAT-Related Costs Penalties for Late Deregistration: AED 1,000 initially and up to AED 10,000 monthly. Deemed Supplies: Goods or services involved in a business may be considered as deemed supplies and should be included in the final VAT return. VAT Support Services by Tycoon Documents Tycoon Documents offers a wide range of VAT-related services, including: VAT registration and deregistration Filing VAT returns Consultancy on VAT compliance and corporate tax By handling the complexities of VAT deregistration and offering guidance on compliance, Tycoon Documents ensures that businesses can efficiently manage their tax obligations and avoid penalties. Contact Tycoon Documents for a consultation on how they can assist with VAT or other business needs. Call Us 24/7 971 56 993 1404/02 OR Get Your Consultation FREE! Request Appointment

How to Get a Mortgage in the UAE: A Comprehensive Guide for 2024 All Business Setup. Corporate PRO, VISA Related Services: Contact Tycoon Documents, Dubai Apply Online Contact us Overview of Mortgage in Dubai for 2024 The UAE’s real estate market has always been a vital aspect of the country’s economy, attracting both local and international investors. While many property transactions are made through cash or developer payment plans, mortgages have become increasingly popular. In 2024, the mortgage landscape in Dubai is expected to change due to several key factors, including declining interest rates, rising rental prices, and the potential for refinancing. Key Factors Influencing Mortgages in Dubai in 2024: Lower Interest Rates: The UAE central bank follows the Federal Reserve’s monetary policy due to the dirham’s peg to the US dollar. A 100-basis point reduction in interest rates is expected by 2025, making borrowing cheaper and driving demand for mortgages. Increased Rental Prices: As rental prices continue to rise in Dubai, the gap between mortgage payments and rent narrows, making buying property a more appealing option for some renters. Refinancing Opportunities: Current mortgage holders in Dubai will likely explore refinancing options as interest rates drop, allowing for better terms on their loans. Investment Opportunities: Lower mortgage rates might attract investors who see opportunities in the short-term appreciation of Dubai’s high-value real estate. These factors are likely to shift the mortgage market in 2024, making it an opportune time for both new buyers and existing homeowners to reconsider their mortgage options. Mortgage Eligibility in the UAE Mortgage options are available to UAE citizens, residents, and non-residents, although the terms and conditions vary by demographic. General Eligibility Criteria: Age Requirement: Borrowers must be between the ages of 21 and 65. Minimum Income: For salaried individuals, the minimum income requirement is AED 15,000 per month, while self-employed individuals must earn at least AED 25,000 per month. These figures may vary slightly depending on the bank. Down Payment Requirements: UAE residents must make a down payment of at least 25% for properties valued at AED 5 million or less. For non-residents, the down payment increases to 50%. Loan Term: Mortgage terms in the UAE typically range from 5 to 25 years, depending on the lender. Employment History: Banks may require a minimum employment period or several months with the current employer to assess job stability. Credit Score: A good credit history is essential for securing a mortgage, especially for non-residents and self-employed individuals. Mortgages for Non-Residents Non-residents are allowed to obtain a mortgage in Dubai, but banks tend to offer more restrictive terms. Typically, non-residents can only finance up to 50% of the property’s purchase price, and the down payment requirement is higher. Additionally, mortgage terms are usually shorter, and the interest rates may be slightly higher compared to UAE residents. Non-residents can only purchase properties in freehold areas of Dubai, where foreign ownership is allowed. Required Documents for a Mortgage in Dubai To secure a mortgage in Dubai, borrowers must first obtain pre-approval from a bank, after which they can proceed to select a property. Below is a breakdown of the required documentation: For UAE Residents: Copy of Visa and Passport Emirates ID Salary Certificate (to confirm income) Proof of Residence: A lease agreement or a utility bill suffices. Bank Statements: Typically for the last 6 months. Credit Card Statements For Non-Residents: Copy of Passport Bank Statements: Usually covering the last 3 to 6 months. Additional Documentation: Some banks may require tax returns, corporate documents, or audited financial statements for business owners. The Mortgage Process in Dubai The process for securing a mortgage in Dubai involves several key steps, from initial consultations with banks to property registration. The following is an outline of the general procedure: Pre-Approval: The first step is to obtain pre-approval from a bank or use the services of a mortgage broker. Pre-approval indicates that the bank is willing to extend a loan based on your financial standing. Property Selection: Once pre-approval is secured, borrowers have between 60 to 90 days to select a property that fits their budget and preferences. Negotiation and Deposit: After selecting a property, the buyer negotiates terms with the seller and signs a letter of intent. A deposit, typically around 10% of the purchase price, must be paid to the seller. Final Mortgage Approval: The borrower then submits a mortgage application to the bank, which includes a credit check and a property appraisal. If everything is in order, the bank approves the mortgage. Legal and Administrative Procedures: After mortgage approval, the borrower must complete the legal and administrative processes, including the registration of the property with the Dubai Land Department (DLD). Mortgage Payment: Once the process is completed, the borrower starts making monthly mortgage payments based