Bookkeeping: it’s a Legal Obligation Under UAE Law In the UAE, bookkeeping is not just good practice—it’s a legal mandate. According to Article 26 of Federal Law No. 2 of 2015 on Commercial Companies and Article 78 of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, businesses are required to maintain proper accounting records for a minimum of 5 years from the end of the relevant financial period. Why is this important? 1. Legal Compliance: Proper bookkeeping ensures businesses meet their obligations under UAE laws, avoiding penalties and ensuring transparency with authorities like the Federal Tax Authority (FTA). 2. Financial Accuracy: Accurate records provide a clear picture of your company’s financial health, supporting sound decision-making. 3. Audit and Tax Readiness: UAE businesses must be prepared for tax audits and investigations, where detailed financial records are key to compliance. 4. Sustainability and Growth: Organized financial records boost investor confidence, attract funding, and facilitate smoother business operations. #UAE #Bookkeeping #Compliance #BusinessLaw #Accounting
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📚 Do You Need Professional Accounting and Tax Support in the UAE? Absolutely! In the UAE, maintaining accurate financial records isn’t just a recommendation—it’s a legal obligation under UAE Commercial Company Law and Corporate Tax Regulations. Here’s why professional accounting and tax services are essential for your business: ✅ Transparency: Accurate financial records showcase your business's true financial position and help build trust with investors and stakeholders. ✅ Compliance: UAE laws mandate proper bookkeeping and financial reporting, ensuring your business stays compliant and avoids penalties. ✅ Corporate Tax & VAT Requirements: Whether it’s filing VAT returns, preparing for corporate tax, or handling financial audits, maintaining detailed records is crucial for regulatory adherence. 💡 The Solution: Outsourcing your accounting and tax services to professionals like JSK & JYMMA ensures compliance, saves time, and allows you to focus on growing your business. With 17+ years of expertise and a 95% client retention rate, we provide tailored, cost-effective solutions that align with your business goals. 📞 Let us take care of your financial management: 📧 info@jymma.com 📱 +971 04 3858545 Let’s ensure your business stays ahead in the UAE’s dynamic market. #UAECompliance #CorporateTax #Accounting #BusinessSetup #JSKandJYMMA #VAT #Audit
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📚 Do You Need Professional Accounting and Tax Support in the UAE? Absolutely! In the UAE, maintaining accurate financial records isn’t just a recommendation—it’s a legal obligation under UAE Commercial Company Law and Corporate Tax Regulations. Here’s why professional accounting and tax services are essential for your business: ✅ Transparency: Accurate financial records showcase your business's true financial position and help build trust with investors and stakeholders. ✅ Compliance: UAE laws mandate proper bookkeeping and financial reporting, ensuring your business stays compliant and avoids penalties. ✅ Corporate Tax & VAT Requirements: Whether it’s filing VAT returns, preparing for corporate tax, or handling financial audits, maintaining detailed records is crucial for regulatory adherence. 💡 The Solution: Outsourcing your accounting and tax services to professionals like JSK & JYMMA ensures compliance, saves time, and allows you to focus on growing your business. With 17+ years of expertise and a 90% client retention rate, we provide tailored, cost-effective solutions that align with your business goals. 📞 Let us take care of your financial management: 📧 info@jymma.com 📱 +971 04 3858545 Let’s ensure your business stays ahead in the UAE’s dynamic market. #UAECompliance #CorporateTax #Accounting #BusinessSetup #JSKandJYMMA #VAT #Audit
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Ever wondered whether you need cash basis or accrual basis accounting in the UAE? First of all a Person accounting on a cash basis incurs expenditure when it is paid and a Person accounting on an accruals basis incurs expenditure when the obligation to pay arises. According to Ministerial Decision No. 114 of 2023 on the Accounting Standards and Methods for the Purposes of Federal DecreeLaw No. 47 of 2022 on the Taxation of Corporations and Businesses this is what you need to follow: Article (2) Preparing Financial Statements Using the Cash Basis of Accounting For the purposes of paragraph (a) of Clause (5) of Article (20) of the Corporate Tax Law, a Person may prepare Financial Statements using the Cash Basis of Accounting, in any of the following instances: 1. Where the Person derives Revenue that does not exceed AED 3,000,000 (three million United Arab Emirates dirhams). 2. In exceptional circumstances and pursuant to an application submitted by the Person to the Authority. If you need assistance with your corporate tax registration, VAT and/or bookkeeping in the UAE, even as a free zone company, drop me a message. There is more to it. #dubaitax #dubaibusiness #dubaifinance #taxes #bookkeeping #becompliant
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🌟 Dear customers, important information for you! 🌟 While you are enjoying your holidays, we are vigilant for order and legality in the UAE! We would like to remind you that the UAE has introduced a mandatory corporate tax registration law. All companies must register in the summer of 2024! 🚨 Avoid fines of 10,000 AED for late registration! 🚨 We are ready to take all the hassle out of your corporate tax registration. ⏱ Registration time: only 3 days 💰 Cost: 1500 AED We would also like to draw your attention to the importance of proper bookkeeping! Bookkeeping in the UAE is not just a fad, it's your responsibility! 🔍 In the UAE, bookkeeping is compulsory for all companies, both in Mainland and FEZ (Article 27 of the Federal Law ‘On Commercial Companies’). Even if your company operates with zero profit, accounting is required. UAE legislation requires that accounting records be kept using accredited software (Federal Tax Authority (FTA) regulations). Our international accountants can help you set up this process, prepare your accounts and optimise your company's taxes by up to 50%! #trustregger #connection #IGaming
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Are you a business owner in the UAE looking to streamline your accounting and tax processes? Look no further! Our expert team is here to provide top-notch accounting and tax services tailored to your needs. With our extensive experience and in-depth knowledge of UAE regulations, we ensure accurate financial reporting and compliance, allowing you to focus on growing your business. Whether you need assistance with bookkeeping, tax planning, VAT compliance, or any other accounting-related matter, we've got you covered. Don't let accounting complexities bog you down. Contact us today to learn how we can help you navigate the financial landscape with ease! #AccountingServices #TaxServices #UAEBusiness #FinancialExperts 📈✅
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Legal, Financial, and Setup Challenges got you stuck? We've got the perfect solutions! Launching or managing a business in the UAE comes with its unique set of challenges—from navigating legal intricacies to ensuring tax compliance and staying on top of financial records. At 360Biz Solutions, we’re here to simplify the entire process for you! Our comprehensive services include: ✔️ Business Setup Assistance: From business licensing to government approvals, we handle everything. ✔️ Legal Solutions: Ensuring your business stays compliant with UAE laws and regulations. ✔️ Account & Bookkeeping: Accurate, efficient financial record management to keep your business running smoothly. ✔️ Tax Compliance: Stay ahead of VAT and corporate tax requirements with our expert guidance. ✔️ Professional Business Solutions: Tailored to help you overcome operational challenges and boost growth. With 360Biz Solutions, you can confidently focus on scaling your business while we take care of the technicalities. Contact us today and experience expert support every step of the way. 🌐 Visit: 360bizs.com 📞 Call: +971 552800427 📧 Email: info@360bizs.com #BusinessSetupUAE #LegalSolutionsUAE #FinancialCompliance #TaxComplianceUAE #BusinessSupportServices #EntrepreneursUAE #BusinessChallengesSolved #BusinessSolutions #360BizSolutions #BusinessSuccessUAE #BookkeepingServices #StartupSupport #UAEBusinessGrowth #BusinessStrategy #CorporateServices #VATComplianceUAE #BusinessConsultingUAE
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6 Red Flags UAE Businesses Should Avoid in Accounting 1. Non-Compliance with VAT Laws Missing VAT deadlines or filing incorrect returns? Risk: Penalties from the UAE Federal Tax Authority (FTA). Tip: Work with a professional to ensure accurate VAT compliance. --- 2. Ignoring Corporate Tax Planning Not preparing for UAE's Corporate Tax requirements? Risk: Unexpected tax liabilities and non-compliance issues. Tip: Consult a CA to align your business with corporate tax regulations. --- 3. Mismanaging WPS (Wage Protection System) Failing to process employee salaries through WPS? Risk: Government fines and operational bans. Tip: Ensure salary disbursement is WPS-compliant. --- 4. Inaccurate Expense Tracking Are all your business expenses properly recorded? Risk: Incorrect financial reports and higher tax liabilities. Tip: Keep a detailed record of all transactions and receipts. --- 5. Overlooking Audit Preparations Skipping regular audits of your financial records? Risk: Issues during official inspections or audits. Tip: Conduct internal audits or hire professionals for audit-readiness. --- 6. Lack of Proper Financial Forecasting Running your business without a financial plan? Risk: Cash flow issues and poor decision-making. Tip: Use expert guidance to create reliable budgets and forecasts. --- CTA: Stay compliant, avoid penalties, and grow your business in the UAE. Partner with our CA firm for expert accounting and advisory services. #UAEAccounting #BusinessComplianceUAE #VATCompliance #CorporateTaxUAE #WPSCompliance #UAEBusinesses #FinanceSolutions #TaxPlanningUAE #AuditSupport #AccountingTips #GrowYourBusinessUAE #FinancialSuccess #TaxExpertsUAE #SmartBusinessTips #CAFirmUAE
