The Entities in United Arab Emirates are required to maintain proper accounting records. However, there is no national GAAP in the UAE and no specific language requirement for the purpose of keeping books and records, although English is widely used. International Financial Reporting Standards (IFRS) are mandated by the Emirates Securities and Commodities Authority (SCA) and the Central Bank of the UAE and adopted as the default GAAP by other companies.
YourGlobalPro professionals can assist you with the entire bookkeeping and accounting services for your United Arab Emirates Business Set up as per your business needs including implementation of financial accounting software, accounting records preparation and time to time preparation of budgets, forecasts
In United Arab Emirates, most authorities ask for audited statutory financial statements (SFS) at the time of the renewal of the annual trade license. The requirement to prepare SFS varies within each regulatory authority.
Based on the size of the business – the companies are required to prepare and file financial statements with the Authority. YourGlobalPro professionals provide auditing services as required by your business.
The Central Bank is the central bank in United Arab Emirates regulating the Banks and insurance companies in United Arab Emirates. The accounts can be opened and maintained in multi-currency and is available for all major currencies with the Banks.
The documentation requirement differs from Bank to Bank and need to be complied for the Bank account opening. The major banks in United Arab Emirates are Mashreq Bank, RAK Bank, Emirates NBD, ADIB, CBD, Citibank, ADCB, Dubai Bank, HSBC, Islamic Bank, Standard Chartered. All banks are stable, reliable and offer the same level of services.
YourGlobalPro professionals can facilitate all the paper work in relation to banking need and can assist you in opening bank account for your business plan in United Arab Emirates.