ESAA Graduation Ceremony Celebrates 178 Emirati Auditors, Strengthening UAE’s Financial Landscape
A Beacon of Excellence in Accounting and Auditing The Emirates Society of Accountants and Auditors (ESAA) recently hosted a prestigious graduation ceremony at The H Hotel in Dubai, marking a momentous occasion in the UAE’s efforts to bolster its accounting and auditing sector. The event, graced by esteemed guests, celebrated the achievements of 178 Emirati fellowship holders who successfully completed their professional training. The ceremony resonated with significance, as it highlighted the UAE’s commitment to fostering a robust and internationally recognized accounting profession. The fellowship program, launched under the auspices of the Ministry of Economy, serves as a beacon of excellence, equipping Emiratis with the necessary skills and knowledge to excel in this crucial field. Mariam Yousif Al Marzooqi Among the graduates was the esteemed Mariam Yousif Al Marzooqi, chairperson of AMA Audit Tax Advisory, whose dedication and hard work have earned her this prestigious fellowship. We extend our heartfelt congratulations to Mariam on this significant milestone!. Mariam’s achievement is a testament to her commitment to excellence and serves as an inspiration to aspiring professionals in the field. We are confident that she will continue to make significant contributions to the accounting and finance industry in the UAE and beyond. H.E. Al Saleh Lauds Program’s Impact H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy, delivered a resounding address, praising the program’s success in graduating generations of competent auditors. He emphasized its critical role in enhancing the quality and efficiency of financial auditing in the UAE, ultimately contributing to greater transparency and accountability within the nation’s financial landscape. Elevating Emiratization Rates His Excellency Saif Mohammed Al Muhairi, Chairman of ESAA, expressed his gratitude for the Ministry of Economy’s unwavering support, acknowledging their partnership in fostering a thriving accounting and auditing sector. He highlighted the program’s significant impact in boosting Emiratization rates within these professions, aligning with the government’s strategic vision to empower national talent across various sectors. A Catalyst for Economic Growth The graduation ceremony also served as a platform to discuss the vital role of quality accounting and auditing in driving sustainable economic growth. The presence of distinguished guests, including representatives from leading financial institutions and business associations, underscored the collective commitment to upholding the highest standards of professionalism and integrity within the sector. Embracing International Best Practices The program’s unwavering focus on aligning with international best practices was a key point of discussion. Graduates are equipped with the knowledge and skills necessary to meet the evolving demands of the global accounting and auditing landscape, ensuring they are prepared to contribute effectively on a national and international level. A Bright Future for the UAE’s Financial Sector The ESAA graduation ceremony served as a powerful testament to the dedication and success of the fellowship program. With 178 new Emirati auditors joining the workforce, the UAE is well-positioned to achieve its ambitious goals of strengthening its financial sector and solidifying its reputation as a leading global business hub. The future of the nation’s financial landscape shines brightly, fueled by the talent, expertise, and unwavering commitment of its young and ambitious professionals. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
Why ESR Consultants Are Key to Boosting Your Business in the UAE
Understanding ESR (Economic Substance Regulations) The Economic Substance Regulations (ESR) have become a crucial aspect of doing business in the United Arab Emirates (UAE). These regulations were introduced to ensure that businesses operating in the UAE have substantial economic activities in the country. Understanding the intricacies of ESR is essential for businesses to comply with the regulations and avoid penalties. Economic Substance Regulations Consultants play a vital role in helping businesses navigate through the complexities of ESR and unlock their growth potential. ESR regulations require businesses to demonstrate that they have a substantial economic presence in the UAE. This means that businesses must have physical offices, qualified employees, and perform core income-generating activities within the country. By complying with ESR, businesses contribute to the growth and development of the UAE’s economy. ESR Consultants have a deep understanding of these regulations and can guide businesses in meeting the requirements effectively. The importance of ESR compliance in the UAE ESR compliance is crucial for businesses in the UAE for several reasons. Firstly, non-compliance can lead to