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Accounting Services Needed After Company Setup in Dubai
Once you’ve secured your business license in the UAE, the next essential step is establishing proper accounting systems to ensure compliance with local regulations and support your business’s financial health. Here’s a breakdown of the accounting services in Dubai that are vital for newly licensed businesses:
1. Yearly Bookkeeping and Accounting
Whether you’re running a startup or scaling a growing enterprise, organized bookkeeping is key to tracking income and expenses, managing cash flow, and producing accurate financial statements. Proper yearly accounting helps maintain compliance with UAE reporting standards and ensures your business is audit-ready, while also offering valuable insights for informed decision-making.
2. VAT Registration
If your annual taxable turnover exceeds AED 375,000, VAT registration is mandatory. Voluntary registration is also an option for businesses with turnover above AED 187,500, which can boost credibility and allow VAT recovery on eligible expenses. Our team can help you register for VAT in the UAE efficiently, ensuring you’re prepared to operate legally and competitively.
3. VAT Compliance and Filing
Once registered, businesses must stay compliant by charging 5% VAT on taxable products and services and issuing tax invoices with their Tax Registration Number (TRN). This is particularly significant for businesses dealing in goods or services with special VAT rules, such as those eligible for 0% VAT or exemptions. Timely VAT filing ensures that businesses accurately report their collected and recoverable VAT, maintaining trust with clients and regulatory authorities alike. Non-compliance can lead to penalties, making professional accounting support essential. Our VAT filing services ensure timely submissions and help avoid costly penalties.
4. Corporate Tax Registration and Compliance
With the introduction of UAE corporate tax, every business—regardless of revenue—must register with the Federal Tax Authority. For example, a company with AED 8 million in revenue and AED 2 million in expenses would be taxed 9% on profits exceeding AED 375,000. Accurate reporting is vital to stay compliant and to avoid penalties of up to AED 10,000.
5. Understanding Tax Exemptions and Rates
If your business provides services internationally, such as consultancy to non-UAE clients, you may qualify for 0% VAT under UAE law, as long as your services are unrelated to UAE-based assets. Understanding and applying these rules properly can greatly optimize your tax strategy while ensuring full compliance.
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How Can Choose UAE Help
At Choose UAE, we provide end-to-end support for all your accounting and taxation needs. From yearly bookkeeping and VAT services to corporate tax registration, our tailored solutions are designed to meet the specific needs of your business. Schedule your free 30-minute consultation with our accounting experts today to get started.
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