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Gold business accounting compliance in UAE

Zoho Projects: Efficient Project Management

Managing projects efficiently is key to any business’s success. Ensuring projects are completed on time, within budget, and meet quality standards can be challenging. Zoho Projects is a powerful project management…

The Crucial Role of an MLRO in Protecting Your Business from Financial Crime

In the world of financial compliance, the role of the Money Laundering Reporting Officer (MLRO) is essential to safeguard businesses from the serious risks associated…

Future of anti money laundering, Affiniax

The Future of Anti-Money Laundering: How Emerging Technologies Are Revolutionizing AML Compliance

In an increasingly globalized and digitalized world, financial crimes like money laundering have become more sophisticated…

Money Mules and threats to the financial system

Understanding Money Mules and Their Role in Exploiting the Financial System

In today’s fast-paced digital world, financial crime is evolving, and one key player aiding criminal activities is the “money mule.” While the term might sound unfamiliar to…

Business Setup Artificial Intelligence Centre Dubai

Company Setup In Artificial Intelligence Centre Dubai, UAE

Dubai continues to cement its position as a global hub for technology and innovation making it one of the most attractive destinations globally for investors for business setup. Recently, the city took…

ML/CFT risks in Insurance Sector

Insurance Industry provides different types of products including investment related products, savings schemes, and risk transfer products to various customers across the globe. The clientele of an insurance company can range…

How to Open a Corporate Bank Account in the UAE: A Comprehensive Guide

Opening a corporate bank account in the UAE is a crucial step for any business operating in the region. The UAE's strategic location, business-friendly environment, and robust…

How to Choose the Best Freezone for Business Setup in UAE – Part One

Introduction: Setting up a business in the United Arab Emirates (UAE) offers numerous advantages, including a strategic location, a strong economy, and a business-friendly environment. One of the key…

How to File a Suspicious Activity Report (SAR) in UAE – Short Guide

In today’s increasingly complex financial landscape, safeguarding the integrity of Financial Institutions/Designated Non-Financial Businesses and Professions (DNFPBs) is…

New Licensing Requirements for Social Media Influencers in Abu Dhabi and the Rest of the UAE

Introduction: In recent years, the rise of social media has given birth to a new variety of…

The expert team at Affiniax Partners, ready to assist businesses in Dubai.

Dubai’s Economic Ascent: A Beacon for Global Investment

Dubai’s economy is a testament to visionary leadership and strategic diversification. In the first quarter of 2024, the emirate’s GDP soared to an impressive AED 115 billion…

Zoho Books: Simplify Small Business Accounting

As a small business owner, managing finances can be a daunting task. From invoicing clients to tracking expenses and staying on top of taxes, the financial aspects of…

Why HR Outsourcing is a Smart Move for CEOs

In today’s rapidly evolving business landscape, CEOs are constantly seeking ways to streamline operations, maximize efficiency, and drive growth. One strategic move that has gained significant attraction is…

Business liquidation in UAE process overview

A Guide to Voluntary Liquidation in the UAE

Let’s face it, running a business in the UAE is exciting, but sometimes even the most thrilling ventures need to close their curtains. Voluntary liquidation could be your ticket to a smooth goodbye if…

Affiniax Partners Wins HR’s Rising Star of the Year 2024

Affiniax Partners, a prominent HR consultancy based in Dubai, has been awarded the HR’s Rising Star of the Year at the 2024 XpatzHub UAE Business Owners Achievers Awards.

Unlocking Business Potential with External Auditing

External auditing plays a pivotal role in enhancing a business’s value, offering numerous benefits that contribute to its stability, reputation, and operational efficiency.

Modern technology in automated accounting reconciliations showing efficiency and accuracy

Automated Reconciliations: A Game-Changer for Accounting

Reconciliation is a process that verifies the accuracy of financial records by comparing them with external or internal data sources. It is essential for…

Cash flow optimisation, a short guide for SME's for sustainable growth.

