22 August, 2023
The UAE Government is known for the rules and regulations that help the businesses here flourish. This is why the UAE is one of the most sought after places for doing business. This is due to the strategic location, the laws and the ease of doing business in the Emirates.
However, the laws in the nation keep changing. Even though it is essential for the betterment of the business environment in the nation, it is also quite difficult to keep up with the changing laws and regulations especially if you are new in the nation. This is why you need to be in touch with a consultancy(experts in the region). A consultancy such as RadiantBiz can help you stay on top of your business. Read on to know one of the most recent changes in the UAE law.
The government of UAE has announced that the businesses in the UAE will now have to comply with a new law. This law states that attestation will be needed to authenticate import invoices of AED 10,000 or above. If someone fails to do so, they have to pay a non- compliance fine. This attestation will be done by the UAE Ministry of Foreign Affairs and International Cooperation also known as Mofaic.
A fee of AED 150 will be paid by the business per invoice. They will be granted a grace period of 14 days after the declaration of goods to complete the process. In case a company fails to do so, a fine will be paid by them.
A notification from Mofaic has declared that this law will be effective from 1st February, 2023. The law has been passed in accordance with Cabinet Resolution No. 38 of 2022. This addresses the certification of invoices and certificates of origin for imports into the UAE.
The attestation of the invoices will be done online. This attestation will be needed for any and every good that is imported in the UAE and cost more than AED 10,000 in order to prevent any sort of non- compliance fee.
The businesses will be granted a grace period of 14 days from the deceleration of the goods. They will be required to pay AED 150 per invoice. Those who fail to do so will be required to pay a fine of AED 500. This fine will be levied per invoice according to Mofaic.
There are certain exemptions to the rule. These rules have been mentioned ahead. The goods that are lesser than AED 10,000 will be exempted from getting the invoice attested on import. Personal imports and goods imported from Gulf Cooperation Council countries will also be exempted. The goods that are bought into the free zones will also be counted in the exempted list.
The law will not apply to B2C e-commerce transactions, transit goods imports, diplomatic, police, and military, charitable societies, and foreign organisation goods as well in addition to the above mentioned goods and services.
To ensure that the process is done with ease, the UAE Ministry of Foreign Affairs and International Cooperation has introduced an online procedure for the attestation of the invoices. This can be done by uploading the necessary documents online. A reference number will also be provided to the person applying as a proof of attestation of the invoice. This reference number will be in the records of the UAE Custom systems. This will be done to make sure that the attestation is done before the import declaration.
Attestation is done to confirm that the seal and signature on the said document is valid. It is done by the UAE government and even outside the nation. Many documents that are issued within the UAE are attested by the UAE Ministry of Foreign Affairs and International Cooperation. These documents also include the invoice of imports done over the value of AED 10,000. These invoices are nothing but any commercial documents with proof of sale of a good.
These attestations are done for companies inside as well as outside the United Arab Emirates. The attestation process is open through the portal at all times, i.e, 24*7. A person looking for attestation of documents can do so by heading to the Mofaic website or eDAS channel.
The documents essential for the attestation of the import invoices are as follows:
The steps that one needs to follow in order to get your import invoices attested are below mentioned:
When importing the goods into the nation, it is essential to take care of the value of the imported products. If the value is over AED 10,000 then the business has to pay AED 150 per invoice. People often tend to get confused when it comes to new laws and regulations. It is therefore a wise decision to get help from a consultancy to ensure that you comply with the laws.
This is when you should seek help from a company such as RadiantBiz. We can take care of your business’s compliance services while you handle the parts of business that you love the most. We ensure that you do not break any rule unknowingly and help you stay out of issues. Our experts are well trained and knowledgeable in their fields. Get an appointment with us today to get started with your business setup service in the UAE.