Corporate Tax in UAE

An external audit is a thorough examination conducted by professional audit companies to assess and verify the accuracy of an entity’s financial records. This audit, performed by reputable external audit companies in UAE, typically culminates in the certification of an entity’s financial statements. Such certification is often a requirement for investors, lenders, publicly traded companies, regulatory and administrative compliance by government or semi government agencies.

The primary objectives of an external audit include:

• Verifying the accuracy and completeness of the client's accounting records
• Ensuring the client’s accounting records are prepared in accordance with the relevant accounting framework
• Confirming that the client’s financial statements accurately reflect its financial position and performance
• Adhering to reporting standards and staying compliant with rules and regulations

As one of the leading audit companies in the UAE, we specialize in delivering external audit services that comply with local UAE laws, regulations, and International Financial Reporting Standards (IFRS). Excellence is not just our name—it’s our commitment to providing reliable, transparent audits. We are proud to be a DIFC approved auditor, DMCC approved auditor, DAFZA approved auditor, JAFZA approved auditor and recognized by multiple free zones and regulatory bodies across the UAE, ensuring our clients receive the highest standard of audit service.

Internal audits performed by premiere audit companies are vital for evaluating a company’s internal controls, including corporate governance and accounting procedures.

By identifying potential risks and operational inefficiencies, internal audits empower management to correct issues reactively and proactively before they surface in an external audit. These audits are essential for meeting regulatory requirements and ensuring accurate and timely financial reporting. At Excellence, our team of highly qualified accountants and auditors in Dubai provides expert internal audit services designed to safeguard your organization’s financial integrity. Regular/Periodical internal audits not only ensure adherence to relevant laws and regulations but also help prepare your company for future external audits, offering peace of mind and confidence in your compliance efforts. By fostering trust with clients and mitigating the risk of costly penalties from non-compliance, internal auditing becomes an invaluable tool for any business striving for operational excellence and long-term success.

Stock audits are an essential process for businesses, involving the physical verification of inventory by reputable audit companies. This process ensures that inventory items align with company records, preventing unnecessary over-investment in stock. Many organizations opt for stock audit services on a semi-annual or annual basis to maintain accuracy in their inventory records. A thorough stock audit guarantees that physical inventory matches the stock book, while also identifying any discrepancies such as excess or insufficient materials.

Additionally, stock audits provided by audit companies give an opportunity to detect outdated, expired, or damaged goods, helping companies prevent loss from these factors. By offering detailed insights into inventory levels, stock audits enable management to make more informed decisions, reducing the potential for waste, fraud, and other operational inefficiencies.

At Excellence, we specialize in comprehensive stock audit services in UAE, covering key areas such as:

• Stock Accounting
• Stock Reconciliation
• Physical Status Reporting of Stock

As one of the best audit companies in UAE, we ensure that our stock audit services help businesses optimize their inventory management, minimize financial risks, and improve overall operational performance. Trust our expertise as one of the top auditing companies in Dubai to safeguard your assets and streamline your stock processes.

A liquidation report is a critical document that reflects the winding-up process of a company, marking the conclusion of its operations and existence. This report is an essential part of the company liquidation process, where the company ceases to function, and its assets and liabilities are settled.

Before the cancellation of a company’s trade license, a company liquidation audit report is required by local authorities. This report provides a comprehensive list of the company’s assets and liabilities, offering transparency and clarity in the liquidation process. All financial information must be thoroughly shared with the liquidator to ensure accuracy and completeness. As one of the top auditing firms in Dubai, we recognize the significance of these reports in ensuring smooth and compliant closures.

As the liquidation progresses, the company’s assets are converted to cash and distributed to creditors or used to settle other company obligations. There are specific regulations governing the distribution of these assets, and a detailed liquidation audit ensures that these procedures are followed correctly. By engaging one of the top audit firms in UAE, businesses can rest assured that all information provided is both accurate and complete, minimizing potential legal complications.

Excellence specializes in providing expert company liquidation services in Dubai, including the preparation and submission of the company liquidation audit report to the relevant authorities. As one of the most trusted audit companies in the region, we ensure that the company’s liquidation process is handled efficiently, ensuring all obligations are met and the trade license is cancelled without delay. For comprehensive business liquidation services and reliable company liquidation audit reports, Excellence is your trusted partner.

A Management Report offers a crucial opportunity for businesses to address issues and concerns that may not be fully captured elsewhere in the annual report. These reports are an essential analytical tool used by business owners, managers, and stakeholders to evaluate, assess, and improve operations. Through this process, accountants and auditors in Dubai help businesses refine their management practices, ensure compliance, and uncover opportunities for operational enhancements

A Management Report is particularly valuable for:

• Businesses Preparing for Growth or Restructuring
• Organizations Seeking Investment or Financing
• Entities Undergoing Strategic Planning
• Companies Needing Compliance and Risk Assessment

The Power of a Management Report

Management reports are more than just documents—they are strategic tools that empower organizations to drive growth, optimize operations, and maintain a competitive edge. Providing meaningful perspectives on internal controls enables organizations to maintain a competitive edge, foresee potential obstacles, and consistently improve their performance. Collaborating with expert auditing companies in Dubai ensures that businesses receive the highest quality, practical insights to make well-informed decisions and thrive in today's competitive marketplace.

