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The online interface is very user-friendly and makes it easy to keep track of my finances. Highly recommend! - [Malishka](https://forthrightconsultancy.com/our-testimonial/rakoon/) - Since I switched to Forthright, I have seen a drastic decrease in the number of hours that I spend on bookkeeping every month. Forthright has simplified the entire process and made it very user-friendly. The customer service is excellent, and they are always available to help. Highly recommend! - [Rakesh](https://forthrightconsultancy.com/our-testimonial/rakesh/) - Ever since I switched to Forthright, I have been able to save so much time on paperwork and accounting. Forthright is the best accounting software I have ever used. Highly recommend it to anyone ## Service - [Company Formation and Liquidation / Set Up](https://forthrightconsultancy.com/service/company-formation-liquidation-set-up/) - When starting a firm, every investor needs to be aware of how to choose the appropriate business jurisdiction. As there are primarily three jurisdictions in the UAE—the mainland, the free zone, and the offshore—this is a strategic choice. Due to the limitations and flexibility in licence and business operations, one is different from the other. - [Tax Residency Certificate & Advisory](https://forthrightconsultancy.com/service/tax-residency-certificate/) - The legal and physical basis on which tax is calculated in accordance with a nation's tax regulations is referred to as tax residency certificate. Tax residency, however, is more related to an international cross-border context than to GCC internal tax legislation; more particularly, it is related to the legally avoided double taxation in two nations - [Withholding Tax Advisory](https://forthrightconsultancy.com/service/withholding-tax-advisory/) - Withholding tax services, often referred to as tax retention, is income tax that is paid to the government by the person making the payment as opposed to the person receiving the payment. Thus, the tax is either withheld from or subtracted from the recipient's due income. The majority of nations withhold taxes from employment income. - [Corporate Tax in UAE](https://forthrightconsultancy.com/service/corporate-tax-in-uae/) - On 8th October 2021, the United Arab Emirates (“UAE”) (amongst 137 countries) agreed to implement the OECD’s Two-Pillar approach to reform its International Tax Framework and to implement a minimum Corporate Tax in UAE rate starting in 2023. Following this development, the UAE Ministry of Finance announced on January 31, 2022, that a Federal Corporate - [Accounting Review](https://forthrightconsultancy.com/service/accounting-review/) - Accounting review is the process of verifying books of accounts in detail for identification, mitigation and rectification of accounting mistake or lack of compliance in books of accounts. Accounting review refers to an evaluation of the financial books, conducted by the accountant or auditor, to determine if there are any chances of modifications or not - [Designated Zone & Warehouse Keeper Registration Renewal](https://forthrightconsultancy.com/service/tax-registration-number/) - Any registered entity importing, producing or storing excisable goods can suspend/defer the payment of tax by preserving the goods in an excisable Designated Zone. A Designated Zone shall be treated as being outside the UAE for Excise Tax purposes. Designated Zones refer to ‘any fenced area intended to be a Free Zone that cannot be - [Custom Duty](https://forthrightconsultancy.com/service/custom-duty/) - Customs Duty is a tax imposed on imports and exports of goods. UAE has adopted a GCC common tariff, and customs duties are fixed at 5% of the CIF value of most products. However, , carbonated, and sweetened beverages products have a 50% duty, and energy drinks, e-smoking devices (tools and liquids used in them) - [Excise Audit Assistance](https://forthrightconsultancy.com/service/excise-audit-assistance/) - UAE federal law on taxation have mandated the Federal Tax Authority (FTA) with the legal right to perform a tax audit on any person to determine their compliance with the provisions of the relevant laws. FTA audit is the government’s assessment of a company concerning its responsibility as a taxable entity. This audit ensures that - [Business Process Re-engineering](https://forthrightconsultancy.com/service/business-process-re-engineering/) - Business process re-engineering (BPR) is a business management strategy, focusing on the analysis and design of workflows and business processes within an organization. BPR aimed to help organizations fundamentally rethink how they do their work in order to improve customer service, cut operational costs, and become world-class competitors. Below are the steps To keep business - [MIS Reporting](https://forthrightconsultancy.com/service/mis-reporting/) - MIS Reports are reports required by the management to assess the performance of the organization and allow for faster decision-making. There is the management, the information, and the system. At the heart of it, such a system is one that will provide important information to the management of the company. The following are some of - [Backlog Accounting](https://forthrightconsultancy.com/service/backlog-accounting/) - A