List of Offshore Company Set up Jurisdictions in UAE in 2020.
The United Arab Emirates comprises seven emirates – Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al-Khaimah, Sharjah and Umm Al-Quwain located along the southeast coast of the Arabian Peninsula.
The Country covers an area of around 84 thousand square kilometres’ and has a population of about 10 million. More than one million people live in the capital, Abu Dhabi. Arabic is the Country’s official language.
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The United Arab Emirates is one the most robust economy among GCC member countries has been successfully diversifying its economy from the oil sector to the non-oil sector. But still heavily reliant on revenues from petroleum and natural gas. The UAE government has targeted towards reducing the economy’s dependence on oil exports by 2030. Tourism is a more significant source of non-oil income in the UAE. Dubai is the transhipment hub in the middle east and caters to this region efficiently as it holds state-of-art supply chain infrastructure.
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Accounting and bookkeeping services are compulsory in UAE from 1st January 2018 for all companies irrespective of the size of the company after the introduction of value-added tax. It is mandatory to maintain accounting records minimum of 5 years for all companies and 15 years for real estate companies in UAE.
Proper recording of accounting transaction as per international accounting standards help an organization to measure the health of the organization. The investor can able to study and analyze various key ratios and management information systems reports for the decision-making process for the further scale-up process.
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