Contents
Registration is only the beginning. To keep the business in good standing, a number of mandatory actions must be completed every year.
Annual checklist
- Renew the company licence
- Renew the office or registered address agreement
- Renew residence visas and Emirates ID
- Keep accounting records
- File the reports required by law on time
- Update documents at the bank's request
Licence and office
A licence is valid for a limited period, usually one year. Late renewal results in fines and may block visas and the bank account. Add the renewal to your calendar well in advance.
Accounting and reporting
Accounting records must be kept in any case. Tax matters depend on the structure of the business and your country of residence. They are best discussed with a tax adviser.
Visas
Visa renewal depends on a valid licence and office. More detail is in the article Residence Visa Through a Company.
Bank
The bank periodically asks you to update company information. If you do not respond in time, restrictions on the account are possible. See Why Banks Close Accounts.
How not to miss deadlines
- Keep a shared calendar of renewal dates
- Assign accounting and reporting to a specialist
- Keep documents in one place
We support companies after registration: submit a request on the company formation page.