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A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

 

Our Vision, Our Mission

Our Vision
We will be the first choice for companies in their selection of professional advisors

Our Mission
We will provide quality service to our clients by focusing on client-specific needs and providing solutions to business problems, thereby adding value through expertise whilst maintaining integrity, professionalism and independence.

A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

From the Managing Partner - U.A.E.

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With the GCC VAT treaty having been signed, the UAE law is now expected by the end of the second quarter this year, with implementing regulations following shortly thereafter. The VAT "chatterati" is hotting up, and the seminars now being held by the Ministry of Finance tend to suggest that the originally promulgated implementation date of 1 January 2018 will indeed be met. The seminars are shedding light on many basic questions that have been asked over many months but the law and the regulations will answer a lot more and companies may need to scramble a little if there turn out to be some surprises. One of which may be the treatment of free zones, which appears undecided at present. Many people's breath being held at the moment I suspect.

We are pleased to feature in this issue an interview with Mr. Amit Radia of Atlas Printing Press. We also have a very topical article on Fraud Risk Assessment which I urge all of you to go through and ponder.

We also have our usual updates from Oman (featuring amendments to the Oman income tax law) and the free zone world. Please feel free to write (update@pkfuae.com) if you would like to express an opinion on any matter inside.

GRAHAM MARTINS

A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

 

FRAUD RISK MANAGEMENT

How we can help your business

Issue

No organisations are immune from risk of fraud. The current economic pressures have created an environment conducive to acting fraudulently. The economic downturn is changing the nature and scale of fraud risks that organizations face. The speed of change is such that opportunities to commit fraud will be prevalent.

Managing fraud risk has been a significant challenge for management in recent times. Regulators have long emphasised that fraud risk assessment is a critical component to mitigate the risk of fraud. Increasingly, a plethora of laws and regulations have been instituted by governments as a response to counteract corporate scandals and fraudulent practises and make organisations self-governing.

Challenges

As organisations tend to be in compliance with these laws and regulations, none of these, however, are prescriptive on the design of controls to prevent the fraudulent acts. Therefore, increasingly management's attention is focused on understanding fraud risk that can undermine their business objectives, whether fraud risk programs are operating effectively, how to reduce exposure to corporate liability and achieving high level of business integrity through corporate governance, internal controls and transparency.

Enablers of Fraud

  • Lack of internal controls
  • Lack of management review
  • Override of existing controls
  • Lack of ethics
  • Poor tone at the top
  • Collusion between management and third parties
  • Lack of independent checks
  • Lack of clear authority
  • Lack of employee fraud training
  • Collusion between employees and third parties
  • Collusion between employees and management
  • Lack of competent staff in oversight roles

How we can make a Difference?

Our fraud risk management services are focused on helping clients achieve the following:

  • PreventionLack: Design preventive controls to mitigate the risk of occurrence of fraud in the first place.
  • Detection: Design detective controls that would discover fraud when it occurs.
  • Response:Design corrective controls to take action to remedy the impact of fraud.

We work with clients to build an anti-fraud programme that essentially forms the key elements of fraud risk management framework:

Commitment: Set the tone by involving senior management to lead fraud risk management activities, and define authority and responsibilities to execute the role.

Assessment: Involve relevant stakeholders and plan fraud risk assessment to assess risk and develop a fraud risk profile.

Evaluation:Develop and document an anti-fraud strategy with emphasis on preventive controls to mitigate the fraud risks assessed.

How we can help Companies?

We help clients address fraud risk proactively by understanding where it occurs and develoing strategies to mitigate the risk. Our industry knowledge and experience coupled with fraud risk management framework will help us tailor our services to address your specific needs and include:

  • Developing fraud risk management program including a written policy (or policies) to convey the expectations of the board of directors and senior management regarding managing fraud risk.
  • Carrying out risk assessment to identify specific potential threats and events that the organization needs to mitigate.
  • Carrying out gap-analysis of specific business processes and identify areas that can create opportunities for fraud and establish internal control measures to prevent and detect fraud.
  • Establishing techniques to uncover fraud events when preventive measures fail or unmitigated risks are realized.

