UAE is very popular for its infrastructure style and leads the world as a top commercial center. The government through its commitment to excellence has obtained its leading position in the field of business. The outsiders see UAE as the best and the most interesting place to set up business as they provide facility and market, which no other country of Africa, the Middle East, and South Asia provides.
The main reason why Dubai garnered attention is for having 0% tax, but this would end soon as the government of UAE has decided to implement Value Added tax- VAT on all services and products.
No matter what business you run in the market, the only way your financials would get rewarded is by keeping it strongly supervised and knitted. But it’s a different scenario in UAE and Dubai because the things didn’t need to be transparent with the government. But after the tax, they will have to sort out financial errors and discrepancies to stand clean and best against the law and regulations of the government.
The common mistake caused by the entrepreneurs is to overlook the bookkeeping and accounting department which ultimately leads to losses, setbacks and in worst cases business crash. While keeping the activity in controlled hand, it is not only beneficial to the government but also will help in managing finance with unlimited benefits. When one is fully charged with the accounting department, it ensures analyzing and monitoring transactions of funds, budgeting, banking affairs, loss and profit statement, payroll, balance sheets, forecasting and last but not the least the taxes. In other words, it is the most important thing for the expansion of business and innovations.
Accounting is not only beneficial for the business, but also helps in gaining the trust of the third party like the investors, shareholders, employees, customers and many more. It furnishes them with understanding and knowledge that is very important for growth and market strategy. The business that enters the international market sure faces many complications. But with the help of a controlled finance department, al the complications would be managed, controlled in an efficient and timely manner.
So, if any of you planning for the great event of Dubai 2020 by making way through the business, then consider the above points for a successful and flourishing business. To learn more about tax advisory, administrative expertise and business analysts link to companysetup.ae
