Value Added Tax (VAT) is a consumption tax in the UAE on goods and services. Presently, the VAT rate in the UAE is 5%. You might need to register for VAT if you run a business in the UAE.

The online VAT registration process is available for UAE businesses. However, still, there are so many aspects where business owners make mistakes. So, it is highly recommended to get professional help when registering for VAT. In this blog, we will walk you through the process of registering for VAT online step-by-step.

Here, we have enlisted some of the fastest-growing industries in the UAE in 2023:

Check if you require VAT registration

Identifying if you are obliged to register for VAT is the first step in the online VAT registration procedure. If your company is situated in the UAE and your taxable imports and supplies total more than AED 375,000 annually, you must register for VAT. However, you have the choice to register for VAT if your taxable imports and supplies are more than AED 187,500 but less than AED 375,000 annually.

Gather the appropriate documents and data

The next step is to gather all the relevant documentation and information once you have decided that you must register for VAT. These could contain your tax identification number, financial statements, bank statements, and business registration paperwork. Also, you must include details about your company’s operations, including the kinds of products or services you offer and your projected annual revenue.

Online VAT registration

The online VAT registration process continues with this step. To proceed, we will collect all your documentation in soft copy for registering your organization on VAT. After completing the form, we will forward it to you to check all the details and information and approve it. Once we get your approval, we will submit it to FTA.

Await authorization

You must wait for the FTA’s approval after submitting your online VAT registration application. Depending on the number of applications being processed, this may take a few days to several weeks. Your VAT registration certificate will be sent to you after your application has been accepted.

Maintain your records accurately

All of your sales and purchases, as well as your VAT returns and payments, need to be accurately documented. This will make it simpler for you to submit your VAT returns and fulfill your VAT requirements. Also, you must maintain copies of all of your invoices and receipts.

Documents Required for Online VAT Registration

The following documents are necessary for the online VAT registration process:

• 1. Trade License copy
• 2. Emirates ID Card of the Applicant
• 3. Memorandum of Association (MOA) for companies
• 4. Certificate of Incorporation or Trade Register extract for companies
• 5. Visa page copy of the Applicant or authorized signatory
• 6. Passport copy of the Applicant or authorized signatory
• 7. Contact details including email address and phone number
• 8. Bank Account details (IBAN)
• 9. Details of the Customs registration (if applicable)
• 10. Details of the business activities and turnover for the last 12 months

If you need VAT registration for your business, get in touch with Emira Zone now.