ARES Accounting is a Dubai-based accounting and finance company that offers specific services to businesses operating in the regulatory and finance environment of the United Arab Emirates. The company was established in 2017, and it is located within Jumeirah Lakes Towers (JLT), a commercial zone that is home to many professional service providers and multinational companies.
Its services are limited to financial compliance, tax advisory, and administrative services, specifically targeting the services of French-speaking businesses that are in operation in the UAE or are planning to expand to the country.
The UAE has evolved into a regional business center, which is attracting a high number of foreign-owned companies. Nevertheless, business in the UAE has certain regulations and compliance issues, such as accounting standards, tax registration, financial reporting, and payroll administration. ARES Accounting offers services that would help foreign firms and international subsidiaries to satisfy these requirements.
The experience of the firm will be specifically useful to the firm venturing into the UAE market, which might face disparities in fiscal regulations, reporting schedules, and administrative processes in their countries of origin. Besides the compliance support, businesses usually need support on how to adjust their internal financial procedures to the local regulations.
Having correct financial records is the basic demand of all companies in the UAE. ARES Accounting offers accounting and bookkeeping services to make sure that financial statements are relevant to the business activity. These involve the arrangement of the transactions, the reconciliation of the accounts, and the preparation of the periodic financial summaries.
Some of the companies operating within the UAE are subject to voluntary or statutory audit. The company helps clients to be ready for these audits by organizing the documentation, arranging the financial statements, and making sure that they comply with the accounting standards used. Another aspect of corporate governance and adherence to the regulations is audit preparedness.
The introduction of Value Added Tax (VAT) in 2018 and the further introduction of Corporate Income Tax (CIT) have added further compliance requirements to companies located in the UAE. The compliance of VAT requires registration, filing periodic returns, invoicing in a stipulated manner, and keeping records. The obligation of Corporate Income Tax that applies to a wider scope of companies, including foreign-owned companies, necessitates tax planning, proper reporting, and coordinating internal accounting systems with regulatory requirements.
ARES Accounting offers advisory and compliance services in both fields, helping businesses to understand the requirements, filing, and continue to remain compliant with the changing regulatory standards.
Besides regulatory and administration services, ARES Accounting also provides advisory services concerning performance monitoring and efficiency of businesses. This contains the advice on how to roll out performance management models like Key Performance Indicators (KPIs) and Objectives and Key Results (OKRs).
KPIs and OKRs are business tools that enable firms to monitor the progress of operations, performance, and business goals against quantifiable results. To businesses that are either venturing into the UAE market or are experiencing growth, such frameworks may offer financial and operational insights to the management.
ARES Accounting is especially interested in serving French-speaking clients who are working in the UAE. This refers to entrepreneurs, emerging companies, and already established companies in the Francophone regions in need of setting up or growing their operations in Dubai and the UAE at large.
The process of language specialization facilitates the successful communication process. It makes the regulatory instructions and financial reports available to clients who might be more conversant with financial documentation in the French language.
The company has an approximated staff of about 15 professionals. The employees are of various national background like France, Morocco, Algeria, Tunisia, India, and the Philippines. This multination team makes the company meet the demands of a diverse client base and be effective in serving various cultural and regulatory environments.