Have any questions ? enquire@risiansaccounting.com    +971 585919051
Auditing, VAT, Accounting & Business Consultancy Services in UAE
slider-bg-1

High-quality financial services responsive to your needs

Adhering strictly to applicable financial reporting standards and best practices.

Talk to Us
slider-1
Remain compliant and continually growing

Remain compliant and continually growing

Gain access to global financial advisors and international level of quality.

Get in Touch
Remain compliant and continually growing
Never compromise on financial planning

Never compromise on financial planning

Helping you to compile detailed financial plan and cash flow forecast.

Book a Session
Never compromise on financial planning
Auditing, VAT, Accounting & Business Consultancy Services in UAE

Auditing, VAT, Accounting & Business Consultancy Services in UAE

We offer our years of experience for your business.

Contact Us Today
Auditing, VAT, Accounting & Business Consultancy Services in UAE
About Us

We’re a team of the dedicated and experienced accounting and bookkeeping firms in UAE you can trust. Our services are aligned with respect to Virtual Accounts Office so that you can focus on running your business.

About Us SARWAR ALI - FOUNDER & CEO
Virtual Accounts Office

Share the burden of your accounting and business administration needs – from payroll, to invoicing, and bookkeeping– everything in less than the cost of an employee.

Strategic Thinking

What makes Risians different is our commitment to ensuring every one of the services we provide contributes to the realisation of your strategic business or personal plan.

Year-End Accounts & CT Returns

Clutter-free and cost-efficient services for year-end accounts and CT returns to fully leverage legitimate exemptions.

Our Expertise
Our Expertise

We specialize in tailor-made solutions for small and medium sized businesses. Let us take care of all your auditing, accounting and tax requirements, whether required by statute or for the management of the business. We can do it all:

  1. Auditing
  2. Bookkeeping
  3. Statutory accounts
  4. Tax returns
  5. Vat
  6. Added-value management accounts
  7. Ad-hoc cash and profit forecasting

We can also prepare and submit self-assessment tax returns for the business owners. Each of our services can be delivered from our office or we can visit your premises if you prefer. What else would you like us to do? Please ask

ASK US
PAYSLIP PROCESSED
5000PAYSLIP PROCESSED
HOURS OF BOOKKEEPING
15000HOURS OF BOOKKEEPING
YEARS OF WORKING EXPERIENCE
10YEARS OF WORKING EXPERIENCE
HAPPY CUSTOMER
1200HAPPY CUSTOMER

We take pride in calling ourselves full administration CPA firm having expertise in tax management, bookkeeping and counseling needs of people and organizations. Our clientele from individuals to the small-scale enterprise, LLCs, corporate houses, and traverse over a few unique businesses.

  • 2019
    INSOLVENCY & BANKRUPTCY SERVICES We offer "Stress & Risk Mitigation Plan" to prevent your business from going into default, identification & disposal of bad assets, Financial Cashflow ensuring avoidance any events of defaults.
  • 2004
    COVID-READY SERVICES We help businesses of all sizes survive the impact of COVID-19. Our financial & business planning, budget forecasting and Covid-19 subsidy guidance will help you navigate your way to success.
  • 1994
    BUSINESS CONTINUITY PLAN We can identify potential risks to these critical pieces in your business and prepare to recover as quick and easy as possible. This will have a contingency plan along with a financial action plan that is easy to execute in worst case scenarios.
  • 1992
    IT’S PERSONAL We value your financial data and ensure your data is leak-free, we’ve got your back.
  • 1992
    SAVE TIME & MONEY We handle everything, get free of data entry or number crunching. Affordable fixed monthly pricing – no hidden costs or surprises!
  • 1992
    SPECIALIST SERVICES We employ the best software and processes that includes Strategic Planning and Forensic Accounting.
WHY CHOOSE RISIANS
WHY CHOOSE

RISIANS ACCOUNTING SOLUTIONS

WE PROMISE

Dedicated Support

We’ll assign you an expert, qualified accountant who’ll get to know you and your business inside out.