severe penalties, including fines and even potential suspension of business activities. The UAE government takes ESR regulations seriously and has implemented a robust framework to ensure compliance. Secondly, complying with ESR demonstrates a business’s commitment to transparency and accountability. This can enhance the reputation of the business and build trust with stakeholders, including customers and investors. Furthermore, ESR compliance is essential for businesses that want to access government incentives, grants, and subsidies. Many governmental incentives require companies to meet certain ESR criteria. By complying with ESR, businesses can take advantage of these benefits and further boost their growth potential. ESR Consultants play a vital role in helping businesses understand the importance of compliance and ensure they meet all the necessary requirements. What are ESR Consultants and their role in boosting businesses ESR Consultants are professionals who specialize in providing guidance and support to businesses in complying with ESR regulations. They have in-depth knowledge and expertise in ESR requirements, ensuring that businesses understand the regulations and implement necessary measures to achieve compliance. ESR Consultants act as strategic partners for businesses, assisting them in unlocking their growth potential and maximizing their competitiveness in the UAE market. ESR Consultants play a multifaceted role in boosting businesses in the UAE. Firstly, they conduct comprehensive assessments of a business’s operations to determine its level of compliance with ESR regulations. This assessment helps identify any gaps or areas that require improvement. Secondly, ESR Consultants develop customized strategies and action plans to ensure businesses meet the requirements of ESR. These strategies may include restructuring business operations, optimizing financial processes, and enhancing reporting mechanisms. Moreover, ESR Consultants provide ongoing support and guidance to businesses throughout the compliance process. They stay updated with any changes or updates to ESR regulations and ensure that businesses remain compliant. ESR Consultants also assist businesses in preparing and submitting the necessary reports to the relevant authorities. By leveraging their expertise, ESR Consultants help businesses navigate the complexities of ESR and drive their growth in the UAE. Benefits of hiring ESR Consultants in the UAE Hiring ESR Consultants in the UAE offers several benefits for businesses. Firstly, ESR Consultants bring specialized knowledge and expertise in ESR regulations, ensuring businesses stay ahead of the curve. They understand the nuances of the regulations and can provide tailored solutions to meet a business’s specific needs. By leveraging their expertise, businesses can save time and resources that would otherwise be spent on researching and understanding ESR requirements. Secondly, ESR Consultants offer a fresh perspective to businesses. They can assess a business’s operations objectively and identify areas for improvement. This outside perspective is invaluable in optimizing processes, enhancing efficiencies, and ensuring compliance with ESR regulations. ESR Consultants can also provide strategic advice on how businesses can position themselves to take advantage of the opportunities presented by ESR. Furthermore, ESR Consultants provide ongoing support and guidance to businesses. They act as trusted advisors, assisting businesses in navigating through the complexities of ESR and ensuring compliance at all times. This support can be particularly valuable for businesses that are new to the UAE or have limited experience with ESR regulations. By hiring ESR Consultants, businesses can focus on their core operations while leaving the complexities of ESR compliance to the experts. How ESR Consultants help businesses meet ESR requirements ESR Consultants play a crucial role in helping businesses meet the requirements of ESR regulations. They assist businesses in understanding the intricacies of the regulations and provide guidance on how to achieve compliance. ESR Consultants work closely with businesses to assess their current operations and identify any gaps or areas of improvement. Once the assessment is complete, ESR Consultants develop customized strategies and action plans for businesses to meet ESR requirements. These strategies may involve restructuring business operations, optimizing financial processes, and enhancing reporting mechanisms. ESR Consultants provide step-by-step guidance on implementing these strategies, ensuring businesses have a clear roadmap to achieve compliance. In addition to strategy development, ESR Consultants assist businesses in preparing and submitting the necessary reports to the relevant authorities. They stay updated with any changes or updates to ESR regulations and ensure that businesses remain compliant. ESR Consultants also provide ongoing support and advice to businesses