INTERNAL AUDITING

Internal Auditing

internal auditingInternal Auditing is used as a control mechanism by the enterprises to know the operational performance of the business and also focuses on the risks that might arise in the due course of the business.

Internal Audit helps a business to achieve its objectives by carefully managing and controlling the risk and other business processes. In order to know and get a better picture of the financial position of the business, Internal Auditing can be outsourced to the external auditors.

Internal Audit not only assess the company’s internal control but also helps in analyzing the performance of the business to get a true and fair image of where the business stands in the market and in terms of profitability and efficiency.

With the passage of time, the scope of internal audit has changed and is much more enhanced and developed. Internal audit has gained importance in the business sector because it helps them reduce errors and also save the business from huge losses. Today, when the competition in the industry escalates really quickly, it is really important for the businesses to not any mistake and that is the reason today internal audit is proactive and not reactive. Wait for the mistake to rectify is ignored but avoid the circumstances to make mistakes is preferred.

ARC Associates – Auditors and Consultants in the UAE provide one of the best auditing services in the city of Dubai, Abu Dhabi, Sharjah and other emirates in the UAE. We have a team of professions who have expertise and experience in the field of audit – whether internal audit or the external audit.

The internal audit team from ARC Associates will not only help you to be aware about your performance from time to time, but will also help in early detection of frauds and mistakes and verify all the transactions as soon as they take place.

Internal Audit will not only help you to be satisfied about the financial position of your firm but also save time and energy by avoiding mistakes and errors. Feel free to contact ARC Associates for any internal audit services in the UAE.

For a no obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob : 055 4874391
B2B Tower , Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae                                                                                                

ESTABLISHMENT OF FEDERAL TAX AUTHORITY IN THE UAE

Establishment Of Federal Tax Authority In The UAE

Federal Tax Authority
credits: wam.ae

Federal Tax Authority: As the United Arab Emirates moves toward introducing tax laws in the nation, it is imperative to have a legal body that would cater to all the functions and management of the tax laws in the UAE.

For the same purpose, The President of the UAE H.H Sheikh Khalifa bin Zayed Al Nahyan had issued the Federal Decree Law No. (13) Of 2016 that is entirely based on the establishment of the Federal Tax Authority in the UAE. This Decree Law that deals with the Federal Tax Authority was issued in October 2016 and it was the first step taken towards the introduction of the VAT in the UAE.

The Federal Tax Authority will be an independent legal body that will be regulating all the matters pertaining to the tax and taxpayers in the country. It will not only be keeping an eye on the tax payers but also act as a guide to the issues regarding the tax in the UAE.

The Federal Tax Authority will be headquartered in the city of Abu Dhabi and will be responsible for managing the administration, collection and enforcement of the Federal Taxes and relevant penalties.

There will be an independent annual budget for the Federal Tax Authority and the funds in the budget will be treated as public funds therefore exempt from all taxes and duties.

With regard to the control and management of the Federal Tax Authority in the UAE, it will be managed by a Board of Directors having a chairman and will eventually appoint a Director General for the Federal Tax Authority.

The chairman for the Federal Tax Authority is H.H. Sheikh Hamdan Bin Rashid Al Makhtoum and later Khalid Al Bustani was appointed as the Director General of the Federal Tax Authority and the rank of an undersecretary in the Ministry.

For a no obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob : 055 4874391
B2B Tower , Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae                                                                               

FEASIBILITY STUDY

FEASIBILITY STUDY

FEASIBILITY STUDYFeasibility study : In this era of globalization, where every business competes with the other in order to attain and achieve huge amounts of profits and establish a better corporate image, it becomes really necessary that all the decisions are taken after due assessment of the factors that are capable of affecting the profitability as well as the efficiency of the firm.

Investment in any project is one of the biggest decisions that any entrepreneur takes because it also decides the amount of risk that his money will be exposed to. Therefore, it is imperative that a feasibility study is carried out to know the outcome of the investment that a business is going to make today.

Feasibility study is the careful analysis of the external factors – Political, Legal, Technological, Social, etc so as to see how successfully a project can be completed with the time frame and with best possible returns. It not only looks at the positive outcome but also reveals the negative outcome of the project.

Feasibility Study reveals out the problems that a plan will face in its due course and helps the business to be prepared and take informed decisions in order to tackle the problem when it arises. As feasibility study carries out an all round check of the business plan or idea, it also helps in preparing marketing tactics in order to convince the investors to invest showing the positive and projected returns of the plan.

