ARES Accounting is an accounting company that is based in Dubai, United Arab Emirates, and offers various financial, tax, and administrative services to businesses that are set up within the country.
The company was established in 2017 and operates with companies that do not have time to handle their bookkeeping tasks, prepare to submit statutory statements, and comply with local regulations. The company is located in Jumeirah Lakes Towers (JLT), which is a commercial hub hosting various international companies and professional service providers.
Founded in 2017, ARES Accounting was originally a legal consulting structure, and then it was transformed into an independent accounting and finance company. The area of its work focuses on the delivery of operational accounting services and advisory support to companies operating under the regulatory system of the UAE. The company has customers in both start-up and mature companies across various businesses.
The business environment of Dubai as a regional business hub has also helped to bring about a growing need for accounting services, especially to foreign-owned companies in seeking to navigate through licensing, reporting, and taxation processes. ARES Accounting is a company that functions in this environment with an aim of providing services regarding financial record keeping, audit preparedness, and tax compliance.
Bookkeeping and accounting support is one of the major functions of the firm. The companies in the UAE must uphold proper financial reports where they are expected to have records of revenues, expenditures, assets, and liabilities. The services of bookkeeping are usually characterized by recording financial transactions, drawing up periodic financial summaries, and assisting companies in maintaining organized accounting systems.
This type of service applies to businesses that would need to have frequent reporting to be utilized in the management of such businesses or to ensure that they comply with the external regulatory authorities.
The annual audit is one that should be prepared by many businesses in the UAE based on their needs, such as the needs of the licensing or free zone regulations, or the corporate governance framework. Services that are offered under audit preparation are usually the arrangement of financial statements, balancing accounts, and also making sure that accounting records are of satisfactory standards before they are reviewed by external auditors.
In 2018, the UAE implemented Value Added Tax (VAT), which established a well-structured indirect tax system to cover the wide range of businesses that have to reach certain revenue levels. VAT regulations compel a company to register with the tax authorities, keep VAT-compliant invoicing, make periodic VAT returns, and make sure that tax is appropriately charged and imposed on the transactions that are subject to tax.
ARES Accounting offers services related to VAT requirements, which can include registration, calculation of VAT requirements, and preparation of returns and advice on recordkeeping practices in accordance with local tax regulations.
The introduction of Corporate Income Tax in the UAE has resulted in new compliance burdens for many corporations. Government taxation of corporations can be applied to both local and foreign-owned companies based on the businesses and level of income, and stay on the classification of regulatory authorities.
Accounting is provided as advisory services by ARES Accounting, who assist companies to get a sense of the tax exposure, prepare corporate tax documentation, and make internal accounting procedures consistent with corporate taxes. The issue of corporate tax compliance becomes more topical with the adaptation of businesses to new financial policies in the UAE.
ARES Accounting operates in different industries among businesses. It sells its services to startups that set up operations in Dubai, trading firms with import and export business, professional service firms, and international subsidiaries operating in free zones or on the mainland.
The customers of the firm are both local business establishments in the UAE and foreign companies operating within the UAE to handle its regulatory requirements. This diversity portrays the expansive nature of the commercial ecosystem of Dubai and the diversity of corporations that need accounting and compliance services.
ARES Accounting is recognized by its orientation in serving French-speaking customers who are in the UAE. Dubai has a significant global business population, and providers of professional services usually specialize in serving certain language or regional groups.
The French-speaking entrepreneurs and businesses that enter the UAE can encounter other issues connected with language barriers and diversities in financial regulation. The provision of accounting and tax services to this client segment means that the firm is in a niche that meets regulatory compliance and cross-cultural business requirements.
This company is estimated to have a workforce of about 15 professionals. It has accounting and finance professionals who have varied national backgrounds, such as France, Morocco, Algeria, Tunisia, India, and the Philippines.
Such a multi-national team structure is indicative of the overall professional service setting in Dubai, in which companies often utilize foreign competency in order to satisfy the demands of an international client base.
