Bin Ghannam Accounting & Auditing
Integrity, Objectivity, Independance
Services
our Services
Bin Ghannam Accounting & Auditing is a complete corporate solutions provider, a one stop solution to all your business needs. Reach us let us serve you.
Company Set up and Liquidation
Taxation and other Services
AUDIT & ASSURANCE
Due Diligence Audit
With our Due Diligence Audit, we do an investigation or examination of any potential investment or product or establishment or any individual to reconfirm the relevant facts by reviewing all financial records and by examining any other information deemed material. The Due Diligence Audit ensures that the reasonable care and diligence one should undertake before deciding on greater financial importance is effected efficiently. Due diligence examination can be carried out before making an individual investment decision, Mergers and acquisitions, any significant corporate financial strategy, or before concluding the terms and conditions for your Buyer or Seller.
Fraud And Investigation Audit
We provide independent fraud and forensic services to organizations with exposure to business disputes and allegations of fraudulent activities and financial misconduct. Our experts combine deep industry experience with fraud and forensic accounting expertise to mitigate the risks, costs, and effects of fraud, abuse, and corruption.
Internal Audit & Controls
An internal audit provides an independent assurance that an organization’s risk management, governance, and internal control processes are operating effectively and efficiently. We conduct an internal audit on organizational governance, risk management, management controls, the efficiency of financial management, fraud investigation & establishing the loss, and any other audit where the scope of the work falls within our strengths.
We conduct a comprehensive analysis of the systems and provide pragmatic suggestions and guaranteed solutions to empower your business to succeed. We are committed to providing an unbiased and objective view to diverse stakeholders. We will work independently from the operations we evaluate and report the same to the highest level in an organization for remedial actions.
In the internal audit activity, the qualified, skilled, and experienced team follows the Code of Ethics and Standards. We guarantee the value addition in terms of innovative suggestions and recommendations to foolproof your policies, and procedures and strengthen your control measures to add up to your bottom line.
Risk Management Audit
Through the Risk Management Audit, We identify and prioritize the risks followed by coordinated and economical application of the resources to reduce, check and control the likelihood and impact of adverse events or to maximize the awareness of opportunities.
Risks can originate from various sources: e.g., uncertainty in financial markets, threats from project failures, legal liabilities, credit risk, natural disasters, accidents, as well as from uncertain or unpredictable events. Methods, definitions, and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety.
External or Statutory Audit
Bin Ghannam through its auditing divisions and other associates, offers a complete range of Audit and Assurance services and the reports are accepted by all the governmental and financial authorities and banks across the region. The Industry Experienced Auditors conduct the Audit by combining their decades of experience and knowledge by adhering to the global standards of Audit and Assurance.
The need for reliable and authenticated financial information is gaining more importance and audit & assurance service has become increasingly sought after. We ensure our Audit exercise and the report provide our clients with deeper insights into their corporate strategies, business processes, financial management, and reports.
Understanding the importance of reliable information, we exercise extreme care and caution to ensure the quality and accuracy of the data we vouch for and certify.
We are committed to providing the most reliable information to all stakeholders like business owners, customers, creditors, banks & other investors, and tax authorities/governments alike to evaluate and understand your business activity or to analyze the trend and devise newer strategies’ or for exercising caution and control and to derive comfort or to gain confidence in dealing with the business or to decide on further investments or to assess the tax to be paid by the business.
We are with our clients always, to support and enable the right decisions at all times. Our professionalism and standards are well appreciated and recognized by various stakeholders across the industry for their strict adherence to the local and international rules and the high ethical and moral standards we uphold.
We are audit experts in various verticals and our years of experience and the highly qualified and experienced team with rich and vivid experience provide our clients with additional insights and advice. We conduct our audit following auditing standards issued by the International Audit & Assurance Standards Board (IAASB) and express our opinion about the financial statements following the International Financial Reporting Standards (IFRS).
We always ensure that our audit report and financial reporting, always follow the latest international best practices and it is our way of life to make independent, impartial, and fair treatment without hurting our customer business interests.
We provide you Audit reports that are authorized and approved by the various UAE bodies like the Department of Economic Development (DED), Dubai Airport Free Zone Authority (DAFZA), Dubai International Financial Centre (DIFC), Jebel Ali Free Zone Authority (JAFZA), RAK Investment Authority (RAKIA), Dubai Silicon Oasis Authority (DSOA), Dubai South, Dubai Multi Commodities Centre (DMCC), Ajman Free Zone (AFZ) and all other major free zones in UAE.
