- Article
- May 20, 2019
Mostly, founders of startups are not able to pinpoint exact challenges in their startup. As per a study, almost 30% of small enterprises crash because of lack of managerial or business experience. But most of the businesses which fail are unable to identify what exactly was the gap or problem. Finding the challenge is one issue and then looking for an apt solution is another. We have collated a list of some common challenges that small enterprises and startups usually face.
1. Product Analysis
All the startups want to be perfect with their brand and be the best in the market. But there are rarely any startups who strike a balance between all the needed features in a product and the best selling price. The biggest challenge for most of the startups lies in identifying whether their brand or product is the correct fit for the specific market or not. According to statistics, 42% of startups shut down as they are unable to create a demand in the market. So how can you overcome this challenge of creating “a perfect product”?
The solution is product validation, which means analyzing the problems in the industry and doing research on why customers would trust the product you offer.
Tips for Product Validation
- Interact with your customers right from idea to product development stage and show them prototypes before the final product launch
- Conduct surveys
- Study your competitors to find any features that might be missing from their product
2. Sales & Marketing
New entrepreneurs should understand that saving money for their marketing is very important. The product should go into the market with a well-thought of strategy; otherwise there would be no sales and eventually the business could fail. According to a study, lack of a proper marketing strategy resulted in failure of almost 42% of startups which were surveyed. The ‘create it and customers will come’ is not the right approach. As a startup owner, you should have a good market strategy coupled with the right funding to enable you to market your product/service.
Tips for having the Right Marketing Strategy
- First find the target market segment
- Look for innovative yet cost-effective methods to reach your market
- Allocate proper budget for marketing and set goals accordingly
- Understand concepts like digital marketing and growth hacking for better marketing strategy
- Closely observe the marketing strategy of your competitors. Then, make yours better and allocate budgets accordingly
3. Getting the Right People Onboard
Hiring the right talent can get tricky for startups because of budgetary constraints. A new company will not be able to spend on hiring experienced talent and freshers need a lot of training. But a startup should somehow employ the right people if they want to grow. Not only experience, employees should also possess the enthusiasm to learn and then work in a challenging environment.
Tips for Finding the Best Suited Employees
- Find people who believe in your idea
- Identify people who are willing to go beyond their set roles and responsibilities
- Go on to offer a stake in your company to the best people
- Look for professionals who can fill in and support you for your shortcomings
4. Financial Challenges
There are ample financial obstacles for startups – be it from raising funds, controlling the rising expenses, saving enough to go through the next few months, etc. Without money, you cannot move a step further and a wrong financial move can cost you big.
Tips to Enable you to Face the Financial Challenges
- While doing financial planning, list the main expenses in the coming few months
- Save some money for unforeseen expenses
- Maintain correct payment cycles with your clients
- Invest in insurances to handle any unexpected disasters
- Avoid raising unnecessary funding
5. Decision-Making
Startups need business leaders who can take apt decisions. A small mistake in decision-making can cost in a big way on the growth of the company.
Tips for Better Decision-Making
- Prioritize the level of each challenge and then take action accordingly
- Learn to make decisions which result in expansion of your business
- Discover how to take calculated risks
6. Lack of Structure
Most of the new startups do not have a proper structure because they are handling too many things at one go. But when the company starts growing, you would need a proper structure thus defining accountability.
Tips to Enable Setting up a Structure for a Startup
- From the beginning, aspire to build a big organization
- Initially when a clear hierarchy isn’t defined, assign a responsible person for every department or task
- Focus on documentation right from the start
Decide clear goals and also attainable expectations
- Article, U.A.E
- May 17, 2019
Audit of financial statements reflects the accuracy of the financial position of the company. While it is mandatory for public and large companies to get their financial statements audited, the same does not apply to smaller or mid-sized companies. Although, small and medium-sized enterprises can willingly get their accounts audited for their own benefit.
Audited statements demonstrate consistency and objectivity in the financial reporting and at the same time establishes a clearer view for planning future business activities. Moreover, it saves a company from possible frauds by identifying the issues beforehand that may damage a company’s reputation. Therefore, audit services are of great importance for small as well as big companies.
Reasons why SMEs should consider audit services
- Identifies Issues
The primary purpose of the audit is to identify issues and problem areas right at the inception. When you hire audit firms in UAE, they help you identify the issues in your financial statements, if any and also help you correct them in a timely manner. This, in turn, helps the company get a competitive advantage over its competitors in the market.
