Business Set-up and Company Formation
Our business consultancy services:
- Establishing of Free Zone Companies.
- Establishing of Limited Liability Companies (LLC)
- Assisting in the opening of Bank Accounts.
- Drafting of Memorandum of Agreements (MOA).
- Liquidating Companies.
- Visa Processing Services and Other PRO Services
Chief Financial Officer (CFO) Services
The Chief Financial Officer (CFO) of a company is primarily responsible for planning, implementing, managing, and running all the Company’s finance activities, including business planning, budgeting, forecasting, and negotiations. A CFO Service will oversee your current bookkeeping and controller staff to ensure that all procedures have a series of checks and balances to strengthen security and present accurate financials. The CFO Service also will ensure that the Company is using the correct and most up-to-date financial software to best operate the business. We, in CGMA offers this kind of service as our Accountants do more than just count numbers but also create ease to your business by providing strategic proposals to the CEO/president and members of the executive management team
Company Liquidation
Company Liquidation is a process in which an LLC company (or branch of a company), a sole establishment, a free zone company, or an establishment closes its operation, and the assets and property of the Company or establishment are shared with the Company’s creditors and shareholders.
When a Company ends its operations, all the assets of the Company are distributed to the Shareholders of the Company after the settlement of dues to the creditor. In company liquidation, all parties involved should be treated equally – that one party does not benefit at the expense of others involved.
Accounting and Bookkeeping Services
Accounting refers to the systematic and comprehensive recording of the financial transactions of a business. Accounting Information is significant to many stakeholders. Thus, our professional accounting team will provide the investors/management with the needed Accounting information, which is vital in decision-making, budgeting, planning, and forecasting, to achieve the ultimate goal of business stability and development.
Value Added Tax (VAT) is a transaction-based indirect tax that is levied at each step of the supply chain. End consumers generally bear the VAT cost while registered businesses collect and account for the tax, in a way acting as a tax collector on behalf of the Federal Tax Authority (FTA).
An Audit is the examination or inspection of various books of accounts and vouchers by an auditor to ensure that all departments are following documented system of recording transactions. It is done to ascertain the accuracy of financial statements provided by the organization.
CGMA offers different types of Audit services.
Economic Substance Regulations (ESR) in the UAE
As part of the UAE’s commitment as a member of the OECD Inclusive Framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued Economic Substance Regulations (Cabinet of Ministers Resolution No. 31 of 2019), (the “Regulations”) on 30 April 2019. Guidance on the application of the Regulations was issued on 11 September 2019 (Ministerial Decision No. 215 of 2019), and Cabinet Decision No. 58/2019 on the Determination of Regulatory Competencies lists the Regulatory Authorities tasked with the administration and enforcement of the Regulations. Amendments to the Regulations were made by Cabinet of Ministers Resolution No. (57) of 2020 on 10 August 2020, and updated Guidance was issued on 19 August 2020 (Ministerial Decision No. (100) of 2020 The Regulations require UAE onshore and free zone companies and certain other business forms that carry out any of the defined “Relevant Activities” listed below to maintain and demonstrate an adequate “economic presence” in the UAE relative to the activities they undertake (“Economic Substance Test”).
Accounting Software
Accounting software is a software that accounting professionals or business owners use to process various accounting transactions, bookkeeping tasks and manage accounts. It stores a business’s financial data, and is often used to perform business transactions.
Most modern accounting software is always connected to the internet, which means that you can connect from any internet-capable device, like the laptop or smartphone. This online space where you can access your data is called the cloud. Online accounting software automatically receives and updates because it’s always connected to the internet.