Advantages Of The Financial Audit For Your Company in Dubai

Auditors in Dubai

Any individual who has a business or a company with many people who are responsible for finishing different tasks may face a risk of error. The audit is the best answer for bringing up every one of these mistakes if you have your company in Dubai. It can be exceptionally gainful for a company as it will improve the productivity of the business. The administration will better understand the working and financial arrangement of their company.

Improves communication:

Generally, higher specializes hand-off on the information which is given to them by the administration. This information is needed to make a crucial decision about the feasible arrangements of the company. There is a high possibility of mistake in the information collected and audit is needed to remove that error. The audited financial statements are imperative for the achievement of an organization because they give accurate and timely data about the financial situation of an organization. The administration will realize that the auditing committee will feature the mistakes

Better management:

Researches show that the organizations that experience the audit procedure are more beneficial and have better administration system when contrasted with the organizations that do not have the yearly financial audit. Determination of a perfect organization which will give the auditing services is a crucial thing for the accomplishment of your business. Experienced auditors have a lot of ability in the field and they will play out the procedure better. They will also enable you to identify the small opportunities which can frame as a major improvement in the near future.

Expert recommendations:

The auditors are prepared in a way that they focus on the fixing and change in the business processes. This procedure will reduce the measure of risk in the financial data. An auditor is a person who will give you the unbiased suggestion apart from his preferences. The organization may apply a few procedures for so long that they end up plainly perilous for the inner control. The auditor will enable you to recognize these type of risks. By keeping away from them, you will have the capacity to build up another and more powerful arrangement of strategies for your business.

New VAT Guidelines

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The final VAT regulations announced last month have helped clear the air for investors and companies in the UAE. Set to be introduced across the Gulf countries, VAT has been set at 5 per cent on a host of products, but certain segments have been exempted, such as basic consumer goods, healthcare and education, etc.

The new law also assigns responsibilities to eligible resident taxable persons including non-residents and investors and their agents as well as nominated representatives who will have to register and ensure specified compliance.

Here are five things you need to know about the revised tax law:

1. All taxable persons are required to register under the respective country’s law i.e., VAT and excise, and apply for a Tax Registration Number (TRN) within a stipulated time frame once the new laws are published in UAE, which is expected soon.

2. There has to be the registration and appointment of tax agents and/or a legal representative, who will be responsible for all compliances and for tax payable on behalf of their principals.

3. There are strict penalties for non-compliance including prison terms for responsible and key management personnel/owners and also fines up to five times the tax due and payable by each taxable person and or entity who is in default including any wilful default of any tax provisions.

4. Procedures and timelines for appeals and its disposal have been clearly defined which is likely to be within 20 business days from the date of the taxable or appeal event or liability becoming due for payment.

5. Other key provisions include tax audits, inspections, appeals and their redressals etc.

Problems Faced By Businesses In Dubai

Company Setup in Dubai

Business setups are an example of what develops when distinctive assets meet up to share one practical body. In Dubai, these setups are too impossible to keep up the pace with, since there is quick increasing speed. There are new improvements and new companies developing practically consistently on this little island. It is apparent this upward trend in business setups is not backing off but rather it is also full of challenges and setbacks.

Here are the common problems while Company Setup in Dubai:

Build your network

Dubai is humming with movement and new opportunities however that does not mean there won’t be a due offer of difficulties confronted by the business people as far as setting up a system. For any business to prosper, it is essential to have a sound system in light of the fact that without it the market can’t be drawn closer in the desired manner. Dubai is one of those places where the business culture depends on favors which mean becoming more acquainted with different identities. At the point when individuals know about the agent on an individual level, it is less easy for them to form a business relationship.

Avoid a burnout

Dubai is continually buzzing with business movement and there is loads of energy that businessmen need to manage when they set up another business. Not every person feels versatile to thusly of hard working attitude yet some get acclimated to it and change their lifestyles according to it.

Cash flow management

Business people need to deal with their cash in a shrewd way. Dubai is known as the city of cash and it is easier to spend in this city as opposed to spare because of its inexhaustible offers in luxury. Regardless of whether it is fine eating or games car rides, Dubai incorporates all that a man could “need” however not really ‘require’. In this manner, it is imperative to oversee cash in a business setup as well as in the individual life to avoid over use.

Organized workflow management

Remaining composed is a struggle for some businessmen, particularly in Dubai where the work is quick paced and it is harder to adjust to the work process. However, the association is critical to a business’ prosperity and can be adopted even by the most disrupted entrepreneurs.

NAM ASSOCIATES CHARTERED ACCOUNTS, DUBAI

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MAIN FUNCTIONS PERFORMED BY THE INTERNAL AUDITORS IN DUBAI

Audit Firms in Dubai

The money related review of an organization is known as internal auditing. Through auditing, it can be resolved regardless of whether the organization’s advantages are recorded and if the profits and losses are properly assessed.

These days, auditors have popularity not just in Dubai but rather all around the globe. Internal audits need to do a self-governing appraisal in regards to how the company’s works and functions. These audits lay out the procedures and the risks included that may discredit the business. Dubai auditors work across over different business functions to pick up a comprehensive and complete overview of the organization.