Supply Chain Audit
Our Supply Chain Audit focuses on the supply chain management process including the policies, Organizational and process risks, cost control, and performance management measures. A supply chain audit is a measurement tool for compliance, validation, and progress. It can indicate to a business the efforts needed to build a more sustainable supply chain. Our audits will help organizations understand their suppliers and how they give visibility and transparency to their practices. For suppliers, audits keep organizations vigilant, acting as a method for continuous improvement to find non-compliances, and to provide an opportunity to correct them.
Tax Audit
In the Tax Audit, we examine the liability of a taxable person by the Federal Tax Authority. A tax Audit is conducted by the authority to check whether the tax liability is paid within the due date and whether such liabilities are properly arrived at as per the provisions of the relevant laws such as UAE VAT law, UAE Excise Tax law, etc.
Forensic Audit
A forensic audit is an investigation of financial statement records and company operations conducted by professional forensic auditors to detect fraud and find evidence that can be used in a court of law. A forensic audit is done in cases where embezzlement, financial crime, or fraud has happened, and someone is required to be prosecuted. The forensic audit is performed to find out the modus operandi behind the fraud, the perpetrator, and the amount of fraud, and to gather evidence that can be produced before the court of law.
IFRS Advisory Services
IFRS standards play a pivotal role in global financial reporting as countries across the globe are embracing them. It provides a global language for business affairs so that company accounts are more understandable. The rules are being revised frequently to present useful and relevant information transparently to users thereby bringing fundamental changes to accounting processes for financial statement preparers. With sound financial reporting knowledge and industry experience, our practitioners can design/engineer accounting and financial reporting processes without much hassle.
Sales Audit
Please put this “In the UAE, a Sales Audit is mandatory for retail businesses of shopping centres. The business conducting Sales Audit or Gross Turnover Audit may require to submit an audited Turn Over statement to the relevant authorities. Gross turnover is the total sales generated by the retail business in a particular financial period or year. The auditor conducts the sales audit and submits the turnover report after verifying the revenue/Gross Sales generated by the company in that particular period. This is a general practice by the Mall Management/Property Management who charge a certain percentage from the tenant/the retail owner based on their generated revenue.”
ARRA Audit
Please put this “Real Estate Developer and Project Owners are required to get their project, escrow account, service charges budget audited annually for each ongoing project. We are registered auditors with Ajman Real Estate Regulatory Authority (ARRA) for the last 5 years and audited quite a few big real estate projects in Ajman and submitted audit reports to the authority within the timeline.
RERA Audit
The RERA (Real Estate Regulatory Authority) of UAE requires the audit of the projects registered with them in the UAE. Our expert team is well versed in ensuring compliance with stipulated RERA Audit regulations and the option of the Escrow trust account and has extensive experience in conducting audits as required by RERA.
Taxation services
VAT in UAE
The UAE coordinates VAT implementation with other GCC countries because it is connected with them through The Economic Agreement between the GCC States and The GCC Customs Union.
Criteria for registering for VAT
- A business must register for VAT if its taxable supplies and imports exceed AED 375,000 per annum.
- It is optional for businesses whose supplies and imports exceed AED 187,500 per annum.
- A business house pays the government the tax that it collects from the customers, but at the same time, it receives a refund from the government on tax that it has paid to its suppliers.
- Foreign businesses may also recover the VAT they incur when visiting the UAE.
Tourists in the UAE also pay VAT at the point of sale.
On which businesses does VAT apply?
VAT applies equally to tax-registered businesses managed on the UAE mainland and free zones. However, if the UAE Cabinet defines a particular free zone as a ‘designated zone’, it must be treated outside the UAE for tax purposes.
Filing a tax return for VAT
At the end of each tax period, VAT-registered businesses or the ‘taxable persons’ must submit a ‘VAT return’ to Federal Tax Authority (FTA). A VAT return summarizes the value of the supplies and purchases a taxable person has made during the tax period and shows the taxable person’s VAT liability.
The liability of VAT is the difference between the output tax payable (VAT charged on supplies of goods and services) for a given tax period and the input tax (VAT incurred on purchases) recoverable for the same tax period.
Where the output tax exceeds the input tax amount, the difference must be paid to FTA. Where the input tax exceeds the output tax, a taxable person will have the excess input tax recovered; he will be entitled to set this off against subsequent payments due to FTA.
Failure to file a tax return
Failure to file a tax return within the specified timeframe will make the violator liable for fines as per the provisions of Cabinet Resolution No. 40 of 2017 on Administrative Penalties for Violations of Tax Laws in the UAE.
Excise Tax Registration & Advisory
The Excise Tax came into effect
The Excise Tax came into effect in UAE on 1st October 2017. All the eligible businesses in UAE are to register and obtain the Excise Tax Number and apply the Excise Tax rules in the business. We can help you register your business and obtain your Excise Tax Number.
Through the Excise Tax Advisory
Through the Excise Tax Advisory, we ensure that you follow the excise tax rules are the regulations are followed as prescribed in the regulations.
International Taxation Advisory
International taxation is as complex as the geographical spread and with the cases of multi-jurisdictional tax liability and compliance adherence, it becomes inevitable to seek professional help. The depth, coverage, rates, and periodic changes in rules and regulations along with its application make international taxation a subject to be dealt with with experience and expertise.
We at Bin Ghannam, have experienced professionals to cater to the tax advisory requirements of our clients.
Tax Agent
Appointment of a Tax Agent shall be a great advantage for any business however it is not yet mandatory to appoint a Tax agent. But for sure having a tax agent can ensure the communication and dealings with Federal Tax Authority a lot easier and more efficient. In case you need the service of a Tax agent, do let us know and we shall provide you the services of a Tax Agent.
Tax Compliance Analysis Audit
In a Tax Compliance Audit, we examine the liability of a taxable person by the Federal Tax Authority along with the adherence to the laws and regulations with respect to VAT both in the documents and of the process followed by the company. We shall ensure that the VAT is implemented and followed in principle and spirit within your business. Tax Audit shall further check whether the tax liability is paid within the due date and whether such liabilities are properly arrived as per the provisions of the relevant laws such as UAE VAT law, UAE Excise Tax law, etc.
VAT Advisory
Vat advisory services are provided on an annual contract and our Vat experts analyze the business in detail to provide customers with the best suggestions that can create maximum efficiency and effectiveness in business. The processes can be redefined and a newer procedure can be created to synchronize with the VAT rules and regulations.
VAT Deregistration
Deregistering from VAT also has certain formalities and it requires the furnishing of a certain set of documents. The same need to be done within the prescribed time as well to avoid any penalty for the non-adherence to the deregistration rules. Our expert team shall guide you and assist you in deregistering your business provided your business qualifies to be deregistered as per the Rules and Regulations on VAT in UAE.
VAT Implementation
Implementing Vat in any business does have its relevance as the business model can create a difference within the VAT era. A well-thought-out implementation of VAT in your business can make the process smooth and simple. In the VAT implementation, we shall analyze the business model, the process, and the procedures along with the internal rules and regulations along with the Accounting software and shall present a set of suggestions and recommendations which shall be implemented upon the approval of the same by the management.
VAT Registration
VAT Registration is mandatory for companies and individuals doing business in the UAE, having an annual turnover of more than AED 375,000/-. UAE is going to implement VAT with effect from 1st January 2018. All companies/individuals coming under the above threshold limit (subject to the provisions of the relevant law) have to register for VAT.
Registration for VAT in the UAE is an online process that is accessible on the Federal Tax Authority’s online portal. Before proceeding with VAT registration, the applicant should consider various aspects such as whether to register as a voluntary option or a mandatory option, whether to register as a Tax Group or a Standalone, etc.
VAT Return Filing
VAT return filing is a mandatory exercise to be fulfilled by any and every VAT registered entity and non-adherence to the same shall attract penalties as published by the FTA. The VAT return filing should be based on the business documents of the tax period and should ensure that the mandatory documentary proofs are maintained for the various adjustments and calculations that made you arrive at the figure disclosed by you in your return filing.
We have an experienced team of professionals and they can help you file your returns on time the right way.
Transfer Pricing
Transfer pricing refers to the prices of goods and services that are exchanged between companies under common control. Now for example, if a subsidiary company sells goods or renders services to its holding company or its sister company, then the price charged is referred to as the transfer price. We work with our clients to understand their business and how value is created through the functions performed, assets used, and risks borne by the related parties. We assist our clients in providing transfer pricing solutions that are implementable and operational, considering the facts and concerns of our clients in local GCC subsidiaries of foreign-owned multinationals and GCC-owned groups.
