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UAE has the Lowest Tax Rate Globally

UAE has the Lowest Tax Rate Globally of 5% VAT. Read the full article

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The 5 most powerful sales methods for 2019

Powerful Sales Methods With my research on sales and reading top sales books from the top sales people I have written this article to help you improve your business. 1. Target the right people Targeting the right people is the first and most important thing in getting new sales in my opinion. Remember, Not everyone is your customer. What you need to do is search for people or companies which are similar to your best clients with similar problems you have solved in the past. They are the right people to target. I need you to ponder on this example, Dental clinics don't look for customers with back pain problems, they are not their customers, they can't solve their problem if they wanted to. They can or have to target only people with dental issues. In the same way, you need to find customers who fit your product or services. 2. Stop Talking about yourself and how great your company is What many salespeople or networkers do is that they endlessly talk about themselves and their company. Which is not bad but if you do that excessively people are going to literally run away from you. Would you hangout with people in your personal life who always talk about themselves all the time, I don't like that, nor do many other business owners & top level executives. What you need to do is show them how your company can solve their pain points in business issues. If they don’t have a problem, why should they hire you. Talking about yourself and your company is important but surely it is more important that you tell them how your product or service is going to help them ease their life. They key point here is to show them the results you will deliver to them and how they will benefit from your results. 3. Focus more on new sales Without sales your company doesn't have the fuel to go further in growth and revenue. Now that you know about targeting, you can easily focus on driving in new sales. And once you get a hang of it, you will get addicted to it because it will be a motivation factor for your company as you will see more growth. You will create more awareness about your company in the market. No matter what the market situation is, good or bad, with the help of these powerful methods you will be able to always stay on top of your competition. 4. Exploring other market areas Exploring other market areas such as the middle east and especially UAE is also a good consideration to look into, check out reasons for doing business in UAE Click Here or companies already in UAE should also try to consider other areas of the world. With doing more research you may find more potential prospects and eventually clients. 5. Ask more questions The best method to activate point no. 2 and show clients more results is to uncover their needs by asking more and more relevant questions to know exactly what needs or problems they have. They can be explicit or implicit needs or problems, you should learn this skill to know how to uncover the explicit and implicit needs. Explicit needs are easy to uncover and implicit needs are harder. This method will help you know if you can really help the client or not, and if you can then the pricing objection will no longer be there. Conclusion No matter how catchy every sales advisor's title looks, but these methods are going to remain the same no matter which year it is. The implementation of these methods might change as per the technology. For example, using these methods you can target easily on LinkedIn, google AdWords and SEO and many other platforms, but you're still doing the targeting, if it is online or offline. The new technology may ease the method but it cannot change it. If you found my article helpful please share it with your friends and colleagues so that they can also benefit from this powerful article.

Book Recommendations

New Sales Simplified by Mike Weinberg Packed with examples and anecdotes, New Sales. Simplified. balances a blunt (and often funny) look at what most salespeople and executives do wrong with an easy-to-follow plan for ramping up new business starting today. Buy from Amazon

Spin Selling by Neil Rackham SPIN Selling is the million-dollar key to understanding and producing record-breaking high-end sales performance. By following the simple, practical, and easy-to-apply techniques of SPIN, readers will be able to dramatically increase their sales volume from major accounts. Buy from Amazon Share on facebook Facebook Share on twitter Twitter Share on linkedin LinkedIn Share on whatsapp WhatsApp Read the full article

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Introduction to VAT in UAE

What is VAT?  VAT is a consumption tax levied on goods and services at every point of sale where value has been added, it starts from the producer going all the way to the consumer. Making it simple; all VAT registered businesses are collectors of VAT for the government. The consumer pays VAT ultimately. About VAT in UAE As businesses were used to a Tax-Free environment it will be quite hard for businesses to settle with the introduction of VAT in UAE. Since 5% is decent compared globally, businesses will see a fundamental change. The government of UAE has introduced VAT to be less dependent on oil and other hydrocarbons as a source of revenue. With the introduction of VAT the government will be able to provide high quality public services to its residents. The implementation date for VAT is 1st January 2018.