throughout the compliance process, answering any questions and addressing any concerns that may arise. By leveraging their expertise, ESR Consultants help businesses navigate the complexities of ESR regulations and ensure compliance. They provide businesses with the knowledge, guidance, and support they need to meet ESR requirements effectively and unlock their growth potential in the UAE. ESR consultation services in the UAE ESR consultation services in the UAE are readily available to businesses seeking assistance with ESR compliance. These services offer businesses access to experienced ESR Consultants who can provide valuable guidance and support throughout the compliance process. ESR consultation services cover various aspects of ESR compliance, including assessments, strategy development, reporting, and ongoing support. When choosing an ESR consultation service in the UAE, businesses should consider several
Transfer Pricing in the Digital Age & UAE’s Evolving Tax Landscape
The digital revolution has transformed the global economy, fundamentally altering how businesses operate, create value, and interact across borders. This transformation has brought about significant challenges for multinational enterprises (MNEs) in adhering to transfer pricing principles, the cornerstone of ensuring fair and equitable taxation of cross-border transactions between related parties. In the United Arab Emirates (UAE), the implementation of corporate tax from 1 June 2023 has further heightened the importance of transfer pricing compliance for businesses operating in the country. The Digital Landscape and its Impact on Value Creation The digitalization of the global economy has created a complex and interconnected environment where value is increasingly generated from intangible assets such as intellectual property, data, and brand recognition. These intangible assets often transcend traditional industry boundaries, making it difficult to apply traditional transfer pricing methods based on tangible goods and services. Additionally, the interconnectedness of MNEs in the digital economy has blurred geographic boundaries, further complicating the allocation of profits and the determination of arm’s length prices. Challenges of Transfer Pricing in the Digital Age MNEs operating in the digital economy face unique challenges in complying with transfer pricing principles. These challenges include: Transfer Pricing Services: Navigating Complexity with Expertise Transfer pricing services provided by experienced tax advisors can help MNEs navigate the complexities of transfer pricing in the digital age. These services can include: Transfer Pricing in the UAE: Adapting to a New Tax Landscape The introduction of corporate tax in the UAE has brought about significant changes for businesses operating in the country, including heightened scrutiny of transfer pricing practices. MNEs with operations in the UAE should ensure they are compliant with the UAE’s transfer pricing rules, which are largely based on the OECD Transfer Pricing Guidelines. Additionally, businesses should seek guidance from experienced tax advisors to navigate the complexities of transfer pricing in the evolving UAE tax landscape. The digital transformation has undoubtedly revolutionized the global economy, presenting both challenges and opportunities for MNEs in managing their transfer pricing obligations. By adopting data-driven approaches, conducting thorough economic analysis, and maintaining transparent documentation, MNEs can effectively navigate the complexities of transfer pricing in the digital age. Additionally, engaging experienced transfer pricing services providers and staying informed about the evolving tax landscape in the UAE can help businesses ensure compliance and optimize their tax efficiency. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
Unified GCC Tourist Visa Approved
The Gulf Cooperation Council (GCC) countries – the United Arab Emirates (UAE), Saudi Arabia, Bahrain, Qatar, Oman, and Kuwait – are taking a significant step towards revolutionizing tourism in the region. The long-awaited Unified GCC Tourist Visa, inspired by the Schengen visa in Europe, aims to streamline travel and unlock new opportunities for visitors. This game-changing visa will not only enhance the tourism industry but also contribute to job creation and improved regional economies. In this article, we delve into the details of the Unified GCC Tourist Visa, its benefits, and what travellers can expect. What is the Unified GCC Tourist Visa? Similar to the Schengen visa, the Unified GCC Tourist Visa allows travellers to explore multiple countries within the Gulf bloc. Currently, tourists must obtain separate visas for each of the six GCC countries, even though they are connected by air and road. This fragmented visa system can be a hassle for visitors, especially those planning to travel across multiple countries. The introduction of the Unified GCC Tourist Visa aims to simplify the