(This article has been compiled by our Associate Partner, Mr. Shajan Abraham.)

A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

INTERVIEW

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Born and brought up in Kenya, Amit Radia completed his degree in Business and Finance at one of the country’s American universities, USIU with its main campus in San Diego, with his sights set on a career in advertising. However, political instability intervened and at 21 he moved to London, where he started his career in print in 1981. Having hailed from a family with a print background and business for over 3 generations, Amit Radia ironically moved into print business due to circumstances.

Starting as an estimator, Radia rose swiftly to become the general manager of the UK printer Clementine in 8 years during which time he helped oversee the company’s substantial growth by four-fold. After his tenure in print, Radia was involved with a large multinational group to head their division involved in setting up a security print plant in Africa and this involved procuring the necessary equipment and setting it up with the budget and time deadlines.

In 1992 the trading potential of the African market brought him to Dubai, where he soon spotted an opportunity for print and began working on the feasibility of setting up a printing company. By the end of 1994 he had set up Atlas Printing Press and thus began an organisation which is today recognised as one of the largest and most sophisticated printing presses in the UAE. Today, Atlas prints for the top publishing houses in the Middle East with a portfolio of approximately 35 monthly and weekly titles.

Propelled by the city’s accelerating growth and backed by supportive suppliers, the press expanded into niche areas of print including digital and variable data. Having researched the market, we realised that specialisation was the key. With the investment in a Screen Digital Web press with complete finishing lines for newspaper and cut to sheet, Atlas Media Communications then tied up with various front end specialists such as Newspaper Direct for newspaper content, Merrill Corporation for financial and variable data print, and GMC for data management and variable data direct mail.

Q. Apart from your visible support role, who are the unsung heroes behind your group’s success?

A. Well, when we started the group, it was quite a small operation and, obviously my wife, Amarjeet Radia, was a key player in supporting me not only in daily operations but also morally. Apart from that, there are quite a few staff who have been with me for a number of years and too many to mention but today I can say that my whole “Team Atlas” is my key strength and each and everyone who is still with me is an unsung hero.

Q. Success can never be achieved overnight. Beyond the sleepless nights and toil what are the principles that have worked and still endure as the work ethic in your group?

A. My passion for the business has always been a driving force with all my employees as apart from the money, my key ambition was to make Atlas a brand associated with quality and service, which is what we are renowned for today. It’s about knowing and understanding the business and driving forward rather than being a “bean counter” running a business on numbers and budgets.

Q. Where do you see Lulu Exchange in 2020?

A. We have plans chalked up for our entities over the next 4 years. For its next milestone, Lulu Exchange is looking towards the Asia-Pacific region. With a number of initiatives already taken up for moving towards a digital tomorrow, we also believe that our businesses should keep pace with the technological innovations of the time. With this in mind, we aim to move 30% of our exchange and remittance business on to the digital platform by 2020.

Q. Experience, consistency in quality, innovation or customer service. Which of these factors is the most important in your line of business?

A. Quality, motivation, integrity. I look at my position as being that of a CMO, or Chief Motivation Officer, rather than a CEO as without the buzz and vibrancy within the environment, no amount of marketing will get you the work. I always tell my staff, if you believe in your company and its services, it will reflect very quickly through to the customer and inspire them as well.

Q. 3D printing is quite the rage right now. Does your group intend to enter this area and, if so, do you feel this is the future of the printing industry?

3D printing is a completely unique business model and I suppose the word “printing” almost denotes a threat to our business, which it does not. There are specialists in the industry and I suspect over the years, as the related equipment become more sophisticated and faster, it will certainly become a viable commercial business but in the present day and age it is still a very niche business which still has a long way to go.

Q. In this world of online media and news the printing industry in general has suffered. “Who reads printed paper…” seems to be the general outlook. Have you been able to buck this trend?