READ MORE
Technical Expertise

We leverage some of the best & world-class technologies and have hands-on experience working with the leading software solutions as well as processing software while catering to the needs of our clients.

READ MORE
Internal Audit

We ensure that your organization’s risk management, governance and internal control processes are well aligned. Our internal audit process have qualified, skilled and experienced professionals working in tandem.

READ MORE
Taxation Services

We assist companies of all sizes navigate complexity and nurture with insightful, practical tax advice. Alongside catering to tax professionals in India we have clients in other countries also.

READ MORE
Data Security

We follow a very stringent regulations and guidelines that guard our professional approach and keeps the network intact and protected. We ensure the safety of your financial data at each step.

READ MORE
Transparent Pricing

Our pricing model is competitive and very flexible, with no hidden extras. Sign up online and get up and running within minutes.

READ MORE

OUR PROCESS

ANALYZING FINANCIAL TRANSACTIONS
  • 2004
    ANALYZING FINANCIAL TRANSACTIONS We kick-start with financial transactions and entering the ones pertaining to the business entity into the accounting system.
  • 2004
    JOURNAL ENTRIES To simplify this process easier, we use a special journal to record recurring transactions like purchase history, sales, cash receipts etc.
  • 1994
    UNADJUSTED TRIAL BALANCE We rectify the trial balance that contains errors, this include errors such as errors caused by double posting or due to the omission of entries.
  • 1992
    CLOSING ENTRIES Finally, we prepare a post-closing trial balance to test the equality of both the debits and credit amounts. Alongside, we handle the financial statements and bookkeeping.
QUALIFIED

TEAM MEMBERS

FOUNDER & CEO
SARWAR ALI- FOUNDER & CEO
risiansANUSHA KAVRA - MD
ANUSHA KAVRA - MANAGING DIRECTOR
risiansABBAS - BDM
ABBAS - BUSINESS DEVELOPMENT MANAGER
risiansBHAWNA - BDE
BHAWNA - BUSINESS DEVELOPMENT EXECUTIVE

LATEST NEWS

news image
New Rules Introduced Regarding Dubai Government Accounting System

All the financial accounting functions are executed by the Government department through the approved system, application, and smart financial solution.

This Resolution is issued by...

2021-03-10 WRITTEN BY Abbas READ MORE
News Image
UAE fight Against the laundering Money and terrorism financing

The United Arab Emirates is a prominent financial hub in the world.  Dubai Leads the Plenty of international business and international business interests in the economic zone. Due to this profile, financial criminals can target the dubai to do financial activities and convert black wealth into white. So now, the UAE government urges the Central Bank of the UAE (CBUAE)to set up the fight against the Lanudring money and terrorism financing.  Then the Central Bank introduced the surveillance agenda against the anti-money. The Central Bank of the UAE held the first compliance officer forum to create a dialogue between the CBUAE and chief compliance officers of all banks to interact regarding the exception from compliance functions and bank risk management. 

The governor of the Central Bank of UAE met with over 100 chief compliance officers and also with some other senior compliance professionals in the presence of the chairman of UAE banks federation (UBF) Mr. Abdul Aziz Al ghurair.

In the meeting several discussions were done, mainly emphasizing the bank need to access the scope and skills of their compliance function and property embed the compliance risk within the overall risk appetite framework. During the forum, CBUAE introduced the surveillance agenda against the laundering of money and terrorism financing with the particular focus on obeying the action that was recommended by the (FATF) Financial Action Task Force.

The UBF’s Compliance Committee repeated its commitment to support the CBUAE and other authorities to make a stronger anti-money laundering framework.

In the meeting alhamdi said, UAE is strongly committed to applying the FATA standard for a safe and secure financial system in the UAE. We encourage the financial institutes to keep their focus on money laundering and terrorism financing. The chief of compliance officers is also the partner of this journey. We are expecting that CBUAE will provide a solid platform for regulatory dialogue with the industry.

 

2021-02-23 WRITTEN BY Abbas
News Image
How Audit Firms Can Help You to File ESR Notification & Report In Such a Short Notice?

