Accounting and bookkeeping refer to the process of recording, organizing, and managing financial transactions of a business. This includes maintaining accurate records of income, expenses, assets, and liabilities.
Accounting software ERP implementation refers to the process of integrating enterprise resource planning (ERP) software into a business’s accounting system. ERP software streamlines various business processes and helps to manage accounting activities more efficiently.
Anti Money Laundering (AML) refers to the set of laws, regulations, and procedures that are designed to prevent the illegal process of disguising the proceeds of crime as legitimate funds.
Audit and assurance services refer to the evaluation of a company’s financial statements to ensure their accuracy, completeness, and compliance with accounting standards.
Company liquidation services refer to the process of winding up a business’s operations and distributing its assets among creditors and shareholders.
Economic Substance Regulations (ESR) refer to the set of regulations that require companies in the UAE to demonstrate that they have substantial economic activity in the country.
Excise Tax is a tax levied on specific goods and services that are considered to be harmful to health or the environment.
ICV certificate refers to the In-Country Value certificate, which is a document that certifies a company’s contribution to the UAE economy.
UBO compliance refers to the compliance with Ultimate Beneficial Ownership (UBO) regulations, which require companies to identify and disclose their true owners.
VAT services refer to the services that help companies comply with the Value Added Tax (VAT) regulations in the UAE. These services include VAT registration, VAT return filing, and VAT advisory services.
The process of VAT registration in Dubai involves registering for VAT with the Federal Tax Authority (FTA), obtaining a Tax Registration Number (TRN), and submitting regular VAT returns.
A company can ensure compliance with AML regulations by implementing robust anti-money laundering policies and procedures, conducting due diligence on customers and transactions, and reporting any suspicious activities to the relevant authorities.
The penalties for non-compliance with ESR regulations in Dubai can include fines, suspension of licenses, and even imprisonment in some cases.
Maintaining accurate accounting records is important for businesses as it allows them to make informed financial decisions, track their financial performance, comply with regulatory requirements, and provide transparency to stakeholders.
A company can determine its Ultimate Beneficial Ownership (UBO) by identifying individuals or entities that directly or indirectly own or control more than 25% of the company’s shares or voting rights.
The benefits of using ERP software for accounting purposes include increased efficiency, accuracy, and transparency in financial reporting, as well as improved decision-making capabilities.
Bestax Chartered Accountants is a distinguished financial and business consulting firm that maintains a strong presence in Dubai, Canada/US, and beyond. Our unwavering commitment to excellence shines through our comprehensive range of services.
