ARES Accounting is an accounting and finance company that was founded in 2017 and is located in Dubai, United Arab Emirates. The firm offers accounting, taxation, and compliance-related services to corporations based in the UAE, such as those owned by foreign nations and multinational companies that are going through the regulatory process in the country.
This company is situated in Jumeirah Lakes Towers (JLT), which is a trade area in Dubai with a large number of professional service providers and international business establishments. ARES Accounting started in 2017 as a division of a law consulting firm.
The company has its headquarters in Dubai and partners with businesses of different levels of activity, such as startups, small and medium-sized enterprises, and well-established international companies. Its customers consist of UAE-based companies and foreign companies that have their operations or investments in the country.
The business environment of the UAE comprises various compliance requirements, which the companies fulfill, such as accounting record keeping, reporting standards, and filings associated with taxation. ARES Accounting offers services that are aimed at assisting companies with such requirements through organized accounting practices and advisory services.
Among the spheres of work of the firm, there are financial reporting and the preparation of documents needed to conduct annual audits. In the UAE, most of the businesses must keep proper financial records and be audited based on their licensing regulations or corporate setup. The audit preparation process normally involves the arrangement of the financial statements, accounts reconciliation, as well as liaison with the external auditors.
The company is also involved in helping firms to be in conformity with local laws that are applicable to domestic as well as foreign-owned businesses in the UAE. ARES Accounting offers both advisory and compliance services associated with taxation in the UAE, as well as Value Added Tax (VAT) and Corporate Income Tax (CIT).
In the UAE, VAT came into existence in 2018 and established new requirements on business with registration requirements. The usual VAT compliance requirements include registration, periodic filing of returns, and the alignment of invoicing and recordkeeping of the invoicing with regulatory requirements. The accounting companies that help with VAT tend to offer advice concerning the classification of transactions, input tax recovery, and reporting.
Moreover, Corporate Income Tax has made corporate tax planning and compliance services more demanded. The corporate tax may be imposed on a large scope of companies in the UAE, including foreign companies that are owned by foreigners and have local operations. Some of the services offered in this field can be the evaluation of the exposure to taxes, tax filing, and assisting businesses in adjusting their internal accounting operations to the new requirements.
The firm also offers payroll management services. The UAE payroll processing encompasses administrative processes and compliance processes that consist of calculations related to salaries, staff documentation, and wage protection laws.
In the case of companies that hire employees in the UAE, payroll services might also involve checking to comply with the local labor requirements and helping internal financial departments to resolve their regular staff-related financial commitments. The firm offers payroll assistance and accounting and tax services to those businesses that prefer to have the total financial administration solution.
In addition to compliance-oriented accounting, ARES Accounting also provides consultative services for financial organizations and monitors business performance. These services can involve the adoption of performance measurement models like the Key Performance Indicators (KPIs) and the Objectives and Key Results (OKRs).
ARES Accounting is reported to work with clients who speak French and operate or plan to operate in the UAE. The international business community in Dubai is varied, and professional service firms usually establish expertise in supporting certain client groups based on linguistic or regional orientation.
The company specializes in serving French-speaking businessmen, firms, and foreign organizations in terms of complying with the regulations of the UAE and managing finances in the country. This specialization is representative of the demands of the companies that are dealing with international practices, in which language and regulations can pose extra problems.
The company has a workforce of about 15 individuals. It has an accounting and finance staff of numerous different nationalities, such as France, Morocco, Algeria, Tunisia, India, and the Philippines.
