Frequently Asked Questions
Businesses ranging from small startups to organisations with 1000+ employees can benefit from outsourcing their accounting. No matter the nature of your business, be it retail or an industrial company, our services can accommodate all your accounting needs. If you are still unsure, just give us a call or send us a mail and we will get back to you in no time.
It depends on your annual taxable supplies. If your business has taxable supplies and imports above AED 375,000. VAT registration is mandatory. If your business has taxable supplies and imports between AED 187,500 and 375,000, then you can voluntarily apply for VAT registration. You are not required to apply for VAT registration if your business has taxable supplies and imports less than AED 187,500.
Click here to know about our VAT services.
All mainland businesses are required to have their financial accounts audited as per Article No. 27 of Chapter 2 of the New Commercial Companies Law. Companies should prepare their annual financial accounts, including the balance sheet along with the profit and loss account and are required to maintain their financial records for a minimum of five years.
An internal audit can help businesses with risk assessment and make sure the company’s internal control system is operating as it should. If issues are found, management can use this as a chance to tighten internal controls, boost security, reduce risk, and maintain compliance and integrity, all of which are crucial for corporate expansion.
Free Zone Companies: The submission of the audited financial statements to the authority for the renewal of the trade licence of the companies registered under a select few Free Zone Authorities, such as Jebel Ali Free Zone Authority (JAFZA), Dubai Multi Commodities Centre (DMCC), Dubai Airport Free Zone Authority (DAFZA), and Dubai International Financial Centre (DIFC), etc. is mandatory.
Liquidation of the Company: When liquidating the company or revoking its licence, audited financial statements must be presented to regulatory authorities.
Third-Party Requirement: To assure the creditworthiness of companies, lenders such as banks and other financial institutions, investors, or key clients request that the companies have their books of accounts examined by a registered auditor in the United Arab Emirates.
The National In-Country Value (ICV) Program is issued by the Ministry of Industry and Advanced Technology. The companies with this certificate will have an advantage when tenders and contracts are awarded. Companies with a minimum of 10-month operating history are eligible for this certificate.
Absolutely! We understand the importance of keeping your data safe and care about data security as much as you do. With Nair & Nelliyatt Chartered Accountants, your business is in safe hands.
The length of time is difficult to estimate because it is based on the extent of the tax audit and takes into account any potential records, systems, or personnel access issues. It could be weeks or months, depending on the size of the company.
The International Financial Reporting Standards (IFRS) are a set of accounting regulations for public corporations with the aim of achieving consistent, transparent, and easily comparable around the world. Furthermore, UAE law promotes the use of International Accounting Standards and Practices upon preparing its periodical and annual accounts.
A CPA is recognised by the government as a credible professional in the field of accounting and is more qualified than an accountant to carry out various accounting tasks. A CPA is also permitted to carry out several tasks that ordinary accountants are not allowed to.
Businesses are required to preserve their accounting records at their headquarters for at least five years following the conclusion of their fiscal year. In accordance with the restrictions set forth by a Ministerial Decision, the corporation is permitted to retain an electronic copy of the original documents and records stored and deposited there.