on the loan’s terms. Types of Mortgage Programs in Dubai Banks in the UAE offer a range of mortgage products, each catering to different borrower needs. The two most common types are fixed-rate and variable-rate mortgages. Fixed-Rate Mortgages: A fixed interest rate is set for an initial period, usually between 1 to 5 years. This offers predictability, as the monthly payment remains consistent. After the initial period, the interest rate may adjust to a level exceeding the Emirates Interbank Offered Rate (EIBOR). Variable-Rate Mortgages: Variable-rate mortgages adjust according to changes in EIBOR. While borrowers benefit from lower payments if rates decrease, they also bear the risk of rising payments if rates increase. Other Mortgage Options: Discounted Rate Mortgages: This is a type of variable-rate mortgage where borrowers receive an initial discount on the bank’s base rate. After a set period, the discounted rate adjusts to the standard variable rate. Mortgage Refinancing: Borrowers with an existing mortgage can refinance their loan under better terms. This may involve switching to a bank offering a lower interest rate, reducing monthly payments, or shortening the repayment term. Additional Mortgage Costs in Dubai In addition to the down payment, borrowers should be aware of other costs associated with obtaining a mortgage in Dubai:

Discover Lucrative Ways to Make Money Online in the UAE in 2024 All Business Setup. Corporate PRO, VISA Related Services: Contact Tycoon Documents, Dubai Apply Online Contact us As a UAE resident, the digital landscape offers myriad opportunities to earn money online, whether you seek supplemental income or aim to build a stable financial foundation. This guide will delve into various methods to generate income online, including online surveys, freelancing, e-commerce, and more, while addressing the legal requirements and market conditions specific to the UAE. Overview of the UAE Online Earning Market The UAE’s online earning market is thriving, with a robust e-commerce sector anticipated to reach $18.99 billion by 2029. Several factors contribute to this growth: High Internet Penetration: With internet penetration at an impressive 99% in 2024, residents have easy access to online platforms, making it a fertile ground for online business and freelance work. Government Support: The UAE government encourages entrepreneurship and foreign investment, providing a favorable environment for online earnings. Tax policies are especially attractive, with 0% taxes on income up to AED 375,000 and 9% on income exceeding that threshold. Diverse Economy: Beyond e-commerce, other sectors such as tourism, technology, and finance are growing, creating additional avenues for online income. Given these conditions, the UAE stands out as an ideal location for individuals seeking to monetize their skills or engage in entrepreneurial ventures. Legal Requirements for Earning Money Online in the UAE While the UAE offers a welcoming environment for online entrepreneurs, it’s essential to understand the legal framework governing online earnings: E-commerce License: If you plan to sell products online, you need to obtain an e-commerce license from one of the UAE’s free zones. This ensures that your business operates legally and meets local regulations. Freelance Permit: For freelancers, acquiring a freelance permit from a free zone is necessary. If you are already employed, you may also need a No Objection Certificate (NOC) from your employer. Valid Passport: Ensure your passport has at least six months of validity before expiration, as this is a requirement for many applications and registrations. Compliance with Advertising Standards: Selling low-quality goods or monopolizing prices can result in fines ranging from AED 3,000 to AED 200,000, or even imprisonment for severe violations. Always ensure your business practices comply with UAE laws. By adhering to these legal requirements, you can confidently engage in online earning ventures without the fear of legal repercussions. Ways to Earn Online in the UAE The methods of making money online can be broadly categorized into two groups: earning without investment and earning with investment and skills. Here’s a detailed look at each category. Earning Without Investment If you want to earn some extra cash quickly and without a significant upfront investment, several platforms allow you to perform simple tasks for rewards: Online Surveys: Participating in surveys is a straightforward way to earn money. Companies seek consumer opinions to tailor their products and services. Swagbucks: This globally recognized platform lets you earn points (SB) by completing surveys, playing games, and watching videos. Each survey can earn you between 40 to 200 SB, and when you accumulate 100 SB, you can redeem it for $1. YouGov UAE: Specifically designed for UAE residents, YouGov allows you to share your opinions on various topics. Each survey typically pays around $1, making it a simple way to earn some cash. Triaba UAE: This app offers a section dedicated to UAE residents, with a low payout threshold of $12. You can earn cash or opt for gift cards, providing flexibility in how you receive your earnings. Microtasks: Various apps offer the chance to complete small tasks for cash rewards. These tasks can include data entry, simple online research, and more. Pawns App: Unique in its approach, the Pawns app rewards you for taking surveys or simply keeping the app open on your device. You can earn about $1 per survey and potentially up to $140 a month passively. Paid Online Games: Some platforms pay users to play games, turning leisure time into earning opportunities. Mistplay: This app rewards you for playing mobile games and offers gift cards as you accumulate points. While the earnings may be small, it provides a fun way to earn money. Cashback Apps: Use cashback apps when shopping online. These apps give you a percentage back on your purchases. Cashback UAE: This app partners with