FTA

What is Federal Tax Authority? FTA is a government formed organization which administer vat and excise taxes. Important notices, guides and other support will be provided by FTA. It is also responsible for administering penalties on individuals or businesses which commit offenses. VAT for individuals As tax is on consumption it will affect the end consumer. So the cost of living will increase depending on the spending behavior of an individual. If the consumer often spends on luxury products or services, he is most likely to see an increase. A minimum spending consumer will hardly find much impact. VAT for businesses The minimum threshold for mandatory registration for businesses which provide goods and services will be AED 375,000 and businesses with taxable supplies above AED 187,500 for voluntary registration. Businesses will need to maintain their accounting structure according to FTA standards. Businesses registered with FTA will only be able to charge VAT to their customers. There are more than 160 countries in the world that have implemented VAT/GST. VAT was first implemented in France in 1954. RATE of VAT in other countries: Belgium – 12,21% Bosnia – 17% Brazil – 7-18% (Per state) China – 17% CZECH republic – 15,21% Germany – 5-17% India – 12-15% Italy – 25% Russia – 18% 10% To check the full list of countries by TAX rates click here Read the full article

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3 highly recommended VAT tips

When it comes to VAT it is highly recommended that you follow these tips so that your business can avoid unnecessary costs. 1. Filing on time Fines can be huge if businesses fail to submit data. Returns have to be filed 28th days following the end of the tax period. For example, if the submission period of a XYZ company is 1 Jan 2018 – 31 May 2018 then the returns have to be filed before 28 jun 2018. 2. Choosing the right software for your business Choosing the right accounting software can make it easier to record and file your returns. Basically you have two choices; doing it for free or buying a software. Free softwares will help you with your tax returns if your business is straightforward and simple. But if your business is more complex and your threshold is too much, then it is highly recommended that you go for a full fledge software 3. Using a VAT professional Even if you think you can manage preparing your taxes on your own using one of the do-it-yourself online programs, a CPA, Enrolled Agent or other tax professional is usually more affordable than you think. An experienced tax professional has seen everything and knows how to get you the most favorable tax deductions and benefits. This usually saves the taxpayer or business at least as much as the fee the tax pro charges, plus you get the added benefit of being sure that your returns were prepared and filed properly. Taking help from tax professionals is highly recommended as they are aware of the rules and penalties even if you think you can manage on your own. As experienced and expert Professionals, they know the in and outs of 100s of companies and different industries. They can guide businesses in many ways, just to mention a few examples If the businesses have to register or not To understand how vat will impact your business specifically To optimize your tax Claiming refunds Analyze your current accounting structure and advice accordingly Other queries related to your business Helping start-up companies Read the full article

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What you need to know about VAT return

A taxable person is required to submit the VAT return with all the details of Supplies made or received for each TAX Period. Companies should know their tax year end which will help them with recovering VAT and to perform an input tax apportionment annual adjustment. For example, taxes prepared in February of 2019 would be for tax year 2018... Read more and get your FREE E-book here: https://syndicateconsultancy.com/what-you-need-to-know-about-vat-return/ #filing #payingvat #return #VATINUAE #vatreturn #tax #taxes Read the full article

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Company formation

We are an elite professional team which will help you Set-up your company from start to finish. We will take care of all your documentation work along the process. Just hire us and sit back, relaxing. Types of entities possible in UAE Free zone companyOffshore companyLimited Liability CompanyBranch and representative officesJoint ventureProfessional firmsShareholding companiesMainland business (trade) U.A.E. free zones What are the benefits of UAE free zone? 100% foreign ownership is allowed100% repatriation of capital and profits possibleZero personal or corporate income taxes, customs duties, import/export taxesVery few restrictions on recruiting labourShared services and synergies with other companies No bureaucratic red-tapismState of the art infrastructure Major Free Zones in UAE Dubai Dubai is the business hub for many prestigious free zones among all emirates. The major free zone in Dubai are: Jebel Ali Free Zone (JAFZA)Dubai Media CityDubai Internet CityDubai Silicon Oasis AuthorityDubai Airport Free Zone Besides the above, other free zones available based on the nature of business are: Dubai International Financial CentreDubai Gold & Commodities ExchangeDubai Gold & Diamond ParkInternational Media Production ZoneDubai Studio CityDubai Biotechnology & Research Park.Knowledge Village Dubai Academic CityDubai Multi Commodities Centre & Jumeirah Lake TowersDubai Health care CityInternational Humanitarian CityDubai Outsource ZoneDubai Flower CenterDubai Maritime CityDubai Logistic CityEnparkDubai Textile VillageDubai Cars & Automotive Zone (DUCAMZ)Awir Free ZoneDubai Carpet & Textile CityDubai Sports City Abu Dhabi The major free zone options in Abu Dhabi are Abu Dhabi Airport Free zoneHigher Corporation for Specialized Economic Zones( HCSEZ), also called Zones CorpKhalifa Industrial Zone Abu Dhabi (KIZAD)The Abu Dhabi Media Free Zone which is also called Twofour54 Sharjah Hamriya Free zone Sharjah Media city free zone Sharjah airport free zone RAK The major Free Zone options in Ras Al Khaima are Ras Al Khaimah Free Trade Zone (RAK FTZ)Ras Al Khaimah Investment Authority (RAKIA) Free ZoneRas Al Khaimah Media Free Zone(RMFZ) Fujairah The major Free Zone options in Fujairah are Fujairah Free ZoneFujairah Creative City Ajman The major Free Zone options in Ajman is Ajman Free Zone Sharjah LLC formation Located in Sharjah, and its unique advantage as the only hub with ports on the Arabian Gulf's west and east coasts with direct access to the Indian Ocean and North Africa and an International Airport, Sharjah offers unmatched possibilities for investors. It's trading accounts for more than 45% of the GDP of the Emirates. A limited company may be formed by a minimum of two and a maximum of fifty persons whose liability is limited to their shares in the businesses capital. Most companies with foreign partners have opted for the Limited Liability Company, due to the fact that this is the only option that'll give maximum legal ownership i.e. 49% to the expatriates for a trading license. As it is compulsory to keep one UAE national as a partner in the LLC company, prospective investor has to choose one UAE national (sponsor) as a partner in the company. Entrepreneurs set up a Sharjah LLC because operating costs are lower than in neighbouring regions. Advantages of a Sharjah LLC LLC is the most common company formation in Sharjah.No deposit customs policy for cargo in transit between Sharjah seaports and the SAIF zone, being an advantage for trading LLC’s, unlike other emirates.Unique location advantage with 3 sea ports and an airportLower operating costsWhile foreign equity in the company may not exceed 49%, profit and losses will be shared in a ratio different to that of the share capital ratiosNo specific minimum capital requirementsThe investor becomes the partner in the company.The investor gets the investor visa under which he/her enjoys an investor’s status in Sharjah along with his/her family.The investor can create more branches at different places for his activities.LLC managers can be national, foreign or third party members.The investor can run the business without the day-to-day interference of the local national partner.The assets and capital created will be in the name of the company and not in the name of the local national partner.Easy to open global corporate bank accounts following Sharjah LLC set up Syndicate Business Consultancy will be working on your business set-up from start to finish.  