An interim audit is a key component of an organization’s audit strategy, where an audit is conducted on interim financial statements. This process is typically carried out to reduce the volume of audit work required during the final audit, streamlining the overall audit process. In many cases, an interim audit is requested by clients to alleviate the workload at year-end or as part of regulatory requirements. Working with experienced auditing companies in Dubai ensures that businesses receive a thorough, accurate interim audit that adds value and efficiency to the overall audit process.

The Value of Interim Audits

An interim audit is not just a procedural step; it is a strategic tool that allows businesses to stay proactive, identify risks early, and maintain financial integrity throughout the year. By partnering with professional auditing companies in Dubai, businesses can ensure that their interim audits are thorough, insightful, and aligned with regulatory requirements, setting the stage for a seamless final audit and long-term business success.

Consolidated financial statements are an essential aspect of corporate reporting, combining the financial data of a parent company and its subsidiaries into one unified set of statements. As defined by International Accounting Standard 27 (IAS 27) and International Financial Reporting Standard 10 (IFRS 10), consolidated financial statements shows the liabilities, assets, equity, income, cash flows, and expenses of the entire group as those of a single economic entity.

The consolidation process done by audit companies is a critical step in ensuring accuracy and compliance in financial reporting. Here are the key stages involved:

• Data Collection: This process involves collecting trial balance data—such as assets, liabilities, equity, revenue, and expenses—from various general ledger systems within the group, and subsequently mapping it to a centralized chart of accounts.
• Data Consolidation: Following specific accounting principles, including IFRS, the collected data is consolidated to ensure uniformity and compliance with global financial standards.
• Reporting: The consolidated data is reported to both internal and external stakeholders, ensuring financial reporting is transparent and accurate.

Key financial reports produced from the consolidation process involves the income statement, balance sheet, and cash flow statement—essential documents that represent the financial health of the entire group. At Excellence, our team of experienced accountants and auditors in Dubai brings a deep understanding of both financial systems and regulatory frameworks. This unique expertise allows us to provide seamless and reliable financial consolidation services, tailored to your business needs.

Special purpose audits refer to those circumstances in which the auditor is required to report on specific financial information, for specific purposes to specific users, in comparison with the general audit of financial statements. These audits focus on ensuring that the financial data meets the needs of specific users and complies with the relevant regulations or contractual agreements. The best auditing companies in Dubai offer expert services to ensure compliance with all financial reporting requirements, regardless of purpose or context.

According to the International Standards on Auditing, special-purpose audit engagements can include the following:

• A complete set of financial statements prepared according to a different comprehensive basis of accounting
• A component of a complete set of general-purpose or special-purpose financial statements, which could be a single financial statement, elements of accounts, specified accounts, or items in a financial statement
• Adherence to contractual agreements and summarized financial statements.

As trusted accountants and auditors in Dubai, we understand the complexities and nuances involved in special purpose audits. Our team of specialists ensures that your financial information is thoroughly reviewed and aligned with specific requirements, helping you achieve the highest standards of accuracy and compliance. Whether you need to report to stakeholders, comply with contractual obligations, or meet other specific financial reporting requirements, we are here to provide professional and reliable auditing services.

Cost audit, performed by various audit companies, refers to the process of verifying cost accounts and ensuring adherence to the cost accounting plan. It aims to ascertain the accuracy of cost accounting records to ensure they comply with established cost accounting principles, plans, procedures, and objectives.

The audit typically involves the following:

• Verifying the accuracy of cost records
• Detecting errors in cost records
• Checking the maintenance of cost books, accounts, and records

Cost audit is a relatively new concept that effectively aids in management control. It helps safeguard the interests of everyone associated with the organization. Engaging the best audit firm in Dubai can enhance the effectiveness of cost audits by providing expert insights and recommendations.

This audit assesses whether an organization is operating by its corporate bylaws and risk management protocols. Boards of directors, who are often held accountable for operational oversight, also rely on audit reports to assess compliance. The report generated by auditing companies in UAE will provide a comprehensive review of the organization's compliance measures, security policies, risk management practices, and user access controls.

In essence, a compliance audit conducted by audit companies evaluates whether an organization is meeting the required standards for its operations. The audit report will identify compliance gaps and provide practical recommendations to address potential issues and enhance internal controls.

Benefits of Compliance Audits:

• A compliance audit promotes a safe and stress-free working environment, enhancing overall employee satisfaction and safety.
• By ensuring adherence to regulations, a compliance audit helps organizations avoid legal penalties, fines, and potential legal disputes.
• Organizations that maintain compliance with industry standards establish a solid reputation, gain public trust, and strengthen their position in the market.
• Compliance audits help businesses avoid operational disruptions by ensuring that processes are aligned with legal requirements, preventing interruptions to business activities.

At Excellence, we specialize in compliance audits across the UAE, supported by a team of experienced accountants and auditors in Dubai. Our experts provide detailed compliance audit and recommend improvements to ensure full compliance with regulations. With our expertise, we help organizations navigate complex compliance requirements, ensuring smooth, efficient operations and risk mitigation.

A revenue audit is a comprehensive two-part process that compares the figures reported on a company's tax returns with those found in its business records. Typically, auditing companies in UAE examine income over a one-year period to ensure accuracy and compliance with tax regulations. This vital process conducted by audit companies serves to monitor tax compliance, uncover signs of potential tax evasion, and identify any additional liabilities. When necessary, auditors may also collect applicable taxes, interest, or penalties.

The revenue audit process is composed of two essential stages. The first stage involves thoroughly testing the revenue accounts outlined in your income statements. The second stage focuses on a detailed examination of the accounts receivable listed on the balance sheet. In addition, accountants and auditors in Dubai may review potential revenue recognition issues, such as side agreements or channel stuffing—practices that companies sometimes engage in to artificially inflate their revenue figures.

We are a registered auditing company in Dubai and we offer expert revenue audit services to ensure a fair and thorough analysis of your financial records. With the support of our experienced team of accountants and auditors in Dubai, you can ensure compliance and gain confidence in your business’s financial integrity while meeting all revenue audit requirements.

A forensic audit is a thorough examination and analysis of a company's or individual's financial records, conducted by audit companies to uncover evidence usable in legal proceedings or court cases. This type of audit is essential when investigating potential financial fraud or misconduct.

At Excellence, a leading audit company in UAE, we are registered with free zones and banks to offer comprehensive forensic audit. Our team of skilled accountants and auditors in Dubai works diligently to uncover financial fraud, providing you with solid documentary evidence to support your case.

Our Forensic Audit include:

• Corporate fraud investigations
• Asset misappropriation detection
• Financial reporting fraud analysis
• Identifying suspicious transactions
• Bribery and corruption investigations
• Claims analysis

With our expertise and commitment to thorough investigation, Excellence helps companies in the UAE safeguard their financial integrity and resolve potential fraud issues with confidence.

Bookkeeping services and Monthly MIS reporting play an important role in the financial management of a business. These services involve the accurate recording of financial transactions, which is an integral part of the accounting process.

The primary goal of MIS reports is to compare set performance parameters with actual business outcomes. This analysis provides insights into key business functions such as revenue, order volumes, customer queries, HR metrics, employee performance, and attrition rates. By evaluating this data, accounting and bookkeeping companies in UAE help companies identify areas for improvement and adopt strategies that enhance overall performance.

Key Components of MIS Reports:

• Financial statements
• Profitability analysis
• Ratio analysis
• Detection of anomalies and outliers
• Cash flow projections
• Trend analysis

MIS reports are critical tools for informed decision-making, and therefore, they must be prepared with great attention to detail. At Excellence, we specialize in delivering accurate and reliable accounting, bookkeeping services and MIS reports that align with your business needs. Outsourcing the MIS reporting process is a cost-effective solution that frees up valuable time for your employees and management to focus on more strategic tasks.

As one of the leading accounting and bookkeeping companies in UAE, our team of highly skilled accountants in Dubai ensures that your monthly MIS reports are meticulously prepared, enabling you to make well-informed business decisions with confidence. Let us assist you in streamlining your financial reporting and optimizing your business operations.

Management accounting involves the systematic identification, evaluation, analysis, interpretation, and communication of financial data specifically for managers. This important information plays a key role in empowering management to make educated decisions that align with the organization's objectives. The goal of management accounting is to assist internal stakeholders in their decision-making, equipping them to tackle intricate business challenges proficiently.

Accountants in Dubai has an important role in this process by analyzing various events and operational metrics, transforming raw data into valuable insights. These insights empower management to optimize strategies and make sound business decisions.

To achieve its objectives, managerial accounting utilizes several advanced techniques, including:

• Margin analysis
• Constraint analysis
• Capital budgeting
• Inventory valuation and product costing
• Trend analysis and forecasting

As one of the premiere accounting and bookkeeping companies in UAE, Excellence offers services that provide detailed statistical data for managerial accounting. By leveraging our outsourced accounting services, you reduce the risk of financial discrepancies, ensure accuracy, and streamline financial operations, ensuring you focus on what matters most—growing your business.

Review and reconciliation of accounts is a fundamental accounting process that ensures the actual money spent or earned matches the money leaving or entering an account at the end of a fiscal period. Reconciliation is especially important for both businesses and individuals, as it provides an opportunity to detect fraudulent activities and prevent errors in financial statements. This process is typically carried out at regular intervals, such as monthly or quarterly, as part of standard accounting services in UAE.

Reconciliation should be conducted every time a bank statement is received. While some businesses choose to reconcile accounts on a monthly, weekly, or daily basis, the frequency of reconciliation largely depends on the volume of transactions. Understanding the reconciliation process is valuable and you can save resources and time by outsourcing this task to accounting and bookkeeping companies in UAE.

At Excellence, our team of expert accountants in Dubai is equipped to handle your account reconciliations as frequently as your business requires. Utilizing our outsourced accounting services enables you to achieve precise financial management, enhances the efficiency of your financial processes and minimizes the chances of errors. This allows you to concentrate on what truly counts—expanding your business.

