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At Kreston, we are dedicated to providing exceptional accounting and auditing services to businesses throughout Dubai and the UAE. Our team of highly skilled professionals brings years of experience and expertise to deliver personalized financial solutions that cater to the unique needs of each client. Whether you require comprehensive bookkeeping, thorough audits, or expert tax consulting, Kreston is your trusted partner in navigating the complexities of the financial landscape in the UAE.
We pride ourselves on building long-term relationships with our clients, founded on trust, transparency, and a commitment to excellence. Kreston serves a diverse range of industries, including real estate, hospitality, retail, manufacturing, healthcare, and technology. Our goal is to help your business stay compliant with the latest regulations while providing strategic insights to secure your financial future. Reach out to Kreston today and discover how we can help you achieve your business objectives with confidence and clarity.
About Kreston
Placing clients at the centre of all that we do and adhering to the highest standards of professionalism, transparency, ethics and conduct, Kreston Menon has steadily grown over the years to be reckoned as one of the leading auditing and advisory firms in the United Arab Emirates.
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Kreston Menon is affiliated to Kreston Global, one of the largest accounting networks in the world with over 160 member firms employing over 27,000+ professionals in 820 offices from 114 countries.
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Navigating Your First UAE Corporate Tax Return: A Few Critical Considerations
Unrealised Gains and Losses: The Realisation Basis Election
A critical one-time choice in the first CT return is whether to elect the “realisation basis” for unrealised gains and losses. Under normal accrual accounting, certain assets or liabilities can have unrealised gains or losses (for example, a rise in value of an investment property or securities portfolio) that are recorded in profit before any actual sale or settlement. By default, such unrealised gains would be included in accounting income and thus taxable. The realisation basis election allows a company to defer tax on unrealised gains and losses until they are actually realised.
This election is only available in the first tax period, and once made, it applies to all future periods unless exceptionally revoked with Federal Tax Authority (FTA) approval. The election can be applied in one of two ways: either to (a) all assets and liabilities that are measured at fair value through profit (or subject to impairment accounting), or (b) to all assets and liabilities held on capital account. For example, if an investment property’s fair value increased by AED 2 million during 2024, electing the realisation basis would mean this AED 2 million unrealised gain is not taxed in 2024 – instead, tax will only be due when the property is actually sold and that gain is realised.
Businesses with significant fair-value adjustments should strongly consider making this election in their first return, as it can defer the tax on such unrealised gains until a future sale, improving cash flow.
A gateway to global markets: Ennogen Healthcare on why the UAE is key to their expansion
The United Arab Emirates (UAE) has emerged as a premier destination for global entrepreneurs. The UAE’s transformation into a hub for global business can be attributed to several key factors, including strategic location, government support, and a pro-business environment.
Ennogen Healthcare, a UK-based pharmaceutical company, is among the many international companies that have expanded their operations to the UAE. In a recent interview, Jason Tate, Chief Financial Officer of Ennogen Healthcare, shared his insights on why the UAE was chosen as their base for expansion and how their journey has been facilitated by Kreston Menon.
The strategic appeal of the UAE
Tate outlined the strategic appeal of the UAE, highlighting three primary reasons for their decision to expand into the region. First and foremost, the UAE’s geographic location offers unparalleled access to key markets. Positioned as a gateway between Asia, Europe, and the wider Middle East, the UAE allows companies like Ennogen Healthcare to efficiently reach a broad spectrum of markets while maintaining proximity to their European base.
“The proximity of the UAE to other regions around the world, including Asia and the subcontinent, while remaining close to Europe, was a critical factor for us,” Tate explained. This accessibility has made the UAE a preferred destination for companies seeking to expand their global footprint.
Another crucial factor is the UAE’s talent pool, which is enriched by a diverse, multicultural workforce attracted by the country’s high quality of life. “The talent pool that’s available here is attracted by the lifestyle and the agglomeration of skills from around the world,” said Tate. The ability to draw skilled professionals from various global markets has been instrumental in Ennogen Healthcare’s success in the UAE, as the company operates in a highly regulated industry that requires top-tier expertise.
Lastly, the pro-business environment fostered by the UAE government has been a significant enabler. The UAE’s regulatory framework is designed to be business friendly, reducing the bureaucratic barriers that often hinder international expansion. Tate noted, “The pro-business environment, which the government leads, helps us to drive forward our success.” This environment, coupled with the UAE’s continuous efforts to streamline business operations, has made it an attractive destination for companies looking to establish a presence in the region.
A trusted partner
The role of professional services firms like Kreston Menon in supporting international businesses cannot be overstated. When Ennogen Healthcare began considering its expansion into the UAE, the company evaluated several firms, including the Big Four, before deciding that Kreston Menon was the best fit for their needs. “Kreston Menon was introduced to me by a fellow professional, and we assessed their capability in the UAE compared to other firms,” Tate recalled. “We considered that Kreston Menon was best placed in the UAE to give appropriate local advice for the region, which is important in the process of setting up and also expanding.”
Kreston Menon’s local expertise and understanding of the UAE’s regulatory landscape proved invaluable as Ennogen Healthcare navigated the administrative complexities of establishing operations in the country. The firm provided tailored advice and support, ensuring a smooth transition for Ennogen Healthcare as they set up their UAE base.
Advice for new businesses
As the UAE continues to attract a growing number of international businesses, Tate offered some advice for those considering expansion into the region. He emphasised the importance of understanding the local market and leveraging the UAE’s business culture. “The UAE provides a very dynamic environment for interpreneurs, attracting talent and facilitating the sharing of knowledge,” Tate observed.
He also highlighted the importance of being strategic in selecting a location within the UAE that aligns with the company’s business objectives. Proximity to key markets, access to talent, and ease of doing business should all be considered when making this decision.
Bright future
Reflecting on Ennogen Healthcare’s journey, Tate rated their success in the UAE as 9 out of 10, acknowledging that while they have achieved significant milestones, there is still potential for further growth. “We’ve arrived here, set up the business, and begun to achieve some of our early goals,” Tate said “But we’re also beginning to identify new opportunities that we didn’t anticipate before we came here. As a consequence, I’ll be moving larger parts of the business into the UAE in the coming months ”
This positive outlook is indicative of the broader trend among interpreneurs in the UAE. The country’s ongoing efforts to enhance its business ecosystem and its commitment to creating a competitive and investor-friendly environment have positioned it as a global leader in attracting foreign investment.
As more international entrepreneurs discover the opportunities that the UAE has to offer, the country is poised to continue its ascent as a top destination for global business. With firms like Kreston Menon offering essential support, and the UAE government’s unwavering commitment to fostering a pro-business climate, the future looks bright for interpreneurs aiming to make their mark in the UAE.
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