Your Resource for UAE-Based Business Compliance Services

Due to the many laws and regulations that must be complied with, operating a business in the United Arab Emirates can be difficult. Services for business compliance guarantee that your operations stay compliant with regulations and legal. Continue reading if you’re trying to find trustworthy business compliance services in the United Arab Emirates. We’ll go over all you need to know about Dubai business compliance.

Business Compliance: What Is It?
The process of making sure your company complies with all relevant laws and regulations is known as business compliance. This entails being aware of the law and taking steps to stay in compliance. Maintaining compliance can be difficult, but it can be made easier with the help of a seasoned business compliance service like GoGulf.

What Makes Business Compliance Services Necessary?

Having a trustworthy business compliance service is crucial if you run a company in the United Arab Emirates. The UAE has strict laws, and breaking them can have serious repercussions, such as hefty fines, jail time, or limitations on conducting business.
What You Should Know About UAE Business Compliance Services
Selecting a provider that meets your unique requirements is essential because there is no one standard for business compliance services. The following are important inquiries to make of a compliance specialist in Dubai: What services do you provide?
Do you know the laws and regulations of the United Arab Emirates?

How often do you inform your clients about changes in the law?

Do you have success stories or case studies from past customers?

Typical Concerns with Business Compliance
Businesses that engage in noncompliant practices risk fines, jail time, and legal issues. In Dubai, some typical compliance problems include:

Operating without a current trade license: Companies need to have a current trade license. Fines for non-renewal start at AED 250.
Failure to register employees with MOHRE: The Ministry of Human Resources and Emiratization (MOHRE) requires that all employees be registered.
Dealing in prohibited products or services Special licenses are needed for some products, like alcohol and pork. Others, such as weapons and drugs, are strictly prohibited.
Not filing corporate taxes With effect from June 1, 2023, the UAE imposed a 9% corporate tax on profits over AED 375,000. Penalties for noncompliance include imprisonment or fines of up to AED 100,000.
UBO and goAML In the UAE, compliance
Compliance with goAML
The goal of the UAE’s goAML platform is to stop the funding of terrorism and money laundering. Companies are required to use this system to register and report any suspicious financial activity. How to Register for GoAML:
Send the necessary paperwork to the Financial Intelligence Unit (FIU) of the United Arab Emirates, including ownership information and trade licenses.
Keep an eye on transactions and report any suspicious activity by filing Suspicious Activity Reports (SARs).
Keep correct records in order to abide by FIU audits.
Penalties for Failure to Comply: Fines, company suspension, and even criminal charges may follow noncompliance with goAML regulations.
Compliance of the Ultimate Beneficial Owner (UBO)
In order to improve transparency and stop fraudulent transactions, UBO regulations mandate that companies reveal their ultimate owners. Generally speaking, a UBO is a person who owns at least 25% of the company’s shares, voting rights, or control.

How UBOs Are Registered:

Keep a UBO register that lists the nominee directors and ownership structure.
Perform Know Your Customer (KYC) and Anti-Money Laundering (AML) investigations.
Send regulatory bodies UBO declarations.
Serious consequences, such as fines and limitations on business operations, may result from breaking UBO regulations.
How GoGulf Can Assist
GoGulf helps companies easily navigate complicated regulations by offering comprehensive business compliance services in Dubai and the UAE. Among our offerings are:
Obtaining and renewing a trade license
MOHRE employee registration
Compliance with corporate taxes
support for goAML and UBO registration
By working with GoGulf, you can stay in compliance with UAE laws and stay out of trouble. Schedule a consultation right now!