Dubai is globally recognized as one of the top destinations for establishing and running a business for a multitude of reasons – from the overall business-friendly climate to tax advantages and reduced bureaucracy. Naturally, every business, from a small start-up to an international company, requires proper accounting in order to run smoothly, optimize the costs, and avoid getting in trouble with the authorities. In this guide, we will explore the field of accounting services in Dubai.
Accounting support by Emirabiz
At Emirabiz, we provide all-around corporate support services, from company setup to corporate management, accounting, regulatory compliance, and more. Our team includes such seasoned experts in related fields as business consultants, financial advisors, accountants, lawyers, real estate agents, and market analysts. We can help you open and run a business in Dubai and the UAE and navigate you through the intricacies of the local business environments and field-specific regulations.
The Emirabiz team provides the following accounting services:
1. Accounting and reporting
- Monthly accounting and bookkeeping services, including balance sheet and invoice preparation upon request
- Preparation of financial statements in accordance with IFRS standards and UAE legislative requirements
- Preparation of non-standard financial reports as needed
- Cost accounting
2. Taxation and compliance
- Tax registration (VAT and corporate tax)
- Corporate tax and VAT consultancy
- Submitting VAT returns
- Filing reports to tax authorities, banks, and other financial institutions
- International tax analysis for companies registered in the UAE but conducting business abroad
3. Audit and consultancy services
- Preparation and submission of audit reports
- Consultancy on tax and compliance matters in line with current legislation
- Visiting accountant service for on-site support
Our experts can provide you with advice on a range of business and accounting-related issues with regard to specific business activities, operational scopes, supplied goods and services, legal entity types, and other aspects. We can help you answer such vital questions as:
- Is my company subject to paying VAT and corporate tax?
- Can I get a tax registration number for an offshore company?
- How can I optimize my taxes?
- How to prepare my VAT reports for the FTA?
- How do I make sure my invoices are issued properly?
- How to avoid penalties associated with accounting and taxes?
- Do I have to pay VAT if my business is conducted overseas?
Our trained consultants will explain all of this in detail. Contact us to get a free consultation now!
What Is Accounting and Why Is It Important?
In essence, it is the process of recording, analyzing, and reporting transactions of an individual or an organization. It involves the complete and systematic recording of financial activities, including the aggregation, analysis, and reporting of these transactions to regulatory bodies, stakeholders, and management.
The primary goals of accounting include:
- maintaining scrupulous records,
- tracking income and expenses,
- ensuring conformance with the applicable tax laws and regulations, and
- ensuring an accurate picture of the entity’s financial health and performance.
Overall, accounting plays a key part in helping companies and individuals make adequately supported financial decisions and maintain accountability in their financial activities. There are different branches of accounting, each serving specific purposes within an enterprise, such as:
Financial Accounting
- Focus: Preparation and reporting of financial information for external users, such as investors, creditors, regulators, and other stakeholders.
- Objective: To provide a comprehensive and accurate view of a business’s financial performance and state. This is essential for making investment decisions and assessing creditworthiness along with the company’s overall financial abilities.
Management Accounting
- Focus: Analyzing and preparing financial information for use by management to make the right business decisions. It involves the preparation of reports, budgeting, cost analysis, and providing support for strategic planning and decision-making.
- Objective: Management accountants provide insights into the financial implications of business operations and help managers understand and evaluate financial data in order to achieve the organization's goals.
Auditing
- Focus: Evaluating and reviewing an organization's transactions, financial records, and internal controls, which allows for accuracy, compliance with the relevant regulations, and reliability of financial reporting.
- Objective: To identify any errors, misstatements, or fraudulent activity, and provide recommendations for improvements in financial controls and reporting processes.
Auditing is typically conducted by independent certified public accountants (CPAs) or internal auditors to inform and assure stakeholders, such as investors, creditors, and government agencies, about the integrity of the organization's financial statement.
Cost Accounting
- Focus: Recording, analyzing, and reporting on the costs associated with the production of goods or services within an organization.
- Objective: To provide detailed information on the costs incurred in various facets of a business, such as production, operations, and other activities, for the purpose of internal cost control, assessment of performance, and proper decision-making.
Tax Accounting
- Focus: Preparation, analysis, and interpretation of tax returns and tax-related financial documents. It involves understanding and managing tax liabilities, ensuring conformance with the tax laws in effect, and identifying opportunities for minimizing tax expenses. Tax accountants also provide advice to individuals and businesses on tax planning strategies, deductions, and credits, and help in the preparation of tax returns.
- Objective: To accurately calculate and report an individual or organization's tax obligations to the government.
Accounting Information Systems
- Focus: An Accounting Information System (AIS) is a system that collects, stores, processes and communicates financial and accounting information. It combines the study and practice of accounting with the design, implementation, and monitoring of computerized information systems.
- Objective: AIS is used to support the day-to-day operations of an organization, as well as to provide financial data to decision-makers for managerial analysis and strategic planning.
Other accounting-related services include business planning, forensic accounting, feasibility studies, etc.
Bookkeeping in Dubai
The UAE Commercial Companies Law (CCL) mandates all companies, including free zone entities, to maintain thorough accounting records and keep them for at least 5 years. Additionally, businesses in the UAE must comply with IFRS.
