Author: user

Four years of terrifically tireless, exceptionally elegant, abundantly assiduous work! MSATC celebrates its 4th Anniversary in Abu Dhabi !!

Four years ago, the mission has just started taking its form, the vision taking its shape!

When the founder C A Mohammed Shafeek, left his tax and advisory-focused position at a UAE based conglomerate, it marked a new beginning. A new start of the passion and the knowledge. Dream – of not just the founder, but now of many. The beginning!

The company got all set to unleash the power within entrepreneurs and businesses, with one fierce objective: to enable ambitious and driven individuals succeed.

The company has now approached its fourth Anniversary, with all the grueling efforts, accompanied by the hard work to the core and compassion in its bones. The celebration is not of one big achievement, but it’s a collection of achievements of all the businesses that we’ve helped shape, grow, change.

When the company grabbed a number of awards in the industry in UAE and multiplied in size expanding the client base, that’s not it. The company has equally celebrated the joyous victory of its clients, with the business acumen the company passed on, with the right decisions at the right time and with the impactful insights the clients have achieved in the last four years – The spark in their eyes is counted and treasured at M S Accounting and Tax Consultancy.

Our pace was defined by the pace with which we understood the client requirements and our ability to empathize. Clients always came first, if you know us, you know – we are truly obsessed with them!

The right team was built, leaders fed with passion, and employees gruelled with best training. It is always the satisfaction of the staff and employees. If they have found us, we have also found them! – A fabulous team.

As we reflect today, the challenges weren’t small, the growth wasn’t minimal, and so is the joy we share with the clients, directors and employees – it is tremendous!

MSATC is all about unlocking and unleashing the business force that can help you to break through any limit and create the quality of business that you desire and deserve.

We have planned it unique, executed it with a touch of innovation, and that’s the charm of the four years we have held high!

Humble beginnings kept us grounded and yet watching the limit beyond the sky. As we look forward to unparalleled success and unrivaled corporate services, on this fourth anniversary, we still count this as the beginning. Beginning of more to come, of the big vision with big dreams!

As we celebrate Four and we count for more to come, we urge you to dream more for your business!

Tags UAE, VAT

News & Press Releases

Munawar Salih named Chief Growth Officer at MSATC

Post author By user
Post date March 6, 2021

Announcement comes as a part of the 2021 leadership changes at the firm.

Abudhabi (March 6, 2021) — MSATC announces the appointment of Munawar Salih to the newly expanded role of Chef Growth Officer. The position will lead M S Accounting and Tax Consultancy’s global marketing, innovation insights and analytics composed with the business development strategy for the newer market opportunities.
Munawar currently serving as Brand strategist & Non-Executive Director, broadens his responsibilities for the Financial services & compliances department growth in the MEA region. The transition comes upon the MSATC’s new strategic leadership changes happening as a part of Vision 2021.

“I am very much delighted to expand Munawar’s area of actions and bring together the critical core responsibilities required for the brand growth in the newer segments of post-pandemic market. In the newer hat, he will drive excellence in how we utilize our global reach, introduction of pathbreaking Fintech products and timely collaborations to expand the categories for evolution of Brand MSATC,” said Mohammed Shafeek, Managing Partner & CEO of MSATC. “We have had a fantastic partnership from the inception days of MSATC. His energy and authentic leadership initiatives has always helped as stepping stones in the growth of the company. He has made tons of creative contributions to MSATC’s ambition to become the best one stop compliance solution of the region, galvanizing the Marketing & Business growth function by bringing all metrics of growth & capabilities together with immense market experience and insights.”

Munawar commented: “Being in the process of building MSATC from day zero, I had always got amazed by the immense passion and professional precision of each and every member at MSATC. The purpose-led, principle-driven business is in the core at MSATC. Having seen and explored into various industries, firms and startups that I’ve grown up with, such a gifted team is a huge privilege. Fin-tech products and supporting entrepreneurs in emerging international markets are highly potential and well-formed futuristic segment for growth. I am thrilled to make some positive and scalable development impact for our partners and clients.“

Since getting on board as Non-Executive Director in 2017, Munawar has been instrumental in the evolution of MSATC’s services and has been a driving force behind the company’s success in recent years. Munawar has established a decade full of experiences across variant industries.
He has founded few big names in the F&B industry, and has successfully steered & pivoted more than 50 startups.