The main functions are:

  1. Dealing with the risk:

Each association can have its risks and undesirable outcomes. It is the duty of auditors in Dubai to enable their customers to understand and recognize the risk involved in dealing with their associations.

By researching the market and gaining data, auditors empower themselves to understand the patterns in the market and manage them successfully. With their insight into the market, auditors know how to avoid risk and deal with it.

Because of their experience and capacity to study the different departments, they can predict the risks that could develop. Besides, they can help the business by aiding request to avoid harm.

  1. Reporting on the company’s operation:

Dubai auditors make a report on the operations and procedures of the organization. They are the accomplished in seeing how an organization can keep running in a way to gain more outcomes effectively.

With a collective perspective of the association, they can perceive the imitation of work and furthermore feature the challenges that may happen. They introduce their findings and procedures through which they can help an association or business to work better.

All the above-mentioned roles are evidence that the need and significance of auditors for organizations in Dubai are far too great. So as to continue maintaining the organizations and businesses easily and efficiently, auditors are required. They enable us to increase most extreme results and avoid future risks as well as malpractices.

CHOOSE YOUR AUDITORS IN DUBAI

Audit Firms in Dubai

NAM ASSOCIATES CHARTERED ACCOUNTS, DUBAI

Visit: www.namaccountants.com

UAE Visa from your Own Home

UAE Foreign Affairs Started online application of Visa

UAE Visa from your Own Home, complete applications related to nationality, and residence, without having to visit typing offices or customer service centres.

The Ministry of the Interior on Tuesday launched “E-channels”, a new system of smart services that lets nationals and residents apply for entry permits and residency visas within 10 minutes

Under the new system, people don’t need to physically visit different visa centres in the country. Instead, they can register at https://echannels.moi.gov.ae and select the services required. Individuals will need an email id and password to log into the system, said Brigadier Mansour Ahmad Al Daheri, director-general of residency and naturalisation department of Abu Dhabi.

In partnership with Tahaluf Al Emarat Technical Solutions, the ministry has worked on the development of the e-services system that allows typing centres, companies and individuals (citizens, residents and Gulf Cooperation Council nationals) to apply for residency and naturalisation services with ease.

Using “E-channels”, GCC citizens and residents can apply for visas, follow up on applications and print visas.

Companies can submit applications without having to visit General Directorate of Residency and Foreigners Affairs centres.

Under the smart system, Emiratis can apply to sponsor individuals, residents can apply for new visas, or renew or cancel and GCC nationals can apply to sponsor individuals while GCC residents can apply for new visa permit. Visitors can apply for new visa permit.

Brig Al Daheri said that the new system aims to reduce the rush at government centres by 80 per cent by next year.

New Tax Procedures Law

vat in uae

President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued the landmark Federal Law No. 7 of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA).

The Federal National Council (FNC) approved the draft law in March this year and with the presidential approval to the tax law, the country now has a legal framework for taxation, implementation and administration.

“The Tax Procedures Law is a significant milestone towards establishing the UAE’s tax system and diversifying the economy,” said Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and FTA Chairman.

“The Law, issued by Shaikh Khalifa is an all-encompassing legislative framework that lays the groundwork for the UAE’s plan to implement taxes as a means to ensure sustainability and diversify the government’s revenue streams. The increased resources will enable the Government to maintain the momentum of its development and infrastructure for a better future.”

The Law defines a clear set of common procedures and rules to be applied to all tax laws in the UAE, namely, value added tax (VAT) and excise tax laws, and clearly states the respective rights and obligations of the FTA and the taxpayer.

The law covers tax procedures, audits, objections, refunds, collection, and obligations, which include tax registration, tax-return preparation, submissions, payment and voluntary disclosure rules – in addition to tax evasion and general provisions.

When the Tax Procedures Law goes into effect, all UAE-based businesses will be required to keep accurate records for five years.

The law also sets penalties for non-compliance, as well as clear processes for appeals which align with international best practices, and establishes a fair and transparent environment for the FTA to carry out its mandate.

UAE/Dubai Business

company setup in dubai

General Information about Business Setup in Dubai

To setup any business in Dubai, UAE the steps sketched out underneath must be attempted with a specific end goal to meet the legal necessities of all concerned government experts and to ensure most extreme business advantage for the entrepreneur:

  • Decide, at the beginning, the categories and sort of business activities to be practiced. If you don’t mind decide all the related business activities that can be incorporated into every business permit, subject to a most extreme of ten activities for every permit.
  • Decide the suitable business legal document for your business taking over the coveted business activities and the number and nationalities of the entrepreneurs.
  • Decide the trade name of the business. To survey the terms and conditions for the determination and endorsement of trade names.
  • Present an application to the Department for an Initial Approval and enrolling the trade name.
  • After getting the Initial Approval, you can rent premises and contact the counter of the Planning Department of Dubai Municipality with a specific end goal to confirm this said premise is suitable for the business.
  • Present an application to one of the Department outside branches for a signboard permit for a business trade name as required by the monetary directions.

