FAQ's
I would like to establish a new company in the UAE. What type of companies can I form?
Commercial companies established in the UAE must take any of the following legal forms:
What are the financial reporting requirements in the UAE?
In accordance with the UAE Commercial Companies Law public and private shareholding companies, limited liability companies, branches of foreign companies and free zone establishments have to file their financial statements within 120 days of year-end. Filing is done with the Federal Ministry of Economy and Commerce and with the local licensing authority (i.e. the Economic Department or the municipality). Presently, the requirement to submit financial statements to the Federal Ministry is not always rigorously applied and certain licensing authorities request audited financial statement as part of the license renewal process. Free zone establishments in the Jebel Ali Free Zone are required to submit their annual audited financial statements to the Jebel Ali Free Zone authority within 90 days from the financial year-end. In addition, certain business activities may be required to file their financial statements with other government agencies. Banks and financial institutions have to submit their financial statements to the UAE Central Bank while courier companies are required to submit their statements to the Ministry of Finance and Industry.
What are the requirements relating to accounting records of a company?
The requirements for maintaining accounting records for companies operating in the UAE are prescribed in the Commercial Companies Law and the Commercial Transactions Law. According to latter, businesses must keep ledgers and books according to their specific business requirements, but in all cases should at least keep the daily journal and general ledger. The Commercial Companies Law requires businesses to keep an original copy of all correspondences, telexes, letters and invoices issued or received. It allows certain large corporations to keep their archives on microfilm. All accounting information and evidencing documents are to be retained for a period of five years. The law allows businesses to maintain computerized accounting records.
Who are the partners of M&M Al Menhali Auditing ?
Mr. Mabkhoot Al Menhali ,CPA (U.S.A) is the Managing Director of the firm who has more than two decades of experience in the fields of finance and administration in large industries. Mr. Krishnamurthy Dhanapal , FCA (India),ACCA,CIMA (UK) is the founder partner of the firm with more than 25 years of experience in the fields of finance, accounts and audit including big four audit firms. Mrs.Teeta Krishnamurthy is the Manager of M&M, Jebel Ali,U.A.E branch and General Manager of M&M Al Menhali Auditing, Dubai.
Is M&M Al Menhali affiliated with any accounting association?
Yes, we are a member firm of CPA Associates International. CPA Associates International is a worldwide coalition of independent firms of highly qualified Certified and Chartered Accountants, tax advisers, business consultants and lawyers with its executive office in NJ, USA. Our membership in CPA Associates International allows us to draw on knowledge and expertise from around the world. We have a network spanning the globe. The associates are ranked within top 20 in the world and in 2007 celebrating its 50th anniversary. It advises us in the fields of finance, international business operations, tax and legal advice in Europe and the Middle East, Asia Pacific, Latin America and North America. This international network enables us to bring the world to our clients. Website: www.cpaai.com
I would like to hire M&M Al Menhali Auditing. How can I contact them?
You can call us at 00971-50-5447641 / 00971-4-4486424 or e-mail us at mmacount@emirates.net.ae. We are open at 9AM to 6PM from Sundays to Thursdays.
What is your privacy policy?
We, at M&M Al Menhali Auditing treat all information gathered from clients with the utmost confidentiality. Rest assured that all information passed through our channels will be kept for our information purposes only and shall not be disclosed to other third parties. |