Significance of a CFO

Significance of a CFO

Chief Financial Officer (CFO)

The title chief financial officer (CFO) refers to a senior executive who is in charge of a company’s financial operations. A CFO’s responsibilities are similar to those of a treasurer or controller in that they are in charge of the finance and accounting departments, as well as ensuring that the company’s financial reports are accurate and finished on time. Since CFO services play a critical and strategic role in any company, many try to have expert CFOs in their company. But some companies where they can’t afford for a full-time CFO seek for an outsourced CFO service from established accounting firms in Dubai, UAE.

Responsibilities of a CFO in Dubai

A Chief Financial Officer is responsible for the everyday tasks of an organization, including money, bookkeeping, and tax collection, in addition to other things. 

A solid CFO will be vital, groundbreaking, and continually projecting future incomes and monetary execution. 

Forward-thinking CFO services aid in detecting and addressing resource and financial demands well ahead of time, resulting in a positive outcome for your firm.

Few responsibilities of a CFO:

-Support CEO in decision making

-Manage cash flow of the company

-Analyzation of the financial strengths and weaknesses of the company

-Management of financial actions of the company

How will the CFO Service of Kloudac be beneficial for your company?

KLOUDAC will take the full responsibility of the improvements that should be done in cash flow and other profitable facts in your company. KLOUDAC as a recognized accounting firm in Dubai, UAE provides expert CFO services by analyzing financial strategies and taking necessary actions for the improvement of the productivity of your company by supporting the financial management process. 

CFO will also lead you to the correct path by guiding you to take the right decision at the right moment of the tasks that are responsible for the CFO.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firm in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

How does VAT work in the UAE?

How does VAT work in the UAE?

VAT (Value Added Tax)

VAT is a tax levied on all levels of product value addition across the supply chain. From the point of manufacture to the point of sale to the final customer, it is imposed at every point of sale. This is accomplished by allowing tax paid on purchases (known as “Input Tax Credit” or “input VAT”) to be offset against VAT received on sales (known as “Output VAT”). The consumer is ultimately accountable for the entire tax.

VAT services in UAE and exemption

03 Categories of VAT

1). 5% Value Added Tax

-Certain private Education related goods and services

-Stationary

-Electronic Equipment

-Healthcare services such as elective, cosmetic etc

-Certain Oil and gas products including petrol at the pump

-Sale and rent of commercial buildings

-Hotels, motels and serviced accommodation

-Jewelry

-Food and beverages

2). Zero-rated supplies (0%)

-Certain Education related goods and services

-Healthcare such as vaccinations, certain medicines and medical equipment

-Crude oil and natural gas

-International transportation of passengers and goods

-Supply of a means of transport (air, sea, and land)

-99% pure gold, silver and platinum, jewelry

3). Exempt supplies

-The provision of certain financial services as defined under VAT legislation

-Residential real estate

-Bare land

-Passenger transport in the local area

How VAT System works in Dubai, UAE

The VAT will not be collected directly by the government. As a result, it is the obligation of registered firms to charge tax to customers based on output and input tax, and to remit the money to the government.

Please Refer  VAT Calculation Process

Formula for calculating VAT is:

VAT = Output Tax – Input Tax

Where:

Output Tax – The VAT collected on the sale of goods or the provision of services to customers

Input Tax – The VAT paid on the purchase of raw materials for goods or services

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firm in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

What gives a clear view and position on the state of affairs of a company

What gives a clear view and position on the state of affairs of a company

What is a statement of Affair and what is included in it?

A Statement of Affairs is a document that lists the assets and liabilities of a company.

It includes a complete accounting of the statement of financial position and obligations, as well as a professional opinion on the value that could be realized through the sale of corporate assets. As a result, it shows how much money would be left over once creditors are paid. Typically, the transaction’s administrative fees are not included at this time. A thorough record of a company’s liabilities contains a list of all creditors and shareholders, as well as the amount owing and to whom it is owed.

View and Position on State of Affairs

By identifying all business assets, a Statement of Affairs clarifies the company’s financial situation. It creates a clear audit trail that demonstrates whether any assets were sold in bankruptcy, which is a crime that the Insolvency Service would investigate and might lead to director disqualification if creditors’ interests were not prioritized.

This document also makes it easy to keep track of how much money was produced from each asset sale and compare it to the IP’s estimates.

Failure to deliver a Statement of Affairs during insolvency may result in a penalty, but it will also reflect poorly on the directors’ actions in the view of the insolvency practitioner. This could be seen in small and medium scale companies. Therefore, proper guidance should be received for SMEs to avoid these circumstances. 

Due to the complexity of a Statement of Affairs, it is highly recommended that you use a licensed insolvency practitioner to create it. KLOUDAC can help with this and provides a comprehensive guide.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firm in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

Importance and benefits of financial consultancy

Importance and benefits of financial consultancy

Business consulting services connect you with a knowledgeable business consultant who can help you with your company’s needs. The consultant can help with security, finance, operations, human resources, legal, future planning, and a range of other topics. A consultant can be hired both internally and externally.

An organization appoints an internal business consultant, who is advised on a variety of topics depending on their knowledge and experience. An external one is hired on a project basis and is capable of working with a wide range of clients.

What are the Importance and Benefits of Business Consultancy Services to a Company?

Expert assistance as a third-party perspective is essential at some point in the operation of a firm to keep it running and growing efficiently. A business consultant assists a top-level executive in problem-solving and strategy development. Mentioned below are the benefits Checklist necessary for a company:

Increasing profitability

One advantage of employing an experienced professional is that they can assist you focus on increasing profitability. There are always ways to improve, where experienced consultants can provide innovative ideas. Smart selections and choices nearly always result in increased revenue, however poor decisions might have long-term consequences for the company. Getting professional guidance guarantees that the company stays on track to meet its goals, manage its finances, and prevent risky investments.

Objective and consistent

Whether you are just starting out or have a thriving business, assistance is required because there are only a few things one person can handle. Continuous guidance is a must for entrepreneurs and startup companies. Hiring a consultant gives the entrepreneur access to a trustworthy expert who has no hidden vested interest in the company, ensuring that the job is objective. 

Operational Improvements

A consultant can also assist firms in improving time management by offering recommendations on how to maximize employee production, changing techniques to fit the business model, and making decisions that help to run the business smoothly. People who do not take measurable dangers have often found themselves on the wrong path, and business consultants can assist entrepreneurs in making correct decisions and navigate in the best path for the success.

Safe Side

While multitasking is a valuable skill, balancing multiple tasks may be stressful, tiring, and things can quickly get disorganized. As a company grows, entrepreneurs are faced with the challenge of handling many tasks. However, if outsourcing is not done at the appropriate moment, the firm may suffer as a result of lost time and money. Therefore, it is wiser to outsource your company to a highly recognized accounting firm. 

So, hiring a consultant might be a wise investment because they are paid on a project-by-project basis. There is no need to hire them on a permanent basis, which saves you money in the long run. They also assist with the off-loading of tasks, allowing you to focus on your core strengths.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firm in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

How to Identify the most suitable taxation service for you?

How to Identify the most suitable taxation service for you?

Taxation in the United Arab Emirates is a major topic which is discussed daily. Surprisingly there’s no federal income tax in Dubai, UAE. So, many expats are drawn to the UAE because of its tax system. Employees pay no income tax, and there is no corporation or inheritance tax system. Nevertheless, the taxation system varies according to your purpose and needs. This blog consists of a number of taxation services which would be beneficial for you.

Mentioned Below are the Taxation Services:

–Federal Taxes

Income Tax

Individual Tax

Corporate Tax

Double Taxation

Tourist Facility Tax

–Regional Taxes

Free Trade Zones

Tourism 

Rental Tax

–Taxes on Goods and Services (VAT)

Value Added Tax (VAT)

Excise Tax

Federal Tax

Income Tax

The United Arab Emirates has no income tax. As a result, there is no need to file an income tax return in the UAE because there is no applicable individual tax. Residents of the Emirates who are freelancers or self-employed are subject to the same rules.

Individual Tax

GCC(Gulf Cooperation Council) citizens, including UAE nationals, are subject to a 17.5% social security system in the UAE. UAE nationals pay 5% of their salary through an automated deduction, with the employer covering the remaining 12.5%. Employees of businesses and branches registered in a free trade zone are likewise covered by social security (FTZ). Residents in other GCC nations may be required to pay different social security contributions than citizens of their own country. Non-GCC nationals are not covered by social security in the United Arab Emirates.

Corporate Tax

In the UAE, only oil firms and foreign banks are subject to corporate taxes. However, the country has 45 free zones where enterprises registered in the UAE are excused from paying tax for a period of time that can be extended. Unless the corporation is subject to another type of income tax, there are no capital gains taxes.

Double Taxation

To encourage strategic worldwide alliances, the UAE is growing its network of Double Taxation Agreements (DTA) and Bilateral Investment Treaties (BIT). The UAE has signed around 193 DTAs and BITs with the goal of decreasing direct and indirect taxes on investments and earnings.

Tourist Facility Tax

The following taxes may be levied by restaurants, hotels, and resorts:

Tourism fee (6%)

Service charge (10%)

Room Rate (10%)

Municipality fee (10%)

City tax (6–10%)

Regional Taxes

Free Trade Zones

In the United Arab Emirates, there are free-trade zones with their own tax, customs, and import regimes. In fact, the United Arab Emirates has more than 40 zones. Companies in these special regions are exempt from paying corporate taxes for up to 50 years and are exempt from all import and export taxes.

Tourism

The cost of a hotel room varies per Emirate. A Tourism Dirham Fee of AED 7 to AED 20 is charged per accommodation in Dubai for each night of occupancy (up to 30 nights). In general, this is determined by the hotel’s star rating. Abu Dhabi adds a 4% surcharge to hotel bills, for a total of AED 15 per night, per room. AED 15 per room per night is also charged by Ras Al Khaimah hotels as a tourism fee.

Rental Tax

The taxation on rented homes varies per Emirate. Residential tenants in Dubai pay a rental tax of 5% of their annual rent, while commercial tenants pay a tax of 10%. In Abu Dhabi, however, UAE nationals are exempt from paying property taxes, but expats must pay 3%. In Sharjah, all tenants must pay a 2% rental tax.

Taxes on Goods and Services (VAT)

Value Added Tax (VAT)

In the United Arab Emirates, the VAT rate is 5%. Certain items, on the other hand, are VAT-free. In 2020, the UAE exempted some personal protective equipment used in the COVID-19 pandemic, such as medical and textile masks. The following items and services are also subject to a 0% VAT rate:

  • Exports of goods and services to countries outside the Gulf Cooperation Council International transportation
  • Precious metals of investment quality
  • Residential properties that have recently been built
  • Some healthcare and education service

Excise Tax

The UAE levied an excise tax in January 2017. This is an indirect tax levied by the government on goods deemed dangerous to human health or the environment. This tax applies to the following items:

  • 50% on Carbonated Drinks
  • 100% on energy drinks with stimulants like caffeine, taurine, ginseng
  • 100% on Tobacco and Tobacco products

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firm in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

Why Business Startup is so easy with KLOUDAC?

Why Business Startup is so easy with KLOUDAC?

Our ultimate goal is to see you being successful in this fast-growing business industry. Perfect Business startup is the foundation of your dream  Business. With over 15 years of experience we, KLOUDAC, give a kick start to build your business with suitable Business strategies in Dubai, UAE. 

For many Entrepreneurs the Business startup process has always been a very tedious task. With the Guidance from an authorized and experienced accounting firm in Dubai, many entrepreneurs have smoothly reached their dream. KLOUDAC is one such accounting firm in Dubai who has helped over the past 15 years for SME starters and many other existing Business Companies. 

KLOUDAC is ready to guide and support you from the very first step of your business startup process to the end. Starting off with finding a perfect office space in mainland, offshore or Free zone depending on your requirements. 

The Cost for starting up your Business varies according to your needs and requirements therefore we have customized flexible packages. The cost always varies according to the nature of the activity and license required; depending on whether it is commercial, industrial, or service oriented and many more factors. So, you can easily contact our consultants and get more details.

Why Choose KLOUDAC to start your business?

-KLOUDAC is always updated about new company Laws of the UAE government

-Quick and Fast timelines to boost your startup process

-Facilitate Documentation

-Continuous Guidance for Company Structuring

-Supports in Visa Services

-Highest Privacy and Confidentiality. 

