AMCA Auditing And Business Advisors

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Ultimate Beneficial Owner (UBO)

Ultimate Beneficial Owner (UBO) is the individual who ultimately owns a legal entity or legal person during a transaction. A UBO of a registered organization is a person who holds a minimum 25 percent of the company’s wealth, or at least a similar-sized voting power or ownership stake among other shareholders and benefits from getting a minimum 25 percent of said firm’s money. If no one meets the condition above, then any natural individual who has the power to control the organization using any other means may be termed as the UBO. In cases where UBO can’t be identified through the two conditions above, then a natural person who holds the highest management position in the company may be considered as the UBO. Ultimate Beneficial Ownership (UBO) has emerged as a crucial notion for the performance by financial institutions of their compliance obligations after the creation of the Financial Action Task Force (or FATF) in 1989. Founded by thirty countries, FATF...

UAE Golden Visa

The UAE golden visa offers residency for five or ten years, instead of the standard two-year residence visa. The Business Visa is essential for the Golden Visa system for permanent residents and foreigners to acquire a long-term visa for themselves and their dependents. Who is Eligible for the Golden Card? It was declared that executives who have a salary with Dh30,000 or more can apply for the visa as well. The applicant ought to have a minimum bachelor’s degree or its equivalent and five years of work experience. They should also have a valid employment contract. Eligibility for a 5-year Golden Visa The following categories are entitled to apply for a 5-year home visa in the UAE. Investors in a property in the UAE Allowing a visa depends on the following conditions: The investor ought to invest in a property of a gross worth of not less than AED 5 million. The amount invested in real estate ought not to be on a loan b...

TINCO and TINCE

The Federal Tax Authority (FTA) of the United Arab Emirates has published two new guides associated with Excise Tax Clearing Companies(TINCEs). What is TINCO? TINCO is a particular reference number that is allocated to cargo forwarders or clearing agents who register with FTA (Federal Tax Authority). FTA affirmed clearing organizations can apply for excise tax clearing company (TINCE) registration by signing in to their existing TINCO account. Therefore, before doing this registration, the company should already be registered with FTA(Federal Tax Authority) as a clearing company (TINCO) Who Should Register? Enrolled Clearing Companies with TINCO accounts can use the TINCE registration form to apply for suspension of the Excise Tax due on the Excise Commodities that they will import on behalf of importers. During the registration process, the Clearing Company will be needed to give a guaranteed amount to the FTA. On successful registration, the Clearing Company wi...

GOAML Registration UAE

The goaml registration deadline is 30th April 2021. Register your company on GoAML and avoid the penalties. UAE’s Ministry of Economy has issued a list of violations and fines for money laundering. Organizations that disregard to do so will face fines ranging from Dh50,000 to up to Dh1 million, including cancellation of license. A gigantic scope of non-financial business and activities are most exposed to money laundering chances. These have been isolated into four essential classifications 1. Brokers and real estate agents 2. Independent auditors and accountants 3. Dealers of precious metals and gemstones 4. Corporate service providers . Why Register on goAML GoAML registration is required to submit suspicious transaction reports (STRs) to the goAML system . GoAML is a universally accepted electronic system to assemble and analyze financial and non-financial information to defy money laundering and combat the financing of terrorism We Are Alway...