Physical verification of inventory involves examining and confirming the existence and location of stock items within an organization’s inventory control system. Conducting routine inventory audits is essential for uncovering differences between recorded stock levels and the actual quantities on hand. These audits also play a critical role in evaluating the efficiency of internal controls associated with inventory management, tracking, and protection measures.

At Excellence, we provide comprehensive inventory verification services to ensure that your inventory records are accurate and up-to-date. Our expert accountants in Dubai are equipped to handle all aspects of the physical verification process, including marking verified items, identifying damaged, slow-moving, or obsolete stock, reconciling variances between book quantities and physical counts, and ensuring the adequacy of supporting documentation.

Making inventory verification a routine practice not only helps streamline your supply chain system but also reduces unnecessary stock maintenance costs. Our accounting services in UAE can help you exercise tighter control over your inventory, ensuring that your business operates efficiently and profitably. Regular inventory checks are an essential part of maintaining financial accuracy and operational success.

Effective budgeting, costing, and forecasting are essential tools that enable organizations to develop strategies, plan for the future, and align business goals across all levels of the company. Budgeting helps set clear expectations for future revenue targets, while financial forecasting offers an estimate of the actual revenue or income that will likely be achieved over a specified period. Our accounting services can support businesses in leveraging these financial tools to make well-informed decisions, optimize resources, and drive long-term success.

Our accountants in Dubai provide expert accounting services in UAE, helping businesses refine their budgeting and forecasting processes for better decision-making. Whether you need assistance with creating precise cost models or conducting regular financial reviews, our accountancy services will ensure that your organization is prepared to adapt to changing market conditions.

Payroll accounting is an important aspect of managing your employees’ compensation, encompassing the calculation, management, recording, and analysis of their salaries and benefits. This includes not only the base salary an employee earns but also additional payments and deductions that accumulate over time. At Excellence, one of the premier accounting and bookkeeping companies in UAE, we provide comprehensive payroll accounting solutions tailored to your needs, including:

• Accurate calculation of salaries, along with deductions falling under the UAE labor law or any advances/loans given to employee
• Preparation of payment and transfer orders for employees' salaries
• Customized calculations for other contractual arrangements as per client requests

By entrusting your payroll accounting to our experienced accountants in Dubai, you ensure a seamless, compliant, and efficient payroll process. Our accounting services in UAE are designed to help you stay focused on your business objectives while we manage the complexities of payroll management with reliability and accuracy.

Cost accounting is an important aspect of management accounting focused on identifying the true costs linked to producing a product or delivering a service. It involves a comprehensive analysis of all expenditures throughout the supply chain, helping businesses gain a clearer understanding of their financial landscape. Leading accounting and bookkeeping companies in UAE can assist in making these processes more efficient, enabling businesses to optimize their cost management strategies. By analyzing every expense across the supply chain, cost accounting provides essential insights that help businesses prepare accurate budgets and perform effective profitability analysis.

Importance and Objectives of Cost Accounting:

• Classification of Costs
• Cost Control
• Price Determination
• Fixing Standards

Advantages of Cost Accounting:

• Evaluating cost efficiency and finding ways to optimize operations
• Pinpointing areas that may be draining resources without providing adequate returns
• Setting competitive yet profitable pricing structures for products or services
• Identifying opportunities to lower costs without compromising quality
• Streamlining inventory management to reduce wastage and enhance profitability

As one of the leading accounting and bookkeeping companies in UAE, we at Excellence provide expert accountancy services in line with your business needs. Our accountants in Dubai specialize in delivering accurate and insightful cost accounting reports that help you make informed decisions, optimize resources, and improve overall business performance.

A statutory audit is an important process where an independent auditor reviews a company's financial accounts to ensure that they are accurate and comply with legal and regulatory requirements. The auditor’s role is to assess whether the financial statements presented by an organization are 'true and fair' and adhere to the established guidelines. This independent review not only helps in mitigating risks but also enables companies to plan for a secure future.

At Excellence, our team of expert accountants in Dubai provides invaluable assistance in verifying financial information for statutory audits. Our accounting services in UAE are designed to ensure that your financial statements are fully compliant with the law, offering you peace of mind. By performing thorough audits and applying structured procedures, we help you maintain transparency, avoid legal issues, and foster trust with stakeholders.

Corporate Tax in UAE applies to both entities incorporated in the UAE and those that are effectively managed or controlled within the country, as well as foreign juridical persons with a permanent establishment in the UAE. Given the complexity of corporate tax regulations, businesses rely heavily on corporate tax advisors to navigate these intricacies. These specialists provide invaluable expertise and guidance, ensuring compliance with local tax regulations.

At Excellence, we offer a full spectrum of corporate tax services in UAE, including corporate tax registration in Abu Dhabi, Dubai, or any region. Our team of experienced corporate tax specialists is committed to helping your business meet all tax obligations efficiently.

From helping you file corporate tax returns to providing strategic tax planning, we ensure your business remains on the right side of the law while minimizing potential tax risks. Let our corporate tax advisors guide you through the complexities of the tax landscape, so you can focus on what matters most—growing your business.

Businesses are required to do VAT registration in UAE if their taxable supplies and imports surpass AED 375,000 each year. For businesses whose supplies and imports are between AED 187,500 and AED 375,000, VAT registration is optional, allowing them to voluntarily register. Under the VAT system, businesses collect tax from their customers on behalf of the government and are eligible for a refund on the tax paid to their suppliers.

To navigate this complex system efficiently, business owners often rely on expert VAT consultants for strategic tax planning. With the right guidance, entrepreneurs can effectively manage their tax liabilities and optimize working capital. VAT consultants have an important role in helping businesses through VAT advisory services, compliance assistance, and ensuring adherence to the latest regulations.

Excellence offers a team of highly qualified VAT consultants with extensive local expertise in VAT registration, VAT filing, VAT refunds, and all relevant laws in the UAE pertaining to VAT. Our consultants are here to ensure your business stays compliant and benefits from seamless VAT processes. Whether you're seeking assistance with VAT Dubai registration or has any other VAT related concerns, Excellence is your trusted partner.

In the UAE, businesses are required to file VAT returns periodically as per the applicable VAT laws. The frequency of VAT return submissions depends on the company’s turnover, with returns typically filed quarterly or monthly. The initial return period may vary, but businesses must prepare VAT returns based on accurate records or ledgers. Our VAT return services not only ensure timely filing but also support VAT audits and compliance activities in alignment with the enforcement of VAT laws.

VAT returns must be submitted by the 28th of the month following the tax period, as stipulated by the tax authority. Additionally, businesses are required to remit the tax amount due to the tax authority within 28 days following the end of the specified tax period.

Excellence provides comprehensive VAT return services, guided by our experienced team of VAT consultants. With our professional VAT consultancy services, we ensure efficient VAT compliance and help implement VAT solutions across your organization.

VAT deregistration is a crucial process for businesses that no longer meet the requirements for VAT registration in UAE. This process becomes mandatory when a registered company ceases its operations, or when VAT registration is no longer necessary based on changes in business activities.

Under the Federal Decree Law Number 8 of the UAE, a business must apply for VAT deregistration if it meets any of the following conditions:

• If the company stops making supplies that are taxable
• If a business's taxable supplies over the past 12 months fall below the voluntary VAT registration threshold and it does not expect to exceed this threshold within the next 30 days, it may consider deregistering

A business must apply for VAT deregistration with the Federal Tax Authority (FTA) within 20 business days of meeting any of these conditions. The process is entirely online via the FTA’s portal. As trusted VAT consultants, we assist you with navigating the VAT deregistration process, ensuring that all legal requirements are met efficiently. Contact us today for expert guidance and support with VAT deregistration services.

Businesses involved in the importation, production, or stockpiling of excise goods – or planning to engage in such activities – is required to register for the Federal Excise Tax. This form of indirect taxation is imposed on specific goods that are deemed harmful to human health or the environment. As a trusted tax consultant in UAE, we offer comprehensive tax compliance services to ensure your business meets all the necessary requirements for excise tax registration and reporting.

Excise goods subject to tax and their respective rates include:

• Tobacco and tobacco products (100%)
• Energy drinks (100%)
• Carbonated drinks (50%)

In some cases, businesses that are not producers or importers of excise goods may still need to register for excise tax. For example, if you store excise goods before the implementation of the Federal Excise Tax in the UAE or if you release excise goods from a Designated Zone without being registered for the tax, registration is mandatory. It is crucial for any business involved in taxable activities related to excise goods to be properly registered. With our expert tax compliance services, we can help your business navigate the excise tax registration process smoothly, ensuring full compliance with the UAE’s tax regulations. Let us assist you in staying ahead of your excise tax obligations and safeguarding your business from potential penalties.

A Tax Residency Certificate, also known as a Tax Domicile Certificate, is an official document issued by the Federal Tax Authority (FTA) in the UAE. It serves as proof that an individual or company is considered a tax resident in the UAE, based on the provisions outlined in double taxation avoidance agreements. As per Cabinet Resolution No. (65) of 2020, effective from 14 November 2020, the FTA grants this certificate upon application from a UAE resident—whether an individual or a company. To be eligible for a Corporate Tax Residency Certificate, the company must have been operating in the UAE for at least one year.

Obtaining a Tax Residency or Domicile Certificate can be a complex process, especially when dealing with cross-border financial matters. Our team of professionals, with expertise in tax advisory in UAE, is here to guide you through every step. From verifying the necessary documentation to ensuring the smooth acquisition of your certificate, we provide a hassle-free experience. This certificate is crucial for businesses and individuals who need to establish their tax status internationally and enjoy the benefits of various tax agreements.

Navigating the complexities of VAT laws and regulations can be challenging for businesses. Effective VAT management requires not only technical expertise but also a strategic approach to minimize its impact on your operations.

