Why Outsource Accounting?
Ensure Legal Compliance
Keep abreast with and adhere to the UAE's constantly evolving tax and accounting regulations.
Avoid Tax Penalties
Keep track of your tax returns to prevent fines for incomplete or late filing.
Achieve Business Growth
Obtain precise financial estimates and projections to assist you in setting and achieving your objectives.
Track Financial Performance
With precise and timely reporting, you can see a clear picture of the financial health of your company.
How It Works
3 Simple steps to start your dream business in no time
Apply for dual citizenship of Grenada in 3 simple steps
Step 1
Receive our quote
Step 2
Approve and make payment
Step 3
Let us manage your accounts and books
Other Free Zones you may be interested in
We can help you with the processes in the following government departments.
Why Choose Us?
Your Accounts Are in Safe Hands
And your peace of mind is guaranteed with us
Financial Records Are Organized.
Financial Growth is Tracked.
Business is Compliant With UAE Laws.
Tax Returns Are Filed on Time.
Ongoing Accounting Needs Are Met
UAE’s Accounting Policies
The International Financial Reporting Standards, or IFRS, have been embraced by the UAE as accounting guidelines. The UAE’s bookkeeping and accounting laws are based on these standards. IFRS establishes rules for transparent financial information presentation.
- Organizations in Dubai and other UAE regions are required by IFRS to keep their financial statements and other records on file for a minimum of five (5) years. Under the VAT laws, you have to keep relevant financial records for five years, whereas the corporate tax laws say that you have to keep them for seven years.
- Federal statutes permit the records to be kept in an electronic format.
- To provide accurate information about the profits and losses of the company, the yearly accounts must be prepared in accordance with IFRS principles.
- Bank statements that provide the transaction’s nature, amount, and other pertinent information must accompany every bank transaction.
Here are answers to some common questions related to WPS in the UAE.
Frequently Asked Questions
How long must a business keep its financial records up to date?
The company tax laws in the United Arab Emirates stipulate a period of seven (7) years. A company’s pertinent financial records must be kept on file for a minimum of five (5) years, per UAE VAT legislation.
What data should be included in the company's financial records?
The following must be included within your company’s financial records:
• Income statements
• Balance sheet
• Cash flow statements
What are the penalties/fines for not maintaining accounting records as per the UAE laws?
AED 10,000 in fines will apply if accounting records are not produced. The competent authorities will impose a fine of AED 50,000 if the offense is committed again.
In the UAE, is financial auditing required?
Financial accounts of mainland businesses registered under the Federal Law on Commercial Companies must be audited. Depending on the free zone in which the company is located, financial audits for free zone enterprises may or may not be necessary. In the UAE, offshore companies are required to have audited financial records, but they are not required to turn them in to the government.
Which kinds of financial reconciliations are there?
Below mentioned are the five (5) main types of reconciliations:
• Bank reconciliation
• Customers reconciliation
• Vendor reconciliation
• Intercompany reconciliation
• Inventory reconciliation