process and make travel more seamless. How Will the Unified GCC Tourist Visa Benefit Travelers? The implementation of the Unified GCC Tourist Visa is set to bring a multitude of benefits to travellers. Firstly, it will enable tourists, including long-haul travellers, to visit multiple countries within the Gulf bloc more easily. Furthermore, the scheme is expected to increase the length of stay for tourists. The current visa restrictions often limit the duration of visits, hindering travellers from fully experiencing the cultural richness and diverse landscapes that the GCC countries have to offer. The Unified GCC Tourist Visa aims to address this issue, allowing visitors to immerse themselves in the vibrant cultures, historical sites, and breath-taking natural wonders for an extended period. The introduction of the unified visa is also anticipated to boost tourist spending. By facilitating easier travel between countries, tourists will have more opportunities to explore various destinations within the Gulf bloc. This increased mobility will lead to greater economic benefits for local businesses, hotels, restaurants, and various tourism-related industries. Launch Date and Details While the Unified GCC Tourist Visa has been unanimously approved by the GCC countries, a specific launch date has not been announced yet. However, according to Oman Observer, the scheme is set to be presented at a meeting of regional interior ministers in Muscat in November. This indicates that the implementation of the unified visa is progressing steadily, and more details are expected to be revealed by the end of the year. The scheme encompasses various aspects aimed at enhancing the overall tourist experience. Joint publicity campaigns, a common booking platform, and a centralized tourism website are some of the proposed initiatives that may be implemented. These efforts will provide visitors with a seamless and convenient experience when planning their trips and exploring the Gulf bloc. Eligibility and Application Process While citizens of GCC countries already enjoy visa-free travel within the member states, it remains unclear whether expatriates residing in these countries will also be eligible for the Unified GCC Tourist Visa. However, UAE Minister of Economy, Abdulla Bin Touq Al Marri, recently mentioned that the GCC is considering a single visa system that would allow residents to travel freely between member states. This suggests that the unified visa may extend its benefits to expatriates as well, enabling them to explore the region with greater ease. As for the application process, specific details have not yet been disclosed. However, it is expected that the process will be straightforward and user-friendly, ensuring a seamless experience for travellers. Once the application process is unveiled, potential visitors will be able to apply for the Unified GCC Tourist Visa through the designated channels, which may include online platforms and visa application centers. Destinations Covered by the Unified GCC Tourist Visa The Unified GCC Tourist Visa will grant visitors access to all six GCC countries, offering a unique opportunity to explore the diverse landscapes, rich cultural heritage, and modern cities that define the region. Whether it’s the futuristic skyline of Dubai, the historical wonders of Saudi Arabia, or the serene beaches of Oman, travellers will have the freedom to embark on unforgettable journeys across the Gulf bloc. Cost and Duration of the Visa The exact cost and duration of the Unified GCC Tourist Visa are yet to be announced. However, it is expected that the pricing will be competitive and reasonable, appealing to a wide range of travellers. The authorities are likely to consider factors such as affordability and competitiveness to ensure that the unified visa attracts a significant influx of tourists. When it comes to the visa’s duration, it is anticipated that visitors will be granted an ample period to explore the GCC countries without the constraints of frequent visa renewals. This extended duration will allow travellers to immerse themselves in the unique experiences and vibrant cultures that the region has to offer. Conclusion The introduction of the Unified GCC Tourist Visa marks a significant milestone for the Gulf Cooperation Council countries, ushering in a new era of tourism and travel experiences. With the visa’s implementation, travelers will enjoy the freedom to explore multiple countries within the Gulf bloc seamlessly. The scheme’s numerous benefits, including increased length of stay, enhanced travel convenience, and economic growth, are set to create a positive impact on the region’s tourism industry. As the launch date approaches, anticipation grows, and travelers from around the world eagerly await the opportunity to embark on unforgettable journeys across the captivating landscapes and cultural wonders of the GCC countries. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
How VAT grouping works in UAE?