About MS Accounting & Tax Consultancy:

MSATC is a boutique tax and business advisory firm specializing in international tax consulting accounting & tax process innovation. Our clients include private and public companies from emerging businesses to Fortune 500 companies. They include UAE and non- UAE based multinationals operating in a wide array of industries, including industrial manufacturing and distribution, aerospace, oil & gas, food processing and distribution, agriculture, medical and other services. At MSATC, our out-standing team of advisors share one fierce objective: to enable ambitious and driven individuals to succeed. It is about unlocking and unleashing the business force that can help you to break through any limit and create the quality of business that you desire and deserve. For more information, visit www.ms-ca.com. Join us on LinkedIn, Twitter, Instagram or Facebook. For business queries, reach out to [email protected] .

Blogs

3 Important “Ultimate Beneficial Ownership” queries now answered!

Post author By user
Post date March 1, 2021
No Comments on 3 Important “Ultimate Beneficial Ownership” queries now answered!

The Department of Economic Development in reference to its Cabinet Resolution No. (58) of 2020 regarding the regulation of the true beneficiary procedures has made the notification submission live.

What is the purpose of UBO?

The main purpose is to enhance transparency of entities registered in the UAE, as well as to develop effective and sustainable executive and regulatory mechanisms and procedures in respect of beneficial owner data.

Who is an Ultimate Business Owner of a company?

Any natural person who ultimately owns or controls or has the right to vote over at least 25% of the company’s share capital, whether through a direct or indirect chain of ownership or control, or any natural person who has the right to appoint or dismiss most of the directors of the company.
If no natural person meets the criteria under point (a) above or if there are doubts as to the identity of the beneficial owner, the beneficial owner shall be any natural person who manages or administers the company; or

If no natural person satisfies both conditions above, then a natural person who is responsible for the senior management of the company will be deemed as the UBO. Entities will need to assess who constitutes a UBO and consider whether anyone is a nominee Director / Manager. The Register of Shareholders / Partners is not a new concept as this is a requirement outlined in the UAE Commercial Companies Law, as well as in respective Free Zone Companies Regulations. Although the Resolution requires additional information to be detailed (for example, voting rights).

What are the Exceptions?

All companies in the UAE, both mainland and free zone companies (with the exception of companies incorporated in the free zones (financial) and companies owned by the Federal Government and their subsidiaries), must now maintain at their office premises:
a. A shareholder register;
b. A register of beneficial owners; and
c. A register of nominee directors.

Blogs

Key insights about ADGM’s Data Protection Regulations 2021!

Post author By user
Post date March 1, 2021

In today’s Hyperconnected world, it has never been easier to share your personal data with other individuals & organizations. People often share their personal details and many other information to organizations. Don’t you think your personal data must be safeguarded and protected by the businesses you share it with?

Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre located in Abu Dhabi, has announced that it has enacted the Data Protection Regulations 2021, which will replace the current Data Protection Regulations 2015. Furthermore, it has conducted an international benchmark of international standards and best practices and believes the European Union’s General Data Protection Regulation (which took effect in May 2018) is the leading international standard and best practice for robust Data Protection legislation.

What does Personal Data consist of?

Name
Address
Phone Numbers
Medical Records
Income
Cultural Profile
And many more….

Purpose of this initiative?

The new Regulations are adapted to the needs of ADGM and are intended to be proportionate and business friendly, without undermining the key ambition of achieving a high standard of protection for personal data. New regulations aimed at increasing the protection of personal data processed in ADGM.

What are the best international practices ADGM has placed?

Promoting Data Protection
Maintaining the register of data controllers
Enforcing the obligations upon Data controllers
Upholding the rights of individuals

ADGM recognizes that adoption of the new Regulations will result in significant changes and additional responsibilities for Data Controllers and Data Processors. Accordingly, a transition period is proposed of 12 months for current establishments, and 6 months for new establishments, from 14 February 2021.

Through applying the new regulations, entities can be assured of the highest standards of data protection, in line with international best practice. In the end, its all about protecting personal data which builds trust and enhances relationships.