A. We are the largest production house of “newspapers on demand” in this part of the world thanks to our investment and our location. With a capacity of just under 500 meters per minute of full color variable print, we produce over 80 titles of international newspapers in short runs every day for airlines, the hospitality sector and for the corporates. We are also in the process of developing a specialist online “newspapers” app that will complement this service and surely develop more rapidly over the coming years.

Q. What is the way forward for the Group in particular and the printing industry in general?

A. Solution driven markets whereby we work with our clients to enable creative, economical and efficient models to support their complete print and media needs. We use offset, web, digital and content driven data to offer the best solution for our clients.

Q. You are a fiercely private person when it comes to your family and your extra- curricular pursuits. What are your interests outside the work sphere?

A. Absolutely, and although I have been in Dubai over 25 years, we are still very limited in our exposure to social circles. Fitness, golf and running are my key hobbies and socially, very content to smoke a nice cigar and enjoy a decent malt with close friends.

Q. Any parting words of wisdom for budding businessmen who want to make their mark in the region?

A. Whatever you decide to venture into, have a passion for achieving excellence…that is the only telling feature that will separate you from the rest of the crowd, especially in the UAE which is a highly competitive market.


A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

 

INTERNATIONAL UPDATE

FRAZIER & DEETER JOINS PKF INT’L

Frazier & Deeter LLC, a nationally ranked, PCAOB registered Certified Public Accountant (CPA) and advisory firm, and one of the top 100 CPA firms in the US, has re-joined the global network. The firm has over 300 professionals in five offices (Atlanta, Georgia, Florida, Tennessee and Pennsylvania) and delivers a full range of tax, assurance, accounting and advisory services. It launched one of the largest CPA-based wealth management firms, SignatureFD, in 1998. It also introduced FD Fund Administration, a subsidiary firm that provides outsourced fund administration services, and FD Real Asset Advisors, a firm that assists with real estate and other project financing.

A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

 

PKF International

PKF INT’L BOARD MEETS IN DUBAI

PKFI’s international board met at the Park Hyatt in Dubai during February 2017. All UAE partners attended the concluding session at which Managing Partner of PKF UAE, Graham Martins, presented an overview of the UAE practice. The meeting concluded with a thoroughly enjoyable dinner at The Boardwalk, the iconic restaurant located at the Dubai Creek Marina.

PKF WINS DMCC CONSULTANTS’ AWARDS

PKF took the 1st Place at the DMCC Consultants Awards, for introducing clients with the best international profiles to DMCC in 2016. Chaitanya Kirtikar, Senior Manager, and Shaheer Rahman, Free Zone Coordinator, represented PKF at the awards ceremony held at Almas Tower, Jumeirah Lakes Towers where a commemorative crystal plaque and certificate was presented by the DMCC Authority. (See picture below)

A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

 

Meet Our Staff Member

Kalpesh Abhani, a Chartered Accountant, qualified from the Institute of Chartered Accountants of India in 2012. He also holds a Chartered Financial Analyst degree from the C.F.A. Institute (US), which he cleared in 2015.

Kalpesh has been associated with PKF Muscat for over 4 years now, having joined the office during February 2013. Currently employed as a Deputy Manager, he has been handling external audits and quarterly reviews mainly of construction/contracting companies. He has also worked on a few company valuation and financial due diligence assignments.

His hobbies include watching movies/TV series, training at the gym, listening to music and watching cricket.

 

A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

 

OMAN UPDATE

AMENDMENTS TO OMAN TAX LAW

Introduction
Royal Decree 9/2017 has been promulgated, by which a number of significant changes have been made to the Income Tax Law. The aim of the said Decree is to improve the efficiency and effectiveness of the present tax system, enhance tax revenues, and to simplify the procedures for tax payers to carry out their obligations. The key amendments are as under:

Corporate Tax

  • Basic deduction (Tax-free threshold) of OMR.30, 000 has been removed.
  • The tax rate has been increased from 12% to 15% on entire taxable income.
  • 3% tax on declared taxable income has been introduced for small tax payers meeting specific criterias. (viz. registered capital not more than OMR.50,000, gross annual income not exceeding OMR.100,000, Average number of employees not exceeding 15, etc.).
  • Tax provisions for taxation of Islamic financial transactions has been introduced, which will be in line with the taxation of normal banking incomes.
  • The definition of ‘Permanent Establishment’ has been amended to include ‘building site’, ‘place of construction’, or an ‘assembly project’ only if it exists for a period exceeding ninety days in aggregate in any twelve months.
  • Earlier donation to be eligible as a deductible expense subject to maximum of 5% of gross income, had to be given only in cash to specific organizations. Now, as per this amendment, donation given in kind to specific organizations would also be eligible for deduction, subject to fulfillment of certain conditions.

Withholding Tax
The ambit of withholding tax has been increased to include the following:

  • Payments made to foreign person (natural or legal person) for ‘Provision of Services’ will attract withholding tax at the rate of 10% of gross amount. Since withholding tax on ‘Provision of Services’ would cover all matters other than supply of goods, this is a critical change that will have significant impact on the companies. However, it would be possible for the foreign person to claim tax relief from double taxation where Oman has Avoidance of Double Tax Treaty with that country, or countries has unilateral tax relief provision in its tax law.
  • Interest and dividends paid to foreign person (natural or legal person) will attract withholding tax at the rate of 10% of gross amount. The withholding tax on dividends will apply to dividends on shares of joint stock companies. Foreign person in countries with which Oman has Avoidance of Double Tax Treaty can claim specific relief as per Treaty agreement.
  • As stated above, withholding tax of 10% on the gross amount is now also applicable on payments made to a foreign person (natural or legal person) for “Provision of Services”, “Interest” and “Dividends”. Presently, Oman has signed Double Tax Avoidance Treaties with about 35 countries of which in few cases it awaits ratification from the respective governments. In case of specified payments made to foreign persons in countries with which Avoidance of Double Tax Treaty is enteredinto by Sultanate of Oman the withholding tax rate of 10% as per Oman Tax Law can be reduced to the withholding tax rate specified for that payment in the applicable Avoidance of Double Tax Agreement, for which ‘Tax Residency Certificate’, ‘Beneficial Ownership Proof’, and other relevant documentation of foreign person would be required.
  • • Withholding tax exemption for specified payments made by Ministries and Government Institutions has been removed, who will now be required to deduct withholding tax on specified payments.

Tax Exemption

  • Presently, under article 118 of Oman Tax Law, Companies engaged in mining, agriculture, fishing, medical care, education, export of locally manufactured goods, private schools, hotels and tourist villages, universities and nurseries were exempted from tax. This exemption is now cancelled, and exemption will be restricted only to manufacturing companies for a non-renewable period of five years, only on fulfillment of specified conditions. The amendment will not affect tax exemptions already granted to the companies.


