Bookkeeping Services in Dubai, UAE
Accounting records must be kept and registered by every business or entrepreneur operating in the United Arab Emirates. Federal Law No. 2 of 2015 on Commercial Companies lays out this requirement.
All financial transactions, including sales and purchases, banking transactions, payroll payments, taxes, debts, and other transactions, must be documented by businesses registered on the mainland or in free zones.
Accounting records are to be maintained for five years from the end of the fiscal year and/or the tax period. AED 50,000 to AED 500,000 is the maximum penalty for noncompliance with accounting regulations.
It is crucial to arrange accounting records properly, handle them in compliance with UAE and Dubai legislation, and promptly submit financial reports to the appropriate authorities.
Commercial activities, Professional bookkeeping, and accounting services can help your Dubai business avoid crucial errors. This allows you to focus on long-term planning and development of your commercial activities.
It is also vital to keep track of new laws and regulations and incorporate them into accounting, as the UAE’s financial system constantly changes, and rules are subject to frequent changes.
The 9% corporate tax rate that was implemented in 2023 has changed the landscape for businesses and entrepreneurs. Companies should only work with approved firms that offer accounting consultancy services and adhere to all legal standards in order to prevent possible problems with tax authorities.
Who Needs Accounting Services in Dubai?
- Mainland companies
- Free zone businesses. Additionally, specific free zones require audits of financial reporting.
- Freelancers in the UAE’s free zones are exempt from tax returns and accounting records until their revenue reaches 3 million dirhams. However, it’s still recommended that they keep track of all financial records and transactions. A freelancer’s bank may check their account and ask for supporting transaction documentation. Furthermore, accounts should be prepared for future changes in freelancer regulations.
- Offshore businesses. Foreign businesses are encouraged to keep detailed records of their operations. These records help provide a clear picture of their financial situation, even though they are not required to submit financial reports to the UAE.
Reasons to Order Bookkeeping Services in Dubai
Corporate Profit Tax:
The UAE imposed a 9% corporation tax on persons and businesses operating under license whose profits exceeded 375,000 AED on June 1, 2023. As a result, all companies are required to file an annual tax return and register with the Federal Tax Authority for corporate tax reasons. You are advised to contact a UAE bookkeeping services provider in order to adhere to the country’s rules.
VAT:
Businesses in the UAE are also liable to 5% VAT if their profits exceed 375,000 AED. The business must register with the tax office and submit quarterly or monthly VAT returns.
Audit:
Companies registered on the mainland are required to have independent financial statement audits, while some free zones might also have this requirement.
Business Transparency:
In order to obtain a thorough financial picture of a business, evaluate its financial ability, and make well-informed decisions. Accounting and bookkeeping outsourcing provide crucial resources. In the event of a bank audit, you can also always verify any transactions or provide proof of financial stability if you want to apply for a loan.
Compliance with Laws and Standards:
The Companies Law of 2021 requires that businesses present financial accounts that follow IFRS. In the UAE, authorized service providers should only carry out audits.
Don't miss out on this limited-time opportunity!
We'd Love To Hear From You
contact us
Find us Here
Office No 20, 4th Floor, Al Moosa Tower 2,
Sheikh Zayed Road Dubai, United Arab Emirates P.O. Box 27614.
Get In touch
+971 4 824 4842
info@jsbincorporation.com
Send Your Inquiry
What Accounting Services We Provide at JSB Incorporation
- When requested, monthly bookkeeping and accounting services or balance sheet preparation are provided.
- Tax registration
- Financial statement preparation in compliance with UAE legal requirements and IFRS standards.
- Reports are provided to banks, tax authorities, and other financial organizations.
- Examination of foreign taxation for companies based in the United Arab Emirates but operating abroad.
- Creating non-standard financial reports when necessary.
- Qualitative analysis of bookkeeping and financial accounting to reduce expenses and boost revenue.
Benefits of Outsourcing Accounting Services to JSB Incorporation
One-Stop Shop for Your Accounting and Bookkeeping Matters
A wide range of bookkeeping, accounting, and financial reporting services are offered by the team of qualified accountants at JSB Incorporation. You will finally resolve the most crucial issue in running your company in Dubai:
- Your financial records will be arranged and systematized appropriately.
- Balance sheet preparation and bank statement reconciliations are guaranteed.
- Administration of accounts receivable and payable.
- Every tax return and financial report is produced and filed on time.
- Analysis of financial situations is done to help you make financial plans.
Compliance with Standards and Laws
We guarantee that your company’s bookkeeping and accounting meet standards. We provide accounting services in compliance with International Financial Reporting Standards and stay up-to-date on UAE law.
Save Resources for Your Development
You can concentrate on growing your company and long-term strategic planning by working with JSB Incorporation to handle your accounting needs.
Cost Savings
Your business can save a lot of money by outsourcing accounting services in Dubai instead of establishing an internal accounting staff. This is crucial if your company is small and you need these services only occasionally, once a month or less.
Depending on your company’s demands, we provide customizable price plans for the best bookkeeping services in Dubai. This guarantees that collaborating with us will benefit you to the maximum extent possible.
Extensive Experience
Our team is made up of highly skilled accounting professionals from the UAE. We are well-versed in this field and understand the best practice guidelines. Furthermore, we ensure the accuracy and compliance of your reports by keeping you informed of the most recent regulatory actions and industry trends.
Advanced Technology
When offering the best accounting and bookkeeping services in the United Arab Emirates, our staff uses modern software and technologies. This streamlines procedures and improves our work’s accuracy and efficiency.
Data Security
We know how crucial data security is. Our strict security procedures keep your financial information private and secure.
High Accuracy
Our accounting experts, who are situated in Dubai, guarantee a high degree of accuracy. Based on the financial information you obtain, this enables you to make better company decisions.
Conclusion
JSB Incorporation serves as your resource for business-related information in Dubai. We will handle every aspect of your company’s bookkeeping and accounting, ensuring that financial records relevant to your operations are up to date and that legally needed reports and declarations are submitted on time.
The state of a company’s financial paperwork and accounting records significantly impacts its financial health. Even a minor error can cause a flood that could destroy the entire company. Businesses can maintain accurate and effective accounting and financial records with the assistance of our team of skilled accountants.
Book your free consultation call today to get started.
FAQs
You can apply through the Department of Economic Development (DED) or a free zone authority.
You'll need a passport copy, visa, proof of residency, trade name approval, and tenancy contract.
It typically takes 3–7 working days to obtain the license, depending on the process.
Yes, in Dubai-free zones, 100% foreign ownership is allowed without needing a local sponsor.
A General Trading License allows global import, export, and trading activities.
Don't miss out on this limited-time opportunity!
We'd Love To Hear From You
contact us
Find us Here
Office No 20, 4th Floor, Al Moosa Tower 2,
Sheikh Zayed Road Dubai, United Arab Emirates P.O. Box 27614.
Get In touch
+971 4 824 4842
info@jsbincorporation.com