MEA UAE Business Awards 2017

MEAMARKETS / UAE BUSINESS AWARDS 2017 85 , UA170085 TMF Group is a global business services provider with offices in over 80 countries worldwide. We invited their UAE Legal and Governance Director StephanieWilliams to tell us more about the company’s work. Best Business Critical Financial & Administrative Services Provider and In-House Legal & Governance Director of the Year 2017 Established in 1988, TMF Group expanded rapidly across the world and today has more than 120 offices in over 80 countries. The company employs over 6,500 qualified accountants, lawyers, corporate secretaries, HR and other professionals. TMF Group has been in the Middle East for over 10 years. Its experts know and understand the local business culture, market complexity, processes and procedures. Stephanie outlines how the group works to provide its clients in the region with the most relevant and cutting edge services. “Here at TMF Group, we have the expertise and knowledge to help businesses of all sizes expand and operate within and beyond their home markets. We believe that complexity should not be a barrier to opportunity. Regulation and administration should not hold businesses back and we are dedicated to make sure they do not. Based in- country, our independent experts understand the local market and all its associated legal, financial and regulatory compliance requirements. “Our hallmark is the delivery of solutions tailored to each precise location. Providing services that will allow you to operate smoothly from day one. TMF Group’s distinct delivery model leverages local market knowledge and enhances regulatory compliance. Our core services can help companies of all sizes with HR and payroll, accounting and tax, corporate secretarial, international corporate structuring and structured finance – whether a company wants to globalise, or whether they need support to streamline existing operations. “In order to better support our clients throughout the UAE, our Abu Dhabi office also focuses on structured finance and private wealth services. TMF Group has been involved in a large multi- aircraft leasing deal through Abu Dhabi Global Market (ADGM) in which we are registered. The deal was the first of its kind in the region. We are also the first and only service provider offering shelf-company Special Purpose Vehicles (SPV) and Orphan SPV structures with independent Directorship options. We have become a first mover, and a market leader locally, mirroring our global positioning in the area.” Looking to the future, the biggest challenge TMF Group sees for the next 12 months in the UAE is the introduction of Value Added Tax (VAT) in the Middle East. The draft taxation legislation for the UAE was approved by the Federal National Council (FNC) in March, meaning that the introduction of VAT at a rate of 5% will be going ahead as of January 2018. There will be a one year grace period to allow companies to adjust and ensure compliance. VAT will be applied on all products and services with some exceptions including: education, health care, real estate and local transport. The exporting of goods to jurisdictions outside of the GCC will be subject to a zero-tax rate. It is proposed that a zero rate will be applied to those in the oil and gas industry as well as the financial services industry. What will happen with Free Zones and how the tax will be applied to companies operating within these, is still unknown. Also included in the draft taxation legalisation is an excise duty for tobacco, and fizzy and energy drinks, which is expected to be issued and applied this year. TMF Group will support its clients through this development, as Stephanie concludes. “Moving forward, our core focus is supporting our clients through the taxation changes in the Middle East. Although there has been no formal announcement as to how the UAE Government will tackle the implementation of VAT, we would strongly recommend clients starting preparing now for the introduction. We advocate best practice; we fully expect the UAE to adopt a process similar to European standards and this should be the benchmark to aim for. Clients might need to upgrade IT systems, train their accountants, review all their contracts and identify if VAT is included or excluded, examine how import and export duties might impact their business and how their invoicing could be affected. It will be important to engage with experts who are aware of all the developments as they happen.” Company: TMF Group Contact: Stephanie Williams Email: [email protected] Address: Nassima Tower, Office 1401, Sheikh Zayed Road, Dubai, PO Box 213975, UAE Phone: 00971 4 321 8498 Website: tmf-group.com