Accounting & Audit in UAE

In order to operate within the UAE, it’s essential for all legal entities to maintain accurate financial records and have a clear understanding of their assets and liabilities. Our team of experienced accountants is fully knowledgeable about the local UAE regulations, cost-effective accounting solutions, and best practices for both local and international businesses operating in the region. We’re happy to provide personalized support tailored to your business needs, including outsourced accounting services in the United Arab Emirates.

Whether you require weekly, monthly or annual accounting assistance, our experts are here to ensure your financial records are accurate and up-to-date throughout the entire financial year.

For a complete overview of our accounting, bookkeeping and audit services please download the following offer:

If your company is registered in a UAE Free Zone, it has to maintain accurate accounting records to effectively determine its financial position (assets, liabilities and equity overview). Depending on the specific Free Zone, your financial statements may be subject to a mandatory audit and must then be submitted to the Free Zone authority along with the auditor’s report. However, some Free Zones may not require audits at all.

It’s important to note that your company’s first financial year begins on the incorporation date and may last up to18 months. Subsequent financial years must last exactly 12 months from the end of the previous period.

To remain compliant, the company’s financial statements must be approved by the Board of Directors and these approved statements must be then filed with the relevant government authorities within 30 days, followed by the tax declaration submission.

Every company registered in the UAE mainland is required to prepare annual financial statements and have them approved and audited by an independent auditor. The basic requirements for financial reporting of mainland companies are similar to those in Free Zones. However, the only difference is that mainland companies are not exempt from audit requirements.

In addition, any mainland company that holds 50% or more of the shares in another entity must prepare consolidated financial statements. These statements must include the financial information of both the parent company and its subsidiaries, ensuring a complete and accurate representation of the group’s overall financial position for stakeholders.

While offshore companies in the UAE are not required to file their financial statements with government authorities, this does not exempt them from maintaining proper financial records. Offshore entities must keep all documents related to their economic activities and ensure that these records are sufficiently detailed to provide directors with a clear and accurate view of the company’s financial position.

At Smart Advisors Group, we highly recommend that our clients maintain management accounts to avoid any uncertainty or confusion regarding their company’s finances. Management accounts serve as a simplified version of financial statements, requiring less time and lower costs, while still offering a clear and reliable picture of the company’s financial health.

Our team of experienced professionals is well-equipped to prepare such accounts for your offshore company in the UAE. Keeping your company’s financial records organized and up-to-date helps you avoid potential legal and financial risks in the future.

To review the requirements for your free zone, mainland or offshore company regarding maintenance of accounting records, financial statements preparation and submission and audit obligations, please refer to our comparison chart:

If you already own a company in the UAE, our expert team will assist you with the procedure of preparation of audited financial statements in accordance with all the UAE legislations and requirements.

The process of preparation of audited financial statements in the UAE might seem complex and frustrating, but it doesn’t have to be. With our expert team on your side, it turns into a smooth process from the moment it starts till the moment the audited financial statements are ready, giving you complete clarity and confidence at every step. Protect your business, avoid costly financial or legal risks and unlock the peace of mind that comes with working with trusted UAE audit professionals.

When it comes to planning your business in the UAE, it’s essential to take local requirements into account. We highly recommend consulting with professionals in financial accounting in the UAE to identify all potential costs and administrative requirements in advance. Choosing the right consultant for your business is crucial, as it will significantly influence your company’s future in the UAE.

Our team, experienced in providing accounting and audit support to businesses across the UAE, is ready to assist you with full accounting compliance. With our expert guidance, you can make confident, well-informed decisions and lay a solid foundation for long-term success.

Don’t hesitate to contact us today and take the first step toward building your steady and reliable business in the UAE!