-Advisory and Consulting Services at any time

KLOUDAC has simplified this tedious ‘Business startup Process’ and  has already made necessary plans and procedures to guide new entrepreneurs. It’s super easy to walk with KLOUDAC and achieve your goals in a hassle-free manner. For more details about the business startup process please feel free to contact our consultants at any time. They are always ready to help and guide you.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firms in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

Top 5 benefits of XERO cloud accounting software

Top 5 benefits of XERO cloud accounting software

Xero is one of the most popular and faster-growing cloud-based software solutions available nowadays. KLOUDAC is one of the trustworthy accounting firms in Dubai, UAE which works with XERO.

Time Saving

Your time is saved to a greater extent with the technologies used in XERO. You do not have to worry about protecting your paper records any more. All the documents are stored online in the cloud database. 

Maintaining Bookkeeping is made easy by connecting to your bank and importing transactions every business day, Xero can save you time and help you avoid hours of manual data entry. Automatic bank feeds allow you to reconcile your accounts on a daily basis, giving you a complete view of your company’s finances. It will even make recommendations and categorize your transactions for you.

Report generation is another benefit that can save your time. Users can be free from manual report creation and monitoring accounts and cash flows.

Easy Collaboration

Xero facilitates communication between businesses and their bookkeeper, accountant, or financial advisor. Real-time updates are feasible with Xero because it is a cloud-based system. As a result, you and others can look at the same information at the same time from different locations.

Users always have control over who has access to Xero and what they can do with it, so security is always a consideration.

Data Security

To secure your personal and financial information, Xero follows the strictest cloud security requirements and has established many levels of security.

Xero uses a variety of cloud security precautions and even releases a comprehensive report on the topic.

Updates, Upgrades and Backup

Updates

One major advantage of using XERO is that it does not require any updates to be done manually. Automated updates occur in the background of the company’s server without any disturbance for the work going on and with the help of an automated updating system the accounting software is constantly up to date. 

Upgrades

If you need to get the advantage of the new features of the software, you will have to upgrade the software to a newer version. Since many employees need to work on your account you will have to upgrade your license from time to time. With XERO it is just one button click to upgrade the software to enjoy new features. 

Backups

Unless you backup your data you will not be able to access them if they are deleted accidently. XERO protects your data by backing them up, so you do not have to worry about data losses due to technical issues, disasters or even accidently deleting them. XERO platforms perform a back-up process in the background on their server. 

Improve Business Efficiency

Another significant advantage of cloud accounting is the increased efficiency that most business owners will be seeing. One main feature is the ability to save time. Secondly, the automation system of XERO helps in reporting, employee management, expense management, financial monitoring, and many other features. 

With the advanced features of the XERO software the user receives alerts in sudden cash flow rises or sudden drops. Using this software, the user can also save their energy and time by scheduling amounts to pay suppliers automatically. These are just a few benefits that are mentioned. Contact our experts to get more details.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firms in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

Adverse effect on money laundering and terror financing

Adverse effect on money laundering and terror financing

Money laundering, as the term implies, is the crime of getting money illegally. Criminals and terrorist financiers might use their financial profits to grow their criminal activities and support illegal activities like corruption and drug trafficking in nations with corrupt anti-money laundering systems. Money laundering and terrorist financing can occur in any country, but they have relatively large economic and social impact in developing countries.

Negative Impacts of Money Laundering  

Money laundering harms financial sector institutions, which are crucial for economic progress,  which slows growth and reduces efficiency in the real economy. Such activities may lead to serious penalties. The majority of global research on money laundering focuses on two key sectors: drug trafficking and terrorist organizations. 

Impact on Money Demand: 

It happens more frequently in countries with a low risk of money laundering. The informal economy has a high ratio to the national economy in economies where there are no rules on money laundering, where there is a system that stores bank or customer information, and where banking secrecy is rigidly maintained. 

For money launderers, cash inflows and outflows are simple. Expenditure rates, particularly luxury consumption, are rising because of the rapid and unregulated input of money into the country. However, exports, imports, the foreign payments imbalance, inflation, interest rates, and unemployment rates may all rise significantly.

