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Accounting and Financial Services in Dubai


When opening a firm, accounting services in Dubai must be considered from the beginning. Bookkeeping, payroll management, tax advice or audit procedures are among compulsory accounting services we can provide in a professional manner for your business in Dubai, in compliance with the IFRS (International Financial Reporting Standards). Our Dubai accountants have a vast experience in this field and can offer proper services and accurate support in financial and tax matters.
 

 Quick Facts  
Who requires accounting services in Dubai

Businessmen who want to perform their commercial activities in Dubai

Applicable accounting legislation

International Financial Reporting Standards (IFRS) 

 Types of accounting services we offer

- bookkeeping,

- payroll,

- annual financial statements,

- tax returns,

- debt monitoring 

 Tax advice and compliance (YES/NO) Yes
We offer support for tax registration

Our accounting firm in Dubai can offer support for tax registration.

Financial planning for company owners

Entrepreneurs can benefit from dedicated financial plans offered by our experts.

 Risk assessment and evaluation 

For each type of company in Dubai

Types of audit services

- internal,

- external,

- financial,

- operational,

- compliance

Tax minimization methods available

Through:

- tax credit planning,

- charities,

- retirement plans,

- investments in mutual funds or trusts

Personalized financial consultancy services Dedicated plans can be offered by our Dubai accountants.
 Investment consultancy for high-net-worth individuals

On request

 Financial and analysis reports for companies

On request

Human resources services available (YES/NO) Yes
Expertise provided by certified accountants in Dubai (YES/NO)

Yes

Free case evaluation (YES/NO) Clients can receive an evaluation made by our specialists. Tailored solutions are offered.


Tax consultancy


The taxation system in Dubai is favorable and a magnet for foreign investors willing to expand their activities in a solid and appreciated business market. The authorities created attractive incentives  that allow foreigners to protect their assets and make more profits. Our accountants in Dubai can explain you more about the taxes in this emirate and offer proffesional tax consultancy services. 

When establishing a company in Dubai, one can settle the business in the free trade zones, where complete foreign ownership is permitted in numerous areas of activities.  Additionally, entrepreneurs from abroad should know that there are no taxes on dividends, royalties, interests and capital gains. There are also exceptions imposed on companies registered in the banking sector, or oil and gas industry, where different fees are imposed. Knowing properly the tax system in Dubai will help future entrepreneurs grow and develop other business projects. Furthermore if it is the case, our accounting firm in Dubai can offer tax minimization solutions for firms regardless of the domain in which they are settled. 

 We invite you to watch a video about our accounting services available for your company in Dubai:


 

Why are audits necessary for companies in Dubai?

 
Audits are important procedures which reveal the financial status of a firm. At our accounting firm in Dubai, you can rely on complete support and assistance offered by our independent auditors who will present the business in a fair and accurate manner regarding its finances. It is good to know that audits in Dubai will focus on the transparency between the stockholders of a company and the managers involved. Please keep in mind that even companies registered in Dubai’s free zones are required to perform audits, including the internal ones which are meant to detect any risk management or weak points; these must be made by authorised audit firms in Dubai.
 
Our team of experienced accountants can also offer you payroll services related to the salary processing, employees' bonuses and incentives or the management of the employees' travel expenses. 


Audits performed by our chartered accountants in Dubai


It is important to note that audits in Dubai are performed in compliance with the International Financial Reporting Standards and reveal the correct and complete financial situation of a firm in Dubai. Our chartered accountants in Dubai have experience in this area and can provide their support in a fast and reliable manner. The vulnerable sectors in a company can be detected by an audit performed by our auditors in Dubai. Working in complete transparency will lead to an accurate financial report and a set of measures that can be implemented in your company in Dubai. You can rely on the support of our chartered accountants in Dubai who can perform internal and external audits no matter where your company is registered.
 

What are the financial statement audits in Dubai?