Corporate Tax (CT)
Corporate tax is a form of direct tax levied on the net income or profit of corporations and other entities from their businesses. Corporate tax is also sometimes referred to as “Corporate Income Tax” or “Business Profits Tax” in other jurisdictions.
AML/CFT Compliance Services
AML- CFT refers to the Anti-Money Laundering and Combatting Financing of Terrorism (AML-CFT) Program, which is a structured system that helps organizations to prevent the financial crime of money laundering. Banks, financial institutions, and other regulated organizations must follow the AML rules and regulations, to stay AML compliant.
ACCOUNTING & FINANCIAL SERVICES
Accounting & Financial Reporting
We shall undertake the entire bookkeeping and accounting functions and each function shall be managed by a dedicated Relationship Accountant. We provide the below services.
- Monthly accounting and management reporting
- Accounting supervision and training
- Forecasts, budgets, and projections
- Part-time, full time and backlog accounting by experienced professional accountants
- Evaluating and implementing the reporting based on IFRS
- Presentation of the simplified financial reports for the Senior Management
- Customization of accounting ERP and ERP Training
Accounting Reconciliation Services
Our accounting professionals support the clients in the reconciliation of their accounts whether it is bank reconciliation, customers’ ledger reconciliation, suppliers’ ledger reconciliation, intercompany reconciliation, or any other statements/ledger. We provide accounts reconciliation services to small and medium size companies, corporates, MNCs, etc. This helps organizations eliminate legal issues, maintain the confidentiality of critical data, and reduce the chances of fraud and corruption. The accounts reconciliation services include the following:
- Bank Statement Reconciliation
- Suppliers Ledger/Vendor Payments Reconciliation
- Customers’ Ledger Reconciliation Intercompany Reconciliations
Accounting Software Solutions
The establishment of an appropriate accounting system provides management with the financial information necessary to make informed decisions. In an era of technological reformation, the greater is the need to adopt and adapt to technological innovations, and hence cannot shy away from implementing a customized ERP for your accounting needs.
The accounting system we recommend will be customized to fit each of our client’s business requirements, designed to accept organic growth and related requirements, and scalable for major expansions and newer developments.
We provide the below,
- Analyzing activities and suggesting the most suitable software
- Software selection and designing
- System implementation
- Conveying the know-how of the operation of the software
- Training to personnel Review of systems on a periodical basis
Accounting Supervision & Management
Our Relationship Accountant will visit your office at agreed intervals depending upon the scope and nature of the work along with the time required to complete the assignment. All the data entry work has to be done by the full-time accountant of the company. Our supervision service will cover the below:
- Review of books of account with necessary supporting documents will be carried out. Major observations which require management attention and actions will be conveyed depending on their importance.
- To ensure that recognition of revenue transactions was properly made as per the accounting principles and in conformity with the nature of business and as per contracts.
- Analysis of sales as per the contributions from a different category of products, teams, etc.
- To ensure the payments made by the company are supported with proper documents and authorized by the concerned manager/owner.
- Check whether the payments are entered on an accrual basis and the proper cut-off procedure is done at the end of every month.
- To ensure that reconciliation of bank accounts, customers’ accounts, suppliers’ accounts, and other major accounts were prepared correctly and in time.
- To ensure proper recognition of advances, prepayments, unearned income, etc are done by verifying the accounting records and transactions.
At the end of every month or quarter, review reports will be prepared and issued to the management including the analysis of financial statements, financial ratio analysis, analysis of working capital, BEP, marginal safety, etc., and our findings on the review of books of account.
Backlog Accounting Services
It is observed that many times the companies might not maintain proper Books of Account and reports for years. This happens mainly with start-ups in the SMEs (Smaller & Medium Enterprises). As per the regulations of the Commercial Company Law in the UAE, it is mandatory to maintain proper books of account. Hence, after one or two years such SMEs understand the necessity to maintain proper books of account and look for accounting firms to prepare books of account.
Bin Ghannam supports the clients to prepare the books of account from the date of incorporation of the company after obtaining the proper supporting documents necessary for us to prepare the books of account. Hence, we shall request you to retrieve and make available the original supporting documents of the transactions including sales invoices, purchase invoices, payment vouchers, receipt vouchers, petty cash expenses, bank statements, cheque counterfoils, bank transfer copies, etc.