Optimising Cash Flow for Sustainable Growth: A Guide for UAE SMEs

In the dynamic business landscape of the United Arab Emirates, Small and Medium Enterprises (SMEs) play a pivotal role in driving economic

Effortless Compliance Reporting: How Automation Revolutionises Regulatory Obligations

Staying compliant with the ever-evolving regulatory landscape is paramount in the fast-paced business world.

Master the art of budgeting, a practical guide for business owners and CFOs.

Mastering the Art of Budgeting: A Guide for Business Owners and CFOs

The beginning of a new year often marks when CFOs, financial managers, and accountants worldwide meticulously craft and…

Streamlining Contract Management in the UAE for SMEs: The Power of Automation

What is Contract Management – Introduction In the dynamic landscape of modern business, Small and Medium Enterprises (SMEs) play a pivotal role…

Automate Your Payment Reminders and Improve Your Cash Flow

Why Automated Payment Reminders? As a small business owner in the UAE, you know that collecting payments from clients on time is essential for your cash flow.

Automation of Payment Process

Payment process is a critical part of any business, but it can also be a time-consuming and error prone. By automating the payment process, businesses can save time and money, improve accuracy…

Expense reimbursement process and automation

We understand that managing employee expenses can be a tedious and error-prone process. That's why we are excited to introduce our expense management solution…

Invoice Automation and Data Extraction

Invoicing is an integral part of every business, and it involves the process of creating, sending, and receiving payment for goods or services. However, manual invoicing can be a tedious and error-prone process…

Awarded as best CA & auditors at the IRECMS Dubai awards 2022

It is a great pleasure for us to announce that we have been awarded again as the best CA & Auditors at the IRECMS Dubai Awards 2022. Obtaining this recognition two years…

EmaraTax – Important Alert for all Tax Payers (from FTA – Federal Tax Authority, UAE)

Effective 5 December 2022, FTA online e-services portal shifted to EmaraTax. It is important for all Tax Payers to…

New Criteria for Tax Residency Certificate (TRC) In the UAE

Overview: The government of UAE, through its Cabinet Decision No. 85 of 2022 for the determination of tax residency, issued a guideline on 2nd September 2022 to…

Landmark VAT legislation update since 2018; amendments effective 1 January 2023

While UAE VAT legislation is about complete its 5th year since its implementation back in 2018, the Ministry of Finance introduced a major…

Soft Close Audit

Preparation and finalization of management accounts for getting ready and reconciling the supporting schedules, while the audit is being conducted, may result in delays in meeting the deadline to deliver the audited financial statements promptly, and further distract…

Corporate Tax (0% and 9%) in UAE from 1 June 2023

Introduction and effective date In a landmark decision, the Ministry of Finance (“Ministry”) on 31 January 2022 announced the United Arab Emirates (“UAE”) will introduce Corporate Tax (type of direct taxes)…

Consultant to help implement ISO 22301 Business Continuity Standard

If Something Can Go Wrong, It Will

‘If something can go wrong, it will’. So, it is surprising to find out that over 60% of businesses in the Middle East do not have a Business Continuity Plan in place. In light to the last 2 years, many businesses have had a wakeup call with…

An Easy And Inexpensive Way To ISO Certification

Many businesses are put off going for the globally acclaimed management standards by the ISO. These include ISO 9001:2015 Quality Management, ISO 14001:2015 Environmental Management and…

How ISO 9001:2015 Toolkits Can Help Your Business Grow?

Whatever the reasons for seeking compliance and certification, many organisations fail to capitalise on the potential benefits that ISO 9001 accreditation can bring.

