Group Entrepreneurs Unite!Started by UsamaZ on 13.02.2017 Bringing change - one business at a time.
Discussions in this group
I rarely get time to review my spending / expenses.I know its one the most imp aspect I need to handle but busy schedule does not allow to do it manually. Also I even miss bills sometime, any suggestions on tools/apps which might help me in tracking the expenses and bills? I got multiple cards/accounts so tool should be able to help in consolidating all of these accounts.
WajihaS on 02.11.2017 at 14:16
Interesting newsfeed in Khaleej Times on 'Entrepreneurship Visas';
pklim on 10.10.2017 at 21:28
UsamaZ on 10.10.2017 at 10:59
UAE Businesses can now register for VAT Online. Businesses are encouraged to register online through the Federal Tax Authority's website (www.tax.gov.ae - Click on 'E-Services' to start the process).
Companies subject to VAT and with a threshold of annual turnover of Dh375,000 or above must register for VAT.
Registration Deadline: All businesses with an annual turnover exceeding Dh150 million should register before October 31 and those with an annual turnover of more than Dh10m should register before November 30.
Read more on: http://tax.gov.ae/registering-for-vat.aspx
UsamaZ on 05.09.2017 at 09:34
Interesting inforgraphic in Gulf News on what products and services will be zero-rated and Tax-exempt.
(article link: http://gulfnews.com/business/economy/vat/what-products-and-services-will-not-be-taxed-from-january-1-1.2084759 )
While the details are yet to arrive in the form of an Executive Regulation, the list of zero rated products and services includes (as per the ministry of finance's website):
- Exports from the UAE to outside the GCC
- International transport of passengers and goods which starts or ends in the UAE or passes through its territory, including also services related to such transport.
- Regular commercial air passenger transport
- Supply of air, sea and land means of transport for the transportation of passengers and goods
- Supply of aircrafts or vessels designated for rescue and assistance by air or sea
- The supply or import of investment precious metals (it is unclear which metals will be classified as investment grade)
- Crude oil and natural gas supply
- Buildings and Construction: 1) First supply of residential buildings within three years of completion (sale or lease in whole or in part) . 2) First supply of buildings specifically designed to be used by charities through sale or lease (to be clarified later) 3) First supply of buildings converted from non-residential to residential through sale or lease
- Supply of educational services and related goods and services for nurseries, pre-school, elementary education and higher education institutions funded or owned by the federal or local government
List of products and services exempt from tax includes:
- Financial services
- Residential buildings through sale or lease, other than the points on buildings listed in the Zeo Tax section
- Preventative and basic healthcare services and related goods and services
- Supply of bare land
- Local passenger transport (such as taxis and metro)
UsamaZ on 13.06.2017 at 04:50
Private companies in the UAE will need to declare their charitable initiatives and earmark funds as part of a giving scheme in the coming year.
CSR (Corporate Social Responsibility) is part of a Year of Giving strategy introduced today along with 11 other initiatives to encourage businesses to give back and take part in philanthropic work.
Corporate Social Responsibility will be compulsory for 400,000 companies across the UAE
This will generate approximately AED 500 million for charitable initiatives.
Registration begins in July.
Full article here (pls copy and paste in browser):
Have your say:
what would you pick as a charitable initiative for your company to participate in?
Would it be a purely financial transaction or would you also invest your time and energy?
Would mentorship be a part of your CSR strategy?
How will you differentiate yourself?
(There might, just MIGHT be a surprise in store for the best answer).
UsamaZ on 13.02.2017 at 12:45
So we all know this had to happen one day and now we have a date for it. And if your business is drawing anywhere mroe than $100k in revenue you have to pay it. No exceptions.
So Is your business ready? Here's a few things I can think of:
- SEPARATE YOUR BUSINESS AND PERSONAL ACCOUNTS. Add the tax as one more reason to do this if this hasn't happened already!
- Pursue Invoces: Good cashflow is always good. Its a much needed exercise when you have taxes to pay!
- Get a good accounting solution: There are many low-cost, cloud-based accounting solutions (SAP business one, Excel Account, etc.) that give you a simple way of managing your finances on the go ( you can even upload your invoices)
- Get a tax accountant to come in and evaluate how much tax you're liable to pay for in 2018 so you have sufficient time to prepare for it.
Are there any other things that you would like to add to the list?
UsamaZ on 13.02.2017 at 12:14
So I read this great article in WAMDA today (Original Link: https://www.wamda.com/2017/02/entrepreneurship-unequal-playing-field).
The article stresses on the need for employers / investors (the 'haves') to be more inclusive when considering where they invest and who they hire (i.e. the 'have nots').
It really is true about the Dubai scene now. Every 'entrepreneurship' event (and entrepreneurs) seem to be coming from a specific set of people. They typically tend to have a similar background, education, access to funding etc. And it's seemingly happening across the region as per what the article claims.
What's your take on the issue - is it a good thing , bad thing? What do you think we should do to keep our group more inclusive?
More interestingly: As an entrepreneur, have you ever gone outside your comfort zone to be more inclusive? Were you happy with the result?