Introduction to VAT grouping Value Added Tax (VAT) grouping is an essential concept in the United Arab Emirates (UAE) that allows businesses to streamline their tax obligations and improve their overall efficiency. VAT grouping refers to the process of treating multiple companies as a single entity for VAT purposes. This article aims to provide a comprehensive understanding of the benefits and eligibility criteria of VAT grouping in the UAE. Understanding the benefits of VAT grouping VAT grouping offers several advantages for businesses operating in the UAE. Firstly, it allows companies to consolidate their VAT reporting, simplifying the compliance process. By treating multiple entities as one, businesses can avoid the hassle of preparing and submitting separate VAT returns for each company. This not only saves time but also reduces the administrative burden. Additionally, VAT grouping enables businesses to optimize their cash flow. Under VAT grouping, companies can offset VAT liabilities with VAT credits within the group. This means that if one company within the group has a VAT liability, it can be offset against the VAT credits of another company within the same group. This can significantly improve cash flow management and reduce the financial strain on individual entities. Furthermore, VAT grouping promotes collaboration and coordination among companies within the group. By sharing resources and expertise, businesses can leverage economies of scale and achieve cost savings. This can be particularly advantageous for small and medium-sized enterprises (SMEs) that may not have the same resources as larger corporations. How VAT grouping works in the UAE In the UAE, VAT grouping is governed by the Federal Tax Authority (FTA) and follows certain guidelines. To be eligible for VAT grouping, companies must have a close financial, economic, and organizational relationship. This typically involves one company directly or indirectly controlling the others, either through ownership or management control. Once a group is formed, a representative member is appointed to act on behalf of the group for VAT purposes. This representative member is responsible for fulfilling the VAT reporting requirements on behalf of the entire group. It is important to note that the representative member will be jointly and severally liable for the VAT obligations of the group. To apply for VAT grouping in UAE, businesses must submit an application to the FTA. The application should include relevant information about the group, such as the relationship between the companies and the financial impact of the group. The FTA will review the application and assess whether the group meets the eligibility criteria for VAT grouping. Eligibility criteria for VAT grouping in the UAE To be eligible for VAT grouping in UAE, companies must fulfil certain requirements. Firstly, the companies must have a close financial, economic, and organizational relationship. This can be established through ownership or management control. The FTA assesses the level of control and influence exerted by one company over the others to determine the eligibility for VAT grouping. Secondly, the companies must be registered for VAT in the UAE. Only registered businesses can apply for VAT grouping. It is essential for companies to ensure that they have fulfilled all the VAT registration requirements before considering VAT grouping. Lastly, the companies must be established in the UAE. VAT grouping is only applicable to companies that have a presence and conduct business activities within the UAE. Foreign companies without a physical presence in the UAE cannot avail themselves of the benefits of VAT grouping. Advantages of choosing AMA Global Audit Tax Advisory Navigating the complexities of VAT grouping can be challenging for businesses, especially those without prior experience or expertise in tax matters. Our Expert VAT Consultants at AMA Global Audit Tax Advisory, can provide numerous advantages and ensure a smooth and compliant VAT grouping process. Firstly, AMA’s VAT consultants have in-depth knowledge of the UAE tax regulations and can guide businesses through the intricacies of VAT grouping. They can assess the eligibility of companies for VAT grouping, help with the application process, and provide ongoing support for VAT compliance. Secondly, VAT consultants can assist businesses in optimizing their VAT arrangements within the group. They can identify opportunities for VAT savings, manage cash flow effectively, and ensure that businesses fully benefit from the advantages of VAT grouping. Furthermore, our VAT consultants can help businesses overcome any challenges or obstacles that may arise during the VAT grouping process. They can provide expert advice on complex issues, resolve disputes with tax authorities, and ensure that businesses remain compliant with the VAT regulations. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
Why ICV Certification is Significant in UAE?
