We have a dedicated team of experts to help you navigate the UAE’s regulatory requirements for businesses, including goAML compliance and Ultimate Beneficial Owner (UBO) registration. Our specialists ensure smooth compliance with UAE laws, helping businesses stay legally compliant and avoid penalties. Contact us today for expert guidance on UAE business regulations, goAML registration, and UBO compliance.
Our Mandatory Compliance Services
goAML Compliance
goAML is now a key requirement for businesses in the UAE to prevent money laundering and terrorism financing. Our team will help you register with the goAML platform, ensure timely suspicious activity reporting, and maintain full compliance with the UAE’s financial crime regulations.
UBO
The UAE requires the registration of Ultimate Beneficial Owners to ensure transparency across all mainland and free zone companies operating in the country. The exceptions to this rule are businesses licenced in certain jurisdictions and entities directly or indirectly owned by the Government. Our team will assist you in completing your UBO declaration to ensure you are fully compliant with the UAE’s laws.
Your Guide to Business Compliance Services in UAE
Running a business in the UAE can be challenging due to numerous laws and regulations that must be followed. Business compliance services ensure that your operations remain legal and up-to-date with regulatory changes. If you’re looking for reliable business compliance services in UAE, read on! We’ll cover everything you need to know about business compliance in Dubai.What Is Business Compliance?
Business compliance refers to the process of ensuring that your business adheres to all applicable laws and regulations. This includes understanding the legal framework and implementing measures to maintain compliance. Staying compliant can be complex, but a professional business compliance service like GoGulf can simplify the process.Why Do You Need Business Compliance Services?
If you’re operating a business in the UAE, having a reliable business compliance service is essential. The UAE has stringent regulations, and non-compliance can result in severe penalties, including heavy fines, imprisonment, or restrictions on business activities.What to Know About Business Compliance Services in UAE
There is no single standard for business compliance services, so it’s crucial to choose a provider that fits your specific needs. Key questions to ask a compliance expert in Dubai include:- What services do you offer?
- Are you familiar with UAE laws and regulations?
- How frequently do you update clients on legal changes?
- Do you have case studies or success stories from previous clients?
Common Business Compliance Issues
Non-compliant business practices can result in legal troubles, fines, or even jail time. Some common compliance issues in Dubai include:- Operating without a valid trade license – Businesses must hold an active trade license. Failure to renew can result in fines starting from AED 250.
- Failure to register employees with MOHRE – All employees must be registered with the Ministry of Human Resources and Emiratisation (MOHRE).
- Trading in banned goods or services – Certain products, such as alcohol and pork, require special licenses. Others, like drugs and weapons, are outright banned.
- Failure to pay corporate taxes – The UAE introduced a 9% corporate tax on profits exceeding AED 375,000, effective from June 1, 2023. Non-compliance can result in penalties, including fines of up to AED 100,000 or imprisonment.
goAML and UBO Compliance in the UAE
goAML Compliance
The UAE’s goAML platform is designed to combat money laundering and terrorism financing. Businesses must register and report suspicious financial activities through this system. Steps for goAML Registration:- Submit required documents, including trade licenses and ownership details, to the UAE’s Financial Intelligence Unit (FIU).
- Monitor transactions and file Suspicious Activity Reports (SARs) for any unusual activities.
- Maintain accurate records to comply with audits from the FIU.
Ultimate Beneficial Owner (UBO) Compliance
UBO regulations require businesses to disclose their ultimate owners to enhance transparency and prevent fraudulent transactions. A UBO is typically someone with a minimum 25% shareholding, voting rights, or control over a company. How to Register UBOs:- Maintain a UBO register detailing ownership structure and nominee directors.
- Conduct Anti-Money Laundering (AML) and Know Your Customer (KYC) checks.
- Submit UBO declarations to regulatory authorities.
How GoGulf Can Help
GoGulf provides comprehensive business compliance services in Dubai and the UAE, helping businesses navigate complex regulations with ease. Our services include:- Trade license acquisition and renewal
- Employee registration with MOHRE
- Corporate tax compliance
- goAML and UBO registration support