Alvarez & Marsal Strengthens Presence in Saudi Arabia with New Regional Headquarters
Alvarez & Marsal (A&M) has solidified its commitment to Saudi Arabia by establishing its regional headquarters in Riyadh and initiating the Bidayah Graduate Program.
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The company’s CEO and co-founder, Bryan Marsal, emphasized A&M‘s dedication to the Kingdom’s Vision 2030. The Riyadh headquarters signifies a strong allegiance to Saudi Arabia‘s development goals, with A&M experiencing a sixfold increase in its local team size over the last year.
A&M’s expansion in Saudi Arabia encompasses various sectors, including banking, tax, healthcare, and disputes & investigations. This strategic decision aims to harness local expertise to foster sustainable growth and innovation.
The Bidayah Graduate Program has welcomed its first cohort of 13 talented Saudi graduates, selected from a competitive pool of candidates. These graduates are seen as future leaders in management consulting, embodying the Kingdom’s potential. Over a 12-month period, they will undergo intensive training, participate in live projects, and receive mentorship from industry veterans.
James Dervin, A&M’s Managing Director in the Middle East, and co-head of the region, highlighted that the graduate program is aligned with A&M‘s core principles of leadership, action, and results, aiming to nurture execution-focused leaders.
Bryan Marsal also noted the synergy between A&M’s robust service offerings and the dynamic market in Saudi Arabia. The firm is positioned to address complex challenges due to its practical, hands-on approach and absence of audit conflicts, making it a vital player in implementing Saudi Arabia’s Vision 2030 initiatives.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Compliance with these deadlines is crucial to avoid administrative penalties.
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The UAE’s Federal Tax Authority (FTA) is urging Corporate Taxpayers to adhere to submission deadlines to avoid fines. Specifically, Resident Juridical Persons with licenses issued in May (regardless of the year) must submit their Corporate Tax registration applications by July 31, 2024, in line with Federal Tax Authority Decision No. 3 of 2024.
This decision aligns with the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses and its amendments, effective from March 1, 2024. The FTA stresses the importance of meeting these registration deadlines, which have been communicated through various media channels and direct outreach to registered company owners in the UAE.
Utilizing the EmaraTax Platform
Compliance with these deadlines is crucial to avoid administrative penalties. The deadlines apply to both juridical and natural persons, including Resident and Non-Resident Persons in the UAE. Detailed information on these deadlines and other relevant issuances can be found on the FTA’s official website.
According to the FTA’s Public Clarification, Resident Juridical Persons established or recognized before March 1, 2024, must submit their tax registration applications based on the month their license was issued. Those with expired licenses as of March 1, 2024, should submit their applications based on the original issuance month. For those holding multiple licenses, the earliest issuance date applies.
Administrative penalties for corporate tax violations have been in effect since August 1, 2023. To facilitate the registration process, taxpayers must use the “EmaraTax” digital platform, available 24/7, or seek assistance from accredited tax agents and government service centers.
The FTA has also emphasized the importance of providing accurate information and submitting updated supporting documents correctly with the electronic registration application, noting that registering for Corporate Tax for a juridical person requires uploading various documents, including the commercial license, the Emirates ID card, the passport of the authorized signatory, and proof of authorization for the authorized signatory.
A comprehensive video explaining the registration process through the “EmaraTax” platform is available on the FTA’s website. This platform, designed according to international best practices, aims to streamline the registration journey, submission of periodic returns, and payment of due taxes for all UAE taxpayers.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