Employees Orientation
Entities should develop and implement programme for combating money laundering and terrorism financing, including policies, procedures, internal regulation and controls to ensure the following:
  • The amendment introduces a new concept of ‘Tax Card’ which will be valid for a specified period, and has to be mentioned on all Invoices, contracts, Correspondences, etc. A copy of the Tax Card has to be submitted to all ministries and government body/company before conducting any transaction.
  • A self-assessment system has been introduced whereby the annual tax returns shall be inspected by the tax department on a selective basis for small assesses, for which further rules and conditions will be issued.
  • Stricter penalties and punishments, including imprisonment, has been specified for various tax offences and non-compliance with the tax provisions, as under:
    • Maximum penalty of OMR.2,000 for not filing tax return by the due date, against penalty of OMR.1,000 levied earlier.
    • A penalty of not less than 1% and not more than 25% of the difference between the actual assessed income and the taxable income declared in the annual return of income.
    • Maximum penalty for not furnishing information and documents called for by the tax department or not attending tax hearing , increased from OMR .2,500 to OMR .5,000
    • Principal officer refraining intentionally to file tax returns or submit information/documents called for would result in imprisonment ranging between 1 to 6 months and/or a fine ranging from OMR.500 to OMR.20,000.
    • Principal officer intentionally furnishing tax returns with incorrect tax liability or incorrect actual income, or intentionally destroying / concealing records and documents called for by the tax department would result in imprisonment between six months to three years and/or a fine ranging from OMR.5,000 toOMR.50,000.
  • Small taxpayers meeting the specified criteria are required to submit a simple return, supported by an unaudited income statement prepared on cash basis within three months of the end of the tax year.
  • The Tax Registration has to be done by a new taxpayer within sixty days from the date of incorporation or commencement of business (whichever is earlier), and any changes in ‘Particulars’ must be notified within thirty days.
  • Financial statements submitted along with the annual tax returns must comply with International Financial Reporting Standards (IFRS), or similar such standard to IFRS as may be approved by the Secretary General.
  • Tax returns are to be filed ‘electronically’, and revised returns are to be filed within thirty days of an error or omission being found in the original return.
  • The tax department is empowered to conduct inspection of documents and records at taxpayers’ premises.
  • The time limit for the tax department to assess the annual tax return has been reduced from five years to three years from the end of the tax year in which the annual tax return is filed. Also, the time limit for assessing cases involving deception or fraud or non-submission of tax returns has been reduced from ten years to five



Maintenance of Records

  • Amendments to the tax rates shall be effective from the financial year starting from 1 January 2017 onwards.
  • Withholding tax and tax exemption provisions shall be effective from the date of publication of Royal Decree 9/2017 in the official gazette, viz.26th February 2017.
[Note: The note above is a limited extract based on a preliminary review of an unofficial English translation of the tax law amendments, and should not be construed as conclusive tax advice. Professional tax advice should be taken before acting on the above note.]

(This article is compiled by the Tax Team of PKF L.L.C., the PKF member firm in the Sultanate of Oman.)

 

A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

 

OFFSHORE & FREE ZONE UPDATE

Dubai Creative Clusters Private Companies Regulations

The newly issued Dubai Creative Clusters Private Companies Regulations (the DCC Private Companies Regulations 2016) replaces the TECOM Private Companies Regulations, issued on 9 April 2003, and its subsequent amendments which are largely incorporated in the DCC Private Companies Regulations 2016. The new DCC Private Companies Regulations 2016 came into force by 31 January 2018.

All companies incorporated under, and branches to which the Repealed Regulations apply, are required to comply with the DCC Private Companies Regulations within twelve (12) months i.e., from 1 February 2017.

Key features of the DCC Private Companies Regulations 2016 include:

  • The Registrar of Companies is to maintain a register of companies, containing details of all DCC companies. The Regulations envisage that, in due course, this register may be accessible to the public (probably be made available online).
  • A new Register of Security that sets out a transparent and complete share pledge process (including registration and release).
  • A new standard Articles of Association (AOA) format that combines the previous Memorandum of Association and Articles of Association in one consolidated document.
  • Flexibility in case of dispute, enabling parties to agree on court jurisdiction, including Dubai Courts, DIFC, or any other competent forum as agreed by the relevant parties.
  • New provisions in relation to corporate governance - company management and administration, including allowing for participation in both board and shareholder meetings by conference call. The Regulations also address the role and responsibilities of the General Manager.
  • The Regulations contain provisions for migration of companies which will enable companies to move their place of incorporation into and out of the DCC.
  • Allowance for new forms of companies to be prescribed by the DCCA according to the needs of the market.

In addition to the introduction of the new provisions, the DCC Private Companies Regulations 2016 enhances provisions featured in the repealed regulations, including:
  • Increase in maximum number of shareholders allowed in DCC companies from 50 to 75.
  • Allowance for issue of shares for non-cash consideration.
  • New provisions to allow share buy-backs and treasury shares.
  • Regulations to allow issue of shares at a premium, and more detailed provisions in connection with changes in share capital.
  • Extended duties have been imposed on directors on companies, whereby it is expected that they will act honestly and in good faith, prudently exercise care, diligence and skill, act in accordance with these Regulations and the companys constitution and only exercise powers for the purposes for which they are conferred. A director is also expected to disclose any conflict of interests. If a director has any direct or indirect interest in any transaction being entered into by the company, that interest must be disclosed.