Financial statement audits, also known as statutory audits, refer to the examination of the financial documents of the company, an action performed by an accredited and independent auditor. The audit of the financial statements is performed to verify if the company presented its financial situation in a fair manner. The audit is done by an audit company in Dubai under the International Financial Reporting Standards (IFRS) and it will provide, amongst others, the following: 
 
  • the real financial situation of a company in Dubai;
  • transparency between the management of the company and the shareholders;
  • identify areas which are vulnerable from a financial point of view;
  • varied measures can be recommended for avoiding the vulnerable sectors in the company.

Investors with operations in the free zones of Dubai are also required to perform audit procedures, which will have to be submitted to the local authorities at the moment in which the companies are required to receive a new trading license; our auditing firm in Dubai can offer you assistance in this matter.
 

What are the main operations of an audit in Dubai?

 
Verifying the financial status in a firm is made with the help of audits which can reveal if there are any issues or risks linked to the company’s structure. Because an audit respects the IFRS regulations, the following operations are important when performing an audit in Dubai:
 
  • the management structure is evaluated in order to discover whether there are any particular problems;
  • transparency and objectivity are ensured when conducting an audit in Dubai;
  • an audit can reveal the vulnerable areas in a company for which strict measures can be implemented;
  • optimizing the profits in a company might be the solution after an audit in Dubai, and varied methods can be implemented.
     
Whether you have a small, medium, or a large company, it is recommended to ask for audit services in Dubai. We are one of the accounting and auditing firms in Dubai​ at your disposal with complete support in matters of accounting. Furthermore, in case you need other types of services in Dubai, for example, renting a yacht, we can put you in contact with our partners from Dubai-Yachting.com.
 

What is an internal audit in Dubai?


Companies in Dubai can also perform an internal audit, a procedure which refers to the verification of the risks incurred by the management of the company or the internal control of the structures of the company. The main purpose of the internal audit is to identify weak systems and to prescribe solutions for them, in order to develop the financial potential of the company. 

The financial and management reports alongside the analysis of risks in a company can be determined by an internal audit. This procedure involves an analytical evaluation of the internal management and can identify the potential issues in a firm, also considering the actions and measures which can be adopted in this situation. Likewise, it is good to know that an internal audit in Dubai confirms compliance with a wide range of rules. We remind you that you can rely on the services offered by our accounting and auditing firm in Dubai who can properly review the financial records and statements of an enterprise in Dubai.
 

Who can perform audits in Dubai?


A professional financial auditor can perform audits in Dubai for small, medium, and large companies with establishments in this city. Knowing how to communicate, having an idea about the business environment, the risks, and providing complete transparency when making audits are a few of the attributes of a financial auditor. We can handle the audits in your firm, as we are a team of advisors experienced in such matters who put the accent on the importance of an appropriate analysis in the company, regardless of the sector of activity.
 

The Financial Audit Department in Dubai


FAD or the Financial Audit Department in Dubai is the institution that oversees the financial audits for companies in Dubai and the management of the financial operations in firms. Among the purposes of FAD we mention the transparency with which all audits must be performed and the effectiveness when controlling and planning the operations in an audit procedure.

The FAD reports to the Ruler of Dubai and is an independent institution since 2007. The meaning of this important body is to control and to verify the periodical financial audits and to offer potential improvements related to the management of financial operations. In other words, the main objectives are connected to efficiency and correctness for a proper function of all companies in Dubai which pay taxes or other annual fees. The Dubai accountant can offer assistance and guidance if you are interested in the taxation system in Dubai or if you need accounting services.


Conditions to become a financial auditor in Dubai


I order to become a qualified financial auditor in Dubai you need to have the proper knowledge in this domain and a Bachelor's Degree in economics. Besides that, it is necessary to add two years of special qualifications and three more years of performing as a financial auditor employee in Dubai. Individuals who wish to become financial auditors are trained to properly understand what financial analysis is and how to create and a financial report for all types of companies in Dubai. The most important step is to pass the exams which imply questions and topics about the needed techniques related to the management of audits in Dubai
 

Knowledge about the internal audits in Dubai


Every individual who wants to be certified as an internal auditor in Dubai needs to gain knowledge in different areas like:
 
  •     communication;
  •     business processes;
  •     risk management;
  •     financial management;
  •     business environment worldwide;
  •     management of a company;
  •     leadership.

Besides proper knowledge about the financial system and economy in Dubai, a future financial auditor needs to practice and make audits for companies in Dubai, under the supervision of a qualified financial auditor. The practice implies the proper analysis of risks and frauds in a firm and a suitable investigation related to every financial situation of a company.
 

A good financial auditor in Dubai can make the difference


The purpose of an audit is to offer competence, complete transparency, and to find and implement significant approaches for every company in Dubai. A financial auditor in Dubai needs to offer a fair report related to the financial statements of an enterprise, according to the rules and regulations of the IFRS (International Financial Reporting Standards).


Credibility for small and new companies in Dubai


As an important business hub and with varied opportunities in most of the industries, Dubai welcomes investors who are at the beginning of the road. Such companies can ask for bank loans in the UAE, especially in the first years of business, and an important requirement in front of financial authorities is the credibility. An external auditor will offer audit services in Dubai and evaluate such a company and will decide whether the business has accurate financial reports or not. This kind of audit will help small companies create a positive reputation and a solid business image when asking for credits.
 

Hiring the services of auditing companies in Dubai


Having the support of an auditing company in Dubai will weight quite much for investors and entrepreneurs who want to concentrate more on the business direction and development of the operations. There are many companies in Dubai that enjoy the benefits of externalized accounting services instead of creating a whole department. All the financial matters can be controlled better by a dedicated accounting firm that can develop and provide varied financial analyses, comprehensive internal and external audits, reports, and risk management solutions. Most of the accounting tasks and operations can help a company perform better if the weak points and possible issues are discovered and solved. The audit department of an accounting company in Dubai can conduct a series of analyses and reports, in compliance with the local and international accounting laws. If you would like to hire the services of an auditing company in Dubai, please feel free to talk to us and address all your questions to our team of experts and consultants. We can help your company from a financial point of view and act in complete transparency.

If you need audit services in Dubai in order to determine if you had issues regarding the payments you had done, we can put you in touch with our partners at PaidAnalytix.
 

How are the annual financial reports made in Dubai?


In complete accordance with the provisions and rules mentioned by the IFRS, companies in the UAE must prepare the annual financial statements which represent a fair interpretation of the operations of a company. Information about the payments, profits, the losses, the obligations and the assets of a firm are mentioned and reported in the annual financial statement of each company in an accurate way by our auditors in Dubai.
 

Bookkeeping services in Dubai


The daily transactions of a firm are recorded through bookkeeping in Dubai, an important procedure which is required in any kind of business no matter if it was registered in the UAE with foreign capital or not. Bookkeeping means accurate financial transactions, invoice issuance, effective payroll which are entirely registered whether with computer applications in large companies or manually in small businesses. We remind that companies must consider the services of an accounting firm in Dubai that can offer not only professional support, but also knowledge and assistance.
 

What bookkeeping services do we provide?

 

Typical financial transactions and tasks that are involved in bookkeeping include:

• Invoicing goods or services provided to clients,

• Recording and tracking the corresponding receipts from customers,

• Recording, verifying and tracking invoices received from suppliers,

• Releasing payments to suppliers and vendors,

• Processing salaries and payouts to employees,

• Tracking and monitoring accounts receivables for companies and individuals,

• Recording and tracking asset depreciation,

• Providing adjusting entries,

• Providing financial reports.


Hiring a bookkeeping service in Dubai


Engaging with a bookkeeping service provider is about more than just finding someone who can use a calculator and understand software. You would want a full-fledged team that has the professional background, training and experience to really benefit your business. You need people whose expertise you can rely on. Ideally, you want to focus on those who have certification on off-the-shelf accounting packages, or any additional professional certifications in specific accounting software, or experience in firms that employ certified accountants in Dubai.

