In the recent past, the UAE cabinet has made significant changes to Law No. 6 of 2006 concerning bankruptcy. These changes mainly were made to introduce relief to debtors during an Emergency Financial Crisis (EFC). The EFC will include all public events which have a severe effect on the trade activities or other investment and […]
Outsourcing was present in the business world for as long as the time when the concept of business started. The meaning of outsourcing is to obtain goods or services on a contract basis from a supplier which is outside. The difference is that in the beginning, we used to outsource a product or services but […]
The Gulf Cooperation Council (GCC), a six-member union of gulf states decided to implement new taxation named Value Added Tax (VAT) to check the falling revenues due to the volatile oil prices and invest the same amount towards improving the infrastructure. GCC signed the unified agreement in 2017 with all the member states agreeing to […]
Every business needs to create and manage the accounting records of a business. This is where Bookkeeping and Accounting come into play. These records can tell the entire story of the business. The management can see the past as well as the presence of a company. With such information, it will also be possible for […]
A business has to face many problems such as changes in the business environment, change in the tastes and preferences of the customer, increase or decrease in competition and many others. Each of these problems requires in-depth study and research so that the business can survive such changes in the business environment. Every business is […]
Companies often face several hurdles in their journey from incorporation to progress and towards successful establishment with strong footfall in the market. But this process is easier said than done. While many companies are self-sufficient in the field of administrative expertise for carrying out activities such as – registration, legal documents compilation, tax filing, secretarial […]
All businesses operating in a jurisdiction are required to pay taxes as per the taxation policy of the particular jurisdiction. The taxes paid by the companies varies from country to a country. In the UAE, businesses operating in the UAE are exempt from any income taxes and corporate taxes (though corporate taxes are levied on […]
Fixed Assets are one of the most important parts of a business. One cannot imagine a business without any fixed asset. No matter the size of the business every business will require some kind of fixed asset to continue on with the business activity. Fixed Assets can be defined as those assets which are purchased […]
In the business world, having correct and accurate information about the company provides an extra edge to the business. The management follows various rules and regulations and also prepares many kinds of reports so that it receives correct information about the company. One such report or statement is the Bank Reconciliation Statement (also known as […]
A business is set up with the singular intention of generating profits to its shareholders and its management. The cost incurred by a company is a very important factor in deciding the profitability of a business. This profitability is affected in a vast way by the cost, which is spent by the management on the […]