Impact on Economic Growth:

The economy can be severely damaged by the country’s financial instability. As a result, international investors have become more crucial to enterprises. It is, therefore, difficult to attract international investors to money laundering countries.

Reasonable amount of businesspeople will be hesitant to invest in the country due to the pricing instability caused by black money in the banking system will undermine the economy’s external credibility.

Investment rates will remain constant if only legal money is permitted to enter the country. As a result, a long-term, persistent growth decline is expected. Investing in countries with large amounts of money is risky. Fighting black money is a key message that gives investors confidence for those who want to attract international capital to their country. Investors will increase as a result of the struggle’s effectiveness, which will boost growth rates and the economy.

Impact on Tax Revenues:

With declining tax income, the state has two options. 

-The first is to borrow. It diminishes the private sector’s productive investments due to government crowding-out, which causes the private sector to borrow to attract productive investors. Furthermore, as the value of bonds rises as a result of borrowing, market interest rates rise, causing a slew of issues. 

-The emissions policy is another strategy to reduce deficits. This policy’s outcomes are comparable to those of others.

 As a result, both options have a detrimental impact on the economy.

Terrorism and Finance

Money laundering has major economic and social ramifications for countries with unstable financial systems, as we mentioned, because such disruptions are also susceptible to such effects. On the other hand, a strong system for anti-money laundering (AML) and counter-terrorist financing (CFT) provides considerable domestic and international benefits for a country.

Countries Money laundering and terrorism financing can take place in any country, although the amount of harm they create varies greatly. Money laundering has enormous economic and social effects, particularly in developing nations, where markets are smaller and more susceptible to disruption from criminal or terrorist attacks. 

If caught, penalties may be imposed as a result of such attacks. Money laundering and terrorism financing, of course, have serious economic and social impacts for countries with weak financial systems. These countries are also vulnerable to losses as a result of such factors.

The economy, society, and security of countries that are used as money laundering or terrorist financing platforms are all at risk in the end.

How to reduce the negative impacts on money laundering?

-Conducting Awareness Sessions

-Knowledge of typical money laundering strategies is one of the most important aspects of preventing and combating money laundering.

-Hiring a certified anti-money laundering expert

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firm in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.

ACCA Approved Accounting Firm In Dubai

ACCA Approved Accounting Firm In Dubai

Professional accountants play a vital role in prioritizing social responsibility in business planning. They’re in a unique position to drive climate action in the organizations they manage and work for, as well as achieve genuine, lasting change.

ACCA

ACCA (Association of Chartered Certified Accountants)  is a globally recognized accounting qualification which build professionals in accounts and finance fields. These specialized professionals have a broader knowledge in Accounting, Tax Consulting, Auditing, Business Valuation, Treasury Management, and many other sectors. Which in turn has created greater demand for ACCA specialists.  

Benefits of ACCA

-When the firm in Dubai is registered by ACCA it enables the firm to carry on probate activities in the name of the firm. 

-ACCA Accountants are Globally Recognized, and they are flexible and contribute greatly towards the growth of companies from the knowledge they possess. 

-ACCA specialized Professionals are aware of the ACCA rulebook which consists of the laws, regulations, and Code of Ethics. 

-Members of the ACCA are strategic thinkers with high ethical integrity, good financial knowledge, and strong business judgment.

-ACCA professionals possess valuable skills such as organizational and strategic skills and along with that they possess technical and management skills which increase the effectiveness since they have mastered and experienced the cost-effective business techniques which is a great necessity for any growing company.

ACCA Professionals in KLOUDAC

Since Dubai is now considered as the financial capital of the middle east, many businesses are established and maintained in Dubai UAE. KLOUDAC is recognized as an ACCA approved accounting firm in Dubai, UAE. Where KLOUDAC received the Trainee Development Gold Certification from the ACCA body. 

 With the ACCA Qualified Professionals, it gives more value to the accounting firm which in return greatly contribute towards the growth of the companies associated with the firm. 

Our ACCA Specialists can evaluate and propose great Business solutions for your organizations. KLOUDAC professionals are specialized in Accounting and Book-keeping and all other accounting and finance related work. 