One of the easiest ways to secure an experienced, certified, professional bookkeeping service in Dubai is to use a professional accounting service provider. In fact, you can hire an entire team of bookkeeping staff - including an accounting software specialist, full-charge bookkeeper and controller.

 

Types of bookkeeping in Dubai


In general, there are two types of bookkeeping services:
  1.   the manual bookkeeping - applied for small businesses; it utilizes manual clerking;
  2.   the computed bookkeeping - suitable for midsize to large businesses, being more appropriate in a computerized manner in order to avoid any mistakes.

A successful combination of accounting and bookkeeping services in Dubai will lead to long-term financial benefit for your firm in this safe haven. Updated and systematized financial records and accurately balanced finances provided by bookkeeping and accounting are crucial factors for the success of your business endeavors. A lot of business owners select professionals who can take care of these aspects for them, while they focus their efforts and attention on their core business. Investing time and money in your company’s financials will have a major impact on the growth of your business
 

Bookkeeping in short steps

 
The process of bookkeeping involves the records of financial transactions whether manually (in the case of small companies) or with the help of computer systems, special software, and applications. Each kind of transaction is concluded by a document in this sense, meaning that all the sales and purchases have receipts and invoices. Daybooks or books of first entry are multi-column journals involved in company bookkeeping. For instance, a sales journal comprises all credit sales, cash payments, with the mention that each journal column corresponds with an account. It is good to know that each transaction is recorded only once in a single-entry system. Moreover, each journal gives a summary for a specific period of time, in most cases each month. The following matters are important parts in a bookkeeping process:
 
  1. The journal summaries are then transferred to the respective accounts in the account book (the posting process).
  2. A document called unadjusted trial balance is created at the time the posting process is done.
  3. The unadjusted trial balance comprises three columns – the name of the accounts, the debit columns, the credit column.
  4. An accountant can make several adjustments and changes.

We invite you to ask our team of accountants in Dubai and find out more about the bookkeeping services you can receive for your company.

 

Company management in Dubai 


In order for a company to succeed in a certain business field, it is necessary to have a management strategy tailored to its needs. Our management specialists in Dubai can provide you with consultancy on management and business development, which will be implemented according to your business plan, in order to gain financial benefits and improve the company’s share on the Dubai market. Our team of specialists is very familiar with the business environment in Dubai and also with the legal framework applicable here and they can offer you professional financial advice.
 

Tax advice for your business in Dubai

 
Because the tax structure in Dubai is appealing to all foreign investors in this Emirate, a business is subject to several tax exemptions or other benefits, like:
 
  • there is no taxation on dividends and on capital gains for companies in Dubai;
  • oil and gas companies need to pay the corporate tax;
  • bank branches are levied with 20% tax rate on the registered incomes;
  • goods and services in Dubai are subject to a 5% VAT rate since January 2018;
  • the excise tax is imposed on non-essential products (tobacco, luxury vehicles, jewelry, beverages).
 

How does a financial restructuring take place in Dubai?

 
When companies can no longer pay their debts to creditors, a financial restructuring might be the solution, meaning that a reorganization of the assets and operations might be suggested. The company can sell the profitless assets, refinance the debts, issue new stocks or sell assets to buy stocks on the market. A financial restructuring is a serious procedure for which we suggest you talk to our Dubai accountants for in-depth support.
 

What types of accounting services we offer

We are compliant with the local regulatory requirements and we can provide you the accounting services in Dubai tailored to your business needs. Our company can help you organize and monitor all your accounting and legal documentation, giving you the opportunity to choose between handing us over your accounting totally or partially. We can prepare your balance sheet, income statement and notes, we can review and correct any accounting document, implement external audits, advise you on management and prognostication, strategic management like auditing, evaluation, reviews of provisional accounts.

Our team can guarantee the quality of accounting and financial information. We can help you with the preparation of individual corporate and consolidated financial statements in accordance with international and local reporting standards and regulations. We can also make forecasts, budgets and projections regarding your company’s future. We can advise you on Commercial Companies Law related matters, free zones and regulations, the import-export processes and duties.


