Accounting Services & Payroll
Manage your accounting, payroll and financial reports efficiently
Our highly qualified accountants will help you efficiently manage your finances. We provide bookkeeping, reconciliation, financial reporting, payroll, VAT reports and audit support.
Accounting & Bookkeeping Services in Dubai
Accurate accounting is essential for informed decision-making, cost control, and measuring business performance. Our accounting services ensure your financial records remain accurate, up-to-date, and fully compliant with UAE regulations and International Financial Reporting Standards (IFRS).
Our team of qualified professionals manages your accounts efficiently, allowing you to focus on growing your business.
Our Accounting Services
Recording daily financial transactions, maintaining ledgers, and performing regular bank reconciliations.
Processing monthly payroll, preparing payslips, gratuity calculations, and WPS compliance.
Preparation of key financial statements, including:
• Trial Balance
• Profit and loss statement
• Balance sheet
• Cash flow statement
• General Ledger Reports
Ensuring general ledger balances are accurate and aligned with supporting documents.
Assistance with financial audits, documentation preparation, and compliance with IFRS standards.
A Guide to VAT Compliance in Dubai and the UAE
Did you know that the Middle East does not tax individuals? They only tax oil companies and foreign banks.
That’s good news for anyone looking to start a business in Dubai. What you should remember is that as of January 1, 2018, Dubai started charging value-added tax or VAT on the majority of goods and services.
As a business owner, you will need to charge VAT in Dubai on most products and services, from restaurant meals and retail products to professional services and equipment. Understanding how VAT works is essential for staying compliant and avoiding penalties. If you are new to VAT or planning to launch a business in the UAE, this guide will help you understand the fundamentals of VAT compliance in Dubai.
Why Should You Consider Starting a Business in Dubai?
There are several reasons to start a business in Dubai, including government initiatives that support entrepreneurship, a rapidly growing economy, and a strategic location that connects global markets. However, one of the biggest attractions for investors and entrepreneurs is the UAE’s favorable tax environment.
The Middle East still has zero tax on personal income, and corporate tax obligations remain limited compared to many global markets. Businesses operating in the UAE mainly deal with Value Added Tax (VAT) at a low rate of 5%, making it one of the most competitive tax systems for businesses.
Additionally, companies established in free zones benefit from attractive incentives such as 100% foreign ownership, full profit repatriation, and minimal customs duties, making Dubai one of the most business-friendly destinations in the world.
What Does Value-Added Tax Mean?
Value-added tax, or VAT, is a tax based on consumption. Unlike taxes levied on income, VAT applies to purchases of goods and services. It’s added to every point in the manufacturing and distribution process where the business added value to the product.
It’s generally paid by the customer on any purchases. The business must collect the VAT and remit it to the government. Not doing so can lead to penalties or even criminal charges.
VAT is the most common type of consumption tax. Over 150 countries, including members of the European Union, Canada, and New Zealand, have implemented VAT systems to support government revenues.
History of VAT
VAT only came to Dubai in 2018. It applies to both online purchases and traditional store purchases within the UAE.
As of January 1, 2018, businesses in the UAE were required to register for VAT and start collecting and remitting tax to the government. The introduction of VAT marked a major economic reform in the region.
The Federal Tax Authority (FTA) was established to manage and regulate federal taxes. VAT was implemented to diversify the country’s revenue streams and reduce reliance on oil income, helping fund public services such as infrastructure, healthcare, education, and environmental programs.
7 Things to Know About VAT in Dubai
The reality is that there are several steps you need to take before starting a business in Dubai. You want to make sure you get your business formation right from the start. This can save you a lot of trouble in the future.
One of the most important considerations is understanding your VAT obligations, registering when required, and filing returns on time. Failure to comply with VAT regulations can lead to substantial penalties, and in some cases, the interest on unpaid VAT can increase significantly.
Ready to Start Your Business in Dubai?
You now understand the basics of VAT compliance in Dubai and the UAE. While the UAE offers attractive tax advantages, businesses must still ensure they meet their VAT registration, reporting, and payment obligations.
Starting a business involves careful planning, compliance, and understanding the cost structure involved. That’s where Shicks Business Hub comes in.
At Shicks Business Hub, we assist entrepreneurs and companies with company formation, VAT registration, tax compliance, and business advisory services, ensuring your business is set up correctly from day one.
If you’re planning to launch a business in Dubai, our team is here to guide you through the process and help you build a strong and compliant business foundation.
Book Free Consultation
Ready to Start Your Business in Dubai?
With the introduction of the UAE’s new corporate tax framework, many businesses are navigating new regulations and compliance requirements. Understanding how corporate tax applies to your company is essential to ensure proper financial planning and avoid unnecessary penalties.
At Shicks Business Hub, our tax specialists help businesses understand their corporate tax obligations, identify potential exemptions and reliefs, and ensure all compliance deadlines are met. Our goal is to simplify the process so your business can remain fully compliant while focusing on growth.
