Accounting Firms in Dubai

Everything you need to know about Audit in DMCC Freezones The Mandatory Submission of Audited Financial Statements In the dynamic business environment of DMCC free zone, companies face the obligatory requirement of submitting audited financial statements to ensure compliance with DMCC regulations. This essential practice applies to all DMCC member companies, including both subsidiaries and branch establishments. Failure to comply with this requirement can result in delays or difficulties when renewing trade licenses. Under the DMCC implementing regulations, it is explicitly stated that every DMCC company must have its financial statements audited. This process guarantees the accuracy and transparency of the company's financial records. To fulfill this obligation, companies operating within the DMCC can engage the services of  DMCC-approved auditors . DMCC-listed auditors possess the expertise and experience necessary to conduct comprehensive audits and provide accurate and reliable

Pros and Cons of Outsourcing Your Accounting Services Pros of Outsourced Accounting Services Reduced Risk By outsourcing accounting services in Dubai, you can lower the risk of internal fraud compared to having an in-house accounting department.  Accounting companies in Dubai  prioritize data security and implement highly secure systems. You can trust that reputable accounting and auditing firms in the UAE will handle your accounting reports and financial data, such as revenue, loans, liabilities, and assets, with integrity. They won't engage in any negative activities that could harm their reputation. Ultimately, outsourcing accounting services in UAE reduces the risk for your company. Detailed Financial Reporting When you outsource your accounting and bookkeeping, you gain the valuable advantage of obtaining detailed financial insights. By accessing information like balance sheets, cash flow, and profit and loss statements, you can make informed decisions quickly. Bookkeepers use

Transfer Pricing under the UAE Federal Corporate Tax Law Transfer Pricing and Corporate Tax The  UAE Ministry of Finance (MoF)  introduced a new corporate tax (CT) regime through Federal Decree-Law No. 47 of 2022 on 9 December 2022. This law, also known as the Corporate Tax Law, brings changes to how corporations and businesses are taxed in the UAE. The new CT regime will come into effect for accounting periods starting from 1 June 2023, with a tax rate of 9%. Companies with a December year-end have 12 months to prepare and understand how this new tax will affect them. However, certain rules to prevent tax avoidance and transitional arrangements apply from the date the law is published in the Official Gazette. One important aspect of the Corporate Tax Law is the inclusion of transfer pricing (TP) rules. These rules apply to businesses in the UAE when they engage in transactions with related parties or connected persons. Arm’s Length Principle To calculate taxable income, transactions a

Qualifying Income for Freezone Persons under UAE Corporate Tax Understanding Qualifying Income Qualifying Income refers to the earnings of a Qualifying Free Zone Person that are not subject to any Corporate Tax, resulting in a 0% tax rate. This type of income is determined by engaging in approved business activities or transactions within the designated Qualifying Free Zone. In short, if you meet the criteria and conduct business within the Qualifying Free Zone, any income you generate will be considered Qualifying Income and will not be subject to  UAE Corporate Tax . That’s how Qualifying Income for Free Zones works. Qualifying Income under UAE Corporate Tax Free Zone Businesses in the UAE can benefit from a 0% corporate tax rate. However, certain criteria must be met to obtain the status of a Qualifying Free Zone Person (QFZP). The federal decree law of corporate tax outlines these conditions, which include generating revenue that falls within the category of Qualifying Income. In a