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Legal and Accounting Services in UAE
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Legal Advice in the UAE
Business isn't as easy in some countries as it is here in the UK. You need to be aware of the cultural and legal implications of your business operations in the UAE, because you could face heavy punishment for transgressing.
It is therefore important to acclimatise yourself with the law in the UAE. There will be many legalities that you will have to adhere to, and you may even find that some laws you are familiar with here in the UK are no longer applicable. Likewise, you may find some new laws which strike you as strange or even oppressive.
Legal considerations
You need to comply with the federal laws governing business activity including the:
- Commercial Companies Law (CCL)
- Commercial Register Law
- Commercial Agencies Law
- Civil and Commercial Codes
If you intend to trade or invest in the UAE, you need the correct authorisations and licenses. Each Emirate may also have additional requirements.
Some of the areas to investigate are:
Labour Laws
The body of laws, administrative rulings, and precedents which oversees the legal rights of, and restrictions on, employees and their organisations. This will include things such as minimum wage, holiday and maternity entitlement, ergonomics, trade unions, disability, etc.
Commercial Laws
The body of laws which oversee business and commercial activity. It may encompass such areas as principal and agent; freight and shipping; guarantee; marine, fire, life and accident insurance; bills of exchange and partnership; contracts; food and health regulations; safety laws; privacy rights; copyrights; trademarks; etc.
Civil / Common Law
The body of law that oversees sociality. It is invariably culture specific. It is important to familiarise yourself with these laws, especially as you will be adopting a new environment and culture.
Accountants in the UAE
It is recommended, and probably in your best interest, to employ an accountant in the UAE. They'll nearly always save money, and more importantly, will make your business the most financially efficient it can be. Used wisely, they can make you more profitable than ever.
Accountants provide a range of services in the UAE. They can look after everything financial, from fundamental book-keeping to more expert advice. You could hire an accountant simply to prepare financial statements for your tax return in the UAE, or you may require them for other added-value services such as auditing. Accounts must be audited each year, unless the company or region you are based in is exempt.
It is essential to choose an appropriate accountant for your circumstances. If you just want an accountant to take care of your book-keeping, then a small firm will probably suffice. However, if you require astute financial and planning advice, a larger, more reputable company might be needed. Check they're chartered / registered with a recognised accounting body. It is important to lay out exactly what you want them to do for you and what the charges will be.
Keeping a sound financial record is essential in the UAE. Apply yourself. Have a good system in place and then the time that you do spend on accounts won't be so burdensome. Ensure you retain receipts for everything you buy. It is recommended that you keep a ledger or book with the details of what the receipt is for. Keep a record of all sent and received invoices too. These will keep you informed that you've been paid or have money owing, etc.
Ultimately, applied and diligent record-keeping will keep your accountancy costs low.
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