- Identifies Weaknesses
Audit conducts a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of your business. It helps you identify a particular business process which is weak and prone to threat or damage. This, in turn, helps you improve your business processes and functions.
- Improved Accounting
When you hire audit firms in UAE, you indirectly eliminate the risk of poor accounting. They help you improvise your accounting function and assure the owners of the company that everything is in place especially when they themselves are not involved in the day-to-day functioning of the business.
- Prevents Fraud and Misappropriation
Fraud can not only harm the finances of the company but also damage its reputation. Audit helps SMEs prevent the chances of fraud and misappropriation in the company. It also builds brand value and good image of the company in front of its customers, suppliers, stakeholders, etc.
- Improves Internal Control
Audit services help SMEs improve their internal control system. By emphasising on controls like segregation of duties, increased oversight, restricted access to financial systems, third party review of financial statements and much more, the efficiency of internal controls drastically improves.
- Improves Credibility
When you hire external auditors, it demonstrates your real commitment to compliance. In other words, it is an indication of how reliable your company is towards the investors. It brings a lot of credibility in the eyes of potential investors and stakeholders.
- Business Improvements
SMEs should strongly consider hiring audit services in order to improve their business processes. Auditors possess expert knowledge and experience which helps them advise you on how to streamline your process and improve them. It also helps you make cost-savings within your supply chain.
- Business Legalities
Auditors are well qualified and aware of all the business legalities and compliances that need to be followed while running business operations. They can bring to your notice any non-compliance or breach of law and advise you on how to rectify it in a timely manner.
The above mentioned are a few benefits of conducting a financial audit for SMEs. It is advisable to get the audit done from expert professionals such as IMC Group who can help you present the correct picture of your financial statements. Moreover, IMC Group is a leading audit firm in Dubai with over 20 years of experience, dealing with different industries. Get in touch with IMC Group to transform your business entity’s future to a great extent.
- Newsletter, Singapore
- May 13, 2019
The start-up’s in Singapore can now expect more opportunities for company formation in Singapore and collaborations with global investors as Enterprise Singapore is working with the Monetary Authority of Singapore (MAS) to accelerate funding.
They are doing this through highly selected and organised deal-making sessions. The first of these kind of sessions was kicked off recently as segment of the international launch for Slingshot 2019, a global start-up pitching contest organised by Enterprise Singapore. Over 100 start-ups got a chance to network with approximately 50 investors, venture capitalists and corporate funds.
The collaboration with MAS is part of a wider strategy by Enterprise Singapore to strengthen the local start-up ecosystem by adopting a market-led approach, bringing together academia, government and the private sector to create solutions that address market needs in Singapore and the region.
The Organisation for Economic Co-operation and Development (OECD) has predicted that Asia is going to account for over half of global gross domestic product (GDP) by the year 2050.
Edwin Chow, who is the assistant CEO of Enterprise Singapore, said that Enterprise Singapore would intensify its commitments with local and overseas partners to facilitate start-ups to scale up more rapidly.
He also said that the targeted platforms that the start-up’s get for connecting with investors and customers serve as precious opportunities for them to access resources like financing, and also open avenues for co-innovation along with leading corporates.
The other steps announced actually build on the current initiatives. For example, 17 additional accredited mentor partners will be brought in to the Startup SG Founder programme to offer extra mentorship and start-up capital to the first-time businesses or entrepreneurs. This will take the total number of mentors to 45, who are expected to coach around 200 start-ups in the coming year.
The new mentors in the list include the Singapore University of Social Sciences (SUSS), talent incubator Antler, and South-east Asia’s largest medical device business, Advanced MedTech.
Enterprise Singapore is also closely functioning with the Economic Development Board to bring at least four new cities to the Global Innovation Alliance (GIA) network in 2019. The GIA is basically a network of domestic and overseas partners in all the key innovation hubs.
Besides, Enterprise Singapore has also been affiliating with different government agencies since the year 2017 to launch calls for proposals from start-ups firms to handle the challenges across urban solutions, logistics, trade and construction. There is a pipeline of 24 calls for proposals in 2019.
- Newsletter, U.A.E
- May 13, 2019
A new research shows that the UAE is steadfast in adopting all the latest technologies and that is why it remains far ahead of the global average in terms of artificial intelligence (AI) maturity.
