Accounting for companies in Dubai
End-to-end accounting management for Spanish-speaking businesses and international firms that ensures regulatory compliance and accurate financial reporting. IFRS, VAT, Corporate Tax, QFZP substance, FATCA/CRS and transfer pricing under a single bilingual team.
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Accounting and financial services.
General accounting.
Journal entries, bank reconciliation, balance sheets and monthly closes. Books kept current and ready for inspection at any time.
Asset management.
Recording, valuation and depreciation of fixed assets under IFRS criteria. Efficient control of tangible and intangible assets.
Preparation of statements.
Preparation of annual financial statements compliant with IFRS. Balance sheet, P&L, statement of changes in equity and cash flow statement.
International tax compliance.
Economic substance under Corporate Tax and the QFZP regime, FATCA and CRS. International tax obligations met with precision and on time.
Audit services.
Financial and compliance audits with licensed firms. End-to-end coordination of the process with minimal operational friction.
Transfer pricing.
Transfer pricing studies: analysis of related-party transactions, master file, local file and country-by-country where applicable.
Continuous accounting support.
Eight steps from initial onboarding through audited annual reporting. Clear calendar, no surprises.
- 01
Onboarding
We analyze your company, activity, structure and volume. We design the optimal accounting workflow and delivery deadlines.
- 02
Chart of accounts
We define the chart of accounts adapted to your sector, IFRS-compliant and aligned with UAE Corporate Tax requirements.
- 03
Monthly bookkeeping
Journal entries, bank reconciliations, vendor and customer control. General ledger updated weekly or monthly.
- 04
Monthly closes
Monthly balance sheet and P&L with commentary. The basis for management decisions, parent-company reporting and ongoing compliance.
- 05
Tax filings
Quarterly VAT filings and annual Corporate Tax (including QFZP substance where applicable). Deadlines on a clear calendar.
- 06
Year-end close
Preparation of financial statements under IFRS. Audit dossier preparation if required by your Free Zone.
- 07
Audit coordination
Full support to the auditor with a licensed firm. We resolve queries, prepare supporting documents and sign off the dossier on time.
- 08
Ongoing reporting
Periodic reports tailored to your parent company or board. Financial KPIs, dashboards and proactive alerts.
Advantages of outsourcing accounting.
Time savings
You free your team from accounting reporting so they can focus on commercial operations and growth.
Trusted local network
Access to our network of licensed auditors, banks and Emirati tax authorities, without having to build it from scratch.
Multidisciplinary team
Accountants, tax specialists and auditors working in coordination. One conversation to resolve multiple angles.
Personalized attention
A dedicated point of contact assigned to you. Fast response and individual follow-up, not just another file in a large firm.
UAE experience
Years operating in the local market. We understand the unwritten requirements of every Free Zone and tax authority.
Integrated services
Accounting + tax + audit + corporate. All under one firm to eliminate handoffs between providers.
Accounting obligations by jurisdiction.
Comparison of obligations
| Aspect | Free Zone | Mainland |
|---|---|---|
| Accounting requirements | Up-to-date records, IFRS financial statements | Strict oversight, periodic VAT, mandatory transparency |
| Audit | More flexible: mandatory in DMCC, JAFZA, DIFC, ADGM; not in all | Mandatory for certain regulated activities |
| Authorities | Specific to each free zone | Ministry of Economy and FTA |
| Financial statements deadline | 90 days after year-end | 4 to 6 months after year-end |
| Records retention | Minimum 5 years | Minimum 5 years (7 for tax) |
| Corporate Tax | 0% if QFZP; 9% on non-qualifying >375K AED | 0% up to 375K AED; 9% above |
Applicable rules for UAE accounting.
International accounting standards
- Mandatory
- IFRS for any company in the UAE.
- IFRS for SMEs
- Permitted for small and medium-sized enterprises.
- Functional currency
- Typically AED, but may be another currency depending on operations.
- Language
- English or Arabic. Official translation if required by the regulator.
Tax obligations
- VAT
- Standard rate 5%; mandatory registration >375K AED.
- Corporate Tax
- 0% up to 375K AED; 9% above; QFZP 0% on qualifying income.
- Economic substance
- ESR repealed by Cabinet Decision 98/2024 for financial years from 2023. Substance now sits under Corporate Tax to keep QFZP status.
- FATCA / CRS
- International reporting for financial entities and certain structures.
- UBO
- Mandatory ultimate beneficial owner registration.
Accounting with LorcaBase.
Bilingual team working from Dubai. Accounting, taxation and audit coordinated under a single technical lead, in your language.
Closed tax calendar
12-month planning with advance notice for every obligation: VAT, Corporate Tax, QFZP substance, renewals.
Reports in English
Monthly reporting in English or bilingual EN/ES. Accounts you can read without language barriers.
Coordinated audit
Network of licensed auditors with recognized firms. Process coordination without operational friction.
International compliance
QFZP substance, FATCA, CRS, transfer pricing. Cross-border tax obligations under control.