At Excellence, we offer tailored VAT consultancy services to help businesses comply with VAT requirements seamlessly. Our team of experienced VAT consultants provides a full spectrum of services, including expert VAT advice and assistance with VAT compliance. We ensure that your business stays on track with all VAT obligations, addressing any issues along the way to ensure smooth operations and compliance with local regulations.

At Excellence, we understand that VAT compliance can be a complex process for businesses. As part of your obligations, registered businesses must file a VAT return, providing detailed information on sales, purchases, output VAT, and input VAT paid throughout the tax period. Output VAT represents the amount collected on sales, while input VAT is the amount paid to suppliers for purchases and expenses. The eligible input VAT can be offset against the output VAT. After this adjustment, the result typically falls into one of two categories:

• VAT Payable: If the output VAT exceeds the input VAT, the balance will be VAT payable, and the difference must be paid to the Federal Tax Authority (FTA).
• VAT Refundable: If the input VAT is higher than the output VAT, the excess balance may be eligible for a VAT refund.

Our VAT consultants specialize in guiding businesses through the VAT refund process. With our expert VAT Consultancy Services, we ensure that your business can reclaim any refundable VAT efficiently and in full compliance with the regulations.

An excise tax return is a document that businesses must submit to the Federal Tax Authority (FTA) to report the excise tax they have incurred or collected during a specific tax period. As part of our tax compliance services, we assist businesses in ensuring that their excise tax returns are filed accurately and on time, in full accordance with UAE law. This return details the quantity and value of excise goods produced, imported, or stored by the business, as well as the corresponding excise tax payable or refundable.

Under UAE law, businesses that are registered for excise tax must file their excise tax returns on a routine basis, typically monthly or quarterly, depending on their taxable activities. Our tax consultant Dubai team ensures that businesses understand the full scope of excise tax obligations to avoid penalties and ensure smooth operations.

The return includes information on:

• The excise goods involved (such as tobacco, energy drinks, and carbonated drinks)
• The excise tax rate applied
• The total excise tax liability (or any refundable amount)

Filing an excise tax return ensures that businesses remain compliant with UAE tax laws, avoid penalties, and maintain accurate records of excise tax payments or refunds. It is essential for businesses involved in the production, importation, or stockpiling of excise goods to submit their returns accurately and on time to meet legal requirements. By partnering with our tax compliance services, businesses can stay on top of their excise tax obligations, making sure they file returns on time and with accuracy.

At Excellence, we provide comprehensive tax compliance services to assess your business’s adherence to tax laws and regulations, ensuring that all tax liabilities are paid on time and taxes due are accurately collected and submitted to the government. Our goal is to ensure that your business remains fully compliant, with all payments and filings made within the required timeframes to avoid any potential penalties or issues.

When your company faces a tax audit from the Federal Tax Authority (FTA), our expert tax consultants in UAE can help you stay organized and prepared. We ensure that your business is fully set up to manage the audit process with confidence. Our team verifies that both output and input taxes are correctly calculated, VAT returns are filed accurately and on time, and that the correct tax amount is paid by the due date. With our tailored tax compliance services, we guide you every step of the way, helping you mitigate risks and ensuring your business remains compliant with all tax requirements.

A Voluntary Disclosure allows taxpayers to inform the Federal Tax Authority (FTA) about errors or omissions in previous Tax Returns, Tax Assessments, or Tax Refund applications using VAT Form 211. At Excellence, our tax compliance services ensure that businesses and individuals can navigate this process efficiently, submitting the form accurately through the FTA portal to correct any discrepancies in their tax filings.

By voluntarily disclosing mistakes, such as underreported income or missed taxes, taxpayers can reduce or avoid penalties and interest charges. Our experienced Tax Consultant in UAE is here to assist you with the timely and accurate submission of your voluntary disclosure, ensuring full compliance with UAE tax laws and minimizing potential risks.

Taxpayers who incur a penalty may file a reconsideration application with the Federal Tax Authority (FTA) if they disagree with the decision. The FTA adopts a favorable approach when reviewing such requests, considering valid reasons for the penalty and potentially reducing or waiving it. At Excellence, we offer expert tax compliance services to assist you in preparing and submitting a reconsideration request for penalties, ensuring your case is presented effectively and in accordance with UAE tax laws.

Reconsideration for waiver in taxation allows taxpayers to request the FTA to review their case and, if there are valid reasons such as unexpected hardships or genuine errors, forgive or reduce the penalty, fine, or tax liability.

Our tax advisory services help businesses and individuals navigate this process, providing strategic advice to maximize the chances of a successful waiver request.

Our team of expert VAT consultants provides comprehensive advisory services for businesses dealing with complex VAT transactions that involve multiple products, services, and geographical locations. We help streamline VAT compliance efforts, ensuring that your business navigates intricate VAT regulations with ease and accuracy. Whether you’re managing transactions across different branches or regions, our VAT consultancy services offer the guidance you need to stay compliant and efficient.

VAT transaction advisory is particularly beneficial for businesses facing multi-faceted transactions. By working with us, you can proactively identify VAT compliance requirements, optimize tax planning, and stay updated on any procedural changes that may affect your business. Understanding the full scope of a transaction from the outset can be pivotal in making informed decisions about whether to proceed.

