Setting new standards by offering clients tailored holistic guidance
Dubai, United Arab Emirates – 24 July 2023 – Sanctuary, the esteemed boutique advisory firm renowned for its exceptional services to individuals and companies based in or relocating to the UAE, proudly announce the launch of their corporate tax advisory service. Building on their unparalleled expertise and the collective experience of their advisory team, they have firmly established themselves as an industry leader. Through their tailored solutions, they transform the way clients navigate the intricate landscape of corporate taxation, setting new standards in the process.
Since its establishment in 2019, they have earned a reputation as a trusted partner, assisting over 1,000 high-net-worth individuals in achieving their personal goals and wealth structuring. Their pragmatic advisory services encompass a wide range of areas, including business establishments in the UAE, succession planning such as UAE Family Foundations, wealth and financial structuring, and now, corporate tax advice.
By synergising their services, Sanctuary offers a holistic approach that addresses clients’ broader wealth considerations, from investment portfolios to taxes and beyond. A notable achievement was their crucial role in structuring advisory services and facilitating the historic sale of two record-breaking plots on Jumeirah Bay Island, owned by PrettyLittleThing CEO Umar Kamani, reaching a staggering AED 125 million and AED 128 million respectively.
They have taken proactive measures, in response to the recently implemented tax regime, to support clients by offering personalised, insight-driven ‘Impact Assessments’. These assessments take into account the unique circumstances of each individual or business within the framework of the legislation. Sanctuary provides actionable recommendations to ensure readiness, compliance, and reduced exposure.
“The implementation of the Corporate Tax regime in the UAE has marked a significant milestone. As we progress, we anticipate the release of further legislative decisions, with particular focus on the Free Zone regimes and the globally applied OECD Pillar Two, which sets the global minimum tax rate across 136 jurisdictions worldwide,” comments Nathan Patterson, Head of UAE Corporate Tax and Finance, Sanctuary. “In the intricate realm of corporate taxation, customised solutions are essential, and leveraging our expertise, we address broader wealth considerations, including succession planning, while offering actionable recommendations to ensure readiness and compliance. Given the dynamic landscape, it is crucial for businesses and individuals to proactively seek tax advice well in advance of their first taxable period.”
Sanctuary’s key strength lies in its team’s collective 100 years of tax advisory experience. Comprising multi-jurisdictional qualified advisers with hands-on expertise from leading professional firms, they offer a tailored and personalised approach. By understanding the unique objectives of ultra-high-net-worth individuals and families, they develop customised strategies, ensuring comprehensive support across various areas as clients grow their businesses. With custom advisory reports and a team of UK-qualified tax advisers boasting nearly a century of combined experience, they take pride in being the top choice for all aspects of client’s business affairs and wealth protection.