Microsoft’s AI Pulse report has shown that the companies in the UAE were a lot more proactive in implementing AI solutions, as compared to global peers. Around 70 percent of the double-digit expansion companies in the UAE plan to use AI in this year for improving their decision-making, as against 46 percent globally. Also, 45 percent of the UAE’s single-digit expansion companies plan on AI adoption for better decision-making in 2019, again going far ahead of the global average of 31 percent.
AI Pulse is a global initiative by Microsoft that is especially designed to enable in forming the desire and intentions of senior executives globally towards AI. Respondents’ firms were divided into the following categories: high-growth firms, which have double-digit growth and lower-growth firms, which have single-digit growth. The AI maturity of all the companies was then categorised as either: waiting, exploring, experimenting, formalising, or integrating. It was established that about 38 percent of high-growth firms globally are either at the ‘formalising’ or ‘integrating’ levels; however, only 17 percent of lower-growth firms were seen at those levels.
UAE leaders were surveyed in February this year and it was found that almost 47 percent of higher-growth organizations and 15 percent of lower-growth companies in the country has reached the ‘formalising’ or ‘integrating’ stages. With higher-growth firms, this proves a considerably higher AI maturity as compared to the global average.
Experts feel that UAE businesses are currently on the right path in terms of the adoption of AI solutions and the government sector is leading the momentum.
Regarding leadership issues, the report proved that the respondents were typically split over business priorities, as no clear preferences emerged out of the poll. Having said that, the UAE leaders continued to show a greater degree of conviction, with 38 percent choosing the evaluation of success as their top priority for time investment. The prioritisation of business goals and initiatives was tied between the UAE leaders for second place with the handling of facts and information, each getting validation from 30 percent of UAE respondents.
Besides, most firms in the UAE think that AI will have intense effects on various aspects of future leadership, like in overall control, solving challenges, and offering a direction for the workforce. Almost 78 percent of double-digit growth organizations globally and 70 percent of other firms encourage the re-skilling measures to make sure that they are ready for the AI future, almost 97 percent of the UAE leaders said that they supported these measures.
- Newsletter, U.A.E
- May 13, 2019
The UAE-India ties have been fortifying over the past few years as UAE’s investment pouring into India crossed the $10bln mark.
The financial, political and cultural ties between UAE and India are in their golden phase as the bilateral trade and investments have been growing each year.
Sheikh Nahyan bin Mubarak Al Nahyan, who is the UAE Minister of State for Tolerance, acclaimed the bilateral ties of friendship and trust between these two countries. He also pointed towards the important role of sustainable knowledge-driven economy, new innovations and also dialogue in accomplishing peace and constant progress.
Navdeep Suri, who is India’s ambassador to the UAE, felt that the growing ties between these two countries are mirrored in many incidents like awarding of Sheikh Zayed Award to the Indian Prime Minister Narendra Modi and then UAE inviting the India’s foreign minister Sushma Swaraj for addressing the Organisation of Islamic Countries conference held at Abu Dhabi recently. The ambassador also appreciated Abu Dhabi’s role in establishing the Hindu temple in the UAE.
Vipul, the consul general of India in Dubai, said that the bilateral financial, political and cultural ties between these two nations have been consolidating further over the past few years as UAE has been investing in India and the mark has now crossed $10 billion.
Vipul was addressing the 37th annual conference of The Institute of Chartered Accountants of India (ICAI) in the Dubai Chapter. He also said that the two countries have been collaborating together and making millennium strides in various industries like food processing, defence, space, etc. industries and foreign company registration in India has been on an all-time high.
This annual conference was organised under the title of “Accelerating Millennium Strides – transforming by power of knowledge.” About 2,000 members of the ICAI – Dubai Chapter – were present in the annual conference. Vipul also mentioned that India has been at vanguard of global expansion as it is now touted as the most-rapidly growing economy in the world.
He stressed how India was working to remove poverty and making millennium strides in all the areas, be it science, technology, culture, and many other sectors. And the same is true for the UAE. UAE’s focus also been on spreading tolerance, happiness, making new collaborations and fostering technology. The UAE also is a great example of how people can work and dwell in coherence in a multicultural society.
So if you are thinking of setting up your business in UAE or looking for business setup consultants in Dubai, do get in touch with us and we would be glad to assist you.