From corporate tax registration to maintaining proper accounting standards and submitting your corporate tax returns, our experienced team will guide you through every step of the process, ensuring a smooth, efficient, and cost-effective compliance journey.
MUST KNOW
Under the UAE’s corporate tax regulations, every business must follow these key steps to remain compliant:
- Register for corporate tax with the Federal Tax Authority (FTA).
- Maintain proper accounting records in accordance with approved reporting standards such as IFRS.
- Submit corporate tax returns to the Federal Tax Authority within the required deadlines.
Even if your business qualifies for tax exemptions or reliefs, registration and compliance are still mandatory. Businesses must complete these requirements to confirm their eligibility and remain compliant with UAE tax regulations.
What is Corporate Tax UAE?
Corporate Tax is a direct tax imposed on the taxable income (net profit) of businesses operating in the United Arab Emirates. The UAE government introduced corporate tax as part of its economic diversification strategy, with the new tax framework coming into effect on June 1, 2023. Most businesses became subject to the new tax regulations starting from January 1, 2024, depending on their financial year.
Corporate tax applies to businesses operating in the UAE, including mainland companies, free zone entities, and certain foreign businesses with operations in the country.
Background of Corporate Tax in the UAE
For many years, the UAE has been considered one of the most attractive destinations in the world for entrepreneurs and investors. Businesses have been drawn to the country because of its stable political environment, world-class infrastructure, strategic global location, and historically low tax environment.
Previously, most businesses benefited from a 0% corporate tax regime, which made the UAE highly competitive globally. According to the International Monetary Fund (IMF), the UAE has one of the largest economies in the Middle East and has traditionally relied on oil revenues.
However, over the past decade the UAE has been actively diversifying its economy by expanding sectors such as technology, tourism, finance, logistics, and international trade. The introduction of corporate tax is part of this long-term strategy to create a sustainable and globally aligned tax framework.
Is Corporate Tax the Same as VAT?
When the UAE government first announced corporate tax, many business owners assumed it was similar to Value Added Tax (VAT). However, the two taxes are very different.
VAT is a consumption tax that is charged on the sale of goods and services. Customers pay VAT when purchasing a product or service, and the business collects this tax and transfers it to the government.
Corporate tax, on the other hand, is a direct tax on business profits. It is calculated based on the company’s net profit after expenses, not on the total revenue or sales.
In simple terms:
- VAT is collected from customers
- Corporate tax is paid by the business itself
Who Will Be Subject to Corporate Tax UAE?
In general, most businesses operating in the UAE will fall under the corporate tax system. This includes mainland companies, free zone entities, and foreign companies that conduct business within the UAE.
According to the UAE Ministry of Finance (MOF), the following entities may be subject to corporate tax:
- Companies and legal entities established in the UAE
- Businesses whose management and control are exercised within the UAE
- Individuals conducting business activities in the UAE
- Foreign companies with a Permanent Establishment (PE) in the UAE
The start date for tax calculation depends on the company’s financial year.
For example:
- Companies with a financial year starting July 1 will begin tax calculations from July 1, 2023
- Companies with a financial year starting January 1 will begin tax calculations from January 1, 2024
Corporate Tax Rates in the UAE
The UAE corporate tax framework uses a tiered tax system to support small businesses and startups.
The tax structure is as follows:
- 0% Corporate Tax for businesses with annual profits up to AED 375,000
- 9% Corporate Tax for businesses with profits above AED 375,000
- 15% Corporate Tax for large multinational companies with global revenues exceeding EUR 750 million
The 15% rate aligns with the OECD Global Minimum Tax Framework designed to ensure large multinational companies pay fair taxation globally.
Corporate Tax Registration
Businesses in the UAE must register for corporate tax through the Federal Tax Authority (FTA) portal.
During registration, companies will be required to provide documents such as:
- Trade license
- Passport and Emirates ID of owners or partners
- Financial records
- Details of business activities
- Corporate ownership structure
Once the application is approved, the company will receive a Tax Registration Number (TRN) confirming that it is officially registered for corporate tax purposes.
The approval process typically takes around 20 working days, although additional time may be required if further documentation is requested by the authorities.
At Shicks Business Hub, our team assists businesses with the entire corporate tax registration process, ensuring all documentation and compliance requirements are properly handled.
Corporate Tax Exempt Entities
The UAE government has introduced certain exemptions under the corporate tax law. Entities that fall within these categories may not be required to pay corporate tax.
Examples include:
- Government and public sector entities
- Companies involved in the extraction of natural resources
- Approved charitable and social organizations
- Certain investment funds
- Pension and social security funds
- Government-owned companies approved for exemption
However, eligibility for these exemptions is subject to specific government conditions and approvals.
Corporate Tax for Free Zone Companies
Businesses operating in UAE free zones may still benefit from 0% corporate tax, provided they qualify as a Qualifying Free Zone Person (QFZP).