E-Invoicing requirements in Saudi Arabia

New E-Invoicing Requirements in the Kingdom of Saudi Arabia

With Saudi Arabia mandating e-invoicing to increase transparency and compliance with tax regulations, ZATCA (Zakat, Tax, and…

New E-Invoicing Regulations in the Kingdom of Saudi Arabia

New regulations have recently been issued by Saudi Arabia to mandate electronic invoicing (e-invoice) effective from December 4, 2021…

Affiniax Partners collaborates with Pagero for KSA Compliance

Affiniax Partners is very pleased to announce it has collaborated with Pagero, a digital solution company with 20+ offices worldwide that…

STANDARD OPERATING PROCEDURES

“Why do we need a procedure or a process? What is so important about having set standards?” This might be the most frequently thought of answer when someone refers to Standard Operating…

Why you should get your business ISO 9001-accredited

How to Use your ISO 9001 Accreditation to Grow Your Business

Whatever the reasons for seeking compliance and certification, many organisations fail to capitalise on the potential benefits that ISO 9001 accreditation can bring.

Grow your company using ISO systems and checks

How to Achieve continuous growth and improvement

Within today’s Quality Management Systems, ‘Continuous Improvement’ is one of the most important principles, especially within the ISO 9001:2015 Quality…

How to manage employees effectively using ISO Management standards

The Importance of Correctly Managing Your Team

Many businesses, no matter what the size, forget their most important asset. Their staff! It’s not easy when you, as a business owner, CEO, or General Manager, are constantly…

How to create a healthy working environment

Affiniax Participates in Dubai Chamber Sustainability Week 2020

Affiniax Partners was one of the 51 participants of the Dubai Chamber Sustainability Week 2020 Campaign from 18th October – 5th November.

LIQUIDATIONS IN THE UNITED ARAB EMIRATES (PART 1)

Introduction Liquidation can be defined as the winding up of a Company by selling off its assets to convert them into cash to pay off the firms unsecured creditors.

LIQUIDATIONS IN THE UNITED ARAB EMIRATES (PART 2)

In my previous article, titled, Liquidations in the United Arab Emirates (Part 1), we came across the roles, and duties of a Liquidator, the necessary documents required…

Does your company need to maintain a register of UBOs and nominee directors?

NEW UAE CABINET RESOLUTION – COMPANIES TO MAINTAIN BENEFICIAL OWNERSHIP REGISTER

The United Arab Emirates (UAE) recently issued Cabinet Resolution No. 58 of 2020 on the Regulation of the Procedures of the Real Beneficiary (the Resolution), which came…

Best HR practices during Covid-19 Pandemic

Affiniax Partners’ HR Rising Star

Beginning I chose the Human Resources discipline for my MBA as I wanted to have a positive impact on people’s lives through the introduction of employee-friendly policies, influence future aspects of the company based…

How to prepare combined financial statement and consolidated financial statement

Principles to keep in mind while preparing a Combined Financial Statement or Consolidated Financial Statement

If you are an owner of multiple businesses or the majority shareholder of a Company which is part of a group…

Steps restaurants can take to get more customers during pandemic

What Safety Measures Restaurants should take during the COVID-19 Pandemic

After months of being stuck at home during lockdown, even the most experienced home chef would be longing for a meal that he or she did not labour to make in their kitchen.

List of guidelines for businesses during Covid-19

Is It Safe to Travel Once Again?

Is it safe to travel once again? What is being done at the moment to make it safe to travel once more? Despite the health risks and economic slowdown, travelling between cities…

UAE Economic Substance Regulation ESR: Major Overhaul

The United Arab Emirates (“UAE”) Cabinet of Ministers issued Cabinet Resolution No. 57 of 2020 on 10 August, 2020. This resolution replaced…

Accounting solutions to help business survive covid

How to improve Cash Flow Management during COVID-19

A couple of months ago, we wrote a blog describing “WHY BUDGETING IS CONSIDERED KEY TO BUSINESS FINANCIAL SUCCESS?” and…

Instant License in Dubai

What is an Instant License? The Instant License is a trade license available to those intending to carry out commercial or professional business activities and can be obtained within minutes.

Accounting and Financial Reporting Considerations - Preparing Books of accounts during Covid-19

COVID-19: Accounting and Financial Reporting Considerations

The outbreak of the Coronavirus (COVID-19) pandemic has had an adverse impact on the global economy and is affecting businesses of all sizes and sectors.