Feasibility study is carried out in different sectors as follows:

  1. Market Feasibility – In this, the market is carefully study and portrays the nature of the industry in which the business is going to commence, the competition that the business will experience, what is the current and the future potential of the market and also helps in estimating the sales and helps in developing the advertising ideas in order to attract the prospective buyers.
  2. Technical Feasibility – This focuses on the technical aspect, scrutinizing all the methods and deciding the amount and the type of machinery that will be required to carry out the processes. It also focuses on the type of labor that will be required to operate the machinery.
  3. Financial Feasibility – This is one of the most important feasibility studies that have to be carried out with utmost care because it deals with the finances. Deciding upon the amount of capital that needs to be introduced, deciding on the mix of the capital structure and the sources from where to finance it and also develop the projected returns that are expected to flow in from the investment being made.

We, at ARC Associates indulge in providing one of the best consultancy services that can help you take better decisions about the business survival and pave its way towards growth. We have an expert team of financial advisors and consultants who are working for the better outcome for your business not only providing best consultancy services but also helping you to tackle the complex business situations.

The consultants at ARC Associates are well versed with the market trends and industry in the UAE and can provide the best consultancy services in order to help the clients out.

For a no obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob : 055 4874391
B2B Tower , Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae                                                                                     

FINANCIAL ACCOUNTING SOFTWARE

Financial Accounting Software

accounting softwareFinancial Accounting Software :-  Writing of books of accounts with paper and pen seems like a very old age job. Today when the world sees a new development in the technology every single day and we have become the generation who lives in the tech savvy world. The accounting field too has developed and the writing the books of accounts have shifted from paper and pen to the accounting software.

Advantages

The accounting software has made the life of an accountant or bookkeeper easier. Some of the advantages of using financial accounting software are as follows:

  1. Accounting software’s provides accurate results
  2. Saves time
  3. Easy to use
  4. Secure
  5. Cost effective
  6. Helps in avoiding huge pile of file records because all the information regarding the vendors, creditors, debtors, sales, purchases, etc. is available at a single click

Due to its advantages, accounting software’s are very popular and used by many businesses to prepare and maintain the accounts. There are many accounting software’s available that cater to different needs of different businesses like Tally ERP 9, QuickBooks, Sage 50, Peachtree, etc.

We, at ARC Associates have expert accountants and bookkeepers who will maintain the accounting software’s and provide you with the needed accounting services. We provide part time accounting services and the clients can be reassured by giving the bookkeeping to us and focus on the business as we have an expertise in providing error free and timely preparation of all your accounts.

The services are tailor made as per the clients’ requirements and the accounting software will be selected as per needs to provide with the best accounting services in the UAE.

For a no obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob : 055 4874391
B2B Tower , Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae                                                                   

FUND MANAGEMENT

FUND MANAGEMENT

fund managementFund Management: Cash inflows and outflows are one of the main areas that need to be carefully tracked and studied so as to know the sources of income as well as the expenses of the business and to maintain the liquidity in the firm. As cash and cash equivalents are really important for carrying out the day to day operations of the business and meet the obligations, it is very important to manage them well.

Therefore, fund management is managing the cash flows of the business. The scope of fund management is not just limited to keeping an eye on the cash inflows and the outflows. The person/ manager managing the funds needs to manage the time of inflows and outflows so that the inflows can be used for the payment of the obligations. The manager also needs to ensure that the fund’s strategy is capable of achieving its goals.

Fund management is also known as Asset Management and it applies to tangible as well as intangible assets. It is concerned with operating, deploying, maintaining and upgrading assets in a cost efficient manner so that they yield highest returns. They also provide insight on selecting the shares/ stock for the investors’ portfolio.

The fund managers can be of two types – business fund managers/corporate fund managers and personal fund managers (who handle the investment accounts for individual investors.) It is important that the fund manager is well versed with the rules and regulations and complies with them before taking any decision.

Fund Management is not an easy task and it requires expert help and suggestion so that the money invested is not wasted. So, the team at ARC Associates provides the financial advisory services that will guide you to manage your funds properly and add the right kind of shares to the portfolio. We have a team that is well versed with the market trends and have a deep insight in the working of the stock market. We provide best advisory services after carefully studying the market and its analysis, and help our clients to survive during financial difficulties and expose them to the opportunities that will prove to be more profit yielding for them.

For a no obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob : 055 4874391
B2B Tower , Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae                                                                                          

COMPANY LIQUIDATION SERVICES IN DUBAI, ABU DHABI

COMPANY LIQUIDATION

Company Liquidation Company Liquidation is the process of winding up of a firm’s business. Company Liquidation is also known as winding up or dissolution. Liquidation takes place when a business or a company is not able to meet its obligations due to lack of funds, and in order to pay to the creditors, the company needs to sell off its assets to fulfill the obligations and close down their business.