To maintain the 0% tax benefit, free zone companies must:
- Generate Qualifying Income
- Maintain economic substance in the free zone
- Follow transfer pricing regulations
- Not opt into the standard corporate tax system
Qualifying income may include transactions with other free zone companies and certain approved business activities such as manufacturing, logistics, and fund management.
Corporate Tax for Freelancers
Freelancers operating in the UAE under their personal name without forming a company may also fall under the corporate tax system if their annual revenue exceeds AED 1 million.
Many freelancers operate under a professional freelance license, which allows them to legally provide services in the UAE while benefiting from flexible work arrangements.
Administration of Corporate Tax in the UAE
Corporate tax administration in the UAE is handled by the Federal Tax Authority (FTA) under the supervision of the Ministry of Finance.
Businesses are required to:
- Maintain proper financial records
- Prepare financial statements
- Submit annual corporate tax returns
Companies will generally have nine months after the end of their financial year to file their corporate tax return and financial report.
Impact of Corporate Tax on the UAE Economy
The introduction of corporate tax is expected to strengthen the UAE’s long-term economic sustainability and align the country with international tax standards.
Despite the introduction of corporate tax, the UAE remains one of the most competitive tax environments globally, with a relatively low tax rate compared to many other economies.
For example:
- Saudi Arabia – 20%
- Oman – 15%
- Qatar – 10%
- Singapore – 17%
- Ireland – 12.5%
The UAE’s 9% corporate tax rate remains one of the lowest globally.
Wrap-Up: Corporate Tax UAE
Understanding the UAE’s corporate tax regulations is essential for businesses operating in the country. Proper planning, compliance, and accurate financial reporting will help companies avoid penalties and manage their tax obligations efficiently.
At Shicks Business Hub, our experienced consultants assist businesses with corporate tax registration, compliance planning, financial structuring, and ongoing advisory services. We help ensure that your company remains fully compliant with UAE regulations while optimizing your tax strategy.
If you are planning to set up a business or need assistance with corporate tax compliance, Shicks Business Hub is here to guide you through every step of the process.
Audit & Finance
Shicks Business Hub — Trusted Financial Oversight for UAE Businesses
Whether you need a statutory audit, an internal review, or expert financial guidance, Shicks Business Hub provides reliable audit and finance services that keep your business compliant, credible, and in control.
In the UAE, audit and financial compliance are not just good practice — for many businesses, they are a legal requirement. Free zone authorities, banks, and government bodies regularly require audited financial statements. Beyond compliance, a well-run audit and finance function gives business owners a clear, honest view of where their company stands — and what it takes to grow.
External Audit
An external audit provides an independent, objective assessment of your company’s financial statements, confirming that they give a true and fair view of your financial position. Many UAE free zones and mainland authorities require an annual audited report as part of licence renewal.
What's Included
- Statutory audit of annual financial statements
- Compliance with International Financial Reporting Standards (IFRS)
- Auditor’s report issued for free zone, bank, or regulatory submission
- Review of internal controls and financial processes
- Identification of financial risks and areas for improvement
- Management letter with actionable recommendations
Internal Audit
An internal audit is a proactive review of your business’s financial controls, processes, and risk management — done before any external party gets involved. It is one of the smartest investments a growing business can make, helping you identify weaknesses before they become problems.
What's Included
- Review of internal financial controls and approval processes
- Assessment of operational risks and compliance gaps
- Cash flow and expense management review
- Fraud risk assessment and prevention recommendations
- Detailed internal audit report with prioritised action points
Financial Due Diligence
Planning to acquire a business, bring in an investor, or enter a major partnership? Financial due diligence gives you or your counterpart a verified, independent picture of the financials — reducing risk and building confidence on both sides of the deal.
What's Included
- Review and verification of historical financial statements
- Assessment of assets, liabilities, and off-balance-sheet items
- Revenue quality and sustainability analysis
- Identification of financial red flags or contingent liabilities
- Structured due diligence report for investor or acquisition use
CFO & Financial Advisory
Not every business is ready for a full-time Chief Financial Officer — but every business deserves strong financial leadership. Our CFO advisory service gives startups and SMEs access to senior-level financial guidance on a flexible, part-time basis, at a fraction of the cost of a full-time hire.
What's Included
- Financial strategy and planning aligned to your business goals
- Budgeting, forecasting, and scenario planning
- Cash flow management and working capital optimisation
- Investor readiness and pitch deck financial support
- Guidance on funding options: equity, debt, and grants
- Board and management reporting
- Oversight of your accounting and tax functions
Why Shicks Business Hub?
We understand the financial realities of startups and growing businesses in the UAE. Our audit and finance team delivers professional, independent, and practical services — without the overhead of a large firm.
- Qualified auditors with UAE regulatory experience
- IFRS-compliant reporting accepted by all major UAE authorities
- Fixed, transparent pricing — no surprise fees
- Fast turnaround — audit reports delivered on schedule
- Fully confidential — your financials stay private
- • One team for audit, finance, accounting, and tax — fully integrated