In effect, all existing companies in the DCC / TECOM free zones need to do the following:
  • Evaluate their current governance structure to bring it in line with the new Regulations
  • Educate its management team / directors about their existing and new duties and liabilities under the new Regulations
  • Amend their existing Articles of Association to comply with the New Regulations on or before 31 January 2018.

Jebel Ali Free Zone Issues New Regulations

In addition to the implementation of the Regulations in the DCC, the Jebel Ali Free Zone Authority (JAFZA) also adopted new companies regulations recently.

he Jebel Ali Free Zone Companies Implementing Regulations 2016 provides all the relevant guidelines for existing and future companies in JAFZA. The Regulations specifically exclude the application of the UAE Commercial Companies Law (Law No.2 of 2015) (CCL), although the registrar of companies in JAFZ (the Registrar) may apply certain provisions of the CCL to a company or a branch in respect of a matter not contained in the JAFZA laws.

Some of the key features are:

  • A foreign company can now redomicile or transfer its business jurisdiction from its current country to the JAFZ without having to set up a new company or branch. Migration was previously not allowed in JAFZ. This is a positive move that will encourage corporate restructuring of international groups.
  • All the different types of legal entities in the JAFZA such as the Free Zone Establishment (FZE), Free Zone Company (FZCO) and Branch of a Foreign Company are brought together under this regulation, without having the need to follow different regulations. Previously there were separate regulations for FZEs and FZCOs. Branch entities did not have separate regulations.
  • No minimum share capital required - only what is sufficient for the activities of the company. Previously a minimum capital of AED 500,000 for FZCOs and AED 1,000,000 for FZEs was prevalent.
  • FZEs will also have a Memorandum and Articles of Association. Under the previous guidelines, there was no separate constitution for FZEs and implementing regulations for FZEs were adopted as articles of association, if required by corporates.
  • FZCOs can now have a minimum of 2 and a maximum of 50 shareholders. The previous threshold limit was a maximum of 5 shareholders.
  • Public listed company (PLC) is now introduced which lets the entity to be listed on the stock exchange. This is a new type of entity in JAFZ.
  • The concept of a holding company has been introduced, in line with a similar development under the CCL. JAFZ holding companies must prepare consolidated financial statements for their group, in addition to standalone company accounts. In the past, it was a task to categorize the license for holding companies in JAFZ.
  • Converting an entity from one form to the other is now simplified. The previous process was cumbersome and time consuming.
  • Different classes of shares are now allowed to provide flexibility to shareholders. Previously only equity shares could be issued.
  • The Regulations allow a PLC / FZCO, to buy back shares using distributable reserves, and to hold such shares in treasury [as treasury shares] pending a future transfer for cash or for purposes of an employee share scheme with the approval of the Registrar.
The Regulations seem to be designed to provide greater flexibility and clarity in relation to corporate set-up and operations in JAFZ, while making it more commercially viable for large conglomerates.

DIFC New Companies Law

Similarly, the DIFC is currently in the process of seeking public consultation for issuing the new DIFC Companies Law in 2017. The Proposed Law contains significant enhancements and refinements to the current DIFC Companies Law regime to promote better shareholder and creditor protection, whilst also providing greater certainty and flexibility for companies. The key aspects of the proposals include:

  • A new classification of companies.
  • Enhanced directors duties.
  • New mergers and schemes of arrangement provisions.
  • New mergers and schemes of arrangement provisions.
  • Enhancements to company accounting and audit requirements.
  • Enhancements to the Registrar of Companies powers.
  • Disclosure of beneficial ownership of companies.
  • Whistle-blower protection.
  • Miscellaneous enhancements.

The Proposed Law has been posted for a 90-day public consultation period with the deadline for providing comments ending on 19 June 2017.

