Accounting Services in UAE


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:

01
Recording of all business transactions in accordance with IFRS
02
All business transactions shall include all income & expenses, receipts & payments & all other adjustments.
03
Posting of general ledger & other ledgers as necessary
04
Reconciliation of bank statements & passing any necessary adjustments
05
Accounting reconciliations
06
Preparing and generating Sales invoices
07
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:

01
Statement of Financial Position ( Balance Sheet)
02
Statement of Comprehensive Income ( Income Statement/ Profit & Loss Statement)
03
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


01
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.
02
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.
03
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.

Requirements


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


Get in Touch

Please contact us if you have any questions or queries and your local representative will be in touch with you as soon as possible.