For a business in the UAE, there are certain set procedures that need to be followed by a company before it liquidates. We at ARC Associates, provide our clients with liquidation services. Whether it is the liquidation of the a limited liability company (LLC) or a free zone company/establishment (FZC)/ (FZE), we are there to fulfill all the requirements that are required by the Authorities, be it Dubai Airport Free Zone Authority (DAFZA), Jebel Ali Free Zone Authority (JAFZA), Dubai Multi Commodities Centre (DMCC), Hamriyah Free Zone Authority, Creative City Fujairah, Dubai Silicon Oasis Authority, etc.

Liquidation of a company is a process that is made up of various other procedures like payment of all the outstanding bills to the authorities, cancellation of employees’ visa, closing of the bank account, getting the accounts audited by an auditing firm and in order to carry out the liquidation process without much hindrance and burden, you can approach ARC Associates that will help you to liquidate your company.

Requirements for liquidation:

FZC/FZE Liquidation                                                                         

  1. The Board needs to give a resolution that they need to dissolve the firm and needs to appoint a liquidator for the process.
  2. The registered auditor needs to submit a liquidation letter FZC/FZE Liquidation
  3. All the visas have to be cancelled and clearance from immigration is required
  4. The original license has to be presented along with the Memorandum of Association.
  5. Clearance has to be obtained from the business unit, free zone authority and CLD government section
  6. All the dues have to be cleared in lieu of the free zone
  7. There also needs to be a resolution for non liability letter that has to be signed by all the shareholders in front of the authority

 LLC Liquidation

  1. Cancel the visas of all the existing employees.
  2. The liquidator has to be appointed and the Board has to pass the resolution for the dissolution which has to be attested from the Notary Public  LLC Liquidation
  3. The liquidator has to give the letter along with their license copy and the proof of appointment of the auditors
  4. In order to get the company liquidation certificate, fees has to be paid at the Department of Economic Development
  5. There will be an advertisement in the local Arabic newspaper about the liquidation of the company
  6. The newspaper ad and the final audit report has to be submitted to the DED
  7. Confirmation has to be given by the liquidator that there are no claims from the third party
  8. Clearance letter has to be claimed from the immigration and Ministry of Labor.
  9. Pay fees at the DED along with the copy of Board of Resolution and liquidation certificate.

A business consultant in UAE can help you in carrying out the liquidation process, and ARC Associates will provide all the necessary and best help to liquidate your firm with least time and hassle.

 

 

For a no obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob : 055 4874391
B2B Tower , Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae                                                                                           

Accounting Services In Abu Dhabi, Dubai, UAE

Accounting Services In Abu Dhabi, Dubai, UAE

Accounting Services In Abu Dhabi, Dubai, UAEAccounting Services In Abu Dhabi, Dubai, UAE : One of the basic steps in maintaining the accounts of a business is bookkeeping and preparation of the financial statements to portray the accurate financial position of the company. The financial position of the firm or business helps the investors or lenders to take the decision in relation to investing in or lending to the firm.

read more: Accounting services Dubai, UAE

It is very necessary that the accounts are prepared free of errors and frauds and we at ARC Associates provide all accounting services and bookkeeping to see that the accounts of your business are up to date, well maintained and free of errors. We have a well managed team of chartered accountants, bookkeepers who have an expertise in many accounting software and are well versed with the rules of accounting and laws prevailing in the UAE to cater to the needs of your bookkeeping and accounting requirements.

We provide accounting and bookkeeping services at a cost effective rate and help the businesses to reduce the burden on the management regarding the books of accounts and focus more on their business and its growth. The accounting and the bookkeeping services provided by us are molded as per the client’s requirements so that we can deliver the best of our accounting services to the clients and ensure the satisfaction of our clients.

With the introduction of VAT, bookkeeping is going to be more important for businesses so that they can keep a track of how much VAT is to be paid and collected against the recorded invoices. This will not only help in making the task easier but also help at the time of tax audits when all the accounts have to be presented to the tax auditor appointed by the Authority.

ARC Associates have been providing the bookkeeping and accounting services in Dubai for over 4 years now and the branch at Abu Dhabi will cater to the bookkeeping and accounting services along with auditing to the clients in Abu Dhabi. 

For a no obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob : 055 4874391
B2B Tower , Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae                                                                                                

FINANCIAL ACCOUNTING SERVICES

Financial Accounting Services

Financial Accounting Services In the upcoming months, bookkeeping and preparation of the accounts is going to be one of the major requirements for all the businesses in the UAE.

With the announcement of the Tax Procedure Law in the UAE and the implementation of the VAT, all the businesses operating in the United Arab Emirates are required to prepare and maintain their books of accounts and the financial statements for a minimum period of 5 years.

As per the UAE Federal Law No. 2 of 2015 on Commercial Companies, Article 26 require all the companies to keep their financial records so as to give a true and a fair view of the financial position of the company and enabling the partners and the shareholders to confirm that all the accounts are prepared in compliance with the provisions of the law.

financial accounting services
financial advisors

Apart from maintaining the accounts for a period of 5 years, the companies are also required to keep an electronic copy of the same records and all the necessary documents.

