As per the UAE Commercial Companies Law 2015, companies are required to maintain their accounting records for a minimum of five years. Additionally, many free zones in the UAE mandate businesses to keep accurate financial records and submit audits conducted by approved accounting and auditing firms.
With the global adoption of International Financial Reporting Standards (IFRS), financial accounting and bookkeeping have become more streamlined yet increasingly complex. In the evolving regulatory landscape, it is crucial for businesses in the UAE to meet stringent compliance standards. Accurate and compliant financial statements are essential to compete in the market, attract investors, and meet local laws.
Given the complexity of managing daily operations and staying compliant with local regulations, outsourcing accounting and bookkeeping services to professional firms is an effective solution. This ensures businesses in Dubai and the UAE remain financially stable and compliant with international and local requirements.