The ICV (In-Country Value) certification in the United Arab Emirates is a vital measure designed to support and boost local economic growth. This certification assesses the extent to which a company’s operations contribute to the development of the UAE’s economy. By encouraging businesses to invest in local resources and engage with the community, ICV certification plays a significant role in advancing sustainability, fostering local partnerships, and enhancing the competitiveness of companies operating in the UAE. Eligibility for ICV Certification ICV certification is open to both local and foreign companies operating in the UAE. Companies that supply goods and services to ADNOC and its subsidiaries are required to obtain ICV certification. This includes suppliers in industries such as drilling, engineering, logistics, and more. Additionally, companies in other sectors that wish to do business with the UAE government, such as construction, transportation, and healthcare, may also be required to obtain ICV certification in UAE. To be eligible for ICV certification, companies must fulfil certain criteria. These include being registered with the appropriate government agency, having a current trade license, and being physically present in the UAE. Each industry sector has specific ICV program guidelines that companies must meet to be certified. These guidelines consider factors such as the degree of local content, investment in infrastructure, and Emiratization efforts in the oil and gas industry. Benefits of ICV Certification Obtaining an ICV certification in the UAE brings several benefits to companies and contributes to the overall growth of the economy. Some of the key benefits include: Validity of ICV Certification An ICV Certificate in the UAE is typically valid for 14 months from the date of issuance of the audited financial statements. It is crucial for companies to renew their ICV certification before it expires to continue benefiting from the program. During the renewal process, companies must submit revised financial statements and update their ICV templates to demonstrate ongoing compliance with the program’s requirements. To ensure a smooth renewal process, companies should maintain compliance with the ICV criteria throughout the year. This includes fulfilling obligations related to local sourcing, investment, Emiratization, and other factors that contribute to the company’s ICV score. Renewing the ICV certification allows companies to continue enjoying the benefits associated with ICV compliance and strengthens their commitment to the growth of the UAE’s economy. Choosing an ICV Certifying Body To navigate the ICV certification process effectively, companies can collaborate with authorized certifying bodies. These certifying bodies are independent organizations approved by the ICV program to assess and certify businesses for ICV compliance. Working with an experienced ICV certifying body ensures that the evaluation process is conducted accurately and efficiently, allowing companies to obtain their ICV certificates within the specified timeframe. Our expert ICV consultants at AMA Audit Tax Advisory, will navigate you throughout the process to achieve the ICV Certification. Conclusion Obtaining an ICV certificate provides companies with various benefits, such as access to government contracts, enhanced reputation, business growth opportunities, and a competitive advantage in the market. It is essential for companies to meet the eligibility requirements, undergo the certification process, and maintain compliance to ensure the validity of their ICV certification. For further information about ICV Certification, read our In-Country Value Program Blog. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
Understanding ICV Certificate
The United Arab Emirates (UAE) has implemented the In-Country Value (ICV) program to support the growth and sustainability of its industrial sector and boost the national economy. The ICV program, initiated by the Abu Dhabi National Oil Company (ADNOC), encourages local expenditure on manufacturing, products and services, investments, Emirati employment, and job creation. Recently, The Ministry of Industry and Advanced Technology (MoIAT) has taken over the ICV certification process. In order to participate in the partnership with MoIAT, businesses must now complete an ICV assessment. This assessment will be used in the evaluation and award process of tenders.. The new strategy is procurement led and designed to increase MoIAT’s ICV contribution. In order to do this, they will be focusing on the selection of local suppliers, the development of UAE nationals, and the localization of critical functionalities in the oil and gas industry. By redirecting procurement spending into the national economy, the program aims to enhance the UAE’s manufacturing sector and promote economic diversification. Understanding the National ICV Program The National ICV Program was launched by the UAE Government to support the Ministry of Industry and Advanced Technology’s (MoIAT) mandate of improving the productivity and sustainability of the UAE’s industrial sector. The program focuses on strategic localization of supply chains, attracting foreign investments, diversifying the economy, creating job opportunities, contributing to GDP growth, enhancing spending on research and development (R&D), and enhancing the private sector’s contribution to the nation’s economy. The program’s strategic