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Maintaining accounting records for companies in the UAE
— All companies operating in the UAE are required to maintain financial (accounting) statements in accordance with International Financial Reporting Standards (IFRS).
Failure by a person conducting business or having tax obligations in the UAE to maintain the required records and other information specified in the laws is punishable by a fine of 10,000 AED for the first violation and 20,000 AED for a repeat violation.
Failure by a person conducting business or having tax obligations in the UAE to maintain the required records and other information specified in the laws is punishable by a fine of 10,000 AED for the first violation and 20,000 AED for a repeat violation.
Registration with the tax service as a corporate tax payer within 3 months from the date of company registration
The fine is 10,000 AED
Registration as a VAT payer upon reaching turnover (revenue) of 375,000 dirhams in 12 months
Quarterly submission of VAT reports
500 AED fine for each month of delay
The fine is 10,000 AED
1,000 AED for the first violation, 2,000 AED for a repeat violation within 24 months.
Annual corporate tax reporting
Additional responsibilities:
Consequences in case of violation:
Conducting a financial audit:
In some cases, companies require mandatory financial audits: for example, to renew certain licenses, close a company, and so on.
Without proper accounting, it will be impossible to conduct a financial audit, and consequently it will be impossible to extend the license, close the company, or perform other necessary actions, which will entail additional time and financial losses.
At the same time, restoring accounting documentation and reporting for previous periods will cost more than keeping records initially as expected.
Without proper accounting, it will be impossible to conduct a financial audit, and consequently it will be impossible to extend the license, close the company, or perform other necessary actions, which will entail additional time and financial losses.
At the same time, restoring accounting documentation and reporting for previous periods will cost more than keeping records initially as expected.
The list of our services
- recommendations on accounting and tax accounting;
- client consultations on the issues of registration and maintenance of primary documents;
- accounting based on the primary documents provided by the client;
- filling in and submitting VAT and Corporate tax returns;
- general consultations on tax issues.
- client consultations on the issues of registration and maintenance of primary documents;
- accounting based on the primary documents provided by the client;
- filling in and submitting VAT and Corporate tax returns;
- general consultations on tax issues.
Accounting and tax accounting:
- issuing invoices (invoices for payment) on the client's order;
- creation of payment orders in the client bank for payment of payments.
- creation of payment orders in the client bank for payment of payments.
Processing of primary documentation and payment orders:
- registration in WPS (WPS – wages protection system);
- registration with a financial institution to transfer salaries;
- calculation and payment of salaries to employees.
- registration with a financial institution to transfer salaries;
- calculation and payment of salaries to employees.
Calculation and payment of wages:
- development of individual tax schemes.
Individual tax consultations:
Operational
work
work
Quick completion of tasks and prompt communication with the accountant on any work issues.
Advantages of accounting
With our help:
With our help:
Affordable
prices
prices
Thanks to optimized processes, our services are significantly cheaper than maintaining a full-time accountant.
Full service in one place
We provide full-service services to companies in the UAE: accounting, taxes, personnel issues, license renewal, visa processing, and more.
Confidentiality
We will keep your financial information confidential.
Find out the cost and other details
In order to find out the cost and other details or to proceed with the paperwork, leave a request in any way: specify your phone number and we will call you back or write to a convenient messenger.
Write your phone number
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Answers to questions:
In this case, registration with the corporate tax service and the submission of an annual zero declaration are required.
Accounting is required only if the company has financial activities.
Registration and submission of the VAT declaration is carried out only after reaching a turnover of 375,000 AED in 12 months.
Accounting is required only if the company has financial activities.
Registration and submission of the VAT declaration is carried out only after reaching a turnover of 375,000 AED in 12 months.
Find out the cost and other details
In order to find out the cost and other details or to proceed with the paperwork, leave a request in any way: specify your phone number and we will call you back or write to a convenient messenger.
Write your phone number
By clicking on the button, you agree to the terms of data processing and the privacy policy.
— It is a universal platform that provides companies and individuals in the UAE with the full range of necessary legal, visa and migration services. With our service, you can solve all the necessary tasks quickly, conveniently and in one place.
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