Virtuzone, the UAE's leading and award-winning provider of company formation solutions, corporate services and tax consultancy, announced it will provide small and medium sized businesses with free corporate tax registration, free accounting services for three months that will help businesses meet their reporting requirements for corporate tax, and a region-first compliance guarantee new to the UAE. Virtuzone is investing over Dh50 million ($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 John Casey, accounting and tax managing director at Virtuzone. "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."
"As a company whose lifeblood is supporting SMEs in the UAE, we have made this pledge to demonstrate our unwavering commitment to championing the country's start-up and SME sector," said George Hojeige, CEO at Virtugroup. "By supporting SMEs, we are also supporting the national economy, as SMEs contribute more than 63 per cent to the UAE's non-oil GDP and account for 94 per cent of the companies operating in the country. We are pleased and proud to be the first in our industry to take on this trailblazing initiative and lead the UAE's business community in tax compliance."
In June, 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 per cent 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.
"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 (FDI)," said Neil Petch, chairman and founder at Virtugroup.
Virtuzone is the UAE’s first and largest company formation specialists and an award-winning corporate service provider. Established in 2009, Virtuzone has set up the companies of more than 70,000 entrepreneurs from 180 countries. With over 150 staff members speaking 40 languages, Virtuzone provides end-to-end company formation and corporate services, ranging from trade license and visa processing to bank account opening, tax consultancy, compliance, accounting, legal services, and more. Virtuzone is part of Virtugroup, a Dubai-based holding company that comprises Virtuzone Accounting and Tax, VZ Real Estate, VZX, and Next Generation Equity, which offers citizenship and residency-by-investment programmes.
Visit taxready.ae to learn more about Virtuzone’s Free Tax Ready Packages.