Tags ADGM

Blogs

From desert to Mars! UAE being the first Arab country on Mars Mission – With Hope, nothing is impossible, and the UAE knows no limit.

The probe carried the dreams of millions of Emiratis, Arabs and expatriates in the UAE. The wait is now finally worth as the UAE made history on Tuesday 9^th Feb 2020, the United Arab Emirates just became the fifth nation to successfully send a spacecraft to Mars when its robotic probe, named Hope, began orbiting the red planet.

The Emirates Mars Mission “Hope Probe” will be the first probe to provide a complete picture of the Martian atmosphere. The mission was initiated six years ago to come to fruition at the time of the UAE’s golden jubilee (The federation was founded on 2 December 1971). Having only recently started (2009) flying satellites at Earth, the nation didn’t have the full skill set to mount an interplanetary mission.

What will the probe study?

The Hope probe is expected to provide the first-ever complete picture of the Martian atmosphere. It will do this by monitoring weather changes throughout the day during all seasons — something no other mission to the Red Planet has done to date.

One example of weather phenomena in Mars that the UAE hopes to study are the famous, massive dust storms that have been known to engulf the Red Planet — as compared to the short and localized dust storms on earth.

It will also focus on better understanding the link between weather changes in Mars’ lower atmosphere, with the loss of hydrogen and oxygen from the upper layers of the atmosphere.

The probe, for the first time, will study the link between weather change and atmospheric loss, a process that may have caused the Red Planet’s surface corrosion and the loss of its upper atmosphere.

Exploring connections between today’s Martian weather and the ancient climate of the Red Planet will give deeper insights into the past and future of Earth and the potential of life on Mars and other distant planets.

This plays into the story of why the planet is now missing most of the water it clearly had early in its history. However, the goal is to study how the different layers of the atmosphere interact with one another and how those interactions change depending on the time of day and year.

It will take about 55 hours to complete one orbit. Scientists will be able to learn the details about atmospheric changes in Mars and this study is expected to continue for one Martian year (687 Earth days).

Objectives of the Mission:

Integrate the global Mars science community on specific and vital questions.
Examine why Mars is losing its upper atmosphere to space. Track the behavior and escape of oxygen and hydrogen as well as the building blocks of water.
Study the connection between the upper and lower levels of the Martian atmosphere.
Create a first global picture of how the Martian atmosphere alters through the course of a day and between different seasons.
Observe various weather phenomena such as temperature patterns and dust storms. Understand how the atmosphere interacts with the Mars topography.
Examine and uncover the causes of surface corrosion.
Look for the connection between the real climate of Mars and todays’ weather.

The excitement across the nation is palpable. Buildings are being lit up in red to celebrate the success of the mission. It is a great inspiration to the youth and Arab youth in general to take up STEM subjects in school and at higher education levels.

The successful arrival of the UAE’s Hope Probe to Mars has made us the world’s first Arab and Islamic country to reach Mars!

Tags Featured, UAE

Blogs

Last Sprint for the Filing of the ESR Notification and Economic Substance Report in the UAE!

Post author By user
Post date December 8, 2020
No Comments on Last Sprint for the Filing of the ESR Notification and Economic Substance Report in the UAE!

The Ministry of Finance’s portal for the filing of the Notifications and Economic Substance Reports is now live!

The due date for filing the ESR notification and report (for the reporting period ending 31st December 2019) is 31st December 2020.

In August 2020, the UAE Cabinet issued updated economic substance regulations which revoked and replaced the previous economic substance regulations introduced in 2019. The new ESR is accompanied by updated guidance on the application and interpretation of the new ESR and notice regarding the deadline for submission of notification and reporting under the new ESR.

The new ESR together with the supporting documents have introduced important changes to the economic substance regime. All entities should re-assess whether they fall within the scope of the new ESR and if so, will be required to submit (or resubmit) notification to the Ministry of Finance portal.

Given that the ESR notification and ESR report are due less than a month from now, businesses should start concluding their ESR assessments as soon as possible.

Failure to comply and submit the Notification and Substance Report within the allotted time frame shall result in penalties.