backlog is a buildup of work that needs to be completed. Backlog accounting means recording accounting transaction and preparing books of accounts in compliance of Generally Accepted Accounting Principles (GAAP) of previous period or back periods. Backlog accounting in is the process of recording periodic transactions from the inception of the business and ensures - [Budgeting, Forecasting and Variance Analysis](https://forthrightconsultancy.com/service/variance-analysis/) - Budgeting is an outline of expectations for what a company wants to achieve for a particular period, usually one year. Characteristics of budgeting include: Estimates of revenues and expenses Expected cash flows Expected debt reduction A budget is compared to actual results to calculate the variances between the two figures. - [Economic Substance Regulations](https://forthrightconsultancy.com/service/custom-international-taxation-economic-substance-regulations-compliance/) - The Economic Substance Regulations (ESR) were introduced in the UAE on 30 April 2019 pursuant to the Cabinet of Ministers Resolution No.31 of 2019 (“Regulations”). 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Still there are some cases where a refund of excise tax will be available: If Excise tax has been already paid on an - [PRO Services](https://forthrightconsultancy.com/service/pro-services/) - Public Relations Officer or PRO services refer to all activities related to processing governmental documents and paperwork, such as visa applications, labour cards, and company trade licensing documentation and approvals. As one of the leading business formation and support providers in origin, forthright offers a range of PRO services, providing a reliable and cost-effective solution - [Business Restructuring](https://forthrightconsultancy.com/service/business-restructuring/) - Businesses go through constant challenges in this dynamic and ever changing world. 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The guide provides an overview of the process of completing the voluntary disclosure form for Value Added Tax (VAT) and Excise Tax, - [VAT Refunds](https://forthrightconsultancy.com/service/vat-refunds/) - Business can apply for VAT refund when the input tax is greater than the output tax on a VAT return, the business can request a VAT refund after filing their VAT return. When a business submits a claim for refund, the FTA will process and review the application within 20 business days of submission. The - [VAT Compliance Review](https://forthrightconsultancy.com/service/vat-compliance-review/) - VAT is a self-assessment transactional tax. It is the taxpayer’s responsibility to ensure that the extensive obligations imposed by the legislation and regulations are fulfilled and that VAT is correctly accounted for, collected and paid over to the Federal Tax Authority. The onerous obligations placed on taxpayers in operating this high-risk transaction-based tax is difficult - [VAT Health Check](https://forthrightconsultancy.com/service/vat-health-check/) - VAT health check ensure VAT compliance with FTA laws. VAT in UAE is a complicated subject that is impacting all the elements of a business. Different businesses with different sizes and different natures are facing different complexities in regards to VAT, to run the business smoothly in UAE, businesses must ensure VAT compliance to avoid - [Due Diligence](https://forthrightconsultancy.com/service/duediligence/) - Managing corporate transactions, including buying other companies or stakes there-in can be extremely challenging for any organisation or top management. Thorough knowledge and understanding of the business that is being considered for acquisition or investment can be considered as one of the most important factors in making the right choice. Some of the key analysis - [In Country Value Certificate](https://forthrightconsultancy.com/service/in-country-value-certification-icb/) - During 2017, Abu Dhabi National Oil Company (“ADNOC”) launched an In-Country Value (ICV) program to provide boost to the country’s economy by supporting local businesses. The program aims to promote economic diversification and employment opportunities for UAE nationals. Subsequently, during 2019 and 2020, various Government and semi Government companies being the participating entities (individually the - [Stock Audit](https://forthrightconsultancy.com/service/stock-audit/) - Stock audit, also known as inventory audit, is the process of verifying whether the physical goods available at your store’s warehouse match the results available at the stock registry. Inventory audits can be conducted inside the company or via the outside auditors who can ensure maximized transparency in the results. Every business that relies on - [Internal Audit](https://forthrightconsultancy.com/service/internal-audit/) - The core purpose of internal auditing is to provide insight into an organization’s culture, policies, procedures, and aid board and management oversight by verifying internal controls such as operating effectiveness, risk mitigation controls, and compliance with relevant laws or regulations. In a complex and fast evolving business environment, internal audit as a third line of - [Forensic Audit](https://forthrightconsultancy.com/service/quaterly-review-reporting/) - A