- Bahrain, Newsletter
- May 13, 2019
A new structured program would enable the start-ups in Arab to briskly enhance their businesses and fetch a wider spectrum of assistance in Bahrain.
Bahrain recently announced rolling out a brand new program that is going to aid about 100 Arab start-up companies, which are modelling the Fourth Industrial Revolution, at the World Economic Forum (WEF), held recently in Jordan. This structured programme would allow these Arab start-up companies to scale up their businesses rapidly, thus, getting an access of a wider range of support in Bahrain.
Here is the press release about this announcement. Please click this link to view a list of all the 100 start-up businesses from across the Arab World: https://widgets.weforum.org/arabstartups/
The special advantages given to these 100 Arab start-up companies include:
- An entry to the market of Bahrain for all businesses that have been marked under the 100 Arab Start-Ups banner – and also going back to the ones that were selected in the year 2017
- The applications to be fast-tracked for establishing a presence in Bahrain
- Creating a special concierge service for 100 Arab Start-Ups to assist these start-ups to steer through and reap benefit from Bahrain’s ecosystem
- A chance to pitch and get the required funding from Bahrain’s Sovereign Wealth Fund, and from the VC partners of Al Waha Fund of Funds and even from the family offices in the Kingdom
Khalid Al Rumaihi, who is the chief executive of the Bahrain Economic Development Board, said that the 100 Arab start-ups moulding the Fourth Industrial Revolution is a very good initiative and they would jointly make sure that it not just an annual event but a continuous source of assistance and aid to the most-promising businesses so that they can become world leaders in their chosen fields. These firms or businesses would outline the future and therefore, more new prospects that Bahrain can offer along with some special incentives are being opened to provide the best-possible and comprehensive support. In affiliation with the World Economic Forum, with this programme, the best-possible support is being offered to the best chosen businesses.
As per data from MagniTT (a firm selected twice by the 100 Arab Start-Ups initiative), there has been a 31 percent rise in investments as compared to 2017 and a new record was established for regional start-up funding in 2018.
The foreign investment continued to be stable in the year 2018 as about 30 percent poured in from outside the Arab territory, while fintech shot over e-commerce as the top-most industry because of an 8 percent rise in deals since 2017.
A selection committee of professionals and experts on the start-up ecosystem worked along with the World Economic Forum and the EDB for screening and selecting the 100 start-ups.
With the support and presence of TM King Abdullah II and Queen Rania Al Abdullah, this meeting assembled over 1,000 top leaders from government, civil and business society, along with leaders from the Levant and North Africa, Gulf Cooperation Council (GCC) countries, and major global stakeholders from Europe, East Africa, and the US.
- Newsletter, U.A.E
- May 13, 2019
Thinking of company formation in Dubai? It’s the right time to go for it as China will be doing some major investments in Dubai now.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, who is the Vice-President and Prime Minister of the United Arab Emirates and the Ruler of Dubai recently visited Beijing for the second phase of the Belt and Road initiative.
Some key deals have been signed and investments were also announced on his China visit. Making this announcement public on Twitter, Sheikh Mohammed mentioned that a 60 million square feet station will be launched at the new Silk Road in Dubai for Expo 2020.
The Chinese company Yiwu plans to pump in an investment of about $2.4 billion to use this station for storage and transporting the Chinese goods from Jebel Ali to the rest of the world via New Silk Road.
The Chinese President Xi Jinping was seen shaking hands with UAE Vice President and Prime Minister Sheik Mohammed bin Rashid al Maktoum when they met on a bilateral meeting of the Second edition of Belt and Road Forum at the Great Hall of the People on April 25, this year in Beijing, China.
He proclaimed another project that would be launched in Dubai for $1 billion. It is named as ‘vegetable basket’, which is funded by the China-Arab investment fund. It would be importing, processing and then packing various agricultural products, and animal products and marine products and then export them to the whole world via the new Silk Road.
He joined 40 other state leaders and delegations who came from 150 countries and global organisations, like the International Monetary Fund, the United Nations, and other such entities covered by the initiative which was launched by President Xi Jinping.
Sheikh Mohammed mentioned that the UAE would have a key role to play in improving global cooperation and reinforcing regional ties with the world. He said that the UAE is looking forward to strengthening its international ties in various fields; thus hinting towards this year being an ideal time for best company formation in UAE.
