Bookkeeping Services in Dubai

Any company or entrepreneur registered in the UAE and conducting commercial activities within the country faces the necessity of maintaining accounting records. This obligation is provided for by Federal Law No. 2 of 2015 on Commercial Companies. Companies registered on the mainland or in free zones are required to record all financial transactions, such as purchases and sales, banking transactions, payroll payments, taxes, debts, and other transactions. Accounting records must be kept for 5 years after the end of the tax period and the calendar and/or financial year. Failure to comply with accounting requirements may result in a fine ranging from AED 50,000 to 500,000.

It is important to organize accounting records correctly, manage them in accordance with the laws of Dubai and the UAE, and timely submit financial reports to competent authorities. Professional accounting and bookkeeping services will help avoid mistakes that could be critical for your business in Dubai and focus on long-term planning and development of your commercial activities. Additionally, the financial system in the UAE is evolving, and laws in the UAE change on a regular basis, so it is necessary to track new legislative acts and regulations to consider them in accounting.

The corporate tax rate of 9% introduced in 2023 has created new conditions for companies and businessmen. To avoid potential issues with tax authorities, companies should only collaborate with accredited firms that provide accounting advisory services and comply with all regulatory requirements.

Who needs accounting services in Dubai?

•  Mainland companies 
•  Free zone companies. Some free zones also require mandatory financial reporting audits.
•  Freelancers registered in one of the UAE's free zones. Although, according to the laws of the Emirates, freelancers are not required to keep accounting records and file tax returns until they reach a threshold of 3 million dirhams on their revenue, it is recommended to maintain all financial documentation and record transactions. The bank where a freelancer has an account may conduct checks and request supporting documents for transactions. Additionally, requirements for freelancers may change in the future, so accounts should be in order for such cases.
•  Offshore companies. Despite the fact that foreign companies are not obligated to submit financial reports in the UAE, they are also advised to maintain meticulous records of operations to provide a clear picture of the company's financial position.

Reasons to Order Bookkeeping Services in Dubai

1. Corporate Profit Tax

   On June 1, 2023, the UAE introduced a corporate tax of 9% for companies and individuals operating under a license whose profit exceeds 375,000 AED. Consequently, all companies must register with the Federal Tax Authority for corporate tax purposes and file an annual tax return. To comply with the laws of the country it is recommended to approach a bookkeeping services provider in the UAE.

2. VAT

   If business profits exceed 375,000 AED, the business is also subject to VAT in the UAE at a rate of 5%. The company is required to register with the tax authority and file VAT returns quarterly or monthly.

3. Audit

   The requirement for independent financial statement audits exists for companies registered on the mainland, although some free zones may also require such audits.

4. Business Transparency

   Accounting and outsourcing bookkeeping offer essential tools for gaining a comprehensive financial overview of an enterprise, enabling assessments of financial capabilities, and facilitating informed decision-making. Additionally, you can always confirm any transactions in case of a bank audit or demonstrate financial stability if you intend to take out a loan.

5. Compliance with Laws and Standards

   According to the Companies Law of 2021, companies must provide financial statements in accordance with IFRS. Only an accredited service provider in the UAE should conduct audits.

What Accounting Services We Provide at Emirabiz

•  Monthly accounting and bookkeeping services or balance sheet preparation upon request
•  Registration for tax purposes
•  Preparation of financial statements according to IFRS standards and UAE legislative requirements
•  Filing of reports to tax authorities, banks, and other financial institutions
•  Analysis of international taxation for firms registered in the UAE but conducting business in other countries
•  Preparation of non-standard financial reports as required
•  Qualitative analysis of financial accounting and bookkeeping in order to optimize costs and increase profits

Benefits of Outsourcing Accounting Services to Emirabiz

1. One-Stop Shop for Your Accounting and Bookkeeping Matters

The team of professional accountants at Emirabiz provides a comprehensive range of accounting and bookkeeping services and financial reporting. You will solve the most important task in managing your business in Dubai once and for all:

•  Your financial documentation will be properly systematized and organized
•  Bank statement reconciliations and balance sheet preparation are ensured
•  Management of accounts payable and accounts receivable
•  All financial reports and tax returns are prepared and submitted in a timely manner
•  Financial situation analysis is conducted so that you can plan financial decisions

2. Compliance with Standards and Laws

We provide accounting services in accordance with International Financial Reporting Standards, and we are informed about all the latest changes in UAE legislation, ensuring that your company's accounting and bookkeeping meet requirements.

3. Save Resources for Your Development

By outsourcing accounting services to Emirabiz, you can focus on developing your business and long-term strategic planning.

4. Cost Savings

Outsourcing bookkeeping services eliminates the need to create an in-house accounting department in your company, resulting in significant cost savings. This is particularly important if your business is small and such services are required irregularly, once a month or less.
We offer flexible pricing schemes for bookkeeping services in Dubai tailored to your business needs. This ensures that you get the maximum benefit from working with us.

5. Extensive Experience

Our team consists of highly qualified specialists in accounting in the UAE. We have deep knowledge in this area and are familiar with the principles of best practice. Additionally, we stay up to date with the latest industry trends and regulatory acts, ensuring the accuracy and compliance of your reports.

6. Advanced Technology

Our team utilizes modern software and tools when providing accounting and bookkeeping services in the UAE. This optimizes processes and increases the efficiency and accuracy of our work.

7. Data Security

We understand the importance of data security. Our strict security measures and protocols ensure the confidentiality and integrity of your financial information.

8. High Accuracy

Our accounting specialists based in Dubai ensure a very high level of accuracy. This allows you to make more informed business decisions based on the financial data you receive.

Emirabiz is your guide in the world of business in Dubai. We will take care of all aspects of accounting and bookkeeping for your company, ensuring the relevance of financial documents related to your business and the timely submission of reports and declarations required by law. The financial health of a company largely depends on the condition of its accounting records and financial documents. Even a small mistake can trigger an avalanche that could bury the entire business. Our team of experienced accountants helps companies maintain accurate and efficient accounting and financial records.

If you want to order accounting and bookkeeping services at Emirabiz or if you have any questions, feel free to contact us!