forensic audit examines and evaluates a firm's or individual's financial records to derive evidence used in a court of law or legal proceeding. Forensic auditing is a specialization within accounting, and most large accounting firms have a forensic auditing department. Forensic audits require accounting and auditing procedures and expert knowledge about the legal framework - [Management Audit](https://forthrightconsultancy.com/service/management-audit/) - The goal of a management audit is to identify the weaknesses of the management team. The audit is most often carried out on a companywide basis but it can also be isolated to certain business segments. The goal is always to find out how effective management is and where it can improve. Areas that a - [Statutory Audit](https://forthrightconsultancy.com/service/statutory-audit/) - The purpose of periodic external audit is to enable the auditor to express an opinion on the financial statements of the company that are prepared by the company’s management and presented for audit. External audit is usually carried out for statutory purposes in compliance with the prevailing law and can be conducted only by registered ## Categories - [Uncategorized](https://forthrightconsultancy.com/category/uncategorized/) - [Accounting](https://forthrightconsultancy.com/category/uncategorized/accounting/) - [Bookkeeping service](https://forthrightconsultancy.com/category/bookkeeping-service/) - [Corporate Tax In UAE](https://forthrightconsultancy.com/category/corporate-tax-in-uae/) - [Pro Service](https://forthrightconsultancy.com/category/pro-service/) - [acccouting advisory service](https://forthrightconsultancy.com/category/acccouting-advisory-service/) - [21.10](https://forthrightconsultancy.com/category/21-10/) - [! 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This will enable you to monitor your progress and decide where to put your money with confidence. Thankfully, there are several accounting and bookkeeping services available to assist you with this crucial work. It’s crucial to choose an accounting or bookkeeping firm that is reliable and has expertise working with companies much like yours. Additionally, you want to confirm that the service is reasonably priced and provides features that are appropriate for your requirements. Take some time to compare the various accounting and bookkeeping services accessible to you to choose which one best meets your needs. To keep your company’s finances structured and precise, our accounting firm offers a range of bookkeeping and accounting services. From organizing your financial documents to putting together your Vat return filing, we can assist you. We also provide withholding tax services to assist you in making wise financial decisions for your company. We offer a broad range of bookkeeping services to companies of all sizes at Forthright Consultancy, we offer comprehensive tax registration and excise consultancy services in the UAE. We can assist you with everything from bookkeeping to financial statement preparation. Additionally, we provide a comprehensive range of accounting services, such as auditing and tax preparation. All of your needs for bookkeeping services and accounting services can be met by our team of seasoned bookkeepers and accountants. We provide cost-effective pricing and dependable service. To find out more about our accounting and bookkeeping services, get in touch with us right away. To assist our clients in complying with tax laws, Forthright Consultancy offers withholding tax, VAT consultancy, and tax residency certificate services. We have a group of seasoned tax experts ready to help you with all of your tax issues. We can help you reduce your tax liability and increase your tax refund whether you own a small business or a huge corporation. To find out more about our services, contact us right away. - [Assurance & Audit Services In UAE](https://forthrightconsultancy.com/service/audit-services-in-uae/) - In Country Value Certificate During 2017, Abu Dhabi National Oil Company (“ADNOC”) launched an In-Country Value (ICV) program to provide boost to the country’s economy by supporting local businesses. The program aims to promote economic diversification and employment opportunities for UAE nationals. Subsequently, during 2019 and 2020, various Government and semi Government companies being the participating entities (individually the “PE” and together the “PEs”) namely, Abu Dhabi National Oil Company (“ADNOC”), Department of Economic Development, Abu Dhabi (“DED”), Aldar Properties PJSC (“Aldar”) and Abu Dhabi Ports Company PJSC (“ADPC”) joined hands to broaden the ICV certification process for suppliers across various sectors in Abu Dhabi and the UAE and therefore the ICV program has been renamed as Unified In-Country Value (“ICV”) program, where the ICV score will be used by all PEs based on their own tender processing guidelines. The objectives of this program are: Emiratization: creating additional employment opportunities for Emiratis in the private sector; GDP Diversification: supporting UAE GDP diversification through sourcing more Goods and Services within the UAE; and Strategic Considerations: localizing strategically critical parts of the value chain for selected categories. PEs strongly encourage the