When a company’s business is liquidated, complete control of the property is transferred to the appointed liquidator, and the company is required to close in accordance with the applicable liquidation procedure. Upon completion of closure, the company should also be removed from the VAT registration list, a separate step from the commercial liquidation process itself. … Read more
What a Forensic Audit Is A forensic audit is a specialist examination of an organisation’s financial records and systems specifically designed to produce evidence that meets the standard required for use in legal proceedings. It differs from a standard financial audit in both purpose and methodology: where a financial audit assesses whether financial statements are … Read more
Why Small Businesses Must Register for Corporate Tax — Even If They Expect to Pay None A common misunderstanding among small UAE businesses is that Corporate Tax registration only matters once a business starts owing tax. This is incorrect. Under Federal Decree-Law No. 47 of 2022, Corporate Tax registration is a legal obligation for every … Read more
VAT deregistration is the formal process of cancelling a business’s Tax Registration Number (TRN) with the Federal Tax Authority (FTA). Once approved, the business no longer charges VAT on its supplies, files periodic VAT returns, or carries ongoing VAT record-keeping obligations. Deregistration is not automatic. Closing a trade license or simply stopping invoicing does not … Read more
Legal Counsel and Financial Advisory — Two Roles, Not One A common source of confusion in UAE mergers and acquisitions is treating M&A as a purely legal exercise. In practice, a well-structured M&A transaction involves two distinct professional teams working in parallel: legal counsel, who handles the contractual, regulatory, and corporate law dimensions of the … Read more
What an Annual Statutory Audit Is A statutory audit is an independent examination of a company’s financial statements conducted by a licensed external auditor who has no financial or professional connection to the business under review. The output is a formal auditor’s report — a professional opinion on whether the financial statements present a true … Read more
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