Your Trusted Partner in Cryptocurrency- and Traditional Bookkeeping & Accounting, Tax- and Business Consulting in the UAE
Unlock your financials potential with our expertise
Services
Bookkeeping & Accounting
Our accounting & bookkeeping services are tailored to meet the specific legal and regulatory requirements of the UAE, ensuring your financial statements remains compliant with the International Financial Reporting Standards (IFRS).
This service includes, but is not limited to:
- Assessment & setting up accounting software
- Recording transactions
- Bank reconciliation
- Managing Accounts (payable/receivable
- Deal with foreign currency transactions
- Financial Reporting
Cryptocurrency Bookkeeping & Accounting
As cryptocurrencies become increasingly popular in business transactions, managing them properly within financial systems has become crucial. We help businesses manage the complexities of digital assets, ensuring compliance and accurate financial reporting.
This service includes, but is not limited to:
- Accurate recording of cryptocurrency transactions
- Valuation and correct reflection on the balance sheet
- Compliance with accounting standards
- Cryptocurrency wallet reconciliation
- Integration with traditional accounting software
- Handling cross-border transactions and multi-currency reporting
- Internal control and audit support
Tax Services
VAT & Corporate Tax
We ensure that your business complies with UAE Federal Tax Authority (FTA) regulations.
We handle every aspect of VAT and Corporate Tax (CT) allowing you to focus on running your business.
Emigration from the Netherlands to the UAE
With years of experience in the Netherlands and the Dutch tax law, we can guide you through your relocation to the UAE.
Our VAT & CT service includes, but is not limited to:
- Assessment & Consultation
- Registration
- Compliance & Filing
- Consultancy
- Audits & Support
Company Setup Consulting
Our Company Setup Consulting Service in the UAE provides end-to-end guidance to help entrepreneurs and companies establish a successful presence in one of the world’s fastest-growing business hubs. With our in-depth understanding of local laws, regulations, and market dynamics, we offer tailored solutions for setting up your business in Mainland (onshore), Free Zone, or Offshore locations in the UAE.
Our company setup service includes, but is not limited to:
- Company formation advisory
- Legal and regulatory compliance
- Business licensing & permits
- Corporate banking assistance
- Finding an office space
- (Public Relations Officer) PRO services
- Visa Processing
- Labor & Immigration Services
- Trade License Renewal
- Government Liaison
- Document Clearing
- Compliance & Reporting
Virtual CFO
As a virtual CFO we provide foundational structures and strategies to enhance financial management and planning for start-ups and small to medium-sized businesses.
This service includes, but is not limited to:
- Financial & strategic advising
- Performance monitoring
- Cost management & profitability
- Budgeting & forecasting
- Cashflow management
- Risk management
- Financial reporting & analysis
- Financial systems implementation
Audit Assistance
Our Audit Assistance Service streamlines the audit process, ensuring accuracy, compliance, and peace of mind. We provide comprehensive support by organizing financial documents, conducting reviews, and performing detailed audit tests. Working closely with auditors, we ensure your financial statements comply with GAAP or IFRS standards.
This service includes, but is not limited to:
- Transaction sampling
- Account reconciliation
- Verifying internal controls to identify risks. Whether for external audits, internal reviews, or tax preparation, our expertise ensures regulatory compliance.
Mission
Our mission is to provide innovative and reliable financial solutions in accounting, tax consultancy, and business setup, empowering business in the UAE to achieve sustainable growth and long-ter success with transparency, integrity and excellence.
Vision
We envision a future where businesses and sole proprietors seamlessly integrate tradtitional finance, cryptocurrencies, and tax regulations, fostering a global environment of compliance.
About us
With over a decade of experience in finance and accountancy in the Netherlands, we are a team of experts dedicated in providing services in bookkeeping, accounting, tax, and business consulting.
As we enter our journey in the UAE, our goal is to bring our knowledge and expertise to support businesses and sole proprietor’s in navigating their financial needs.
Our commitment is to deliver customized solutions with precision and integrity, ensuring our clients thrive in the ever-evolving financial landscape. Whether you need assistance with traditional accounting or cryptocurrency accounting, with our combined experience we are here to help you succeed.
Ruengelo Thurnim
Holding a degree in Business Economics and Investing (B.sc). With over 12 years of experience in accounting (as a financial controller), and tax consulting in the Netherlands and over 7 years of experience in cryptocurrency accounting and consulting.
Founder
ruengelo@accounting-CoinSultancy.com
Cinderella Rietveld
Holding a degree in Business Economics and Accountancy (B.sc). With over 12 years of experience in bookkeeping, accounting and tax advisory in the Netherlands and over 8 years of experience in automizing financial business processes.
Accountant
cinderella@accounting-CoinSultancy.com
FAQ
Bookkeeping & Accounting
Why is bookkeeping and accounting important for my business in the UAE?
Accurate bookkeeping and accounting are essential for maintaining financial transparency, ensuring compliance with UAE regulations, facilitating tax filings, and providing insights into business performance to inform strategic decisions.
What accounting software do you use, and will it integrate with my existing systems?
We use industry-leading accounting software such as QuickBooks, Xero, and Zoho Books. Our team can work with your existing systems or recommend the best solution for your needs, ensuring seamless integration and data management.
How do I send my documents and business information to you?
You can upload the documents directly into the accounting software. It is also possible to submit the documents via email or hardcopy. For your bank transactions we create a connection between your bank and the accounting software. As a result, all bank transactions are automatically imported into the accounting software.
How often will I receive financial reports, and what will they include?
Financial reports can be tailored to your needs, typically provided monthly, quarterly, or annually. They include profit and loss statements, balance sheets, cash flow statements, and other key metrics that help you track your business performance.
Cryptocurrency Bookkeeping & Accounting
What is cryptocurrency bookkeeping, and how does it differ from traditional bookkeeping?
Cryptocurrency bookkeeping involves recording and managing transactions involving digital assets like Bitcoin and Ethereum. It differs from traditional bookkeeping due to the volatile nature of cryptocurrencies, the need for specialized tools, and compliance with unique regulatory frameworks.
How do you track and manage cryptocurrency transactions for bookkeeping purposes?
We use specialized cryptocurrency accounting software that integrates with blockchain wallets and exchanges, allowing us to automatically track, categorize, and manage your crypto transactions in line with accounting standards.
Can your firm help me with both fiat and cryptocurrency transactions?
Yes, our team is experienced in managing hybrid financial environments, meaning we can handle both traditional (fiat) and cryptocurrency transactions, ensuring your books reflect all transactions accurately and in compliance with UAE laws.
How can I keep accurate records of my cryptocurrency transactions?
It’s essential to maintain detailed records of all crypto transactions, including purchase dates, sale amounts, wallet addresses, and market prices at the time of the transaction. Our services ensure these records are kept accurately, helping you stay compliant with UAE regulations.
What accounting standards apply to cryptocurrencies in the UAE?
Cryptocurrencies are generally classified as intangible assets under IFRS (International Financial Reporting Standards). Our firm ensures that your crypto transactions are reported according to these standards, aligning with international and UAE-specific regulations.
VAT
Is my business required to register for VAT in the UAE?
Businesses with taxable supplies exceeding AED 375,000 annually must register for VAT. If your business has a turnover above AED 187,500 but below AED 375,000, you can opt for voluntary registration.
How often do I need to file VAT returns in the UAE?
VAT returns are generally filed quarterly, although some businesses may need to file monthly depending on their size or specific FTA requirements. We help manage this process and ensure timely filings to avoid penalties.
What types of transactions are exempt or zero-rated under UAE VAT laws?
Certain transactions, like exports, healthcare, and education services, may be zero-rated or exempt from VAT. Our consultants review your business transactions to identify and apply the correct VAT treatment.
What happens if my business fails to register for VAT or misses a filing deadline?
Failure to register for VAT or missing filing deadlines can result in fines and penalties from the FTA. Our team helps ensure your business stays compliant, avoiding such penalties by managing all VAT obligations.
How can your firm assist during an FTA VAT audit?
We provide full support during an FTA VAT audit, including preparing documentation, addressing FTA inquiries, and ensuring your VAT filings comply with the latest regulations to minimize risks and penalties.
Corporate Tax
Which businesses are required to register for Corporate Tax?
All legal entities are required to register for Corporate Tax. Natural persons engaged in business activities must only register once their revenue exceeds AED 1,000,000 in a year (1 January until 31 December).
Which businesses are required to pay corporate tax in the UAE?
Corporate tax applies to UAE-incorporated companies and branches of foreign companies engaged in business activities that generate taxable profits over AED 375,000 annually.
How is corporate tax calculated in the UAE?
Corporate tax is calculated as 9% of taxable profits exceeding AED 375,000. Taxable profits are determined after deducting allowable business expenses from your total revenue. We assist in optimizing deductions to minimize your tax liability.
Can free zone companies benefit from corporate tax exemptions?
Yes, qualifying free zone companies that meet the relevant criteria can still benefit from a 0% corporate tax rate on income generated from activities outside the mainland or within their free zone.
Company Setup Consulting
What are the main types of company structures available in the UAE?
In the UAE, businesses can choose from various structures, including mainland companies, free zone companies, and offshore companies. Each type offers different benefits related to ownership, taxation, and business activities.
What is the difference between mainland, free zone, and offshore companies in the UAE?
Mainland companies allow you to trade anywhere in the UAE but may require a local sponsor. Free zone companies offer 100% foreign ownership and tax benefits but restrict trading within the UAE market. Offshore companies are for international operations and don’t have a physical presence in the UAE.
What are the benefits of setting up a business in the UAE?
The UAE offers a business-friendly environment with 0% corporate tax for most industries, access to international markets, state-of-the-art infrastructure, a strategic location, and various free zones that provide full foreign ownership and tax incentives.
What is the process for obtaining a business license in the UAE?
The process involves selecting the appropriate business activity, choosing the business jurisdiction (mainland, free zone, or offshore), submitting the necessary documents, and applying for a business license through the relevant authority. We assist with every step, ensuring a smooth process and ensuring compliance with local laws and regulations.
Virtual CFO
What is a Virtual CFO, and how does it work?
A Virtual CFO is an outsourced Chief Financial Officer who provides high-level financial strategy, planning, and advisory services remotely. Our firm offers Virtual CFOs to help businesses manage their financial operations without the need for an in-house CFO.
How can a Virtual CFO benefit my business?
A Virtual CFO provides expert financial advice, helps manage cash flow, improves profitability, and ensures long-term financial stability—all without the overhead cost of a full-time CFO. They can assist with budgeting, forecasting, financial reporting, and strategic planning.
What types of businesses should consider using a Virtual CFO?
Virtual CFO services are ideal for small to mid-sized businesses, startups, and growing companies that need financial expertise but don’t have the budget or need for a full-time CFO. It’s also beneficial for companies looking to scale efficiently.
Can a Virtual CFO help with fundraising or securing loans?
Yes, our Virtual CFO can assist in preparing financial documents, creating business plans, and liaising with investors or lenders to help secure funding. They ensure your financials are investor-ready and provide support during negotiations.
What is the difference between a Virtual CFO and a traditional accountant?
While a traditional accountant focuses on bookkeeping, tax preparation, and compliance, a Virtual CFO provides a higher level of strategic financial guidance, helping businesses with long-term planning, financial forecasting, risk management, and overall financial health.
Audit Assistance
What is audit assistance, and how can it benefit my business?
Audit assistance provides expert support during financial audits. Our team helps ensure your financial records comply with regulations, identifies areas for improvement, and assists with preparing documentation, reducing the risk of errors and penalties.
Do I need audit assistance even if my financial records are in good shape?
Yes, audit assistance ensures compliance with the latest standards and regulations. Even well-maintained records can benefit from expert guidance, minimizing the risk of oversight and improving audit outcomes.
What are the steps involved in your audit assistance process?
Our audit assistance process involves reviewing your financial statements, ensuring compliance with relevant regulations, preparing necessary documentation, and working closely with auditors to facilitate a smooth audit process.
Can you help with both internal and external audits?
Yes, we assist with both internal and external audits. Our services include preparing documentation, ensuring compliance, and offering insights to make the audit process more efficient, no matter the audit type.
Will you be present during the audit to liaise with the auditors?
Yes, we can act as a liaison between your business and the auditors, addressing any queries they may have, clarifying financial details, and ensuring the audit progresses smoothly.
What if the audit uncovers issues? Can you help resolve them?
Absolutely. If any issues are identified during the audit, we work with you to address them promptly, offering recommendations and solutions to correct the problems and ensure compliance moving forward.
Get in Touch!
Accounting CoinSultancy FZ-LLC
- +971 50 297 6059
- info@accounting-CoinSultancy.com