Accounting and Audit in the UAE
from AED 850
We provide high-quality accounting, FS and audit services for your current and future business in the UAE.
Company Accounting from AED 850 (per month)
Maintaining an UAE company’s accounting records on a monthly, quarterly or annual basis.
Preparing Annual Financial Statements from AED 1300
Preparing financial statements based on accounting records and submitting them to a regulator.
Annual Audit of Financial Statements from AED 5700
Conducting audit of financial statements by a team of licensed auditors.
UAE Company Accounting & Bookkeeping
Mainland Company
A mainland company in the UAE is required to prepare annual financial statements, which must be audited by an independent auditor and approved by the Board of Directors.
The main reporting requirements are similar to those for free zone companies, but mainland companies are not exempt from the audit.
If a mainland company owns 50% or more of the shares of other companies, it must prepare consolidated financial statements, including information on its subsidiaries.
Free Zone Company
A company registered in one of the UAE free zones must keep accounting records. At the same time, some free zones require mandatory audit and submission of accounts with an auditor’s report, while others do not have such a requirement.
The first accounting period starts from the date of the company incorporation and lasts up to 18 months. Then accounting periods equal to 12 months.
Financial statements must be approved by the Board of Directors and submitted to the free zone authorities within 30 days after their completion.
Offshore Company
Offshore companies in the UAE are not required to submit financial statements to the regulatory authority, but must keep all documents related to economic activities to ensure a clear understanding of the company’s financial position.
It is advisable to keep management accounts as they are a simplified version of financial statements and are less costly.
There is also no legal requirement in the UAE to audit financial statements of offshore companies.
Preparation of Financial Statements and Audit in the UAE
Preparation of financial statements and audit of UAE companies are among the top priorities for owners and management of the companies in the UAE.
Under current legislation, all Emirati companies are required to prepare and file annual financial statements and, in most cases, to have them audited.
Our experts can help you understand the requirements of UAE legislation in relation to the audit and its timelines, as well as clarify other important related aspects.
Below we have prepared a comparative table on the reporting and audit obligations of UAE companies.
We are here to help you
Maintain accounting records in compliance with all UAE legal requirements.
Conduct audit by a team of licensed, highly professional auditors.
Prepare and file corporate tax and VAT returns.
Correctly determine the company’s financial year for the preparation of financial statements.
Why choose us?
1. Turnkey Financial Reporting Solutions
We take up all tasks: from collecting and analyzing documents to filing financial statements, including audited ones, with the competent authorities providing a full cycle of turnkey services.
2. Personal Assistance
Your personal Russian-speaking consultant will be in touch with you at all stages of the process, ensuring prompt communication and resolution of any issues that may arise.
3. Privacy and Data Protection
We guarantee the absolute safety of your data by strictly adhering to privacy standards.
4. High Quality and Compliance with Timelines
Each stage of our work is thoroughly checked, and our expertise in the local market and legislation enables us to meet the required timelines.
5. One-Stop-Shop Approach
In addition to accounting, preparation and audit of financial statements, we offer a wide range of related services for an UAE company.
6. Reliable Partnership
Working with us, you get not only high-quality services, but also a reliable partner for many years, ensuring the success of your business.
Frequently Asked Questions
Yes, it is.
For mainland companies, this requirement is stipulated in Federal Law 32 of 2021 ‘Federal Commercial Companies Act’.
For companies registered in free zones, the requirement is governed by the regulations of a particular zone.
Penalties for violation of the rules of accounting and record keeping are specified in Tax Procedures Act and Tax Act and estimated at AED 10,000 for the first time and AED 20,000 for repeated cases.
As a general rule, the audit is mandatory for:
– companies whose annual revenue exceeds AED 50 million;
– qualified free zone residents who claim the preferential zero corporate tax rate.
In addition to general requirements, audit is also often required upon license renewals, obtainment of residency certificates, going through compliance checks.
The UAE Federal Tax Authority (FTA) website provides recommended bookkeeping software, but there is no mandatory software requirement.
The first financial year must be no less than 6 months and cannot exceed 18 months from the date of the company incorporation. Subsequent financial years must last for 12 months. For most companies, the financial year runs from January 1 to December 31.
Yes, it is, if such a requirement exists. The presence or absence of a bank account does not in any way cancel the company’s obligations towards regulatory authorities to prepare and submit financial statements.
Yes, it is, if such a requirement exists. The presence or absence of bank transactions does not in any way cancel the company’s obligations towards regulatory authorities to prepare and file financial statements.
As individuals carrying on business activities in the UAE are corporate tax payers, they are required to prepare financial statements.
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