Bookkeeping and accounting are integral components of any business. Effective bookkeeping will ensure that reliable and accurate books are kept for your company, enabling managers to make informed decisions promptly in order to minimise risks and maximise profits. An effective accounting system can have a significant impact on a company’s performance, while audited financials further allow lenders, bankers and suppliers to determine the credit-worthiness of a company.
Under the UAE Commercial Companies Law of 2015, entities incorporated under the Abu Dhabi Department of Economic Development (Mainland Companies) are required both to maintain accounting records for a minimum of five years and to prepare audited financial accounts every year. All Free Zone companies in Abu Dhabi are required to prepare and audit financial statements on an annual basis.
With the introduction of VAT in the UAE on 1 January 2018, the need for companies to maintain complete and accurate financial records has never been more important.
Companies, wherever they are based, face a number of employment and tax related challenges. They must pay the salaries of their employees in a timely manner and ensure their income tax and social security compliance in terms of withholding, calculations and reporting.
By outsourcing your payroll you can free up your valuable time and resources to concentrate on the important business of running your company while making certain that all obligations and responsibilities are met in a timely and efficient manner in every jurisdiction of operation.
Sovereign Accounting Services Abu Dhabi comprises a team of qualified chartered accountants and offers the following services:
- Financial Statement preparation
- Audit assistance
- Tax and VAT compliance
- Chief Financial Officer (CFO) services
- Abu Dhabi Global Market (ADGM) Free Zone
- Abu Dhabi Airport Free Zone
- Masdar City Free Zone
- TwoFour 54 Free Zone
- Khalifa Industrial Zone Abu Dhabi
- Cost effectiveness
- Access to an expert knowledge pool
- Enhanced security and confidentiality
- Compliance with regulatory and tax requirements
- Valuable external oversight
Sovereign’s team has expertise and experience across a range of jurisdictions, both onshore and offshore, and in particular the following locations in Abu Dhabi:
The majority of clients choose to outsource their complete accounting requirements to Sovereign Accounting Services Abu Dhabi for the following reasons:
For further information on how Sovereign Accounting Services Abu Dhabi can assist with your company’s accounting requirements, pleased contact us.