Business survival tips and strategies for SMEs during covid-19 crisis by expert accountants in Dubai

Key Steps Accountants Should Take to Guide SMEs Out of the COVID-19 Crisis

In the present situation where the whole world has come to a stop, it is now more important than ever to have savings in hand. There will be a massive impact felt due…

Accounting and Bookkeeping services in Dubai, accounting for covid-19 rent concessions, IFRS-16 amendment

Accounting For COVID-19-Related Rent Concessions

COVID-19-Related Rent Concessions for Lessees, published by IASB on May 28, 2020: Purpose: As a result of the COVID-19 pandemic, many lessors are providing rent holidays / concessions…

ESR Filing Deadlines

For ease of reference we have set out below details of the requirements to notify as communicated by the selected regulatory authorities, together with the deadline: Regulatory Authority Who is required to file Deadline ADGM Only entities/ licensees that…

Accounting and Bookkeeping Services, Accounting and Bookkeeping Companie, accounting for unforeseen expenses, accounting treatment of covid-related expenses

Accounting of Unexpected COVID-19 related Costs

HOW TO ACCOUNT FOR UNEXPECTED COSTS RELATED TO COVID-19 COVID -19 has taught us a new lifestyle as well as new business structures. Staying at home…

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Accounting Technologies

Accountants need to stay up to date with technological advances in order to respond to market conditions and their clients’ needs. Technological innovations have led the way, establishing how…

DMCC, Dubai, Employee Visa Dubai, bank guarantee refund

DMCC Launches Employee Protection Scheme

Dubai Multi Commodities Centre (DMCC), in collaboration with Dubai Insurance Company (DIC) have launched a new “Employee Protection Insurance (EPI) Programme” to…

Dubai South Free Zone, DSFZA, Economic Stimulus Package

Dubai South Announces Economic Stimulus Package

To lighten the effects of the current situation in the United Arab Emirates (UAE) and the world due to the coronavirus, Dubai South Free Zone announced several…

E-commerce in Dubai, E-commerce in UAE, How to obtain an e-commerce license in UAE, corporate services provider Dubai

E-commerce Business Setup in United Arab Emirates

E-commerce means buying and selling of goods, products or services over the internet. E-commerce is also known as electronic commerce or internet commerce.

GUIDELINES FOR DMCC MEMBER ENTITY OFFICES AS PER COMPANY REGULATIONS 2020

In line with the new rules and regulations set out on 2nd January 2020, DMCC has introduced guidelines to define the roles and…

Accounting Services Dubai, Accountants in Dubai, Audit services in Dubai, Top Audit Firms in Dubai

Economic Substance Regulations – Deadlines Announced so far

The UAE Economic Substance Regulations (ES Regulations) require all UAE entities that fall within the scope of the regulations by carrying…

Free Zone Companies, NOC, Onshore Activities, DUbai

DMCC and DED announce 2 new Services

Introducing New Services from DMCC in Partnership with DED Last year, Dubai Multi Commodities Centre Authority (DMCC) – the world’s flagship Free Zone and the…

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RAS AL KHAIMAH ECONOMIC ZONE (RAKEZ) BUSINESS SECURE PACKAGE

As part of RAKEZ’s commitment to offer a cost effective and world class economic zone, RAKEZ has introduced a Business Secure package…

how to protect my business, ensure my business is safe in a recession, how to cope with recession, coronavirus, protect business

Business Continuity

The current global scenario has hampered the growth of the economy and stability with almost all sectors facing a decline as a result of Covid 19. Although this has only started to emerge, the extent of this will be noticed in the…

DMCC Business Support Package

Dubai Multi Commodities Center (DMCC), the world’s flagship Free Zone and Government of Dubai on commodities trade and enterprise has recently announced the roll out of a “Business Support…

Why set up a business in Hamriyah Free Zone?

