The UAE may be home to minimal bureaucracy and a low tax regime, but that doesn’t mean it’s entirely without accounting and bookkeeping requirements.
As with anywhere else in the world, businesses here need to keep up to date accounts for a number of reasons, from managing cash flow to meeting compliance, and submitting to an audit.
For many entrepreneurs, in the early days at least, doing the accounts is part and parcel of starting a business. But more often than not, there comes a time when this is no longer sustainable. Your time is much better served growing your business, while your accounting requirements can be handed off to the experts.
There are many great reasons for this approach; not only will you be able to give your business the focus you need but you’ll also get peace of mind that your financials are in safe hands.
If you’re looking for accounting or bookkeeping services for your UAE business, here are some key points to consider.
What accounting services are available in the UAE?
Companies incorporated onshore in the UAE are required to maintain company accounts. The Federal Tax Authority has mandated that these books of account should be maintained for five years.
To ensure all records are present and correct, most UAE mainland businesses are required to submit to an audit, usually annually.
You may also be required to prepare for an audit if you are preparing for the sale of your business, submitting financial information to a government body, applying for bank credit, or presenting financial figures to a potential investor.
In any case, the objective of an audit is to independently verify the information published in the various financial statements of a business. An auditor will verify:
- Cash flow
- Profit and loss
By working with a professional accounting service, you can be sure that your financial records are compliant, as well as removing the headache of preparing them on your own.
Bookkeeping services in Dubai
To ensure your financial records are in order, it’s a good idea to enlist the services of a bookkeeper.
Bookkeepers can assist in several ways, recording all transactions in a compliant manner, posting ledgers where necessary, reconciling bank statements and other financial documents, and, if you wish, preparing sales invoices and paying bills.
Financial statement preparation in the UAE
You are also likely to require professional accounting services when preparing a financial statement in the UAE. This is a formal record of your financial activities, including assets, liability, profit/loss and more.
Financial statements can be useful for internal decision making but are also often required by external banks or investors when looking for funding.
Tax compliance services in Dubai
The UAE may be home to a 0% personal and corporate tax rate, but businesses here still have some tax responsibilities.
Depending on the setup of your business, you may be required to submit a UAE tax return, as well as a return to your country of origin. A reputable accounting service will be able to assist in both cases.
You may also be required to collect and pay Value Added Tax (VAT). This is now a requirement, as per the Federal Tax Authority in the UAE, for all businesses with taxable supplies and imports exceeding AED 375,000 per annum.
The UAE Federal Tax Authority also has the right to perform a tax audit on any person or business to ensure compliance with federal taxation laws.
In this case, you are required to submit your annual returns to the FTA via the eServices portal for verification. A face to face meeting with the FTA may also be required. Once again, an accounting services provider can assist with this process.
Choosing the right accounting services provider
Handing over control of your financial reporting and record-keeping can feel daunting. That’s why you need to find an accounting services provider that you can trust.
At Business Incorporation Zone, we offer a range of accounting services, including:
BI bookkeeping services – we use only the best specialist accounting software, certified by the Federal Tax Authority in the UAE.
VAT registration – our pool of tax and accounting specialists manage the complicated regulatory compliance for you while keeping your focus on growing your business.
Bank account opening – we’ll use our long-standing experience to find you the bank which meets your specific business requirements.
Benefits of working with BIZ accounting services in Dubai, UAE
When you work with BIZ, not only do you save time, you also gain expertise. You can relax, safe in the knowledge that your financial records are accurate and compliant with the latest Federal Tax Authority regulation.
As well as day to day bookkeeping, we can help you prepare and file both corporate and personal tax returns, as well as submitting accounts for audit and preparing financial statements.
And that’s not all. BIZ is a one-stop shop for all things relating to company setup.
We are a team of company registration professionals who are passionate about bringing the dreams of aspiring entrepreneurs and SMEs to life.
As well as handling your license application, BIZ can also assist with the opening of corporate bank accounts and advise on the most appropriate financial institution to suit your specific needs.
We also offer visa and immigration services and can handle all government formalities, permissions, work permits and visa applications that are required to trade in the UAE.
In short, our experts can establish your company on your behalf, make your license and visa applications, and take care of your accounts – leaving you free to get on with running your business.
Visit our website to find out more about BIZ — businessincorporationzone.ae.
Or to find out how we can support your business with our expert accounting services, fill out this simple contact form to request a quote: https://businessincorporationzone.ae/value-added-services/