ERP integration
We work with Xero, QuickBooks, Odoo, SAP Business One, Zoho and others. No unnecessary migrations.
Predictable pricing
Fixed monthly or quarterly fee. No surprises and no billing for stray hours.
What else do we offer?
Corporate taxation.
Corporate Tax, VAT, QFZP, Economic Substance and double-taxation treaties with an integrated approach.
Discover → XIX · VATVAT Registration.
VAT processing with the FTA: mandatory >375K AED, voluntary from 187.5K AED, official TRN.
Discover → XX · AuditTax audit.
Preventive audits, VAT review, preparation for FTA inspections and internal audit.
Discover → XII · CorporateCorporate solutions.
Visas, banking, licensing and ongoing administrative management for UAE companies.
Discover →Key terms of accounting and finance in Dubai.
Quick reference of accounting, tax and reporting concepts you will encounter throughout your UAE company operations.
IFRS▸
International Financial Reporting Standards. Mandatory accounting framework in UAE to prepare financial statements, basis of Corporate Tax.
Corporate Tax (CT)▸
Corporate Income Tax of 9% on profits above 375,000 AED. In force since June 2023. Qualifying Free Zones may retain 0%.
VAT▸
Value Added Tax. UAE VAT at 5% on goods and services. Mandatory registration above 375,000 AED in annual sales or voluntary from 187,500 AED.
ESR▸
Economic Substance Regulations. Regulations that between 2019 and 2022 required certain companies (banking, holding, intellectual property, distribution, etc.) to demonstrate real economic activity in the UAE. Repealed by Cabinet Decision 98/2024 for financial years starting on or after 1 January 2023; substance requirements were transferred to the Corporate Tax regime, especially for Qualifying Free Zone Persons.
FATCA▸
Foreign Account Tax Compliance Act. US tax information exchange regulation. Requires financial entities and certain structures to identify and report US Persons accounts.
CRS▸
Common Reporting Standard. OECD standard for automatic exchange of tax information. UAE participates and reports non-resident balances to their countries of residence.
Transfer Pricing▸
Rules governing prices between related parties. UAE adopts the arm's length principle in line with OECD guidelines.
Arm's Length Principle▸
Full competition principle. Requires that transactions between related entities be valued as if independent.
Master File▸
Transfer pricing document describing the global group structure. Mandatory for groups present in UAE above relevant thresholds.
Local File▸
Transfer pricing document specific to the Emirati entity. Details related transactions and their valuation at market prices.
QFZP▸
Qualifying Free Zone Person. Regime for Free Zone companies meeting substance requirements and qualifying activities. Allows maintaining 0% Corporate Tax on qualifying income.
Audit Report▸
Audit report signed by an authorised firm. Mandatory in DMCC, JAFZA, DIFC and other Free Zones to maintain licence and tax regime.
P&L▸
Profit and Loss. Financial statement summarising income, expenses and result for the period.
Balance Sheet▸
Statement of financial position. Financial statement showing assets, liabilities and equity at a specific date.
AED▸
Emirati Dirham, official currency of UAE. Fixed exchange rate approximately 1 USD = 3.67 AED.
UBO▸
Ultimate Beneficial Owner. Individual who ultimately controls the company at the end of the corporate chain. Mandatory declaration since 2020.
What clients most often ask.
How long must accounting books be kept in the UAE?
A minimum of 5 years for mainland companies, extending to 7 years when it comes to tax obligations such as Corporate Tax and VAT.
What is the deadline to file audited financial statements?
In Free Zones, typically within 90 days from the close of the financial year. In Mainland the deadline extends to 4 to 6 months depending on the authority.
Is an internal audit valid?
No. Mandatory audits in the UAE require audit firms authorized and licensed by the Ministry of Economy or by the corresponding Free Zone authority.
Are all Free Zones exempt from audit?
No. Some Free Zones such as DMCC, JAFZA, DIFC or ADGM require a mandatory annual audit to maintain the license and access tax benefits like the Qualifying Free Zone Person regime.
How is accounting handled when invoicing in multiple currencies?
Multi-currency accounting supervision is applied, with recognition of exchange differences under IFRS, VAT control and, where applicable, consolidated reporting to the parent company in its functional currency.
Is ESR compliance still in force?
No. Cabinet Decision 98/2024 repealed the Economic Substance Regulations for financial years starting on or after 1 January 2023. ESR notification and reporting obligations only continue to apply to financial years between 1 January 2019 and 31 December 2022. Substance requirements were transferred to the Corporate Tax regime: companies electing Qualifying Free Zone Person status must maintain a local office, qualified personnel and decision-making in the UAE to keep the 0% rate.
What are FATCA and CRS?
These are international standards for the exchange of tax information: FATCA (US) and CRS (OECD). Financial entities and certain structures in the UAE must identify and report accounts of foreign residents.
The trust of those already working with us
Your accounting, handled; your finances, up to date; your time, free to grow.
Book an initial consultation, no commitment. We will prepare a clear proposal covering scope, calendar and a fixed monthly fee tailored to your company's volume.
Book a consultation →Dubai Marina, UAE