partners include government entities and leading national companies in various industries. These partners, such as the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi National Oil Company (ADNOC), and Aldar Properties, collaborate to promote the program’s objectives. Other entities are also expected to join the program in the near future, further strengthening its impact on the UAE’s economy. Importance of ICV Certification ICV certification plays a crucial role in the National ICV Program, as it measures the contribution of goods, services, investments, and employment provided by businesses operating in the UAE. The ICV Certificate, issued by MoIAT, certifies the level of In-Country Value achieved by a company. It signifies the company’s commitment to supporting the local economy and demonstrates its eligibility to participate in tenders and business opportunities with MoIAT and other government entities. Obtaining an ICV Certificate To obtain an ICV Certificate in UAE, companies need to meet specific requirements set by the ICV program. The certification process involves several steps, such as: ICV certification in the UAE plays a vital role in supporting the growth of the national economy and promoting sustainable business practices. By encouraging local expenditure, investment, and employment, the ICV program aims to boost the UAE’s industrial sector and diversify the economy. Obtaining an ICV certificate provides companies with various benefits. If you want to learn about the benefits of ICV Certification please go through our Why ICV Certification is Significant in UAE? blog. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
ADNOC Registration in UAE: A Comprehensive Guide
ADNOC, the Abu Dhabi National Oil Company, is a global leader in the energy industry and a major contributor to the UAE’s economy. If you are a business looking to collaborate with ADNOC and become an approved supplier, it is crucial to understand the process of ADNOC registration. This comprehensive guide will walk you through the key requirements, necessary documents, and step-by-step process of ADNOC vendor registration in the UAE. Table of Contents Introduction to ADNOC Key Requirements for ADNOC Supplier Registration Documents Required for ADNOC Supplier Registration The ADNOC Registration Process 1. Register and Activate SAP Ariba Account 2. Accessing ADNOC Registration Portal 3. Submission Review by ADNOC 4. Pre-Qualification Stage 5. Acceptance as an ADNOC Vendor What AMA Audit Tax Advisory do with ADNOC Registration? 1. Introduction to ADNOC ADNOC, established in 1971, operates in all areas of the oil and gas industry and has expanded its activities to create an integrated oil and gas industry in Abu Dhabi. ADNOC has 15 subsidiaries, including ADCO, ADMA-OPCO, GASCO, ADGAS, ZADCO, TAKREER, and more. As a top oil-producing company, ADNOC holds a significant position in the market and has stringent criteria when it comes to selecting vendors and suppliers. 2. Key Requirements for ADNOC Supplier Registration Before starting the ADNOC vendor registration process, it is important to ensure that your company meets the key requirements set by ADNOC: It is advisable to check the Work/Product list provided by ADNOC to ensure that your license activities align with their requirements. AMA Audit Tax Advisory can assist you in reviewing and adjusting your activities if necessary. 3. Documents Required for ADNOC Supplier Registration To complete the ADNOC vendor registration process, you will need to provide the following company details: In addition to these documents, ADNOC may require an interview with the general manager of the company to discuss the services or products directly. It is crucial to provide accurate and relevant documentation to meet the threshold requirements for ADNOC vendor registration. 4. The ADNOC Registration Process The ADNOC registration process follows a structured journey to ensure that vendors and service providers meet ADNOC’s standards. Let’s explore the step-by-step process of ADNOC vendor registration: Step 1: Register and Activate SAP Ariba Account The first step is to create and activate the SAP Ariba Account. This account provides access to ADNOC’s Commercial Directory, which is essential for initiating the registration process. Setting up this account is crucial to proceed further with ADNOC registration. Step 2: Accessing ADNOC Registration Portal Once the SAP Ariba Account is active, you can access the ADNOC Registration portal using the Ariba account number. This is where you will submit all the necessary company documents and information required by ADNOC for vendor qualification. Step 3: Submission Review by ADNOC After submitting the company documents and information, there is a review period of approximately one week. ADNOC’s experts will carefully review the submission and assess the eligibility based on the provided information. If your submission is successful, ADNOC will contact you to proceed to the next stage. Step 4: Pre-Qualification Stage A crucial phase of the ADNOC vendor registration procedure is the Pre-Qualification stage. You will be required to provide examples of at least three projects your company has previously completed. ADNOC may also ask for more specific technical data regarding the proposed goods or services. This stage helps ADNOC ensure that your business has the necessary experience and expertise to meet their standards. Step 5: Acceptance as an ADNOC Vendor If you successfully pass the Pre-Qualification stage, you will be officially accepted as an approved vendor for ADNOC. Your company will be listed on ADNOC’s Supplier list, making it visible to ADNOC project managers and procurement teams. This recognition opens doors to potential collaborations and opportunities within the ADNOC network. 