As this is going to be a compulsory requirement for all the businesses after the implementation of VAT, there is a need to start preparing all the financial statements in an accurate and timely manner, so as to get in habit of having all the statements prepared on time and free of errors.

We, at ARC Associates, not only provide best auditing services but do provide hassle-free financial accounting services with a well managed team having expertise in many accounting software.

ARC Associates functions from the prestigious Business District of Dubai – Business Bay, having its address at 1213, B2B Tower. ARC Associates also has opened its new Branch at Abudhabi, the Capital of UAE, to service its growing customer base there.

For a no obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob : 055 4874391
B2B Tower , Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae

VAT IN UAE

VAT IN UAE:

VAT SERVICES IN UAE

VAT in UAE: ARCVAT in UAE : With the recent announcement of the Tax Procedure Law by the President of the UAE, the country is all set to welcome the new policies that will be forming the part of day to day activities of many businesses.

The Tax Procedure Law has paved the way for the implementation of the much awaited VAT in the UAE. VAT is an indirect tax that is charged on the supplies of goods and services that are bought and sold. The introduction of VAT aims to strengthen the indirect tax structure of the UAE.

VAT will come into force on 1st January 2018 and charged at the rate of 5%. VAT will be chargeable on a vast variety of goods and services in the country. However, there are certain goods and services which are exempt from VAT.

VAT Registration

VAT in UAE : In this situation all the businesses that are eligible under the given criteria are required for VAT registration. There is compulsory registration as well as voluntary registration.

Compulsory registration

Compulsory registration is for the businesses that have an annual turnover of AED 375,000 and they can register themselves from the last quarter of this year (from 1st October to 31st December 2017).

Voluntary registration

Voluntary registration is for the businesses that have an annual turnover of AED 187,000 and they can get themselves registered from the second last quarter of this year (from 1st July).

Rules’ regarding the Group registration has also been announced by the Ministry of Finance. Businesses that deal in the same kind of activity can register themselves together as an enterprise and have a common VAT number.

Preparing yourselves for VAT

Preparing yourselves for VATIt is high time that all the businesses now need to start preparing for welcoming the VAT in UAE. As the policies are changing, there will be certain things that businesses need to be aware about related to the VAT that has to be paid by them.

The businesses should become more dynamic to adapt to the changing rules and regulations in the UAE. They might also require changing their companies’ policy so as to be in line with the procedures they need to follow in the near future.

The businesses need to start maintaining their financial accounting properly and need to keep all the invoices received or issued so as to support their tax liability. The authorities require maintaining all the financial records for a minimum of 5 years under the VAT scheme.

VAT in UAE might become a cumbersome task with its initial implementation but the authorities are ready to provide all the necessary help and guidance to the taxpayers. Complying with the rules, procedures and other specified regulations will not only make it easier for the businesses to enjoy the tax benefits but also save them from the penalties for not adhering to the laws.

For a no obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob : 055 4874391
B2B Tower , Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae

 

Listed auditors in central bank of Dubai, UAE

Listed Auditors In Central Bank Of Dubai, Abudhabi, UAE | ARC Associates.

listed auditors in central bank of DubaiListed Auditors In Central Bank Of Dubai, UAE: The Central Bank of the United Arab Emirates is the state institution and apex authority responsible for managing and regulating the currency, monetary policy and banking regulation in the United Arab Emirates.

The main responsibility of the Central Bank is formulation and implementation of banking, credit and monetary policies in order  to ensure the growth of the national economy of the UAE in a fair manner.

The central bank regulates the functioning of all money exchanges, banking and financial institutions functioning within the UAE.

Article 103 of the Central Bank UAE regulations requires the accounts of all the bodies coming under the authority of the Central Bank to be audited by an Auditor approved and recognized by the Central Bank.

Central Bank follows strict norms and procedures to admit an Auditor or Audit firm in its recognized list of Auditors.

Top bank listed auditors in Dubai | ARC Associates

Top bank listed auditors in Dubai, UAE.ARC associates, a professional Accounting firm functioning in the UAE, is pleased and delighted to inform that it also joins the elite list of recognized auditors maintained by the Central Bank. ARC Associates takes this as a proud privilege and honor bestowed on it by the Apex Body and vows to live up to the expectations and trust reposed on it by the Apex Bank.

ARC Associates functions from the prestigious Business District of Dubai – Business Bay, having its address at 1213, B2B Tower. ARC Associates also has opened its new Branch at Abudhabi, the Capital of UAE, to service its growing customer base there.

For a no obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob : 055 4874391
B2B Tower , Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae