A business must register for VAT if its taxable supplies and imports exceed the mandatory registration threshold of AED 375,000.
Furthermore, a business may choose to register for VAT voluntarily if its supplies and imports are exceed the voluntary registration threshold of AED 187,500.
Similarly, a business may register voluntarily if its expenses exceed the voluntary registration threshold.
The ICV Certificate can be issued within 2-3 weeks once all requested documents are submitted.
All companies from various sectors are eligible for the ICV certificate such as Free Zone entities, Service Providers and Manufacturers. Companies that have been operating for 10 months are eligible too for this certificate.
The National In-Country (ICV) program is governed by the Ministry of Industry and Advanced Technology, so all the companies dealing with them directly or indirectly, prefer to deal with those suppliers who are ICV certified. So if you are ICV certified then you will get more businesses.
Yes. As per Article No. 27 of Chapter 2 of New Commercial Companies Law, Federal Law No. 2 of 2015:
UAE laws that promote IFRS adoption.
We will discuss below whether all the companies which are operating either on large scale or small are required to prepare their financial statements based on full IFRS.
Those entities, whose shares not publicly traded/unlisted companies/they do not have public accountability can prepare their financial statements under IFRS for SMEs.
The four main public securities markets in the UAE and their accounting requirements are as follows:
Local legislative authorities in individual jurisdictions (and not the IASB) decide which entities are required or permitted to use the IFRS for SMEs. International Accounting Standard Board (IASB) has determined that any entity that does not have public accountability may use IFRS for SMEs.
IFRS for SMEs retains many of the accounting principles of full IFRS but simplifies a number of accounting principles that are generally less relevant for small and medium-sized entities. In addition, IFRS for SMEs significantly streamlines the volume and depth of disclosures required by full IFRS, yielding a complement of disclosures that are more user-friendly for SME stakeholders.
Certain more complex areas of full IFRS deemed less relevant to SMEs, including earnings per share, segment reporting, insurance, and interim financial reporting, are omitted from the IFRS for SMEs. In other instances, certain full IFRS principles are simplified to take into account the special needs of SMEs. Some examples of the differences between full IFRS and IFRS for SMEs include: