- FAQ
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Audit & Assurance
Why do I need an external audit if my company is small?
Even small companies benefit from independent audits. They ensure your financials are accurate, build credibility with banks and investors, and help you identify risks early.
What’s the difference between internal and external audits?
Internal audits are done in-house to improve operations, while external audits are conducted by licensed professionals (like GulfSC) to ensure financial statements meet UAE standards.
How long does an audit take?
Depending on your business size and records, it can take 2–6 weeks. We’ll assess your documentation and provide a realistic timeline upfront.
Is audit mandatory in the UAE?
Yes, for many businesses. The UAE Commercial Companies Law requires maintaining audited financials, especially for mainland and free zone entities.
What documents do I need to prepare for an audit?
Typically: trial balance, general ledger, bank statements, invoices, contracts, and supporting documents. Don’t worry; our team will give you a full checklist.
Accounting & Bookkeeping
What’s the difference between accounting and bookkeeping?
Bookkeeping involves recording daily transactions, while accounting focuses on interpreting, classifying, and reporting those transactions to inform decision-making.
How often should my books be updated?
Ideally, monthly. Up-to-date records help you track cash flow, file taxes accurately, and avoid penalties. GulfSC can tailor a plan based on your needs.
Can I outsource just part of my accounting work?
Yes. We offer flexible packages; from full-service to handling only VAT filings or monthly reconciliations.
Why is bookkeeping important if I already use accounting software?
Software is just a tool. Human expertise ensures entries are accurate, compliant, and interpreted correctly for better business insights.
What industries do you serve?
We work across sectors; F&B, construction, tech, retail, and more. Our team adapts to your business model, no matter the complexity.
VAT Consulting
Is VAT registration mandatory in the UAE?
Yes, if your business’s taxable supplies exceed AED 375,000 annually. GulfSC helps you register, stay compliant, and avoid fines.
Can I recover VAT on business expenses?
Yes, if those expenses relate to taxable activities. Our team audits your purchases and helps you claim eligible VAT inputs.
What happens if I miss the VAT return deadline?
Penalties apply for late filing or payment. We ensure your VAT returns are accurate, submitted on time, and compliant with FTA requirements.
I’ve made mistakes in my VAT filings. Can they be corrected?
Absolutely. We specialize in VAT amendments, voluntary disclosures, and reclaiming overpaid VAT through legal channels.
Do you offer ongoing VAT advisory or only registration?
We do both. Whether you need a one-time VAT registration or ongoing strategy and filing support, we’ve got you covered.
Liquidation & VAT De-Registration
When should I consider de-registering for VAT?
If your taxable turnover falls below the threshold or your company is being closed, you must de-register from VAT through the FTA.
What’s the difference between company liquidation and VAT de-registration?
Liquidation ends a business’s legal existence, while VAT de-registration is a formal process to cancel your VAT number. Both often happen together.
How long does the liquidation process take in the UAE?
Depending on the legal structure and documents, it can take 2–6 months. We handle everything from final audit to official license cancellation.
What documents are needed for VAT de-registration?
You’ll need your VAT certificate, financial records, final VAT returns, and justification for closure. We handle the entire VAT deregistration process for you.
Are there penalties for delaying de-registration or liquidation?
Yes. Late de-registration or missed filings may result in fines. GulfSC ensures all timelines are met to avoid unnecessary penalties.
You still have a question?
If you cannot find answer to your question in our FAQ, you can always contact us. We will answer to you shortly!