At Excellence, our professional team is dedicated to providing tailored VAT consultancy services, helping you make strategic decisions and reduce VAT-related risks.

Businesses must possess a valid trade license and obtain a Customs Code of Clearance from the Customs Department to register their import and export activities. This step is crucial for companies engaged in cross-border trade. At Excellence, our team of experienced professionals provides comprehensive tax compliance services to guide you through the process of obtaining your Customs Code, guaranteeing that all necessary documentation is submitted accurately and on time.

We also assist with the annual renewal of your Customs Code, helping you maintain uninterrupted compliance with UAE regulations. With our expert tax compliance services, we ensure that your import and export operations run smoothly and efficiently, providing the support you need to stay compliant and avoid any disruptions to your business.

A foreign company wanting to start a business in the UAE can choose to set up operations as a branch, representative office, or registered company, or it can appoint a commercial agent to sell its products in the UAE market or export them. New companies can also choose to conduct their activities from a Free Zone, which is a designated, self-regulated area set up to catalyze economic activity within an emirate and governed by its own set of rules and regulations. There are around 40 Free Zones in the UAE, with more under development. With our business advisory services, companies can put together informed decisions about the most suitable Free Zone or incorporation model for their specific needs.

Foreign ownership restrictions are contained in the Commercial Companies Law (CCL), which requires that UAE nationals or their wholly owned companies hold a minimum of 51% of the shares of all companies established in the UAE. The CCL provides for the establishment of the following business entities for foreign investors: joint stock companies (JSC), limited liability companies (LLC), unincorporated joint ventures, and branch offices of foreign companies. The CCL does not apply to companies that are established in the free zones. We ensure that the business advisory services we provide will help clients navigate compliance requirements on company incorporation.

At Excellence, we aid foreign entities in establishing operations in the UAE, guiding incorporation options and requirements. Our comprehensive business advisory services ensure that foreign investors receive expert support in selecting the right business entity, complying with legal frameworks, and optimizing their operations for long-term success.

Liquidation typically refers to the process of closing down a company’s operations. In most cases, a liquidation sale serves as a preliminary step before the business officially closes. Once all assets have been sold off and outstanding debts settled, the initial stage of liquidation is considered complete. With our business advisory services and company liquidation services, we guide businesses through each step, ensuring a smooth and compliant process.

Liquidation does not always stem from bankruptcy filings, although the two are often linked.

A Creditors' Voluntary Liquidation is a type of insolvent liquidation that takes place when a company cannot fulfill its financial obligations and is deemed insolvent.

A Members' Voluntary Liquidation is a type of solvent liquidation in which the company is capable of settling all its debts, including any accrued interest. This type of liquidation is typically pursued when a company has achieved its objectives, its shareholders wish to retire or realize their investment or the business is no longer required.

Our company liquidation services ensure that solvent companies can efficiently complete the process while maximizing shareholder value and maintaining regulatory compliance.

A business valuation is the process of assessing the overall economic worth of an entire business or specific company division. Business valuation determines the fair value of a business for various purposes, including establishing ownership among partners, determining sale value, assessing taxation, calculating goodwill, and evaluating EBITDA. As part of our business advisory services, we assist clients in understanding the intricacies of business valuation, ensuring accurate assessments that support strategic decisions. This subject often comes up in corporate finance, especially when a company is considering selling all or a portion of its operations, merging with, or acquiring another company.

Conducting a business valuation may involve evaluating the company's management, analyzing its capital structure, assessing future earning potential, or determining the market value of its assets. The methods and tools used for valuation can differ depending on the evaluator, the type of business, and the industry. Common approaches to business valuation include discounting cash flow models, reviewing financial statements, and similar company comparisons, along with detailed market research. Through our comprehensive business advisory services, we provide tailored valuation strategies that align with the specific needs and objectives of our clients, ensuring well-informed and data-driven decisions.

A Flexi-desk is a virtual office space commonly used in the UAE, assigned to companies upon registration if they choose not to rent a physical office. When setting up a business in Dubai or any other emirate, a flexi desk office is typically the minimum requirement for a legal address to complete company registration, depending on the investor’s preferences. Our business advisory services ensure that businesses understand the options available to them, guiding them in selecting the best solutions for their operational needs.

We provide comprehensive assistance to businesses without physical offices in the UAE, offering daily operational support through our Flexi-desk business assistance services. These services are designed to streamline operations, enabling companies to concentrate on expansion while we handle the logistics and compliance requirements necessary for smooth functioning.

Our business advisory services offer comprehensive immigration and visa services. With our visa services, we ensure a smooth and hassle-free application process, providing expert support to help you navigate the requirements. We also handle investor visa, visa renewals for employees, visa cancellations, and golden visa processes, ensuring a seamless and efficient experience to maintain full compliance with UAE immigration laws.

We simplify the process for visa services, guiding our clients through the complexities of UAE immigration with clarity and efficiency. If you are exploring long-term business or residency options, our business advisory services are here to assist every step of the way.

