By submitting your application, you agree to the privacy policy and consent to the processing of your personal data
Accounting is required to conduct business in the UAE
A company can be fined up to 50,000 AED for failure to maintain accounting records.
Without audited financial statements, a business may not be able to renew its trading license. This rule applies to many FREE ZONEs from 01 January 2024, the list of FREE ZONEs that renew licenses in the presence of audited financial statements is expanding.
Accounting is also the basis for the tax base for corporation tax, which became effective from 1 June 2023.
Without audited financial statements, a business may not be able to renew its trading license. This rule applies to many FREE ZONEs from 01 January 2024, the list of FREE ZONEs that renew licenses in the presence of audited financial statements is expanding.
Accounting is also the basis for the tax base for corporation tax, which became effective from 1 June 2023.
If the company fails to provide proper tax and accounting support, the following penalties and problems may arise
1
Tax risks
Lack of tax due diligence will increase tax risks associated with late tax registration and tax reporting, as well as the composition of tax returns, which may lead the company to penalties.
2
Problems with audits
Improper accounting and tax irregularities may cause negative audit opinions and increase additional interaction with tax authorities.
3
Legal consequences
Failure to comply with legal requirements in the area of finance and taxation may result in administrative liability and large fines.
4
Missed opportunities
Without legitimate tax optimisation and proper financial accounting, a company may miss opportunities to reduce tax costs and increase profits.
5
Loss of clients
Failure to meet the financial reporting and tax requirements of clients and partners can result in the loss of customer base and business opportunities.
6
Penalties
Failure to comply with books and records regulations can result in large fines.
- "The alternative solution for small and medium-sized businesses may be to outsource accounting support.
Our company provides a full cycle of accounting services to companies from the initial transaction to audited financial statements. All specialists of the company correspond to the level of education and profile of accounting services in the UAE".Elena Varyukhina, CEOConsultant and Methodologist in International Tax Planning, International Financial Reporting, and International Business Structuring.
Over 15 years of expertise in these fields.
Why Choose Us
Guaranteed Account Opening: Personal and Corporate
We won’t overlook important accounting rules that, if not followed, could hurt your business
Extensive practical experience in the application of IFRS
Timely reflection of accounting transactions and control of activities
Monthly reports on your activities with comments from your accountant or internal auditor
Transparent Terms: Official contract with timelines, stages, and fees
One-Stop Principle: No need to run around or search for intermediaries.
Advice on doing business in the UAE, we will tell you about all the risks and pitfalls.
We provide comprehensive support at every stage of your business development
Companies Assisted
200+
Years in the Market since 2016
8+
Years is the average duration of client relationships
5+
of Clients recommend us to their friends
100%
Our Mission
To deliver comprehensive solutions for business operations in the UAE, ensuring reliability and efficiency in accounting and tax compliance.
We aim to be your trusted partner, helping you achieve success in the international business environment through professionalism, innovation, and exceptional service.
We aim to be your trusted partner, helping you achieve success in the international business environment through professionalism, innovation, and exceptional service.
What is included
in the accounting support service
Monthly accounting reports
On a monthly basis, we will send you a set of reports to help you ascertain the stability of your financial position and plan your activities (accounts payable and receivable statements, cash flow statement, profit and loss statement):
- Analysing your financial position
- Develop a system of record keeping
- Financial audit
- Annual and quarterly reporting
Maintaining daily transactions
Our accountants will take care of reflecting and updating all your daily financial transactions and bank movements:
- Reviewing and preparing primary documentation
- Restoration of accounting records
- Maintaining payment records
- Advising on financial and tax issues
Income Tax Registration
- Carry out timely registration of the taxpayer under CIT
- Determine the tax treatment of your business to apply CIT tax rates
- Timely and correctly calculate tax and submit tax returns
VAT registration.
VAT declaration
VAT declaration
- Carry out timely VAT registration or exemption from registration
- Timely and correctly calculate taxes and submit tax returns
Payroll calculation
- We will calculate monthly salaries of your specialists
- Control timely payment
- We will take care of registration and reporting on the WPS system
Personnel accounting
- Take care of the employment of your specialists and all the nuances of registering labour contracts with the UAE regulatory authorities.
- Draw up competent labour contracts
- Provide unemployment insurance for employees
Preparation and audit of annual financial statements
- Our specialists will prepare and audit annual financial statements in a timely manner
- Advance notice of regulatory deadlines
Fill out the form to sign up
for a consultation with an expert
for a consultation with an expert
Get a free consultation on business support in the UAE
By submitting your application, you agree to the privacy policy and consent to the processing of your personal data
FAQ
All companies in the UAE are obliged to keep accounting records, companies registered in some FREE ZONE have an exemption from preparing and submitting financial statements according to IFRS standards. With the introduction of corporate tax in the UAE the relevance of accounting for business has become even more necessary, as the formation of the tax base for corporate tax is built through adjustments to accounting data.
WPS is an electronic system that allows companies to pay employees' salaries through authorised banks. The system was developed by the Central Bank of the UAE, among other things, to ensure that employees' salaries are paid on time and in full. WPS has an electronic database to which UAE companies must upload their payroll files. Not all companies in the UAE are required to register this system, necessarily Mainland type companies and companies registered in some FreeZone. For example, FZ DMCC has made it mandatory for FZ companies to register with the WPS system from 01.01.2024.
Mainland companies are required to provide an audited report at the end of the financial year, companies registered in FZ at the request of each FZ.
at the end of the financial year, companies registered in FZ at the request of each FZ.
The liability for late filing of financial statements depends on the length of the delay.
The maximum fine is 55,000 AED.
at the end of the financial year, companies registered in FZ at the request of each FZ.
The liability for late filing of financial statements depends on the length of the delay.
The maximum fine is 55,000 AED.
Any company that does not maintain accounting records properly can be fined up to AED 50,000 (AED). Repeated breaches of the rules can result in a fine of up to AED 500,000 (AED). FZ may also have its own penalties for failure to maintain proper record keeping, so for example, the DIFC sets a fine of AED 91,750 (AED).
Our partners
What our clients say about us
always available
in-depth knowledge
reliable partners
deep knowledge
professionals in their field
always in touch
friendly and pleasant to communicate with
attentive to details
offer a personalized approach
reliable partners
in-depth knowledge
high level of service
quick to respond to changes
offer a personalized approach
professionals in their field
Reviews
Contact Us
Dubai
info@acceagleeye.com
The Exchange Tower Business Bay Dubai, UAE
+971 52 552 9700
info@acceagleeye.com
The Exchange Tower Business Bay Dubai, UAE
+971 52 552 9700
Leave your number and we will call you back!
Or call us:
+971 52 552 9700