The UAE has one of the fastest growing economies in the world – and companies based in the UAE reap many benefits. It accepts new investors with open arms and in recent years, Dubai has become one of the best places in the world in which to base your company.
However, even free trade policies still come with corporate obligations. The implementation of VAT in the UAE has affected the tax calculation and the way businesses operate and it’s imperative to examine the required tax accounting services in the UAE. Let’s have a closer look at what those services are and why a business would need them.
Typical Accounting Services for UAE Companies
Companies in the UAE must keep accurate financial records that provide sufficient information about the company’s business. This includes records of transactions and the company’s financial health. In many cases, companies require services such as:
Bookkeeping: recording business transactions, income and expenses and receipts and payments
UAE audit and assurance services: obtaining an objective and independent verification of the company’s financial statements
Financial statement preparation services: providing formal records of the business’ financial activities, including financial performance and position
Tax compliance services: managing tax returns and annual accounts submission
Not all companies will require all of these accounting services, it will vary based on your needs and current in-house accounting capabilities.
Benefits of Using Accounting Services
Even though you may not need to outsource accounting and bookkeeping services for your UAE company, you should be aware of the potential benefits that it could have for your business:
Ensuring that your business is compliant with the current accounting standards and requirements: a professional accountant will know what you need to do to avoid having to pay fines or penalties.
Focusing on your business instead of paperwork: you could file UAE VAT returns and follow FTA compliances yourself, but having someone else to do it for you will allow you to focus on your core competencies instead.
Owning and running a business can be complicated enough: you don’t need to add the additional stress of trying to keep up with UAE taxation and general accounting rules.
Things to Consider
The service(s) you require will largely determine who you hire, in addition to the availability of accountants and the accounting firm’s fees. Our team will work with you to meet the needs of your particular sector.
Accounting services can be an excellent addition for UAE companies. It will save you time and some of the headaches of potential penalties that can be caused by navigating taxation and accounting laws without expert advice and experience.
For more information about accounting services for UAE companies, contact us here for a free consultation.
Written by
Adrian Oton
CEO, Europe Emirates Group
