Payroll Service in Dubai
Updated on Thursday 15th September 2016
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Accounting firms in Dubai state that the UAE offers a friendly tax environment which has encouraged many entrepreneurs to start a company or branch office in Dubai. More so, most of the major global corporations are present in the United Arab Emirates.
Payroll process in Dubai
After the implementation of WPS (Wage Protection System) within the UAE, the proper documented payroll process is imperative for all of the companies located there. This is one of the main reasons why on-shore, as well as off-shore companies, are now looking for support with the entire process. Look no further, our accountants in Dubai will offer you the solutions for every single question or situation that you might have.
HR procedures, policies and regulations
When the company is operating across borders and you need to employ international workforce, our accounting services in Dubai will help you with the planning, so that you will be fully compliant with HR procedures, policies and local regulation requirements. Actually, non-compliant companies risk facing legal sanctions. In case of any situation like this, our audit firm in Dubai will gladly accept your call, so that we may help you.
The WPS – wages protection system
The Central Bank is the one which approves and authorizes all bank transfers within UAE. The electronic salary system was first introduced in the country in 2009 and companies are allowed to pay wages to their workers through financial institutions and banks.
The system was developed also by the UAE Central Bank, along with the Ministry of Labour. This happened to ensure full, timely payments of wages, all through a database. Thus, the companies which fail to follow this process will have to pay fines, will not be able to obtain any more work permits and face punishments. In order for a company to participate in this system, it must choose one or more banks (or agents), all of them licensed by the Central Bank. The moment when the company authorized bank receives the salaries, a notification is sent to the WPS.
After that, the system will sent details and wages to the workers, as well as the instructions for electronic salary transfer to the Central Bank of UAE. The bank will forward the information received to the database of the Ministry of Labour, thus ensuring that the details correspond with the ones registered. When the information received is approved, the appointed agent will be notified to start paying all the wages.
Beside all of these details, our firms in Dubai (including the auditing firms in Dubai) will help you with the financial matters. So, do not hesitate to contact us if you have questions.