Accounting & Bookkeeping in Dubai. Accurate Financials. Zero Surprises.

Under UAE Corporate Tax Law (Federal Decree-Law No. 47 of 2022), all taxable persons are required to maintain proper books of account and financial records for at least 7 years. For VAT-registered businesses, the requirement has applied since 2018 under Federal Law No. 7 of 2017. Failure to maintain proper accounting records is a violation subject to FTA penalties. Additionally, most UAE free zones and mainland DED licences require annual financial statements for licence renewal. In short: yes, proper accounting is mandatory for virtually all UAE businesses.

The UAE does not mandate a specific accounting framework for all businesses, but International Financial Reporting Standards (IFRS) are widely required: by free zone authorities, UAE banks (for loan applications), auditors and the UAE CT regime. For UAE CT purposes, taxable income is computed starting from accounting profit prepared under IFRS (or IFRS for SMEs where applicable). GULF CONSULT prepares all financial statements in accordance with IFRS and IFRS for SMEs as appropriate for your entity size.

The UAE Wages Protection System (WPS) is a mandatory electronic salary transfer system administered by MOHRE (Ministry of Human Resources and Emiratisation). All private sector employers must pay employees' wages through UAE-approved financial institutions via WPS by the last working day of each month. Failure to pay through WPS, or late payment, results in inability to issue new work permits, classification as a non-compliant employer, and potential prosecution for wage theft. GULF CONSULT manages end-to-end WPS payroll processing for clients, from payroll calculation to SIF file generation and bank upload.