Companies incorporated in onshore jurisdictions will generally have to prepare and file annual accounts. Often these accounts must also be audited. In most offshore jurisdictions it is now an offence for companies to fail to keep financial records sufficient to show and explain the company’s transactions and determine with reasonable accuracy the financial position of the Company.
Sovereign Dubai’s In-house qualified and experienced chartered accountants will provide you with complete accounting services tailored as per your need at a very competitive rate. Below are the services we can provide:
Bookkeeping Services in Dubai: Sovereign Dubai is currently managing bookkeeping services for variety of clients ranging from a recent start up to multi-million turning over businesses. We tailor our services and fees based on your current activity and requirement. As you grow, we continue to increase our support to match your requirement. Our bookkeeping services will include the followings:
- Recording of all business transactions in accordance with IFRS
- All business transactions shall include all income & expenses, receipts & payments & all other adjustments.
- Posting of general ledger & other ledgers as necessary
- Reconciliation of bank statements & passing any necessary adjustments
- Accounting reconciliations
- Preparing and generating Sales invoices
- Vendor bills and payments
Financial Statement Preparation in the UAE: A financial statement is a formal record of the financial activities of a business. It shows the financial position (Assets, liabilities & Shareholders ‘equity) and financial performance (Profit or loss) of a company. It not only enables the internal users/management in making decisions regarding futufdere planning but also assists external users such as banks or vendors in making decisions about the company’s borrowing capacity. Various UAE and international jurisdictions have made financial statement preparation a mandatory requirement and others are following the suit. Sovereign Dubai provides you with a complete set of Financial statements which includes the following:
- Statement of Financial Position ( Balance Sheet)
- Statement of Comprehensive Income ( Income Statement/ Profit & Loss Statement)
- Cash flow Statement
UAE Audit & Assurance: An audit of financial statements is the objective independent verification of the financial statements, which increases the value and credibility of the financial statements produced by the management. Sovereign Dubai partners with various local and international reputable audit firms and assists in matching you with the audit company based on your requirement and budget. We also provide the full support during the audit of the company by liaising with the Auditors, preparing the schedules and confirmation letters for auditors and attending to the queries of auditors.
Tax Compliance Services in Dubai: Sovereign Dubai also assist in completion and submission of annual accounts and annual tax returns for UK companies as well as Non-resident UK companies.
Benefits of Choosing our Service:
- Cost Effectiveness: Hiring a dedicated accountant in UAE comes with various obligations and costs related to monthly salary, annual air tickets, visa, emirates ID & labour contract fees, mandatory medical insurance, gratuity provisions, annual leaves, training costs and overtime costs. Our fixed monthly fees tailored as per your requirement will be far more affordable than the total cost of hiring an in-house accountant.
- Access to Expert Knowledge: Sovereign Dubai has team of professionally qualified accountants with vast experience in diverse industries. Instead of relying on an individual in-house staff, you will get access to the pool of expert accounting knowledge and experience of our team.
- Flexibility: Based on your preference, Sovereign Dubai team can either visit your premises on a weekly or monthly basis to complete the books or you can email/mail the supporting documents to our office address and we can remotely complete the accounting work for you.
We require the following documents to assist with our due diligence procedures:
- Business license and registration information
- Passport copy, visa copy & proof of address of the Manager on the license
Clients will also have to provide the following documents on a timely manner which will enable us to prepare accurate and current reports.
- Cash receipts & deposit slips
- Cash disbursements & bank statements
- Supplier invoices received
- Details of Sales Invoices raised
- Copies of purchase/lease contracts and loan agreements
- Copies of contracts/ agreements with customers
- Detailed list of company assets (description, date of acquisition, original cost and current value)
- Other documents necessary for correct account reporting
Accounting Services – FAQs
- What are the accounting requirements for a BVI company?
As per the section 98 of the BVI Business Companies Act 2004, every BVI Business Company has the obligation to maintain records that:
- Are sufficient to show and explain the company’s transactions
- Enable the financial position of the company to be determined with reasonable accuracy
Recent update of the record-keeping rules requires the companies to maintain “underlying documentation” in addition to the above records. Under Section 98(7) of recently amended BCA the “underlying documentation “is defined as maintaining accounts and records (such as invoices, contracts and similar documents) in relation to:
- All sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place
- All sales and purchases of goods by the company; and
- The assets and liabilities of the company.
Although there is no requirement to produce or file audited financials for BVI companies, the breach of the above record keeping requirement is liable to a fine of USD 50,000.
- What are the accounting requirements for RAK Free Trade Zone Company?
The Ras Al Khaimah International Corporate Centre Business Companies regulations 2016 states that
- The company shall keep records that are sufficient to show and explain the company’s transactions and that will, at any time, enable the financial position of the company to be determined with reasonable accuracy.
- The company may by Resolution of Shareholders call for the directors to prepare profit and balance sheet periodically and also may appoint auditors to examine the accounts.
The audited financials does not need to be filed with the authorities, however, the authorities reserve the right to demand for the financials and it’s supporting at any point of time. Hence, it is always advisable to maintain up-to-date records of your company accounts.
- What are the accounting requirements for Jebel Ali Fee Zone Authority?
The Jebel Ali Free Zone Authority – Offshore companies Regulations 2003 states that every company shall keep accounting records, which are sufficient to show and explain its transactions, and are such as to-
- Disclose with reasonable accuracy, at any time, the financial position of the offshore company at that time;
- Enable the directors to ensure that any accounts prepared by the offshore company under this part comply with the requirements of these regulations.
Along with the requirement of the retention of records, the directors of every company shall prepare accounts for the company in accordance with generally accepted accounting principles. Failure to comply with this regulation is considered an offence. The financial records are not required to be filed publicly so far.
- What are the accounting requirements for a DMCC Company?
The Dubai Multi Commodities Centre Authority regulations 2003 require companies to produce audited financials and submit them on a yearly basis. Once a company is registered, it is immediately required to submit an auditor appointment letter from an auditor licensed by the UAE Ministry of Economy. Sovereign can assist you with arrangement of audit appointment letter as well as with the yearend audit.
- What are the accounting requirements for a DWC Company?
Dubai World Central regulations require companies to produce audited financials and submit them on a yearly basis. It is usually requested at the time of the renewal.