External Audit
In United Arab Emirates, Audit of the books of accounts signed by UAE Registered Auditors is mandatory requirements of the renewal of license in UAE Free Zones, renewal of bank facilities and now with the introduction of Corporate Tax, audit is mandatory for companies in UAE Mainland whose annual turnover exceeds AED 50 million. Our Audit Partner, are registered and approved auditors in all Free Zones within UAE.

Every year, we are issuing audit reports for several companies registered within Free Zones and for internal management purposes. We issue audit report for the financial statement prepared based on International Financial Reporting Standards (IFRS) and we also issue audit report prepared based on SME IFRS financial statement. Our team of experienced auditors possesses in-depth knowledge of the UAE regulatory framework and stays updated with the latest developments to ensure compliance. By complying with the stringent regulations set forth by UAE authorities, we ensure that our auditing services provide accurate, reliable, and independent assessments.



Our goal is to help businesses maintain compliance, enhance credibility, and make sound financial decisions.

Every year, we are issuing audit reports for United Arab Emirates has introduced Value Added Tax and Excise Tax Law in the year 2017 which mandates every Organization in United Arab Emirates to comply with these Laws mainly in Registration once revenue threshold is crossed, Returns every Quarter or Monthly, and other VAT compliance in terms of maintenance of documentation and issuance of Tax Invoices.


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In United Arab Emirates, some of the companies are lacking process discipline and internal controls. Internal Audit will be the solution for them which covers the identification of the process weakness and suggestion for improved process which ensures shareholders can rely on the internal operations carried out by the Management. If there is no defined process in place in the Organization, it is prone to frauds or misappropriation conducted by the Management and Employees in the Organization.

We have executed several internal audit assignments which covers industries – Supermarkets, mobile phone trading, restaurants, fire-rated doors fabrication, real estate etc. Our internal audit process covers verification of the financial statements, review of existing controls in place, review of compliances applicable and met by the entity and preparation of report with observation and suggestions for improvement. In United Arab Emirates, to file financial fraud cases with UAE Police, certificate from UAE Registered Auditor is mandatory. Internal Audits are managed by our Audit Partner.

With the implementation of Corporate Tax in the United Arab Emirates, maintaining proper accounting records has become essential. Entities with a lower volume of transactions may find it expensive to hire an accountant to handle their accounting tasks. This is where the significance of outsourced accounting services arises, as they allow for cost savings in terms of salaries, visas, and other employee benefits that would be required for full-time staff.


Besides the cost advantages, outsourced accounting services also provide the entity with the benefit of supervising the accounts team and receiving regular updates on recent developments in the UAE. By outsourcing accounting work, the accuracy of accounting records can be ensured. Currently, we are involved in supporting various monthly and quarterly accounting assignments across industries such as Oil & Gas, event management, general trading, Furniture manufacturing, software development etc.

In United Arab Emirates, there are different options with different cost structure to incorporate a Company. It is better to get advice on which area or free zone will be good for a Company considering the nature of business. With the introduction of Corporate Tax, Designated Free Zone has more Corporate Tax benefits compared to other free zones and mainland areas. We would be able to advice on the suitable option to start a Company with UAE considering your nature of business and cost budget.

Liquidation is a process to be undertaken if we are going to close your business within UAE. It is process to ensure that you are free from any liabilities within UAE. In the absence of proper liquidation of the Company under your name, you will be subject to future issues. Our Audit Partner, is registered as approved Liquidator within UAE.

Moreover, directors who ignore such problems run the risk of committing offences under the Insolvency Act such as fraudulent trading, misfeasance, wrongful trading, and preferential or undervalue transactions – for which the penalty might be disqualification, or worse!

The key is to seek professional help as soon as the first signs of difficulty appear. With timely advice a company may be saved from liquidation or receivership, particularly if there is a genuinely profitable core to the business.

It is important for every Company before starting their business within UAE to understand the UAE market and client base. It is better to get advice on the Market experts on this. After company is incorporated, it is important to set up process to ensure the smooth operation of the entity. Finally, after number of years of continuance of the business, you need to assess value of your business.

We have supported several clients in UAE in feasibility study, process mapping and business valuation in various industries – courier, Bakery and sweets preparing, transportation, properties and contracting.

ECONOMIC SUBSTANCE REGULATION (ESR)
In the year 2019, ESR has been implemented in UAE to ensure that the entities conducting business within UAE have substance in the state. Substance in the state mainly covers the number of employees within UAE, operating expenditures incurred within UAE and assets within UAE adequate to execute the business transaction. Every company who is conducting a relevant activity mentioned in the ESR Guideline is required to submit a Notification in the form prescribed within 6 months from the end of the financial year and Report within 12 months from the end of the financial year, if applicable. REAM is supporting several clients in assessing the applicability of ESR on each entity, assisting in submission of Notification and Reporting.

UAE CORPORATE TAX (CT)
From June 2023, United Arab Emirates has implemented Corporate Tax for entities within UAE. Understanding UAE corporate tax is essential for businesses operating within the country. Corporate Tax is applicable on the taxable profit generated by the entity. Corporate Tax compliances includes registration, annual returns and submission of audit report or management accounts. Corporate Tax makes it imperative for the entities within UAE to maintain proper accounting records to ensure smooth tax compliances.


We have started a division to accommodate the Corporate Tax matters. By partnering with a trusted tax advisory service, businesses can optimize their tax strategies, enhance compliance, and focus on sustainable growth in the UAE’s dynamic business environment. We supported several clients in the registration process and Corporate Tax Modelling. We are also equipped to provide Corporate Tax Advice and Modelling to ensure a proper tax planning.

Setting up and running a UK business from abroad is achievable as long as you have expert professionals offering advice and support.

At Sterling Chartered Accountants, we can advise you about setting up your UK business and support you with its financial management.

Our support and services extend to:
- Finding the right Bank account
- Personal and Business Tax
- Tax residency advice
- IR35
- Sole Traders