He emphasized on UAE’s continuous efforts to foster positive communication and plan combined action for forming the foundations of sustainable development.
- Newsletter, U.A.E
- May 13, 2019
Expo 2020 Dubai is slated to contribute a whopping AED122.6 billion of gross value added (GVA) to the UAE’s economy between the time period of 2013–31. It is also expected to aid up to 905,200 full-time equivalent (FTE) job-years in the United Aran Emirates in 2013–31, which is equivalent to almost 49,700 FTE jobs every year in the UAE over this period.
Najeeb Mohammed Al-Ali, who is the Executive Director of the Dubai Expo 2020 Bureau, said that Expo 2020 Dubai is a very important long-term investment for the future of the Kingdom, which is going to contribute over 120 billion dirhams into the economy between the period of 2013 and 2031.
This is going to hearten millions around the globe to visit the UAE in the year 2020, while encouraging travel and tourism and aid economic diversification for times to come after the Expo. It will also leave behind a sustainable financial legacy that would help in ensuring that the UAE continues to be a leading hub for business, investment and also leisure.
This expo is projected to draw almost 25 million visitors and participants from over 190 countries from the time-period of October 2020 to April 2021. In this duration, it is estimated that the World Expo would contribute about 1.5% of the UAE’s yearly forecasted gross domestic product (GDP).
Besides that, the small and medium-sized enterprises (SMEs) are predicted to get almost AED 4.7 billion as investments in the pre-Expo phase, aiding about 12,600 job-years, and also helping to fulfil the Expo 2020’s goal to promote innovation and encourage small businesses.
During the Legacy period, that is between the month of May 2021 to December 2031, the Expo site would be redeveloped to District 2020, which is going to comprise tenant firms and an expanded Dubai Exhibition Centre (DEC).
District 2020 is strategically planned to promote the UAE’s future vision by aiding sustainable financial development, thus, going a step closer to an innovation-driven economy and nurturing a business environment to assist major growth industries like logistics and transport, construction and real estate, travel and tourism, and education.
More than 80 percent of the Expo built environment is intended to be preserved for District 2020, and ultimately expanded into a city that covers over four million square meters. District 2020 businesses would be focused on innovation and new technology, comprising a blend of corporations and SMEs. The DEC is also going to be a major facility in the site.
The financial effect of the Legacy period is majorly anticipated to be driven by the expansion activity and operations of District 2020 along with the incremental outcomes of DEC’s expansion.
To conclude, there is going to be a ‘direct’ rise in economic activity, while there would be ‘indirect’ advantages of enhanced supply chain demand and ‘induced’ profits from amplified spending by employees of companies involved in Expo 2020.
Expo 2020 Dubai will be the first World Expo that will take place in the Middle East, Africa and South Asia (MEASA) region in the 168 years of history of the event. Close to over 200 participants, which will include of nations, corporations, firms, educational institutions and multinational organizations, would gather in Dubai between the month of October 2020 to April 2021 to discover the Expo 2020’s theme of ‘Connecting Minds, Creating the Future’.
- Article, India
- May 6, 2019
In order to improve the Indian economy, the Government of India is launching various schemes to promote company formation in India. One such scheme is ‘Start-up Initiative Scheme’, which was launched in January 2016 by the honourable Prime Minister Narendra Modi.
Start-ups play a significant role in pushing the economy forward. The Government of India has launched the ‘Start-up Initiative Scheme’ with the action plan framed by the Department of Industrial Policy and Promotion (DIPP) to make the start-up registration process easier and increase the entrepreneurial drive in India.
Benefits of Start-up Action Plan
- The action plan simplifies the start-up registration process. It expedites the legal compliance process, encourages the set-up of start-ups and access through the use to mobile app or web portal further simplifies the work.
- The government has allocated Rs. 10,000 crores to help the start-ups to establish themselves. The action plan also provides many other monetary benefits like tax exemption on capital gains, credit guarantee, etc.
- The action plan provides the start-ups with resources and knowledge bases that are essential for efficiently running the business. Furthermore, it also promotes industry partnerships and focuses on promoting business in the biotechnology sector.
Let us now have a look at the start-up registration criteria.
Criteria for Start-up Registration
- The start-ups can be either of the following; limited liability partnerships (LLPs), private limited companies, or partnerships.
- The start-up has been incorporated not more than 5 years ago.