Established on November 12. 1995, the Hamriyah Free Zone is home to more than 6,500 businesses from 163 countries. In addition to world-class facilities including offices, warehouses, factories…

Why Outsource Accounting and Bookkeeping Function in Dubai?

Why Outsource Bookkeeping and Accounting Function?

Every business is different, and one business’ proven formula may not fit another’s. It is very important for a company to maintain its financial…

NEWLY INTRODUCED, RAK ICC FOUNDATIONS

With the continuous vision to achieve global brand recognition as a premium jurisdiction for the provision of Company formation services, Ras Al Khaimah International Corporate…

DMCC – NEW RULES & REGULATIONS TO ENHANCE EASE OF DOING BUSINESS

Dubai Multi Commodities Centre (DMCC) – the region’s leading trade hub– has announced a set of new rules and…

SUBMISSION OF CBCR NOTIFICATION TO MOFA

All multinational groups with Group Revenue equal to or exceeding 3.15 Billion AED must read this carefully. Otherwise, there is a risk of AED 1,000,000 penalty if the form…

PHISHING ALERT: UAE VAT

“We are aware that a number of clients have been sent emails and letters from fraudsters pertaining to be the Federal Tax Authority or Banks and requesting for certain details from them.

ROLE OF AN ACCOUNTANT IN BUSINESS OPERATIONS

An accountant can be anything from a simple bookkeeper to a strategic advisor, interpreting financial information for senior decision-makers in business operations.

What is an IT Audit?

An information technology audit, or information systems audit, is an examination of the management controls within an Information Technology (IT) infrastructure. The evaluation of obtained evidence…

Why Internal Audit? Evaluating the Value for Your Company

Why Internal Audit? Is It Worth an Additional Cost to Your Company?

In order to understand the term ‘Internal Audit’, let’s first understand what an “Internal control system” is. Internal control system…

PRINCIPLES OF TRANSFORMATIONAL LEADERSHIP

When we talk about ‘Leadership’, what is the first thing that comes to your mind? An Executive, busy developing a Company’s strategy to compete in the market; or a Political leader pursuing his passion…

OUTSOURCED CFO SERVICES

Case Study We were recently approached by a mid-sized Events Management Company having a successful track record across several GCC countries. The Company performed much better than the young entrepreneurs had…

NEW LAW GOVERNING JOINTLY OWNED PROPERTIES IN DUBAI

The Law No. (6) of 2019* regarding Ownership of Jointly Owned Properties in the Emirate of Dubai has been issued to regulate the joint ownership of real estate in Dubai. The Law applies to all major…

HOW CLOUD-BASED ACCOUNTING CAN BENEFIT YOUR BUSINESS

Would you have been interested in a “cloud based” accounting application only a few years ago? Probably not. Majority of small business owners are still trying to wrap their heads around the traditional…

OFFSHORE COMPANIES IN THE UNITED ARAB EMIRATES

An ‘Offshore Company’ is a type of legal business entity available for businesses looking to establish in the UAE with the intention of either operating outside the UAE or for the purposes of acting…

FTA WARNS BUSINESS OWNERS OVER VAT REFUND SCAM

The UAE’s Federal Tax Authority has issued a warning to business owners to be wary of phishing emails from scammers. The new scam came to light after emails were sent to customers of local…

PROCEDURE FOR VAT REFUND IN DUBAI – FOREIGN BUSINESSES

The 6 months deadline for VAT Refund for Foreign businesses is expiring on 1 October 2019. The refund scheme for the calendar year 2018 started from 2 April 2019. For the calendar year 2019, the refund scheme…

SHARJAH MEDIA CITY FREE ZONE- AN EMERGING NAME IN THE U.A.E BUSINESS MARKET

Why Sharjah? Sharjah, the third largest emirate in the UAE, lies partly on the Persian Gulf and partly on the eastern coast of the Gulf of Oman. It is positioned between Asia, Europe and…

