Setting up a business in the UAE can be a challenging but rewarding experience. Given the opportunities for success here, the rewards can be bountiful. However, the flip side of that can be a multitude of challenges due to differences in the legal structure of the UAE.
If you are from most other countries in the world where taxation is a way of life, you will have a natural association with your accountant or tax advisor. At the end of the tax year, you bundle up the records in the shoe box or provide him with detailed financial records if you have a structured system in place, hold your breath for a few weeks then receive the dreaded news of the tax payable. In addition, throughout the year there may be additional requirements to lodge VAT, GST, Sales Tax and Payroll Tax returns or a multitude of other Government forms.
In the UAE for the best part, there is no such thing as taxation or regular Government returns and we all breath a sigh of relief at the removal of that burden from our lives. What is the down side to this you may ask? Well, for small businesses it can eliminate the link to a trusted source of advice.
Your accountant in your country of origin is generally more than simply the person who puts your tax returns together. He/she will be the person that you provides you with the formal set of financial statements that your bankers, investors, suppliers and even customers require to support their decision to work with you. He will be the person that you speak to about starting a new business, looking for assistance when the business is growing but also when things are tight, when you need additional finance or to help you understand what your financial statements are telling you about your business.
As an Entrepreneur and owner of a small business in the UAE, are you up to date with the requirements for licensing, understand or have even read your company’s Memorandum and Articles of Association or know the reporting requirements in your business jurisdiction (various Free Zones or Onshore Licenses)? Do you need to apply for finance, be it a personal, business or car loan or mortgage and have trouble meeting the banks requirements for information now that you don’t have that Salary Certificate from a third party employer? That is where your trusted local advisor can save you time and effort and allow you to concentrate on your business.
Our origins at TLB Business Advisory Services are based on service levels of Chartered Accounting practices from Australia. Except of course for that pesky tax return. We can provide you with a range of accounting and advisory services that allow you to start up and get on with business and ensure that it is provided with every chance of success with as little fuss as possible.
To find out more on how our Business Support Services can deliver benefits to your business contact us at firstname.lastname@example.org or 04 3609477.