As per the guidelines set by the government of the United Arab Emirates (UAE), educational, personal, and commercial documents must be attested by the UAE Consulate or Embassy in the home country for attestation purposes. Our business advisory services offer comprehensive support throughout this process, ensuring your documents meet all the necessary requirements for successful attestation.

Certificate attestation services serve to verify the authenticity of a document, whether for obtaining a work permit or fulfilling other official requirements. The procedure can vary depending on the document type, the country of origin, and the specific procedures involved. Services like urgent attestation and normal attestation are available, depending on the circumstances.

If you are planning to move to the UAE for higher studies, employment, or to set up a business, certificate attestation is a crucial step. It authenticates your documents and credentials, confirming their legitimacy. Without proper attestation, your documents will not be recognized as valid by any UAE government office or department. For companies looking to establish franchises, enter into agreements with foreign corporations or individuals, or appoint distributors, legal documents must be properly created and retrieved from state or federal authorities with the necessary seals. Our business advisory services and document attestation services ensure that you are fully prepared for this essential process, eliminating any confusion or delays.

Excellence is here to help, providing expert guidance on obtaining and certifying the required documents at the state or federal level. By using our document attestation services, clients can save time, reduce complexity, and ensure a smooth, efficient experience throughout the attestation process.

Customer service is a crucial driver of profitability for any business. Staying connected with your clientele can have a significant impact on both sales and overall success. If you’re struggling to maintain strong connections with your patrons, it’s best to entrust this responsibility to the experts. Through our business advisory services, we emphasize the importance of exceptional customer service in building lasting relationships with your customers.

Our call-answering services ensure that all business inquiries and customer concerns are addressed promptly and professionally, allowing you to focus on growing your business while we manage customer communications efficiently. We handle complaints and gather regular feedback, which is essential in shaping a positive customer experience and fostering long-term loyalty for your business.

Our business advisory services can help streamline your operations while providing cost-effective solutions. We provide flexi-desk postal solutions for businesses, helping to maintain a professional image that leaves a lasting impression on both clients and partners. It’s a cost-effective way for businesses to have a professional address for registration and correspondence without the need for a full office.

Our Flexi-desk postal solution service, part of our business advisory services, offers businesses a reliable mailing address and the ability to receive mail at a shared office space, even if the company doesn’t have a physical office in UAE.

Operational service agreements are established between a service provider and a part of the same organization to supply a supporting service, as outlined in a service definition. These agreements represent a commitment by an internal service owner to provide the service within the defined service quality levels. At Excellence, our business advisory services support essential business functions through operational service agreements, ensuring smooth and efficient daily operations.

We go beyond just agreements; we collaborate closely with you to identify opportunities for optimization, improve efficiency, and ensure that your operations align with your business goals. With our business advisory services, you can focus on empowering your business growth while we handle the operational complexities that keep your business running smoothly.

Our AML UAE services are designed to help businesses comply with anti-money laundering (AML) and counter-financing of terrorism (CFT) regulations, ensuring adherence to industry best practices. We tailor AML/CFT programs to meet your specific needs, aligning them with regulatory expectations for financial controls. With our expert support, you can have complete peace of mind knowing that your business’s anti-money laundering compliance is fully managed, reducing risk and safeguarding your operations.

In the UAE, AML compliance is not just a regulatory obligation; it is an important component of protecting your business and upholding the integrity of the financial system. As regulations evolve and become more stringent, navigating the complexities of AML compliance can be challenging. We are here to guide you through the process, ensuring that your business remains fully compliant with the latest regulations and best practices, enabling you to concentrate on your operations with confidence.

A key measure introduced by the UAE to enhance corporate transparency is the UBO (Ultimate Beneficial Owner) register. This requires businesses to identify and document the individuals who directly or indirectly own or control over 25% of a company’s shares or voting rights, as well as those who hold significant control over the company’s decisions. Proper identification of UBOs is essential in ensuring transparency and preventing illicit activities by clarifying who truly controls and benefits from a business. Our UBO services are designed to guide you through this process and ensure full compliance with UAE regulations.

Failure to comply with UBO registration requirements can lead to severe penalties, including the potential suspension of your business operations and financial fines.At Excellence, we provide expert compliance services to help businesses maintain accurate UBO records and submit the required data and declarations to the appropriate registrar or licensing authority. Our team works tirelessly to keep your business in line with the most current regulations, protecting you from possible legal and financial challenges.

We offer organizations expert guidance to evaluate and strengthen their compliance functions. Our team of professional corporate tax advisors, accountants and auditors in Dubai, and more, prevent compliance breaches by identifying potential risks and establishing robust frameworks to maintain adherence to applicable regulations. In the event of a breach, we ensure your organization responds swiftly and effectively to minimize impact. Our goal is to reduce the likelihood of legal challenges, improve operational efficiency, and ensure your business remains fully compliant with industry standards and regulatory requirements.

Our Compliance Advisory services are tailored to meet the needs of every client, drawing on our extensive expertise in all major compliance areas. We provide advisory support across multiple domains, helping businesses meet their compliance obligations while promoting operational excellence. With our compliance and business advisory services, you can navigate complex compliance landscapes with confidence, protect your organization from potential legal, mitigate risks, or regulatory issues.