And many of Our Specialists are ACCA Qualified accountants who possess technical and management skills and as well as organizational and strategic management skills in the field of accounting. With the knowledge and experience of our ACCA specialists, we guarantee to help you with all your accounting and financial work which will result a growth of your business. 

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firms in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  

Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more. 

How to register your company in Dubai

How to register your company in Dubai

KLOUDAC specializes in providing you with the finest alternatives for moving to the UAE and registering a company by providing you with rapid, efficient, hassle-free, and professional guidance. 

Registering  a business in Dubai is also one of the easiest methods to obtain a residence visa in the UAE. And we are a skilled group of experts with a focus on advertising. Our specialists are prepared to fulfill the demands of the customer and support the entrepreneur in launching a business in a cost-effective way by utilizing the most advanced and up-to-date accounting technologies.

Company Registration in Dubai, UAE

In Dubai there are 03 categories where a company could be registered. Mentioned below are them:

Mainland : Also known as an onshore corporation. It has been granted a license by the Department of Economic Development (DED) of the relevant emirate, allowing it to operate freely in the local market as well as outside the UAE.

Free Zone: Most entrepreneurs who want to save money on taxes choose to establish a free zone since the free zone authorities offer a variety of benefits and incentives to firms that set up shop there.

Offshore Jurisdiction: An offshore company is one that is incorporated in one jurisdiction but has its parent firm in another. There is no need for a physical office, thus this is not a branch firm. They have no physical presence in the nation in which they have chosen to incorporate as an offshore corporation.

A Mainland Firm can now be registered in the UAE as a 100% expatriate-owned company, and Free Zones and Offshore Companies can also be incorporated with 100% expatriate ownership, according to the new Cabinet Resolution 2021. 

They are, nevertheless, unique in terms of their features, corporate operations, and business laws and regulations that govern them. Clients who establish their companies in the UAE can benefit from a number of the country’s commercial benefits.

As previously mentioned, foreign investors prefer to create their company in the United States for a variety of reasons, including tax savings, increased business infrastructure, e-governance, ease of doing business, and expanded commercial opportunities.

One of the most important steps in the process of creating a successful and remarkable company in the world is the establishment of your own business. Choosing the right location and the right licensing for your company may be a tough, but necessary, process. On the mainland, offshore, and in free zones, we provide complete company formation services to start-ups, small companies, and medium-sized organizations. 

Our accounting firm in Dubai, UAE is ready to assist customers who are looking to expand their business by assisting them in choosing a suitable site, business model, understanding legal procedures, and collaborating with local governments.

Step-By-Step Process of Registering a Company in Dubai

In order to register a company in Dubai there is a process that should be followed. Below mentioned are Checklist of the steps that should be taken:

-Speak with one of our experienced business experts – one of our consultants or call the hotline listed on the home page to speak with one of our consultants. Also, feel free to ask questions, receive answers to your questions, and learn more about business registration.

-Choose your business activity – Our experts will help you to decide on the business activity and visa requirements to sum-up the total cost required.

-Get Approval of the company name – We submit all required paperwork for approval of the company name and if it’s not eligible we will help you to decide on a suitable alternative.

-Obtaining corporate records – KLOUDAC register the business online and gather all required documentation and stamps.

-Getting a Resident Visa – KLOUDAC takes on the duty of applying for your company’s immigration card as well as a resident visa in the United Arab Emirates.

-Visa stamping – Investors must go to the United Arab Emirates for a medical check and to get a residency visa issued on their passport. Once you receive your company license you will be immediately contacted so you can collect the original corporate documents. 

Opening a business and personal bank account in the United Arab Emirates – KLOUDAC collaborates with UAE banks to create corporate and personal bank accounts for our clients, making it easier for them to manage their hectic schedules.

KLOUDAC Accounting Firm Dubai, UAE

KLOUDAC is a recognized accounting firms in Dubai, UAE with 15 years of service experience. We have built connections with over 500 customers. It has also won the certification of Xero Payroll and certification of Xero advisor from the world leading online accounting software – XERO. Moreover, KLOUDAC is a golden champion partner of Xero.  Accounting and Bookkeeping is more convenient for the SMEs via KLOUDAC since they provide their clients with a whole package of services such as Financial Consultancy, Business setup, Audit and assurance services, Taxation services, Recognized accounting software and more.