Documents Required for Professional firms/company setup in UAE

  • Company profile
  • Financial statements for the last two years
  • Passport copy of the local service agent
  • Board resolution for establishing a branch and to appoint the manager for the same
  • Passport copy of the Manager
  • Attested copy(from UAE Embassy) of organization memorandum of association
  • Local service agency agreement duly notarized in the UAE courts

company setup

CHOOSE YOUR BUSINESS CONSULTANT IN DUBAI

NAM ASSOCIATES CHARTERED ACCOUNTS, DUBAI

Visit: www.namaccountants.com

Steps to Follow-Setting up a Business in Dubai

Company Setup in Dubai

Is it accurate to say that you are intending to set up your own particular business in Dubai? company setup in Dubai can be a difficult task but if the process is followed properly, this will be managed without many issues. In any case, there are a few obstructions that may hinder your progress. Following are the steps that should be taken after while setting up your business in Dubai:

Step 1: Planning and background research

Nothing in this world can work properly in the event that it is not arranged. Arranging is fundamental for the achievement. While setting up a new business in Dubai, you have to plan first. Recognize the objectives that your business or organization will follow. For gathering all this necessary information, foundation inquires about is also necessary. With the assistance of this research, you will have the capacity to distinguish the most suited procedures that should be taken after as indicated by the present trends.

Step 2: Licensing

The setting up of the new business is unimaginable without the proper licensing system. Regularly this step is ignored and the entrepreneur concentrates on the arranging and research much however you have to concentrate on it as soon as possible. As the licensing system may take some time, it is constantly best to deal with it previously. Ensure you pick the correct alternative for this reason.

Step 3: Choose the location of your business

The selection of the location won’t just rely on the distinguishing proof of where your office or the shop will be found. The choice of the location requires the thought of various imperative perspectives, for example, in the event that you plan to extend your business in future, you have to choose a location in which you will have the flexibility to do as such.

Step 4: The selection of the business registration agent

The most effortless approach to set up a new business in Dubai is to choose a business registration operator that will help in the finishing of this procedure. As they will have all the ability that is required in this procedure, they will finish the process quite easily.

Step 5: Understand the laws and restrictions

Every state of the country has a few confinements that should be taken after. You can’t conflict with the law that is the reason it is constantly best to have a deeper understanding of the laws and lawful systems that should be taken after while setting up a business.

Step 6: Itemizing the cost

The last and the most imperative stride with regards to setting up a business in Dubai is to separate the cost that will be spent in the entire procedure. You can get the assistance of a specialist to do this or you can also create a budget of your own.

AUDITING FIRMS IN DUBAI UNITED ARAB EMIRATES:

Audit Firms in Dubai, silicon oasis, JLT, Jebel Ali free zone, DMCC Dubai, UAE

Nam Associates is a one of the best auditing firm in Dubai, UAE. Our services, in a cost-effective and professional manner. We are proud to announce that we are one of the top most in

Audit and Assurance

We offer the complete range of Audit and assurance services to meet the business needs of the client in this global environment.

This segment is engaged in providing the following services

  • Internal Audit
  • Statutory Audit
  • Other Non-statutory Audit

Non-traditional audit approach to traditional auditing services and a vision beyond numbers

The world is changing – business ideas, interests, measures, innovation and that too at a fast pace. The customary audit approach which tends to concentrate on formal bookkeeping control components also needs a change or if nothing else we have faith in that. The consequences of these audits reviews frequently concentrate on territories considered irrelevant and n turn reflect a deficiency of the approach  – its inclination to concentrate on side effects rather than the genuine causes.

We as auditors tend to look past these conventional components and search for approaches to upgrade the administration’s we give.

Similarly essential, we understand the goals, openings, threats, and difficulties frequently confronted by our customers and help them to investigate the basic circumstances in a strong and comprehensive way.

 

Benefits of Doing Business in Dubai Free Zones

Company formation in Dubai airport free zone

Free zone company formation in Dubai UAE is a complicated process. The Free Trade Zones have been set up with the specific purpose of facilitating investment.

The company set up in the free zone territories is not subject to business companies Law. Free Zones in Dubai and UAE are thought to be outside the ward of UAE and are under the rules and regulations of the concerned free zone. The organizations under the Jebel Ali Free Zone are in charge of keeping up the rules and regulations of the Jebel Ali Free Zone Authority.

Dubai offers excellent business open doors for investors from all around the globe for their Free Zone company development in Dubai. To the extent the standards and controls are concerned, Dubai gives the most liberal workplace and simple free zone company setup methods. Business Link goes about as one-stop solutions for the financial specialist accordingly decreases the hassles to investors and completes everything the quickest possible way.

Key benefits of Free Zone Company set up in UAE:

  • No personal income or capital gain taxes
  • 100% Foreign Ownership
  • No corporate tax for 50 years and can be renewable for an additional 50 years
  • 100% repatriation of capital and profits
  • Business confidentiality is strictly maintained
  • Attractive working environment
  • No restriction for doing more than one activity
  • No currency restrictions
  • Duty-free goods importing into the free zones
  • Excellent support services
  • Offers UAE residence visas
  • Liberal bank account opening and maintaining