Article 8 of the Cabinet Resolution 57 of 2020 sheds light on the notification and reporting requirements that the entities must meet to comply with the ESR. It states that every Licensee is now required to file annual ESR notification to the relevant Regulatory Authority. Audit firms in Dubai will assist you in filling the notification with the following mandatory details :

  1. Whether the business entity has carried out a relevant activity or not
  2. Whether the company has generated any income from the relevant activity

 

The notification will be filed through the Ministry of Finance's dedicated online portal. The notification will be processed between the regulatory authorities and the Federal Tax Authority (FTA), which is the National Assessing Authority for the ESR.

The FTA, in its capacity as a National Assessing Authority, will oversee compliance and control of the Updated ESR. FTA, among other things, will also assess if the Licensee has met the Economic Substance Test. It will also decide the necessary course of action to follow if your entity fails to meet the ESR test.

2021-01-09 WRITTEN BY Khaleej Times
News Image
ESR Filing Deadline Extended Till January 31st, 2021

The Economic Substance Regulations (ESR) compliant has announced the extended its deadline by a month in UAE. It came as a relief to all the businesses as The ESR Notification and the ESR Report were earlier due on December 31, 2020 and can now be submitted on or before January 31.This extensions should be seen as an opportunity to get things done on this period. Businesses were caught in a year end rush having submitted the ESR notifications in June last and the amendment came in September. They had bear extra advisory costs and arbitrary data calculations. This will give the business owners to get their reports in order and make them ESR Compliant.

In this extension period businesses can make the best use of this period to examine ESR implications and undertake the compliance work accordingly. Businesses that have already submitted the Notification or the ESR report will also get the option to amend the submission. Also, these corrections will not result in any kind of penalties. The ESR Compliance Requires the board meeting reports of organizations and if the meeting were not held in person or overseas, then it demands a clarification. The information in the ESR report is very critical for the authorities to check if all the ESR Requirements have been met. The data in the report should be apt and well explained in the report. 

2021-01-05

OUR BLOG

blog image
What is the difference between Accounting And bookkeeping.

In Accounting or financing language,  the term accounting and bookkeeping are almost used interchangeably because they both deal with business accounts. However both concepts are different but if someone asks about the difference between accounting and bookkeeping it becomes taught to describe because both support the business finance in different stages and ways. Let's take a look at the difference between Bookkeeping and accounting.

What is Accounting?

Accounting...

2021-04-26 WRITTEN BY Mr. Abbas READ MORE
Blog Image
Best Tips For Small Business Bookkeeping

A business book is a scorecard of your business that defines how you are doing. Being a good business, it’s your responsibility to stay one step ahead in the industry. Having accurate and up-to-date accounting records is the sign that shows the business is on track of success.

 

Small Business Bookkeeping Tips

Tips will help you to be skill full to manage the business process and increase the ability and knowledge to operate your business skill.

 

  1. Separate Personal And Business Bank Account:- The business owner must have separate accounting for their business and personal account so that we can separate the business fund from the personal amount. Recording personal expenses transactions is a waste of time and energy. It becomes worse when you outsource for bookkeeping and get mixed with personal expenses. Always use the separate account and only record the business account transaction so that you can track your business cash flow easily. If you want money in your personal account then make the bulk transaction from your business to your personal account on a monthly and weekly basis.

  2. Identify The Personal And Business Expenses - The business owner withdraws the money from the business account to the personal account to fulfill their needs, wants, and desires. The best practice is to choose the one fixed amount to transfer from the business account to the personal account on a weekly or monthly basis.  By doing this business account will be clean and tidy with only business transactions. It will avoid confusion between personal and business transactions.


    To reduce tax business owners should know and recognize what types of expense transactions can be claimed against the profit. 
    1. Those expenses that directly related to the business operation and producing income.
    2. Owner personal Expenses and etc.

    To know more about these types of transactions contact risians accounting and auditing firms.
     