5. How Can AMA Audit Tax Advisory assist with your ADNOC Registration? The process of ADNOC vendor registration can be lengthy and complex, with no guarantee of approval. AMA Audit Tax Advisory is here to assist you throughout the vendor registration process and ensure that you meet all the requirements. Our team of experts will guide you in gathering the necessary documentation and navigating the various stages of registration. With our assistance, you can streamline the process and increase your chances of becoming an approved ADNOC vendor. If you require any assistance with ADNOC vendor registration or any other related company setup, restructuring, please feel free to contact AMA Audit Tax Advisory at +97126752685. You can also email us at info@amaaudit.co or visit our website www.amaaudit.com for more information. Remember, ADNOC is a prestigious organization, and being an approved vendor can open doors to lucrative opportunities. Take the necessary steps today to register as an ADNOC vendor and position your business for success in the dynamic energy industry of Abu Dhabi. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
Nafis Program: “Empowering the Emiratis” in the private Sector
In recent years, the United Arab Emirates has continued its efforts to include Emirati citizens in the private sector. The UAE is one of the most prosperous countries in the region and its economy has grown tremendously over the years. As the country strives to ensure economic growth, the private sector has become increasingly important. In order to increase the number of Emiratis working in the UAE’s private sector, the Emirati Talent Competitiveness Council (ETCC) has announced the opening of the first round of online registration for the NAFIS program initiatives. About the ICV NAFIS Program NAFIS is a federal program that was launched in September 2021 by the ETCC, under the leadership of its chairman, His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Vice Chairman, His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation. The NAFIS program initiatives aims to accelerate the participation of Emiratis in the UAE’s private sector workforce. The program will increase the competitiveness of the Emirati workforce and lays the foundations for Emiratis to fill 75,000 private sector roles within the next five years, covering approximately 15,000 jobs per year. The council said that Emiratis can apply and explore opportunities and benefits provided by the program through the NAFIS website which will be served as a partnership hub connecting Emirati professionals and companies operating in the UAE. The NAFIS website, www.nafis.gov.ae, which was launched to act as a partnership hub connecting Emirati professionals and businesses operating in the UAE, now allows Emiratis to apply and explore the opportunities and benefits provided by the program, according to the Council. The UAE will spend AED24 billion ($6.5 billion) on a package of benefits and subsidies designed to reduce citizen unemployment by making private sector-jobs more attractive. The five-year program takes a holistic approach to facilitating the private sector employment of Emirati citizens through the phased implementation of 11 initiatives that cover the recruitment journey. Alongside Nafis, the UAE Government has announced a general target of 10% Emiratisation in the private sector by 2025 in skilled and knowledge-based roles (with the current requirement being 2% for commercial organisations). Benefits to the companies joining the NAFIS Program A number of incentives are provided by the NAFIS programme which can help in reducing the financial burden of hiring new employees and aid in the selection of qualified candidates. These include: How to become a member of NAFIS in the UAE? To register your company with NAFIS, you must follow the steps outlined on their website www.nafis.gov.ae, which include Is it mandatory to register for the NAFIS system? As registration is mandatory in the NAFIS system, companies are strongly encouraged to participate in the NAFIS system. Our experts at AMA, can help clients with NAFIS registration. All we require is a proof of authorisation on company letterhead, signed and stamped, confirming the person logging in is authorised. It is important to understand the NAFIS registration process and its requirements in order to ensure compliance with the laws and regulations. We can provide valuable guidance and assistance in understanding the NAFIS registration process. Latest Updates Recently, at the Make it in the Emirates Forum, The Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Emirati Talent Competitiveness Council (MAFIS – Initiative) and the Ministry of Human Resources & Emiratization has announced 500 industrial job opportunities for UAE nationals. The aim is to equip local talent with necessary skills and knowledge which would enable them to thrive in technical and specialized positions within the industrial sector https://moiat.gov.ae/en/media-center/news/2023/06/06/miite-forum—press-briefing?search=NAFIS . Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/