suppliers to undertake an ICV evaluation process to obtain an ICV certification. It is not compulsory to hold an ICV certificate to participate in PEs’ tenders. Although providers without the certification will be seen as having a 0% ICV score, those who do will have an advantage during the tendering process. A standard template for supplier submissions has been made available to all PEs’ vendors. The data from the suppliers’ audited financial statements should be added to this template by the suppliers. Forthright will carry out the specified procedures on the data in the submission template as required by the ICV Committee and publish a report of factual findings. This ICV certificate will be valid for 14 months starting on the earliest of the dates that the financial statements were audited or VAT return that the audit report was signed for the following fiscal year. You will be guided by our experts as you complete the ICV certification procedure. To assist you organise your accounting records, assure proper ICV certification, and add clarity to the process, we will tell you of the key issues discovered at the conclusion of the assignment. The ICV programme is a forward-thinking project that encourages the UAE’s growth, diversity, and development. In partnership with our esteemed associates, Forthright is thrilled and committed to collaborating with the ICV Committee established by PEs to administer the ICV programme and assist suppliers with their requests for ICV Certification. A wide range of excise consultancy services are offered by audit companies having offices in the UAE to make sure local rules and regulations are being followed. Additionally, these businesses provide specialist services like financial advising, risk management, forensic accounting services, and audit services in UAE. Forthright offers audit services in UAE. We provide a range of services, such as operational, compliance, and financial audits. Organizations can make sure that their financial statements are accurate and compliant with applicable rules and regulations by using audit services in UAE. Audit services have a variety of advantages. Organizations may enhance their financial reporting, find and fix mistakes, and stop fraud with the aid of audit services in UAE. Additionally, audit services assist businesses in gaining the trust of creditors and investors. The audit services market in the UAE is extremely competitive, and companies that can offer value-added services and uphold a positive image are able to attract and keep clients. If you’re thinking about employing audit services in UAE, it’s crucial to pick a reliable company. When selecting an audit business, there are many things to take into account, such as the firm’s size, the range of services provided, and the costs assessed. It’s crucial to pick a company that has experience auditing businesses in the United Arab Emirates. We at Forthright offer a complete range of company tax services in the UAE. Everything from accounting services and compliance to excise consulting and Vat return filing consulting is something we can assist you with. To make sure you are in conformity with the most recent rules, we also provide withholding tax services. You can get assistance navigating the complicated world of company taxation from our team of qualified experts. To make sure you are in compliance with all the most recent rules and specifications, we will work with you. To find out more about our services, contact us right away. - [Management Consultancy Services](https://forthrightconsultancy.com/service/management-consultancy-services/) - Company Formation / Set Up (Mainland/Free zone/Offshore) Company Liquidation Payroll Processing Software Assistance PRO Services - [VAT Consultancy](https://forthrightconsultancy.com/service/vat-consultancy/) - VAT is a transactional self-assessment tax. The taxpayer is in charge of making sure that the numerous requirements imposed by the laws and regulations are met and that VAT is accurately reported, collected, and paid to the Federal Tax Authority. It is challenging to navigate the onerous duties put on taxpayers by the administration of this high-risk transaction-based tax. We work in a technologically and operationally driven environment that is continually changing, increasing the risks for taxpayers. With our VAT Compliance Review, Forthright assists in identifying discrepancies in your organization’s VAT policies and proper practises in accordance with the UAE VAT Laws. Since it will prepare your company for a company formation and Vat Return Filing, a VAT Compliance Review is more of a must than an option. It is usually preferable to have a third-party expert do the VAT Compliance Review at your organisation to avoid the possibility of non-compliance with Vat Return Filing. Your awareness of the reasons for non-compliance will help you address them in the future with the assistance of our team of specialists. It can assist you in determining the areas that need to be corrected while guaranteeing the accuracy of taxes paid. We help businesses comply with their tax compliance duties while reducing expenses, managing risks, and avoiding pointless fines. We support businesses in the constantly changing regulatory environment, examine the client’s compliance framework and