In conclusion:

There is a clear trend within the free zones in Dubai, and probably soon across the UAE, to modernize their regulations and make these more relevant in the emerging global scenario. This is clearly a step in the right direction and augurs well for the future of international businesses in the UAE.

(This article is Compiled by Chaitanya Kirtikar, Senior Manager, Offshore & Free Zone Department)

A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

 

Range of Services

Audit and Management Assurance Services

  • External audit
  • Internal audit
  • Internal audit - compliance with the requirements of the Dubai Financial Services Authorityy
  • Organisation reviews and system studies
  • Due diligence reviews
  • Forensic and other investigations
  • Training and consulting on IFRS - Back office support services – accounting and payroll
  • Outsourced accounting and payroll services for companies registered in the Dubai International Financial Centre
  • Management information systems

Management Advisory Services

  • Business practices (process) assessment
  • Business risk identification
  • Accounting and procedure manuals
  • Market analysis and feasibility studies
  • Financial projections
  • Information memoranda
  • Business and share valuations
  • Identification and valuation of intangible assets on a business acquisition
  • Impairment reviews
  • Corporate structuring, acquisitions and disposals
  • Joint ventures and strategic alliances
  • Advice on partner/shareholder entry/exit
  • Fund raising

Offshore and Free Zone Services

  • Entry strategy
  • Free zone and offshore company formation
  • Company secretarial services
  • Company secretarial services for companies registered in the Dubai International Financial Centre
  • Registered agents services
  • Taxation

A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

 

Publications

  • Practice Profile
  • Doing Business in the UAE
  • Credentials
  • Free Zones in the UAE

A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd. network

VOL 19, Issue 1 April 2017

 

OFFICES/CONTACTS IN THE UAE AND OMAN

DUBAI/JEBEL ALI
G.Martins
S.D. Pereira
Tel: (971-4) 3888900
Fax: (971-4) 3552070
e-mail:dubai@pkfuae.com

DUBAI INTERNET CITY
G.Martins
Tel: (971-4) 4495430
Fax: (971-4) 3908836
e-mail:dic@pkfuae.com

DIFC
G.Martins
Tel: (971-4) 3857285
Fax: (971-4) 3257294
e-mail:difc@pkfuae.com

SHARJAH/HAMRIYA FREE ZONE
G.Martins
Tel: (971-6) 5740888
Fax: (971-6) 5740808
e-mail:sharjah@pkfuae.com

ABU DHABI
B.R.Sudhir
Tel: (971-2) 6261715
Fax: (971-2) 6261716
e-mail:abudhabi@pkfuae.com

SULTANATE OF OMAN - MUSCAT
P. R. Bhaya
Z.J. Patwa
Tel: (968) 24 563195 / 6 / 7
Fax: (968) 24 563194
e-mail: muscat@pkfoman.com




This document has been prepared as a general guide. It is not a substitute for professional advice. Neither PKF UAE nor its partners or employees accept any responsibility for loss or damage incurred as a result of acting or refraining from acting upon anything contained in or omitted from this document. If you wish to be included on the regular mailing list for this newsletter, forward your request and a mailing address to Mr. K.R.C. Pillai, P O Box 13094, Dubai, UAE, E-Mail: cpillai@pkfuae.com

PKF Publications

Practice Profile

Practice ProfileA profile of PKF International with emphasis on the Middle East region and the UAE in particular.

Doing Business In The UAE

Doing Business In The UAE A guide to the UAE including economic and social background, the regulatory environment, basic business structures, grants and incentives (including free zones), taxation and employment.

Free Zones in the UAE

Free Zones in the UAE A guide to the major Free Zones in the United Arab Emirates including the salient features and costs.


PKF Update
A quarterly newsletter detailing news from PKF UAE with matters of interest in the region.
If you would like to be placed on our mailing list for this document, please contact us.

Statement of Credentials.
Details of the firm, clients, services and the team.
If you wish to receive a copy of this document, please contact us.

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