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Managing the financial health of your business in the UAE is a complex task, especially when it comes to tax & accounting. What if there was a way to streamline your financial operations & ensure compliance seamlessly allowing you to focus on what truly matters – the growth & success of your UAE business? We understand the complexities of handling finances, & that's why we introduced our annual tax & accounting package, supporting businesses just like yours. Let's take a closer look at what our annual tax & accounting package includes: - Quarterly Value Added Tax (VAT) Filing (Annual) - Annual Audit Preparation - Tax Advice - Accounting Setup - Corporate Tax Filing - Accounting / Bookkeeping - Annual License Ready to simplify your financial processes, avoid unnecessary fines for late or incorrect accounting, tax & VAT fillings. Our team of accounting & tax experts are here to support your business needs. Contact us today on 📧 tax@creationbc.com or 📞 UAE +971 4 878 6240 | KSA +966 54 995 2676. #CreationBC #BusinessSuccess #taxservices #BusinessConsulting #ConsultancyServices #BusinessAdvisory #CorporateStrategy
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Let's break down some key accounting regulations for businesses in UAE Free Zones. Knowing these can save you from a lot of headaches later! 1️⃣. Financial Reporting Standards: Businesses need to follow international financial reporting standards (IFRS) or generally accepted accounting principles (GAAP). This keeps your financial reports consistent and comparable across different jurisdictions. 2️⃣. Auditing Requirements: Annual financial audits by external auditors may be required. These audits check the accuracy of your financial statements and reassure your stakeholders that everything’s legit. 3️⃣. Tax Compliance: Yes, there are taxes! Businesses have to comply with regulations like value-added tax (VAT) and corporate income tax. Knowing these rules helps you avoid penalties and legal trouble. 4️⃣. Record-Keeping: Keep those financial records complete and accurate! Proper record-keeping is crucial as you might be inspected by regulatory authorities. Being organised can save you a lot of stress. Stay on top of these key accounting regulations to ensure smooth operations and avoid any nasty surprises. Knowledge is power, folks! 💪📚 #accounting #finance #bookkeeping #FreeZone #dubai #uae #Xero
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Restoration of Accounting in the UAE Companies registered in the United Arab Emirates may sometimes need to restore their accounting records. This service is particularly relevant for organizations that are not actively engaged in operations and do not meet VAT and corporate tax payment criteria. Such companies often bypass regular bookkeeping to avoid unnecessary expenses. The reasons for restoration vary: from a complete absence of records to errors caused by improper accounting practices. Contributing factors may include lost documentation, disruption of electronic data, non-compliance with tax requirements, changes in tax regimes, external audits, and more. Restoring accounting records enables the identification and correction of errors, minimizes potential risks, prevents penalties, and ensures compliance in preparation for VAT registration and return filings. Accurate financial reporting is essential for meeting all regulatory requirements in the UAE. The accounting restoration process involves several steps: ▪ Determining the period for which the records need restoration. ▪ Collecting available accounting documentation of the company and identifying any missing data. ▪ Preparing initial reports based on the gathered documents, and reconstructing missing data and records. Final review of financial documentation and preparation of the audit report. The result is a restored accounting system that is aligned with both UAE regulations and IFRS (International Financial Reporting Standards). Where required, financial reports will be submitted to the appropriate authorities. Please note that failure to comply with financial reporting obligations can result in penalties. We offer professional accounting restoration services to help businesses avoid these risks. #Dubai #UAE #accounting #consulting #HAFSGroup
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