- Turnover since its operation for each year is less than Rs. 25 crores.
- It must be developing products that add value to the customers.
- It must have obtained DIPP approval.
- The start-up must focus on developing innovative products.
- The start-up must have a recommendation letter.
- The start-up must have a patent from the trademark office and Indian patent.
- The start-up must be funded by angel fund, private equity fund, incubation fund or angel network.
Moreover,
- There is an exemption from capital gain if the start-up is under the start-up India campaign.
- New entrants get the benefit of tax holiday for 3 years.
Your business is eligible for start-up registration if you fulfill the above criteria. There are many benefits of registering the start-up with DIPP. Let us see some of the benefits of registering the start-up with DIPP.
Benefits of Registering the Start-Up with DIPP
- The start-ups get the benefit of self-certification if they fulfil the compliances in relation to 9 labour laws and environmental laws.
- Faster tracking of patent application and rebate of up to 80% on patent fees.
- The start-ups get the opportunities and same level playing field which are available to the experienced entrepreneurs.
- As per the Insolvency and Bankruptcy Code of 2016, a registered start-up gets the time period of 90 days to execute the exit strategy.
- An amount of Rs. 25 crores has been set aside by the government to help the start-ups.
- Tax exemptions in the form of exemption on capital gains and investments made by incubators or angel investors are Furthermore, tax exemption for 3 years is available to the start-ups.
- National Credit Guarantee Trust or Small Industries Development Bank of India (SIDBI) provides help for over 4 years to DIPP registered start-ups.
- DIPP provides a common platform for new entrepreneurs to grow their business by engaging with the leaders of the industry.
There are many other benefits of registering the start-up with DIPP. IMC Group provides assistance to the start-ups in India. Our experts can help your start-ups grow and function at a rapid pace. We also provide assistance for foreign company registration in India. To know our quotes, you can send us an e-mail or get in touch with us on our number.
- Article, U.A.E
- April 30, 2019
It is almost a year since the business communities in the UAE are familiarised with the word ‘VAT Audit’. It is essentially a compliance check conducted by the Federal Tax Authority (FTA) to verify that the VAT liability is correctly assessed and the tax return is accurately filled by the taxpayers. It could be carried out at the business premises of the company or in the offices of the FTA.
In the UAE, the standard VAT return filing period is on a quarterly basis. However, FTA may request certain types of businesses to file the VAT return on a monthly basis. This is majorly done to eliminate the risk of tax evasion and at the same time to improve the monitoring of compliance adherence by the businesses. The VAT return filing period applicable to each taxpayer is available on the FTA portal.
The VAT Return Filing Process
Taxpayers need to fill the form – ‘VAT 201’ for the completion of VAT return filing process. In order to fill the form, you have to log in to the E-services portal of FTA and select the option of ‘VAT’ followed by ‘VAT 201’ and ‘VAT Return’.
Taxable Person Details
You have to enter your name, address and Tax Registration Number in this section.
VAT Return Period
You have to enter your VAT return period here. Further details like tax year end, due date, etc. will be generated automatically.
VAT on Sales and All Other Outputs
Here you have to compile the details of taxable supplies at Emirates level, supplies subject to reverse charge mechanism, zero rate supplies, exempt supplies, etc.
VAT on Expenses and All Other Inputs
Here you have to compile the details of expenses or purchases on which you paid 5% VAT. Also, include the input tax that has to be recovered.
Net VAT Due
This is the VAT payable for the return period.
Additional Reporting Requirements
If you have used any profit margin scheme or have applied for the same, you need to fill in this section or else you can leave it by clicking on the ‘No’ option.
Declaration and Authorised Signatory
Here you have to provide the details of authorised signatories and then click on the submit form tab.
Things to Take Care of While Filing VAT Return
- All the amounts mentioned in the return should be in United Arab Emirates Dirhams (AED) currency.
- All the amounts mentioned in the return should be rounded off to the nearest figures of the fills.
- The sections marked mandatory should be compulsorily filled.
- If there is no amount to be declared, use ‘0’.
The Bottom Line
Submitting incorrect VAT return or furnishing wrong details can attract huge penalties. Therefore, it is vital to seek professional help for filing your VAT returns. IMC Group is one of the leading VAT consultants in UAE. With our help, you can comply with the VAT laws as we keep you informed of all the latest updates and guidance issued by FTA from time to time.
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