Accounting support for business in the UAE

"There is a mandatory accounting requirement in the UAE: companies are required to prepare reports and keep primary documentation for five years. The fine for failure to report is AED 10,000 for the first violation and AED 20,000 for a repeat violation."

Ekaterina Kupreenkova, accountant

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The Versus.UAE team seamlessly integrates into the company's financial business processes and carries out accounting of transactions, preparation and presentation of reports, as well as preparation of documents for tax authorities.

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Our accounting package includes:

• Accounting of transactions
• Preparation and accounting of invoices
• Submission of quarterly VAT reports (if accounting records for previous periods are available)
• Calculation and payment of wages and dividends to founders
• Calculation and payment of wages to employees*
• Preparation of monthly management reports on operations (MIS reports): invoices issued, invoices paid, accounts receivable
• Accounting software license (Zoho, QuickBooks)
• Personal accountant
• Updating data in the tax authority
• Monthly Limit Check

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For legal entities, taxation in the UAE comes down to two main business taxes: 5% VAT (Value Added Tax) and 9% corporate tax.

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However, companies with an annual turnover of more than AED 375,000 (USD 102,000) are required to pay VAT. Companies with a smaller turnover are exempt from paying this type of tax.

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Profit tax support for companies

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"All companies are required to register and obtain a tax number, and then file declarations and pay income tax annually. Free Zone companies can apply for a 0% income tax rate if certain conditions are met. Our experts will be happy to analyze your case and prepare a conclusion on the application of a preferential rate"

Artur Faniev, Commercial Director

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Income tax support includes:

• Registration of a company as a payer of income tax and obtaining a tax number.
• Preparation and filing of income tax returns.
• Audit of financial statements, selection of optimal tax strategy.
• Preparation of financial statements for the year.

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Company support on VAT

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Sergey Kovalkov, Head of International Incorporation Practice

“Once registered as a VAT payer, the company must include VAT in its invoices and pay the tax to the budget. VAT tax returns must be submitted and paid quarterly (for companies with a turnover of less than AED 150 million) or monthly (if the company's turnover is more than AED 150 million)”

VAT support includes:

• Registration of the company as a payer of income tax and obtaining a tax number.
• Preparation and filing of income tax returns.
• Applying for a VAT refund.

Accounting support for a large financial company engaged in investments and lending. 

Thanks to our support, the company has developed an accounting system. Management does not need to waste time analyzing income and expenses - we provide company data in a convenient format of monthly reports.

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Accounting and tax support for a company engaged in organizing commercial filming

Having built an accounting system, the company moved to annual preparation of financial reports and their audit. We managed to obtain a VAT certificate. Now the company can deduct input tax and reduce its expenses.