Bookkeeping services often involve the use of accounting software to record and track transactions, as well as to generate reports. It is essential for businesses to ensure that their accounting practices are accurate to avoid any penalties or legal issues.
Furthermore, it is common for businesses to outsource their bookkeeping needs to professional accounting firms to ensure adherence to the local laws and focus on their primary business activities. This is particularly beneficial for small and medium-sized enterprises (SMEs) that may not have the resources to maintain an in-house accounting department.
Accounting Audits in Dubai
In Dubai, auditing is also governed by the CCL and is essential for ensuring transparency and authenticity in financial reports. The UAE Ministry of Economy is the regulatory authority responsible for overseeing accounting and auditing standards in the country.
There are several key elements to consider when conducting audits:
Compliance with IFRS
Companies in the UAE are required to adhere to IFRS. Accounting audits ensure that companies are compliant with these standards.
Regulatory requirements
Companies in the UAE are subject to specific regulatory requirements, including filing annual reports with the relevant authorities. Audits confirm compliance with these regulations.
Internal control systems
Accounting audits assess the effectiveness of a business's systems of internal control to identify and mitigate risks, fraud, and errors.
Tax compliance
Accounting audits also include a review of a company's tax compliance to provide precise reporting and payment of taxes per UAE tax laws in effect.
Reporting requirements
The verified financial statements are required to be submitted to relevant authorities, shareholders, and other stakeholders. The audit report provides an independent opinion on the accuracy and fairness of the documents.
In the UAE, accounting audits are typically conducted by licensed audit firms or accredited auditors. These auditors are required to adhere to professional standards and ethical guidelines established by the UAE Auditors and Accountants Association (AAA) and the International Federation of Accountants (IFAC).
Corporate Taxes in Dubai
Starting from June 1, 2023, the corporate tax rate in Dubai is 9% for businesses with net annual profits exceeding AED 375,000, while companies with net annual profits lower than this threshold are taxed at 0%.
Corporate tax applies to both mainland companies and those in free zones, meaning free zones are no longer tax havens. However, the UAE government has provided certain tax benefits for businesses in free zones, subject to specific conditions. In particular, it introduced the Qualified Free Zone Person (QFZP) category, along with a simplified tax regime for small businesses, known as Small Business Relief.
After acquiring a trade license in the UAE, companies are required to register with the FTA for corporate tax purposes within three months and file a tax return once a year, even if the tax due is zero. In this regard they often need to apply for accounting services in UAE.
It's important to note that certain categories of taxable persons, such as exploration companies, government bodies, investment funds, etc., may be exempted from corporate tax. It's recommended for businesses to consult with a tax advisor or legal professional to ensure adherence to Dubai’s tax regulations.
VAT in Dubai
The UAE operates under a VAT system with a standard rate of 5%. VAT is imposed on the majority of goods and services provided in the country.
Businesses in Dubai are required to register for VAT if the value of their annual taxable supplies and imports goes beyond the mandatory registration threshold, presently set at AED 375,000. There is also an option of voluntary VAT registration for businesses with over AED 187,500 in taxable supplies. In order to run a VAT-free business, you need this value to be lower than the abovementioned limit or supply solely goods and services subject to 0% VAT.
Once registered, companies are obligated to adhere to VAT regulations, such as charging VAT on taxable goods and services, maintaining proper VAT records, filing VAT returns, and settling any VAT liabilities within the designated timeframe.
It's vital for businesses in Dubai to stay updated on VAT regulations and ensure compliance, as failure to adhere to VAT requirements can cause penalties and other legal consequences.
Accounting service providers in Dubai
They range from global networks providing full accounting support, including software solutions and all types of services, to smaller firms focused on certain branches of accounting, as well as companies offering a list of related business support services.
When it comes to choosing between outsourced and in-house accounting, businesses in Dubai should consider the following:
Outsourced
Outsourcing accounting services to a third-party provider can be cost-effective and convenient for businesses, especially for SMEs. It allows businesses to concentrate on their main activities while experts handle their accounting needs.
In-house
In-house accounting gives businesses more control over their financial processes and allows for better integration with other departments. However, it can be more expensive and time-consuming to hire and train staff for this in-house activity.
Ultimately, the choice between outsourced and in-house accounting depends on the specific needs and resources of each business. Professional accountants in Dubai can help businesses assess their requirements and choose the best accounting solution for their organization.
Accounting software
If you are looking to open a business in Dubai, depending on its size and the scope of operations, you might be looking for specific software solutions for your accounting needs. Some popular software used are:
- QuickBooks
- Xero
- Zoho Books
- Tally ERP 9
- Sage 50
- Wave
- FreshBooks
- MYOB
These software are widely used by businesses and accountants in Dubai for managing their transactions, invoicing, inventory management, and other needs.
Complete suite of accounting services at Emirabiz
At Emirabiz, we offer corporate support services, covering everything from company setup to ongoing management, accounting, and regulatory compliance. Our experienced team of business consultants, financial advisors, accountants, lawyers, and other specialists provides a full range of accounting related services, including monthly bookkeeping, financial statement preparation in line with IFRS and UAE standards, and cost optimization. We also handle tax registration, VAT and corporate tax consulting, and regulatory reporting, ensuring your business stays compliant and financially efficient. With audit services, on-site support, and guidance tailored to the UAE’s unique business landscape, Emirabiz is here to support your company’s growth and success. Contact us for a free consultation to learn more!
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