  3. Make Automate As Much As Possible.
    Use accounting software to save time and money. With software, you can goodbye the putting data into spreadsheets and manually action. The software records the transaction automatically in the right manner. While selecting the software, look at the storage, accessibility, and security. you must make a list of things that software must-have for your business. Don’t rush to buy the software and first perform your homework to find what software should be fit for my business.
    Applying automation in business means you are saving your time and energy by automation process. After automation, you will have time to focus on the business. Putting data into a spreadsheet and crunching numbers manually is an old and time taken method.

  4. A Regular Check of Business Books -  Business owners should check the business book on a regular basis such as weekly and monthly in order to confirm that transaction is recorded accurately and timely.  Up to date information on accounts defines the business health, how business is going and etc.

  5. Reminder for Deadlines - It’s possible for business owners to miss the due and last date of tax filing.   To avoid this, the business owner should set the reminder, can use the google digital calendar and any other preferred calendar, and fill the tax return on time. A business owner also uses reminders also for other important works. Complete work on time it’s a sign of success.

  6. Track Business Expenses - We can forecast some expenses but it’s very difficult to predict unexpected expenses. But if you plan and plan for the expected and unexpected expenses then it will be beneficial for the business’s health. With the help of bookkeeping records, such as supplies, inventory, insurance, and utilities. We can easily predict the expenses that will happen in the future and prepare ourselves for them.

  7. Give Priority To Your Accounting Books - As business owners, we have lots of tasks to do for running the business and forget to update the business books. To keep business on the success road we should give top priority to maintain the books.

    From day one we should record each and every transaction and organize the books in a proper manner.  If we avoid maintaining records timely and accurately then we push our business towards failure.  We should give priority to business accounts to keep them updated and keep reviewing the transaction for accuracy and transparency.

  8. Ask From Accountant - Take assistance from your accountant to figure out this. Your accountant gives you advice on how to do it and also helps in setting up software and customize software as per your business needs.

If you have any doubt and query feel free to contact Risians Accounting. We will help you to set up a cost effective tailor made business accounting system for your business from which you can record each and every transaction systematically and focus on the business.

 

2021-04-25 WRITTEN BY Mr. Abbas
Blog Image
Economic Substance Regulations In UAE

The European Union (EU) has blacklisted those countries that don’t have criteria to meet with EU fair taxation, tax transparency, and measurement of the (BEPS)   base erosion of profit shifting.

Economic Substance Regulations: In 2019, the UAE government has introduced the Economic Substance Regulation (Cabinet of Ministers Resolution No. 31 of 2019), in UAE for un-blacklisted from the list of EU.  After implementation of the Economic Substance Regulation (ESR) system, UAE has been removed from the list of blacklisted countries by the EU. On 10 August 2020, UAE cabinet Minister issued Cabinet Resolution No. 57 of 2020 Concerning Economic Substance Requirements. Which gives the revision set of  Economic Substance Regulations. For the implementation of the provisions of the economic substance requirement and Ministerial Decision No. 100 of 2020 on the Issuance of Directives was introduced on 19 August 2020. This decision also repeals and replaces Cabinet of Ministers Resolution No. 31 of 2019 and Cabinet of Ministers Resolution No. 58 of 2019. 

 

UAE Regulation Authorities 

 

?Federal Entities

Ministry of Economy

Central Bank

Insurance Authority

Security and Commodities Authority

?Free Zones

Abu Dhabi

Abu Dhabi Global Market

Media Zone Authority Dhabi

Abu Dhabi Airports Free Zone

Abu Dhabi Ports

MASDAR City

Dubai 

Dubai Airport Free Zone

Dubai Healthcare City Authority

Dubai International Financial Center

Meydan

Dubai South / Dubai Aviation City 

Jebel Ali Free Zone Authority/ DP World

Dubai World Trade Center

International Humanitarian City?

