NRI Services
Tax Residency certificate
The Tax Residency Certificate (TRC), also known as the Tax Domicile Certificate, confirms the country of tax residence for a company or legal entity.
It is an official document issued by the UAE MoF that declares the tax residency of a person residing in the UAE or companies registered in the UAE to enjoy the benefits of UAE’s tax treaties with other countries.
If you are a Natural person and been a resident of the UAE for at least 180 days – Obtain a Tax Resident Certificate
If you are a Free Zone or Mainland company in the UAE – Obtain a Tax Residency Certificate.
If you are an Offshore company – Obtain a Tax Exemption Certificate.
Why TRC or what benefits can be derived from TRC?
Tax Purposes:
A TRC is essential for individuals and businesses to determine their tax obligations in a specific country, especially in the context of double taxation treaties. Having a TRC can enable you to claim tax benefits & exemptions based on residency status, such as reduced withholding tax rates on income.
Compliance:
Tax authorities use TRCs to ensure that individuals and businesses comply with tax laws. It helps prevent tax evasion and ensures that taxpayers pay the appropriate amount of tax in their country of residence.
Double Taxation Relief:
In the context of double taxation treaties between countries, a TRC is necessary to determine which country has the primary right to tax certain types of income. It helps prevent the same income from being taxed twice in different jurisdictions.
Basic Documents required?
Depending on whether the certificate of tax residence is for an individual or a business, the requirements differs.
Individuals:
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Copy of Emirates ID.
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Copy of residence Visa- UAE.
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Copy of valid Passport.
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Bank Statements in UAE– 6 months.
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Income Proof like salary certificate, labour contract.
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Certified copy of Title Deed or Tenancy contract
Companies:
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A copy of valid trade licence.
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Visa Copy and Emirates ID of the company’s Director/Manager along with passport copy.
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Latest audited financial statement with the company’s UAE bank statements for the last six months (stamped by the bank)
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Certified copy of Title Deed or Tenancy contract.
NRI Taxation & ITR filing
In an era of an ever-more mobile global workforce, the complexity of filing Income Tax Returns rises, particularly for individuals employed abroad, including the Gulf region. Non-resident Indians (NRIs) working in the Gulf must possess a comprehensive understanding of their distinct responsibilities and exceptions outlined in the Income Tax Act of 1961.
Precisely, NRIs’ are only liable to pay taxes in India on the income they earn within the country, which encompasses various sources such as salaries earned or accrued in India, income derived from Indian properties, profits from businesses or professions established in India, and capital gains realized from the transfer of assets situated in India.
Taxes on income earned outside India are typically not applicable for NRIs in India's tax jurisdiction. Therefore, the salary earned by Indian workers in Gulf countries such as Saudi Arabia, UAE, Oman, and Qatar remains exempt from Indian taxation.
Mandatory Obligation:
Indian residents holding foreign bank accounts, possessing foreign company shares, bonds, or mutual funds, or making electricity payments exceeding one lakh for rented premises during the year must file an Indian Income Tax Return.
This obligation remains even if the account balance is low or Tax Deducted at Source (TDS) deductions have occurred.
Additionally, NRIs can seek a tax refund by providing the appropriate Indian bank details if the TDS amount surpasses their total tax liability.
Our team of advisory professionals at PnPC Global, work side by side with you to resolve all your queries relating to:
NRI Business setup
"What's more empowering than turning your dreams into a global reality from your homeland?"
Regulatory comments:
Considering the FDI and FEMA regulations, the ideal type of business entity that the NRIs and foreign nationals can establish in India would be a private limited or public limited company as the Foreign Direct Investment is allowed under the automatic route for most sectors. Whereas, the LLP allows FDI under the automatic route only in those sectors or activities that allow 100% FDI through the automatic route.
A foreign company planning to set up business operations in India may incorporate a company under the Companies Act, 2013, as a Joint Venture or a Wholly Owned Subsidiary.
6 Easy Steps to register your business in India:
At PnPC Global, we take pride in the Incorporation services delivered by us and guarantee your satisfaction with our services and support. We constantly improve and strive to deliver the best accounting, business set up and secretarial services virtual and offline.
Investment Planning & Advisory
“Investment is an art and is an extremely personal subject & choice.”
Turn your Idle savings into profitable investments with our comprehensive investment solutions.
Private Wealth Management
Equity
Our network of equity research team specializes in identifying investment opportunities in companies that exhibit stable and consistent earnings patterns, often resulting in above-average long-term earnings growth. Our approach involves thorough analysis, and we craft portfolio strategies based on individual needs and financial objectives.
Real Estate
Our global team of experts, drawing from their extensive experience and in-depth research, specializes in delivering comprehensive real estate advisory services worldwide. Our proficiency extends to identifying unique investment opportunities, whether for complete ownership or shared ownership structures, within the real estate domain.
Debt facilities
Our vast network, encompassing various financial institutions such as banks, treasuries, and asset management companies, positions us to present an extensive selection of fixed-income investment opportunities. These opportunities are available at highly competitive prices, covering the full spectrum of the yield curve to cater to diverse investor preferences like market-linked Debentures, Exclusive Bonds, Debt Warehousing, etc.
Alternative Investment
These investments fall outside of conventional categories and can include a wide range of options such as real estate, private equity, hedge funds, commodities, art, collectibles, NFT, cryptocurrencies, and more. They are often chosen for their potential to provide higher returns or act as a hedge against market volatility and often require a longer investment horizon.
Retirement Planning
"Crafting Your Golden Years, One Investment at a Time."
Steps involved in guiding through of creating a retirement plan:
Planning:
It all begins with determining the age at which you envision retiring. Further, it involves envisioning the lifestyle you aspire to embrace after your professional career concludes.
Additionally, considering your life expectancy plays a pivotal role in the planning process. These factors converge to help calculate the precise amount of retirement savings you will require to maintain the quality of life you desire during your retirement years.
Designing:
At this Phase, the focus is on pinpointing the investment avenues with the highest potential to yield the necessary retirement funds, crafting a pragmatic investment strategy aligning with your financial objective.
It's a crucial juncture where the practical steps to secure your retirement nest egg take shape, helping you work systematically towards your goal amount.
Execution:
Supporting you comprehensively throughout your investment endeavor, we are committed to guiding you diligently at each stage. We are here to ensure that you steadfastly adhere to the meticulously crafted plan for the stipulated duration.
Our goal is to facilitate a smooth and successful investment journey that ultimately culminates in the realization of your envisioned financial objectives.
Review:
Consistently monitor the performance of your investments to verify that they are yielding the anticipated returns. If any need arises, be prepared to implement essential modifications to realign the strategy and reestablish the trajectory towards accomplishing your financial objectives.
​we at PnPC Global, also go the extra mile and take care of the performance management activities like portfolio analysis and balancing. This ensures that the plan succeeds and you achieve your financial goals.