A company’s management is vitally important. A business can use many tools and techniques to achieve this. Auditing the company regularly is one such method. Auditing your company is a mandatory requirement in many jurisdictions, including the United Arab Emirates. Even if the audit is not mandatory, management must do it. This will enable the management to understand the current shortcomings of the business and give them a glimpse into the future. The management can perform many types of audits to determine the current state of the company. Read More : Advantages of Outsourcing Internal Audi ..read more

Audit firms in Dubai, play an important role for businesses in fraud prevention. Auditing is a means of evaluating the inefficiency of a company’s internal controls. Retaining an effective system of internal controls is vital for the Company’s aim, gaining trustworthy financial reporting on its operations, precluding fraud and misuse of its assets, and lessening its cost of capital. Read More : What to Look for When Choosing an Auditing Firm in UAE?. Why Do We Need Auditors in Dubai? An effective auditing system is vital for any company because it facilitates to pursue and attain its several ..read more

It is advised that you follow each step to ensure that all components and licenses associated with the limited liability company are closed to prevent any future issues when liquidating a limited liability company formally in the UAE. If the firm is not fully liquidated and its operations are temporarily halted, penalties will continue to accrue without renewal. In case of liquidation of a company in the UAE, all related permits and business licenses must be revoked. To prevent you from accruing fines and penalties on your license when it is not renewed at the time of expiration, pertinent gov ..read more

The UAE Federal Tax Authority introduced a VAT refund for unregistered foreign businesses visiting the country. In this article, we’ll help business visitors and foreign businesses check whether or not they’re eligible in making a claim under the newly introduced VAT refund arrangement.   Submitted claims for UAE VAT refund under the special recovery arrangement made available to visiting unregistered businesses must be done in the official portal of the tax authority.   Qualified Foreign Businesses Under the Special UAE VAT Refund Scheme for Business Visitors In this secti ..read more

Financial statements need to be audited as per the mandate of the UAE government. Companies in the mainland are required to do this annually. Most businesses in the world are not particularly fond of the audit, sighting it as tedious and pressuring. Everybody wants to be found as following the acceptable accounting standards because it is a big benefit for their side. Hence, it is not easy to try to be calm when the future of this big benefit lies in an audit. Lenders and creditors mainly look at a company’s audited financial statements to ensure that what they present themselves to be in rega ..read more

His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE has enacted Law No. (13) In 2020, regulating the expert witness profession in Dubai governs the expert witness profession in Dubai.  The new Law governs all activities connected to expert witness services in Dubai. It aims to offer judicial departments technically and legally competent specialists who can aid in ensuring the correctness of rulings.  Sheikh Mohammed’s official website says they would “enable the rapid administration of justice, accelerate court proceedings, and increas ..read more

As the world is progressing, companies have started to be all-rounders. They have started to provide their services not only in their own countries but also around the world. This has eased the problems of a number of companies in getting the best services. The audit is really important for companies not only in the UAE but also in the whole world. We all know that by outsourcing the function of the audit, the cost of the company gets lowered to a great extent. This is the reason why UAE companies have started to take the help of international audit firms in Dubai. The biggest benefit of getti ..read more

Public clarification EXTP007 has recently been issued by the UAE Federal Tax Authority to explain how to get approval of excise tax relief in UAE for shortages or deficiencies of goods within UAE Designated Zones. It also laid out the official process on how to destroy excise goods within UAE Designated Zones.   There are instances wherein stored excisable goods within UAE Designated Zones are identified by the taxable person or warehouse keeper to have deficiency or shortage. In such case, as an exception of the goods being considered for release for consumption, a warehouse keeper ..read more

You may need to hire an expert witness to strengthen your legal position in a commercial dispute. To get the most out of their services, it’s critical to comprehend the function of an expert witness in a commercial dispute in the UAE. A person hired on your behalf to create a report outlining their expert opinion on a subject related to their area of expertise is known as an expert witness. An expert’s role is to offer the Court a knowledgeable, unbiased, and objective opinion that will help it comprehend any technical issues of your case. An expert witness who has received extensive training ..read more

Complying with the relevant regulations as laid out in Federal Law No. (2) of 2015 on Commercial Companies even when terminating a company in Meydan Free Zone or any jurisdiction in the United Arab Emirates is necessary. Mandatory or voluntary company liquidation must be carried out in accordance with the Commercial Companies Law of UAE unless the company Memorandum or Articles of Association specify special provisions which are contrary to the applicable legislation. Conditions for Company Liquidation in Meydan Free Zone We constantly get questions on how to quickly close a company in Meydan ..read more