Our relationship accountant will visit the company’s office location or bring the documents to our office and update transactions with suitable accounting software. We finalize the books of account periodically, normally on annual basis. The reports generated include:
- balance sheet (statement of financial position),
- profit and loss account (statement of comprehensive income),
- cash flow statements,
- receivables aging list,
- payables aging list,
- comparative report on sales performance,
- comparative report on expenses,
- financial ratio analysis,
- working capital analysis,
- breakeven point analysis/margin of safety etc.
Inventory Management
Inventory management refers to the process of ordering, storing, using, and selling inventory companies. This will include the management of raw materials, components, and finished products, as well as the warehousing and processing of these items. We also have expertise and resources for a stock count of small to large enterprises. We also provide outsourced human resources to aid the client in stock taking at the period end, yearend or at special events.
Fixed Assets Management
Fixed asset management is the process of tracking and maintaining an organization’s physical assets and equipment. Asset types include vehicles, computers, furniture and machinery. Using an asset management system, organizations can then track and monitor their fixed assets. Our experts will help you manage your assets professionally and keep track of your assets. Our expert team will help you classify assets and sub-assets based on the hierarchy, location etc.
Business advisory
CFO Services
We understand the relevance and significance of the role of a Chief Financial Officer in today’s dynamic and challenging business environment. The strategic role of the CFO in creating the optimal capital structure, designing the financial strategy, managing the budgets, and managing the inflows and outflows to the advantage of the business is of paramount importance in today’s business world.
As we understand the significance of this function, we offer our professional expertise in this domain to help them make better business decisions based on sound and timely financial information and advice. We are sure we can add more value and be less expensive than having a full-time CFO and much more efficient than the business owner focusing on the CFO functions as well.
Continuous Accounting Services
As we highlight the importance of the accounting function in today’s changing business landscape with the introduction of VAT, it is mandatory to maintain the proper books of accounts. You will have to have the proper recording and the recording and retrieval of the documents also are of importance as you may have to make these business documents available for Audit by the tax authorities.
We can arrange the below service;
- Daily Visit
- Alternate day Visit
- Weekly Visit
- Monthly Visit
The reports that we present to the management are as follows.
- balance sheet (statement of financial position),
- profit and loss account (statement of comprehensive income),
- cash flow statements,
- receivables aging list,
- payables aging list,
- comparative report on sales performance,
- comparative report on expenses etc.
- variance/ratio analysis
- Inventory analysis,
- Working capital analysis,
- BEP/Margin of safety analysis etc.
The kind of reports that will be presented will be a function of the relevance of such reports and the nature of services as offered in the contract by Bin Ghannam.
Corporate Financial Advisory
We offer our expertise in the optimal capital structure at the least cost of capital to the organization. We facilitate and cater to the borrowing needs of the organization by leveraging our strong relationships with banks and financial institutions.
We shall offer the below;
- Assessment of working capital Needs
- Consultancy on bank credit & private equity
- Project financing consultancy
- Consultancy for fixed assets financing and refinancing
- Planning, Budgeting, and optimizing the cost of finance
Outsourced Accounting Services
The Accounting function in any business is the most important function for control, analysis, and decision making. But in many small and medium establishments, it was seen as a function that is handled by the owner it he or she has the time or by an administrator who is not a trained accountant. It is imperative to maintain the books of account in order with the introduction of VAT in UAE and the significance of maintaining a proper accounting system and records is of utmost priority. Often the negligence to the maintenance of proper accounting was linked to the cost associated with accounting which is termed as a cost function. At Bin Ghannam we have innovative solutions to reduce your cost and still keep your accounting prim and proper. You can discuss it with us and we shall show you the way.
If you are a company without an office in Dubai or do not have a dedicated person in Dubai, you may outsource all the accounting functions to Bin Ghannam and we shall take care of your requirements.
Outsourcing of non-core activities will improve efficiency, streamline the operations and boost the productivity of the company because an independent accounting firm can perform the tasks efficiently and impartially with their vast experience Businesses can reduce costs significantly by outsourcing accounting services. Companies can simultaneously have access to the latest technology without investing in the software. Business owners or heads can concentrate and devote more time and focus on their core activities, than taking stress on Accounting Systems. The additional requirement and expense of hiring accountants can be effectively reduced by outsourcing to the right accounting professionals. We at Bin Ghannam are sure that the service of more experienced professionals from our team will be an added advantage at reduced costs.
Business Valuation
Bin Ghannam offers a complete range of business valuation, mergers, and acquisition services. Our extensive experience added with international exposure and familiarity with various cultures and geography translates into valuable advice in the complex cases of mergers and acquisitions. Guidance to arrive at the fair value of the business which is reliable for third parties and that suits the purpose of the valuation from the management will be undertaken most efficiently.in an efficient manner will be undertaken.
ERP Solutions
Applying our expertise in ERP implementation consulting, we help enterprises launch their ERP software and align it with internal regulations, industry standards, and business requirements. We set up ERP-ready infrastructures, deploy ERP modules, configure custom features, and carry out initial training for business users and ERP admins.
Financial Feasibility
Financial feasibility means the ability of a project to achieve sufficient income, credit, and cash flow to financially sustain a project over a long-term period and meet all debt obligations. Our financial feasibility experts evaluate all of the important factors while examining the scene. We gain a deep understanding of financial indicators and industry trends. We produce thorough studies on how a firm may be expected to perform in the prevailing and forecasted economic climate based on these assessments. Also, our professionals have extensive expertise in building excellent business plans and performing thorough feasibility study reports.
Business Consultancy
A business consultant is a professional who provides professional or expert advice in a particular area such as security, management, accountancy, law, human resources, marketing, financial control, exit planning or any of many other specialized business fields. We have provided special consultancy services about receivable management, financial management, and profitability of a product, sector or branch.
Mergers and Acquisitions
In corporate finance, mergers and acquisitions are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. We have specialized expertise, broad resources, and intellectual capital to provide integrated financial services and solutions for managing mergers & acquisitions.
Standard Operating Procedures
Standard operating procedures are a set of step-by-step instructions compiled by an organization to help workers carry out routine operations. SOPs, therefore, aim to achieve efficiency, quality output and uniformity of performance while reducing miscommunication and the failure to comply with industry regulations. We have successfully delivered SOPs for Fixed assets, Receivables and Payables, and Compliance to name a few.
COMPANY INCORPORATION
Business Plan & Feasibility Studies
We take time to understand your dreams and aspirations and listen to your rationale and cases of logical conclusions. Then we help together to create a business plan of relevance that undergoes a rigorous market test. All the key and strategic test conditions along with the results in detail shall be shared with the client. While taking the client’s feedback on the results, we shall present our assessment of the business plan, it can either be a positive or negative recommendation and any possible creative suggestions to augment the idea.
Company Liquidation Report
‘Bin Ghannam Accounting & Auditing’ provides liquidation services for all entities – limited liability companies, free zone companies, and offshore companies across UAE.
Liquidation or winding up of a company is an activity whereby the operation of a company and its existence will come to an end. It is also called as the closing of a company or cancellation of a company in the UAE. There are various Steps & procedures for canceling Licenses of Entities in the UAE and it is a mandatory activity to be done in UAE once you decide to cease business activities. You may reach our experienced team and get your company liquidated legally and professionally.
Company Liquidation
Company Liquidation is the process where the company decides to close down its operations. All the assets including the properties of the company are to be distributed to its creditors if any and to its shareholders as per the legal terms.
Before you proceed to terminate the business there is a list of checks and balances to be done by obtaining various documents of clearance and confirmation. The company Liquidation process may vary based on the legal types of the UAE company in terms of the documentation and procedures, however, all of them revolve around the below key points.
COMPANY LIQUIDATION/ DEREGISTRATION REQUIREMENTS
- Ensure that the company has no liabilities in its name.
- All the active UAE resident visas under the company must be canceled.
- Make sure all the utilities in the name of the company are closed and settled.
- All the company Bank Accounts must be closed.
- Any assets at the time of liquidation must be transferred to the shareholders or the Liquidators.
- All the charges and dues concerning the Government Authorities must be cleared and settled.
- An Advertisement informing the intention of liquidation in a prominent UAE newspaper.
- The company must prepare a resolution to liquidate and appoint a licensed liquidator to carry out the procedures.
- A letter of consent from the appointed Liquidator.
- Depending on the type of business, certain clearance letters must be obtained from relevant authorities briefly mentioned as below.
- Clearance certificate from the Freezone /Offshore Authority.
- Clearance letter from Utility providers.
- Clearance from the Customs department.
- Clearance letter from the banks on the account closure.
- Clearance letter from the landlord.
- Clearance letter from any third-party authority as per the regulated activity.
- A Liquidators Report is made available by the appointed liquidator.
Liquidating a company will not be an easy task as the process requires a lot of time, effort, and expertise.
We at ‘ Bin Ghannam Accounting & Auditing we are happy to assist and manage the entire liquidation process to your satisfaction.
Once you appoint us we shall obtain the Company Termination Certificate with utmost professionalism within the shortest possible time.
DIFC & ADGM Related Services
We provide all the services concerning the Dubai International Financial Centre and Abu Dhabi Global Markets. Be it establishing a company or auditing or accounting or changes in the legal structures, our expert and capable team is well equipped to handle your requirements.
Feasibility Analysis & Jurisdiction Advisory
Starting a new business comes with a lot of effort and is full of optimism however it is always advised to do a reality check by an independent expert who can show you further presence pitfalls and higher dimensions of opportunities.
The company incorporation decision requires a cautious approach. The type and jurisdiction of the company should complement and support the business idea to strengthen the core competencies it should ideally possess.
We at ‘ Bin Ghannam Accounting & Auditing spend quality time understanding, addressing, and analyzing the short, medium, and long-term goals of the business with the only view of attracting the various vantages to outpace the economic and market competition.
We are the experts in establishing your business or company in the United Arab Emirates. We know all the Free zones, Offshore locations’ rules and regulations, and legal and mandatory requirements along with the advantages it offers for the different types and nature of businesses. We can advise you on the type and jurisdiction that best suits your business after comprehensively considering the nature, activity, logistics, facilities, financial, tax, and convenience factors that drives your business.
Free zone Company Formation
Free Zones are special economic zones set up to offer tax-free, and free customs duty benefits to expatriate investors. Free zones are designed for boosting international business by providing complete ownership to foreign investors. Free Zones in Dubai and the UAE are governed under a special framework of rules and regulations applicable to the concerned free zone. Free zones in UAE are managed and operated by different free zone authorities.
These free zones operate outside the federal Law or Laws of the Ministry of Labor. However, for all legal reasons a Freezone company is still considered a company domiciled in UAE or a UAE company.
Free Zone entities may trade, import/export with entities within the free zone or outside UAE. Free zone entities may buy from UAE, but in case they need to sell goods to the mainland of UAE they have to employ the services of a distributor or agent on the mainland.
Each free zone is managed by a separate Independent Free Zone Authority, and these authorities are responsible for issuing business permits and licenses, employee visas, and regulating the business requirements. Each free zone has its own independent rules and regulations. There are more than 20 free zones in UAE.
Most of the free zones in Dubai broadly offer trading, service, industrial, national industrial, and branch licenses to investors looking to set up their businesses. In UAE, free zones are either attached to a port or specific industries.
In free zones, you can set up different types of companies based on your requirements as mentioned below.
- Free Zone Establishment (FZE) – Single shareholder
- Free Zone Company (FZC) – Two or more shareholders
- Branch Company – Branch of local company or branch of foreign company
Benefits of UAE Free Zones
- 100% Foreign ownership
- 100% Repatriation of capital and profits
- No Corporate taxes
- No Personal income taxes
- Exemption from Customs duties
- No Foreign currency restrictions
- No Labor restrictions
- Residency visas are allowed
- Can have flexible offices or can rent or own offices
- Shared services and synergies with other companies
- State-of-the-art infrastructure
Investor Visa Services
A new ruling was issued in the Cabinet meeting in May 2018, which was chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
The new law announced that Investors in the UAE can now have 100 percent ownership of their companies in the country along with, an investor visa in UAE for 10 years.
The United Arab Emirates (UAE) has been the hub of investors attracting hundreds of thousands of investors from all over the world since time immemorial. In the United Arab Emirates, Dubai is one of the most thriving Emirates with its brilliant infrastructure, and intense and quick-growing horizons, culminating to make it one of the chief business hubs across the world.
The process to obtain an investor visa in the UAE
For every investor in the UAE, it is mandatory to obtain an investor’s visa or a partner’s visa to legalize the business. The various five steps to be followed to attain an investor visa in the UAE are as below.
I. Application for an investor’s visa
The detailed Investor Visa application is to be filled with all the necessary details accurately. Few documents should be submitted along with the application along with the fees.
II. Visa Issuance
Once the authority issues the investor visa, the visa shall be sent to your email for you to travel to the UAE. If the investor is already in the UAE then the application for visa amendment shall be processed in the UAE itself at an extra cost.
III. Medical Examination
The investor shall undergo a normal medical test as per the law for further process.
IV. Emirates ID Application
The Emirates ID in the UAE is one of the most important identification documents which shall also be processed.
V. Visa Stamping
Once the above steps are finished we will proceed with the final step to stamp the visa in your passport.
There are primarily three types of Companies in UAE.
- Mainland Companies – Limited Liability Companies
- Freezone Companies
- Offshore Companies
Mainland Companies
A Dubai mainland company is authorized to deal within UAE and with the outside world alike.
The different types of mainland companies are as below.
- Sole Establishment:
It is an establishment owned by a sole proprietor to operate an economic activity (commercial, professional, industrial, agricultural, or real property). An establishment’s financial liability is linked to the proprietor who shall be responsible for all its financial obligations.
- Limited Liability Companies- LLC Companies
LLC is the most common form of business enterprise in the UAE. LLC company formation requires a UAE citizen known as the local sponsor or local service agent. The Industrial and commercial licensed companies need a local sponsor and they will hold a minimum of 51% of the shares and the remaining 49% can only be held by the expatriate.
A local service agent is required for a company formation under the professional license and the expatriate can hold 100% of the shares of the company.
We can provide the local sponsor and will provide all the agreements with the local sponsor to protect your business.
- Branch and Representative Office.
We provide end-to-end solutions relating to the establishment of Branches and Representative Offices in the UAE.
The basic details regarding the branch and representative offices are as below.
- A branch office is permitted to promote and market the products of its parent entity.
- Also, it can enter into transactions and offer services to customers.
- Representative offices are only allowed to promote/market the business activity of the parent company.
- And cannot enter into a transaction in the name of its company
Look after the entire process of establishing your branch or representative offices. We give strategic inputs, help select local sponsors, assist to select locations, on your business plan, and also paperwork and documentation formalities.
- Civil Company / Professional firm setup services
We undertake the entire process of establishing your Civil or professional firm. Our services comprise expert advisory, selection of local service agents, assistance in the selection of locations- offices, organizing business plans, and also handle paperwork and documentation formalities.
- Joint Venture
‘ Bin Ghannam Accounting & Auditing’ can assist with all joint venture operations setup requirements in UAE. We will coordinate with the potential partners, set strategic directions, coordinate your business plan, and also handle paperwork and documentation formalities.
- Minimum Local equity participation of 51%.
- Profit and loss distribution can be mutually agreed upon.
- So you can hold 49% equity and still be eligible for a higher share of profits.
- Public & Private Shareholding Company
‘ Bin Ghannam Accounting & Auditing’ establish shareholding companies in UAE from inception to conclusion We give strategic advisory on company structure, selection of local partners, exclusive office locations, organize business plans, and also handle documentation formalities, etc.
The salient features of this type of company are as below.
- The minimum capital required for a public shareholding company is AED. 10 million (US$ 2.725 million).
- The minimum capital required for a private shareholding company is AED. 2 million (US$ 0.545 million).
- UAE nationals are appointed as Chairman/ Director.
Offshore Company Formation
UAE is one of the well-known jurisdictions in the world for incorporating offshore companies as a “tax-free” business territory. Especially because one can avoid the cumbersome process of having the offshore incorporation company documents attested by various embassies and Ministries of Foreign Affairs. The offshore companies are based out of an offshore jurisdiction within the United Arab Emirates and can conduct business with all other parts of the world apart from UAE. The company is allowed to hold assets within and outside the United Arab Emirates and is allowed to bank with banks in UAE and outside.
Why set up an offshore company in Dubai?
- Complete foreign ownership is permitted
- Own real estate properties in approved areas by the Authority
- Hold multi-currency bank accounts
- Exempted from all corporate and income taxes
- No foreign currency restrictions
- 100% repatriation of the profits and capital
- Low setting-up costs
- Minimum or no capital is required to set up an offshore company
- UAE has Double Taxation Avoidance Agreement (DTAA) with several countries
Offshore companies can be formed only through the “Registered Agents”, located either in the free zone or UAE and approved by the respective authorities.
We can form offshore companies in all the UAE offshore jurisdictions.
PRO Services
We Provide Visa Processing, Company license renewal, amendment of legal documents, amendments to shareholding structures, and amendments to any legal documents that can be undertaken by Bin Ghannam with perfection and professionalism.
Registration & Licencing
At ‘Bin Ghannam Accounting & Auditing’ we undertake all the registration and licensing processes and procedures and take care of all the requirements at your ease and comfort. As a business owner, you just need to let us know of your preferences and we shall make the company happen for you in no time.
