Accounting Services in Dubai (UAE)
Companies incorporated in onshore jurisdictions are typically required to prepare and file annual accounts. Often these accounts must also be audited. Companies incorporated in offshore jurisdictions or free zones are typically required to keep financial records that are sufficient to show and explain the company’s transactions and allow the financial position of the company to be determined with reasonable accuracy.
Sovereign’s in-house team of professionally qualified and experienced accountants will provide your company with comprehensive accounting and bookkeeping services in Dubai and across the UAE that are tailored to your needs and budget.
Sovereign Dubai currently provides accounting and bookkeeping services for a wide variety of clients ranging from start-ups and medium-sized enterprises (SMEs) to large businesses and complex international group structures.
Our services and fees are based on a client’s current activity and requirements. As a business develops, we have the flexibility to increase our support to match.
Our bookkeeping services in Dubai include the following:
A financial statement is a formal record of the financial activities of a business. It shows the financial position (assets, liabilities and shareholders’ equity) and financial performance (profit and loss) of a company.
This assists management in its decision-making and planning and also assists third-parties, such as banks and suppliers, to make decisions about your business. Sovereign Dubai can provide clients with a complete set of financial statements that includes:
- Statement of Financial Position (Balance Sheet)
- Statement of Comprehensive Income (Income Statement/Profit & Loss Statement)
- Cash Flow Statement
An audit is an objective, independent verification of a company’s financial statements that increases their value and credibility. Sovereign Dubai works with various local and international audit firms and will assist in matching a client to an auditor, based on the requirement and budget.
As part of our accounting services, we will provide full support during audit by liaising with the auditors, preparing the schedules and confirmation letters for auditors and attending to auditor questions.
Management accounting is the process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions.
Maintaining Cash Books
A cash book is a financial journal that contains all cash receipts and payments, including bank deposits and withdrawals. Entries in the cash book are then posted into the general ledger.
Tax and VAT services
A tax return is used to report income and file tax returns with the local tax authorities. Our tax services include preparation and filing of tax returns and dealing with any enquiries from the local tax authorities that may arise.
The UAE government issued the new Corporate Tax Law in December 2022, which provided the legislative basis for the introduction and implementation of a Federal Corporate Tax (CT) in the UAE, effective for financial years starting on or after 1 June 2023. Sovereign Dubai can assist clients with their CT registration and compliance in the UAE.
Sovereign Dubai also provides specialist VAT services. We will assist companies with VAT registration, maintaining VAT records, preparing and submitting VAT returns and providing guidance on VAT compliance.
Benefits of outsourced accounting services
Hiring a dedicated in-house accountant in the UAE involves significant obligations and costs related to visas, salary, labour contract fees, mandatory medical insurance, gratuity provisions, annual leave, training costs and overtime costs.
The fixed monthly fees for our accounting and bookkeeping services in Dubai will be tailored to a client’s specific requirements and will be far more cost effective.
Sovereign Dubai’s accounting team comprises professionally qualified chartered accountants with experience across diverse sectors and expert knowledge of local accounting laws and regulations to ensure your business remains compliant with all necessary regulations.
As your business grows, your accounting needs will evolve. The flexibility of outsourcing means that Sovereign can adjust its services to meet these changing needs and provide you with scalable solutions from business setup.
We can either visit a client’s premises on a weekly or monthly basis to complete the books or clients can submit supporting documentation digitally to our office and we can provide our accounting and bookkeeping services remotely.
The following documents will be required for onboarding due diligence procedures to Sovereign’s accounting and bookkeeping services:
- Business licence and registration information
- Copies of passport, visa and proof of address for the manager on the licence
Once onboarded, clients will need to provide the following documents in a timely manner to enable us to prepare accurate and current reports:
- Cash receipts and deposit slips
- Cash disbursements and 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