Dubai Development Authority

Dubai Silicon Oasis

Dubai Maritime City

Dubai Multi Commodities Centre

?Sharjah

Sharjah Airport International Free Zone Authority

??Hamriyah Free Zone Authority

Sharjah Media City (Shams)

Sharjah Publishing City

Sharjah Research Technology and Innovation Park

Sharjah Healthcare City  

Ajman

Ajman Free Zone Authority

Ajman Media Free Zone Authority

Ras Al-Khaimah

RAK International Corporate Centre

Ras Al Khaimah Economic Zone

RAK Maritime City 

Um Al-Quwain

UAQ Free Trade Zone

Fujairah

Fujairah Free Zone

International Free Zone Authority 

Fujairah Creative City?

??

Above table source link here.

 

Scope of the Economic Substance Regulation

Natural persons, sole proprietors, trusts, and foundations regulations do not apply. It’s applied to:-

  • Any incorporated legal person.
  • unincorporated partnership registered in the license of the following activities.

 

  1. Banking Business
  2. Insurance Business
  3. Investment Fund Management Business
  4. Lease Finance Business
  5. Headquarters Business
  6. Shipping Business
  7. Holding Company Business 
  8. Intellectual Property Business
  9. Distribution and Service Centre Business

Relevant business should obey the Economic Substance Regulation requirements:-

  1. Manage all income-generated activities as per ESR.
  2. Activities that directed and managed in the UAE
  3. Consideration level of the activities functions. (i) Businesses should have sufficient full-time qualified employees, (ii) Have sufficient and property physical assets in the UAE. (iii) Bear the amount of the operation expenditure in the UAE.

 

Penalties in Economic Substance regulation (ESR)

Businesses will be penalized if they fail in complying with ESR in UAE.

  1. Businesses get penalized from AED10,000 to AED 50,000 If businesses fail to present adequate ESR and also fail to provide accurate and complete information for the relevant year.
  2. Businesses can get a penalty of AED10,000 to AED 50,000, what if the business is failed to provide accurate and complete information about the exchange with a foreign parent company or ultimate beneficial ownership.
  3. If the business is failed in the second financial year in the above two things then the license could be canceled, not renewed, and withdrawn. Also, get a penalty of AED100,000 to AED 500,00.

 

What is the Economic Substance in Accounting?

All the transaction that has a purpose or related to the reduction of tax liability.  It’s used to evaluate and examine tax to see if there is anything that is abusing the tax law. If tax abuse is found then it will be penalized by the IRS. ESR is most important because in the Substance report we provide full and accurate information about the tax transaction and other transactions in which ESR is applied during the financial year. To get more details about it Feel free to contact us, we will be happy to hear you directly. The main purpose of the Economic substance report is to provide the 

National Assessing Authority with the information of license, assets, income & expenditure, employees, and governance-related to its Relevant Activities in the UAE.

If you have more than a license then you have to provide a report for each license. The Economic substance report is submitted online on the Ministry of Finance portal.

Here is the MOF guide on ESR click here. Hire the best economic substance resorting service and save your business from the penalty and any other harm.

 



2021-04-07 WRITTEN BY Mr. Abbas
Blog Image
Guide For VAT Deregistration UAE Under VAT Law

VAT Deregistration means to cancel their VAT registration with FTA.  I noticed in the market there is a lot of confusion going on related to vat registration. Let’s understand about Deregistration. Suppose Business is registered under the VAT but businesses stop making taxable transactions. Then it’s mandatory for a business to cancel their registration with FTA (Federal Tax Authority). The business has to submit the application for deregistration  With the required documents to FTA, then FTA will cancel the registration. 

Deregistration is important as VAT registration and businesses should have a good understanding of which circumstances they should apply for deregistration otherwise they will get heavy plenty from FTA for late application for VAT deregistration. Businesses must apply for VAT deregistration within 20 business days of becoming eligible for  VAT deregistration. If a business gets late then has to pay AED10,000 plenty that is charged by the FTA.

The Tax payable business must know all the procedures of the  Deregistration. The expert advice of the best VAT consultancy services should be taken to know how to register or deregister. On time deregistration and in the right way prevents the plenties.

 

VAT Deregistration Eligibility

It is an online process. Businesses and individuals who are registered can apply for deregistration in two situations.