DLD and RERA Introduce New Service For Real Estate Stakeholders in Dubai

The Dubai Land Department (DLD), through the Real Estate Regulatory Agency (RERA), has launched an innovative electronic system called Mollak, an innovative…

OWN FREEHOLD PROPERTIES IN DUBAI WITHOUT A DUBAI LICENSE FOR RAKICC REGISTERED COMPANIES

Dubai Land Department (DLD) strengthen ties with Ras Al Khaimah International Corporate Centre (RAKICC) by signing Memorandums…

DMCC INTRODUCES DUAL LICENSING SCHEME BY PARTNERING WITH DED

As part of a continuous effort to transform Dubai into an investment friendly ecosystem, Dubai Multi Commodities Centre (DMCC), the world’s flagship Free Zone and Government of Dubai Authority on…

100% FOREIGN OWNERSHIP IN THE UAE FOR CERTAIN ACTIVITIES

His Highness Shaikh Mohammad Bin Rashid Al Maktoum chairman of the UAE cabinet, Vice President, Prime Minister and Ruler of Dubai has approved the sectors…

WHY INVEST IN THE UNITED ARAB EMIRATES?

Introduction: United Arab Emirates The UAE’s status as a growing knowledge hub is enhancing its attractiveness as a business destination that offers a multitude of possibilities. There are more than…

DOUBLE TAX TREATY: INDIA & UNITED ARAB EMIRATES

The Double Tax Treaty between UAE and India was signed in 1989 and later amended through notifications of 1993, 2001, 2007 & 2013. Double taxation is defined when similar taxes are imposed in two countries…

TRANSFER PRICING AND UNITED ARAB EMIRATES

Transfer Pricing (TP) is a practice that allows for pricing transactions internally within businesses and between companies that operate under common control or ownership, including cross…

Affiniax Partners has joined Allinial Global as a member

Affiniax Partners Joins Allinial Global

Affiniax Partners is very pleased to announce it has joined Allinial Global (formerly PKF North America), a member-based association that has dedicated itself to the success of independent accounting and consulting firms since…

KINGDOM OF SAUDI ARABIA AND UNITED ARAB EMIRATES DOUBLE TAX TREATY – OFFICIAL PUBLICATION

In its official gazette (Umm Al-Qura) the Kingdom of Saudi Arabia (KSA) on 1 March 2019 published its Double Tax Treaty (DTT) with the…

NEW JAFZA OFFSHORE REGULATIONS

New JAFZA Offshore Regulations The Jebel Ali Free Zone Authority (JAFZA) recently published new Regulations for Jebel Ali Offshore Companies, which will replace the current regulations that were introduced in 2003.

IMPLEMENTATION OF CBCR IN UAE

Preamble United Arab Emirates committed to the implementation of ‘minimum standards’ to prevent Base Erosion Profit Shifting (BEPS) by joining OECD’s Inclusive Framework on BEPS on 16th May 2018.

Dubai International Financial Centre Introduces New Licensing Categories

Dubai International Financial Centre (DIFC) is the leading financial capital in the Middle East, Africa and South Asia (MEASA) region.

THE BENEFITS OF MOVING TO A CLOUD ACCOUNTING PLATFORM IN THE UAE

The benefits of moving to a cloud accounting platform in the UAE The world we live in is rapidly moving towards digital for all aspects of business, one of the most aggressive…

OBTAINING TAX RESIDENCY CERTIFICATE FOR A COMPANY

Why should I obtain a Tax Residency Certificate for my UAE company? Tax Residency Certificates are crucial in substantiating your UAE company’s tax residence…

RECENT DEVELOPMENT IN UAE VAT LAW

One of our resident VAT experts, Sudarshan, speaks about the new guidelines and clarifications published by the FTA during the last few months at IFA Dubai Branch Meeting on December 22, 2018.

VAT: IMPACT ON BUSINESSES IN BAHRAIN

One of our resident VAT experts, Adnan speaks about how VAT can have an impact on businesses in Bahrain by highlighting the following key points:- Impact on Revenue Procurement and…