various retailers, allowing you to earn cash back on purchases made through the platform. While these methods may not lead to a full-time income, they can provide some extra cash without any upfront investment. Earning with Investment and Skills To build a more substantial income, consider avenues that require investment or specific skills. Here are some of the most promising options: Real Estate Investing: The UAE’s real estate market is dynamic, offering various investment opportunities. Real Estate Investment Trusts (REITs): REITs allow you to invest in real estate without directly buying property. Platforms like Smart Crowd enable you to invest in fractional ownership of properties, making real estate investing more accessible. Capital Gains and Rental Income: By investing in properties, you can earn money through capital appreciation and rental income. For example, if you purchase a property for AED 2 million and later sell it for AED 2.5 million, your profit would be AED 500,000. Dropshipping: This e-commerce model involves selling products without maintaining inventory. How Dropshipping Works: When a customer orders a product from your online store, you purchase it from a third-party supplier who ships it directly to the customer. This eliminates the need for inventory management. Steps to Start: Choose a Niche: Focus on trending products that have high demand. Categories like fashion, electronics, and health products are particularly popular in the UAE. Find Reliable Suppliers: Platforms like AliExpress and Oberlo can connect you with suppliers who offer dropshipping services. Set Up an Online Store: Create a website using platforms like Shopify, which is user-friendly and designed for e-commerce. Obtain a Trade License: Depending on your chosen free zone,

How to Change the Mobile Number Linked to Your Emirates ID All Business Setup. Corporate PRO, VISA Related Services: Contact Tycoon Documents, Dubai Apply Online Contact us Why It’s Important to Link Your Mobile Number to Your Emirates ID In the UAE, linking your Emirates ID to your mobile number is essential. This link allows you to access various government services easily. For example, when you register for a service, a One-Time Password (OTP) is sent to your registered mobile number. If that number isn’t yours, you’ll need to update it to use these services smoothly. Your mobile number is registered when you apply for your Emirates ID, so it’s best to use your own number to avoid any issues later. Here’s how you can change the mobile number linked to your Emirates ID. Changing Your Mobile Number Online Follow these steps to update your mobile number through the Federal Authority for Identity and Citizenship (ICA) website: Visit the ICA website: Go to icp.gov.ae. Select Services: Click on “Services” and then go to “Smart Services.” Under “Other Services,” choose “Personal Information” and then “Update Personal Information.” Click “Start Service.” Choose Your Nationality: Select your nationality. You may need to provide your Identity number or specify if you’re inquiring by Visa or Residency. Fill in Details: Complete the required fields, including your full name, passport number, Emirates ID number, date of birth, last entry date, and email address. Check Your Current Mobile Number: Look at the current mobile number displayed on the screen. Enter New Mobile Number: Input your new mobile number and receive an OTP to confirm it. Provide Your Address: Fill in your address and check the captcha box. Review Your Information: Double-check all details and make any necessary edits. Make Payment: The fee for changing your mobile number is AED 53. After payment, you will receive a confirmation email. It usually takes 2 to 7 days to update your mobile number. Changing Your Mobile Number Using the ICA App You can also change your mobile number using the ICA mobile app. Here’s how: Download the ICA App: Log in to your ICA account on the app. Update Personal Info: Click on “Update Personal Info” under public service options. Enter Your Information: Fill in your Emirates ID number and expiry date, and select “Residency” under File Type. Check Your Current Number: Review the mobile number displayed. Enter New Number and Confirm: Input your new number and request an OTP for confirmation. Complete Payment: Make the payment and wait for a confirmation message on your mobile. You can track your Emirates ID update status using the reference number from the confirmation message. Frequently Asked Questions (FAQ) 1. How much does it cost to change my mobile number on my Emirates ID?The fee is AED 53, and it takes 2 to 7 days for processing. If done at a Smart police station, it’s free and immediate. 2. Can I change my mobile number in person?Yes, you can visit any ICA service center or a Smart police station. 3. How do I change my mobile number at a kiosk?Visit any ICA happiness center. For more info, call 600522222. 4. How long does it take to update my mobile number?Typically, it takes 2 to 7 days after payment. At a Smart police station, it’s immediate. 5. Can I use any mobile number?Use a mobile number you regularly check, as important services are linked to it. 6. Can I use a foreign mobile number?Only UAE mobile numbers can be linked to your Emirates ID. 7. How can I check my registered mobile number?Log in to your ICA account on the website or app to see your personal information. 8. What if I enter the wrong number?You can correct it during the review step. If you realize the mistake after payment, you may need to start over. 9. What if I lose my phone with the registered number?Update your Emirates ID with your new number as soon as possible to continue receiving OTPs and notifications. Keeping your Emirates ID updated with your current mobile number is crucial for accessing government services smoothly. If you’ve changed your mobile number, make sure to update it on your Emirates ID promptly! Call Us 24/7 971 56 993 1404/02 OR Get Your Consultation FREE! Request Appointment