A and A ASSOCIATE L.L.C

·         Record and review all the accounting transactions, by providing journal entries, purchase invoice, payment vouchers, receipt vouchers, etc., in accounting system (QuickBooks) and in accordance with International Financial Reporting Standards (IFRS).·         Maintain proper usage of chart of accounts for each type of accounting transaction particularly on income and cost accounts.·         Gather and file all transaction documents (Contracts, Bank Statements, Invoices, Bills, Official Receipts, Petty Cash Schedules) of the company.·         Prepare and compute for monthly payroll register as required.·         Provide adjustment entries for accruals, prepayments, depreciation, amortization, etc.,·         Prepare monthly financial reports (includes trial balance, income statement, balance sheet, cash flow and bank reconciliations. ·         Prepare other accounting schedules and reports as required.

Our services include; VAT Compliant Accounting Services, Audit Services, Financial Management Advisory, Corporate Finance, Feasibility Study, Business Plan, Business Consultancy, Company Formation, PRO Services, Liquidation Services, Tax Residency Certificates, ICV Certification and Offshore Registration.

A&A Associate is an official authorized reseller of the International Free Zone Authority (IFZA), a new Free Zone based in the heart of Fujairah.IFZA is set to quickly become a leading investment hub within the thriving UAE economy and offers a highly customized approach, coupled with efficient international service standards and cost-effective solutions. The Free Zone offers a wide range of activities from consulting, services and general trading. All licenses are registered with a structure of LLC which is an independent entity whereby the company structure separates the owners and shareholders from the company. With the LLC company the owners are able to sponsor employees and open bank accounts.

Economic Substance Regulations​ As part of the UAE’s commitment as a member of the OECD Inclusive Framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued Economic Substance Regulations (Cabinet of Ministers Resolution No. 31 of 2019), (the “Regulations”) on 30 April 2019. Guidance on the application of the Regulations was issued on 11 September 2019 (Ministerial Decision No. 215 of 2019), and Cabinet Decision No. 58/2019 on the Determination of Regulatory Competencies lists the Regulatory Authorities tasked with the administration and enforcement of the Regulations. Amendments to the Regulations were made by Cabinet of Ministers Resolution No. (57) of 2020 on 10 August 2020, and updated Guidance was issued on 19 August 2020 (Ministerial Decision No. (100) of 2020 The Regulations require UAE onshore and free zone companies and certain other business forms that carry out any of the defined “Relevant Activities” listed below to maintain and demonstrate an adequate “economic presence” in the UAE relative to the activities they undertake (“Economic Substance Test”).    Relevant Activities:Banking BusinessInsurance BusinessInvestment Fund management BusinessLease - Finance BusinessHeadquarters Business​​Shipping BusinessHolding Company Business Intellectual property Business (“IP")Distribution and Service Centre Business​    The Regulations apply to financial years commencing on or from 1 January 2019. Entities that are within the scope of the Regulations are required to submit an annual Notification form to their Regulatory Authority , and complete and submit to the same Regulatory Authority an Economic Substance Report within 12 months from the end of their financial year (e.g. 31 December 2020 for entities with a financial year ending 31 December 2019). An entity is not required to meet the Economic Substance Test and file an Economic Substance Report for any financial period in which it has not earned income from a Relevant Activity or if it meets the conditions for being exempt. A Notification form will need to be submitted regardless. Failure to comply with the Regulations can result in penalties, spontaneous exchange of information with the Foreign Competent Authority (as defined in Article 1 of the Regulations), as well as other administrative sanctions such as the suspension, revocation or non-renewal of the entity’s trade license or permit.   for more informations, please call -+971581262683