all excise consultancy, Vat Return Filing and our experts help clients to correct after discovering gaps in the compliance system. Our knowledgeable team will also make sure that the entity doesn’t cause any VAT problems for the client or other companies, which could harm the company’s reputation and client connections. VAT is a complicated and dynamic area of taxation that may be challenging for companies of all sizes. Fortunately, a VAT consultancy exists to assist companies in navigating the complexity of vat and ensuring they are in compliance with the most recent rules. A VAT return filing consultancy can offer a variety of services, including recommendations on accounting services and advice on the most effective VAT return filing procedures. Additionally, we can help with the creation of VAT return filings and the estimation of VAT obligations. Additionally, VAT consulting can offer guidance on VAT administration, return filing, and planning, as well as support for resolving any VAT disputes. We offer a broad range of accounting services consultant, corporate tax in UAE, and audit services in UAE at Forthright Consultancy. We have extensive knowledge of UAE tax regulations and can assist you with all facets of corporate compliance. Withholding tax services compliance, tax return submission, and tax registration are all things we can assist you with. To guarantee that your financial accounts are accurate and current, we also offer auditing services. Get in touch with us right now to learn more about our services. - [Excise Tax Consultancy](https://forthrightconsultancy.com/service/excise-consultancy/) - Excise tax was introduced across the UAE in 2017. Excise tax is a form of indirect tax levied on specific goods which are typically harmful to human health or the environment. Our experienced team of professionals is here to provide comprehensive guidance on tax registration number in UAE, to manage all your excise consultancy needs. These goods are referred to as “excise goods”. When considering whether a product is an excise good, the following definitions apply: Carbonated drinks include any aerated beverage except for unflavored aerated water. Also considered to be carbonated drinks are any concentrations, powder, gel, or extracts intended to be made into an aerated beverage. Energy drinks include any beverages which are marketed, or sold as an energy drink, and contain stimulant substances that provide mental and physical stimulation, which include without limitation: caffeine, taurine, ginseng and guarana. This also includes any substance that has an identical or similar effect to the aforementioned substances. Also considered to be energy drinks are any concentrations, powder, gel or extracts intended to be made into an energy-enhancing drink. Tobacco and tobacco products include all items listed within Schedule 24 of the GCC Common Customs Tariff. From 1 December 2019, the excise tax will be levied also on: Electronic smoking devices and tools Liquids used in such devices and tools Sweetened drinks. The rate of the excise tax is as follows: 50 per cent on carbonated drinks 100 per cent on tobacco products 100 per cent on energy drinks 100 per cent on electronic smoking devices 100 per cent on liquids used in such devices and tools 50 per cent on any product with added sugar or other sweeteners. The process of offering knowledgeable counsel to firms on issues pertaining to excise is known as excise consultation. This can involve offering guidance on risk management, compliance, and tax planning. Excise consulting frequently possesses a thorough understanding of the Excise consultancy regime and may offer firms insightful advice on how to successfully navigate the Excise environment. Engaging an Excise consultancy may be the best option for you if your company needs assistance with Excise-related issues. There are several things you ought to be aware of. First, there is the excise duty, which is a tax placed on products like alcohol and tobacco that are deemed detrimental to society. The kind of items you sell and the nation in which you sell them will determine how much excise duty you must pay. You must have a thorough understanding of the excise tax system in order to launch your own excise consultancy. You should also be knowledgeable about the various commodities that are subject to the excise consulting tax. Finally, in order to succeed, you must have a strong business plan in place. One of the top suppliers of excise consultancy, accounting services, withholding tax, VAT return filing consultancy, audit services in UAE, and other services is Forthright Consultancy. Other services that we provide include tax planning, corporate tax in UAE, and individual tax. Our staff is made up of seasoned professionals that are committed to giving our customers the best possible service. We are dedicated to giving our clients the best service possible and are proud of our reputation for excellence and integrity. - [Customs and International Taxation](https://forthrightconsultancy.com/service/customs-and-international-taxation/) - Whether the business is registered onshore or in an FTZ. Nature of goods being moved. Source and destination of the goods being moved. Trade agreements between the UAE and exporting country. Any other applicable laws.