Dubai LLC formation Dubai allows LLCs to come up with flexible, differential profit sharing arrangements. This can give you a great edge as the 51% local equity rule is inflexible in most cases. A limited company may be formed by a minimum of two and a maximum of fifty persons whose liability is limited to their shares in the businesses capital. Most companies with foreign partners have opted for the Limited Liability Company, due to the fact that this is the only option that'll give maximum legal ownership i.e. 49% to the expatriates for a trading license. As it is compulsory to keep one UAE national as a partner in the LLC company, prospective investor has to choose one UAE national (sponsor) as a partner in the company. The time it takes to form a company will be approximately 1-2 weeks from the date of receipt of all documents. The licensing Authority in the Emirate of Dubai is the Department of Economic Development. Advantages of a Dubai LLC While foreign equity in the company may not exceed 49%, profit and losses will be shared in a ratio different to that of the share capital ratiosThe most popular method of establishing a commercial company in DubaiA Dubai LLC offers unrivalled access to Dubai and the wider UAE economyThrough a Dubai LLC, international entrepreneurs obtain Trade Licenses from the Dubai government No specific minimum capital requirementsThe investor becomes the partner in the company.The investor gets the investor visa under which he/her enjoys an investor’s status in Dubai along with his/her family.The investor can create more branches at different places for his activities.The investor can run the business without the day-to-day interference of the local national partner.The assets and capital created will be in the name of the company and not in the name of the local national partner.Only a few restrictions on the activities of a Dubai LLCEasy to open global corporate bank accounts following Dubai LLC set up Syndicate Business Consultancy will be working on your business set-up from start to finish.  Offshore Company formation As “tax-free” business territory, UAE is one of the best jurisdictions in the world for incorporating an offshore company. Going offshore is the most modern popular way of managing business as they offer excellent and tax-efficient strategy for entrepreneurs. What makes an offshore company in UAE unique? UAE is an independent or ‘overseas’ territory and is white-listed.UAE has Double Taxation Avoidance Agreements (DTAA’s) with several countries, currently more than 40. Benefits of UAE offshore company 100% foreign ownership is allowedNo necessity for finding a UAE national a shareholder or sponsor.There is no public register of company officers. Complete anonymity and privacy Company can own real estate properties on approved areas by the AuthorityHold multi-currency bank accountsThe offshore company is exempted from all corporate and income taxes.There are no foreign currency restrictions.Full repatriation of the profits and capital is allowed.The setting-up costs are comparatively less.There is no onshore office and accordingly, there are no employees and related costs.Only minimum capital is required to set-up an offshore company.Minimum of 1 Director / Shareholder Branch and Representative Office formation services We undertake to assist the A to Z procedures relating to Branches and Representative Offices in UAE from Details at a glance A branch office is permitted to promote and market the products of its parent entity.Also, it can enter into transactions and offer services to customers.Representative offices are only allowed to promote/market the business activity of parent company.And cannot enter into a transaction in the name of its company Look after the entire process of establishing your branch or representative offices. We give strategic inputs, help select local sponsors, assist to select locations, on your business plan, and also paperwork and documentation formalities. Useful Tips on Dubai Branch/ Representative Offices No personal income and capital taxesNo corporate taxation100% repatriation of capital and profitsNo currency restrictionsCompetitive import duties (5% with many exemptions).Abundant and inexpensive energy supplySimple staff recruitment proceduresCompetitive freight charges. A Dubai Offshore Company is an excellent corporate structure because: A Dubai Offshore Company is tax-free. No taxation (no capital gains tax, no value added tax, no withholding tax, no personal income tax, no corporate tax)A Dubai Offshore Company portrays a good image to your Clients and suppliers.There is no public register of shareholders and directors.A Dubai Offshore Company is quick to incorporate.Dubai Offshore Company is not obliged to maintain its books and records.Stronger legal system.No residency visa required to set-up the bank account.Only those companies formally registered as offshore entities with Jebel Ali Free Zone Authority (JAFZA) alone, will be considered eligible to register their properties with the Land Department.Dubai Off-shore Company does not need to have a physical office in the U.A.E.Dubai Offshore Company may own shares in other companies in the U.A.E. and worldwideGlobally respected jurisdiction Restrictions on Dubai Offshore Company Dubai Offshore Companies can ideally carry out business activities only outside the U.A.E, unless it has a branch, subsidiary or owns shares in a local company in the U.A.E. It may not be engaged in banking, insurance and re-insurance businesses. Read the full article