The attributes of a chartered accountant in Dubai

 
Chartered accountants in Dubai or CAs are professional accountants who can work everywhere in the world within the accountancy spectrum. This is also the case of our team of accountants in Dubai who can deal with a wide range of accounting aspects for companies with establishments abroad. Tax returns, audits in Dubai, annual financial statements, and financial advising are among the services a chartered accountant in Dubai can provide. 

Normally, chartered accountants in Dubai can control all the accountancy needs of a company, but many of them choose a particular specialization under which they work. Some Dubai chartered accountants only deal with audits or have experience in the tax area, being assigned to specific projects. In any case, foreign investors looking for complete accounting services can receive the support of our chartered accountant firm in Dubai. Here are extra details about our chartered accountants in Dubai:
 
  • They can perform internal and external audits for foreign companies.
  • Chartered accountants are qualified accountants who can be hired by company owners from abroad.
  • Such professionals have complete knowledge of local and international accounting laws.
  • Chartered accountants must meet specific practical requirements and academic skills compared to normal accountants.
 
Company owners interested in accounting services in Dubai can easily get in touch with us and find out more about our chartered accounting firms in Dubai. We are at your disposal with complete guidance and assistance, so feel free to talk to us and send us your requests.
 

How do I choose a chartered accountant in Dubai?

 
Chartered accountants must be Certified Public Accountants (CPA), so proof of this needs to be solicited. Moreover, when looking for a chartered accountant in Dubai, one should also check the portfolio and the experience before hiring such a professional. Recommendations and testimonials can be quite helpful in such a case. It is important to note that chartered accountants will work in complete confidentiality and transparency, in the best interest of the company. If you would like to know details about the qualifications and experience of our Dubai chartered accountants, you can address your requests to us, by phone or email, at any time.
 

Preparation of annual financial statements explained by our specialists


The annual financial statements must be submitted, respecting the international accounting and reporting standards, plus the local regulations. Our chartered accountants in Dubai can handle the tasks related to the annual financial statements, no matter the type of company you own. The balance sheet, cash flow, equity transactions, journals, and other documents will be verified when preparing the annual financial statements. This is an important part of accounting that can be accurately handled by our chartered accountants. If you are looking for the support and experience of a chartered accountant in Dubai, feel free to get in touch with our specialists.
 

FAQ about accounting in Dubai


1. Are accounting services necessary for companies in Dubai?
Yes, companies established in Dubai need accounting services performed by specialists with experience in this field.

2. Can I ask you for providing bookkeeping and payroll services in Dubai?
Yes, bookkeeping and payroll are available services we can provide. There are certain tasks that only a specialist can be in charge with.

3. Can I ask you for audits in Dubai?
Yes, our team of accountants can offer complete audit services and accurate financial reports for your firm.

4. Is company management in Dubai offered?
Yes, management strategies tailored to the needs of company owners are provided. A specialist needs to know the business direction and targets before offering business consultancy.

5. How are accountants certified in Dubai?
Our chartered accountants are Certified Public Accountants (CPA) and have the necessary qualifications to provide a wide range of accounting services.

6. How do I choose an accountant in Dubai?
In most cases, the experience will highlight the attributes of an accountant. Working with an experienced and professional accountant is a plus for your firm.

7. Are chartered accountants more valuable than regular accountants?
Chartered accountants cover the same accountancy spectrum, yet they can perform their activities anywhere in the world.

8. Should I hire the services of an accounting firm in Dubai?
Yes, instead of creating a whole department, you should externalize the accounting services and enjoy the benefits.

9.  Can chartered accountants perform audits?
Yes, chartered accountants in Dubai have experience in internal and external audits.

10. Can foreign companies hire chartered accountants in Dubai?
Yes, foreign enterprises can benefit from the services of our experienced chartered accountants in Dubai.
 
If you are interested in accounting services which can be offered for your company in Dubai, please contact our team of accountants in Dubai for more information on this topic.  

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