  1. After registering with VAT If the business annual turnover is not above AED 187,500, They can apply for the Deregistration.
  2. If a business is no longer dealing with the taxable supplies then they have to apply for the deregistration.

Under FTA guidelines Deregistration there are two norms for deregistration.

  1. Compulsory VAT-Deregistration
  2. Voluntary VAT Deregistration

Compulsory VAT-Deregistration

The business tax payable transactions are below the voluntary registration threshold limit. In this condition, the registered business and individuals become eligible for the Compulsory VAT-Deregistration. Businesses must apply for the deregistration to avoid the plenties.

Voluntary VAT Deregistration

The business applied for the Voluntary registration on 1st April after 12 months on 31st March business not made tax payable transaction equal to AED 187,000, The business and individuals shall analyze and evaluate the tax payable transaction for the next 30 days if the taxable supplies will exceed then they can apply for VAT Deregistration in the next 20 days.

 

Guide To Apply For VAT Deregistration

It’s an online process and easily accessible with the FTA portal. To apply for the VAT deregistration, Companies and individuals have to submit the application form to FTA along with required documents and the valid reason then FTA will verify the reason and documents and If the reason is valid then FTA will approve the Deregistration. FTA approves the status of the return, Outstanding tax Payment, and any plenty that is pending. If FTA found any outstanding and plenty then you have to clear them otherwise FTA will not approve the deregistration.

 

Deregistration For VAT Group

The Group vat deregistration is similar to the individual’s deregistration. There only Criteria apply for it.

  1. VAT Deregistration approves when the group is no longer meets the considered conditions.
  2. The tax status of the group may lead to tax evasion then the FTA approves the Deregistration 
  3. If the constituent member of the company is no longer financially associated with the group.

 

Procedure of the VAT Deregistration

Step 1- You have to login into your FTA account. On the homepage, you can see the option of Deregistration.

Step 2 - Click on the Deregistration button then the form will open. Fill the form correctly and send it for review and approval.

Now you have applied for the  VAT Deregistration successfully. FTA will review the application and then confirm it. When FTA approves the Deregistration, you can check the status there will be pre-approved status at the place of the VAT Deregistration. Now you have to submit the final return, after that, you have to clear all the outstanding liabilities in order to complete the VAT Deregistration process. 

Hope this short guide helps you. If you have any questions and doubt feel free to reach risians accounting. Risians accounting is a certified and FTA-approved accounting firm in dubai. Allow us to take care of your business accounting, VAT registration and deregistration, auditing, and other accounting work.

 

 

 

 

 

2021-03-31 WRITTEN BY Mr. Abbas
SAVE BIG ON TAXES

Let’s connect and discuss how outsourcing can help you save on costs and scale your business.

SOFTWARE CAPABILITIES

software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities
software capabilities

My experience in working with this team is very much a positive one. Their professionalism is refreshing. Thank you for making the process a very pleasant experience.

Ms. Arshameh Parmoun Tag Properties

We have been working with RISIANS Chartered Accountants on a couple of assignments. At all times they are professional, organized with whatever assignments we have entrusted with them. Being a approved audit firm they are well aware with the regulations and compliances. I will recommend the team highly enough and shall certainly be engaging with them again and again in future assignments.

Moin Abbas Al Ajwad Auto Works

I would overall rate team RISIANS work as exceptional. The team was successful in delivering quality audit, irrespective of the tight deadline and it was way better than the predecessor. We can definitely build more knowledge for future.

Ajit G Vernekar AL SHAFAF REPACKING SERVICES

RISIANS proactiveness and precision towards managing our accounts and helping us constantly whenever we are in need of is a dynamic quality that makes us want to recommend to any company or an individual. Looking for a great accountants without any hesitation.

Aqeeb Aqeeb Internstional
CONTACT FORM
Office No-18, 25th Floor, Iris Bay Tower Business Bay, Downtown - Dubai - UAE

Enquiry

Let's do this!

Sit Back, Relax, and let us do it with our professional team.

ghrhryj