Frequently Asked Questions

What are the documents required to file corporate insolvency?

Documents required in filing for corporate insolvency are as follows:

 - Completed cancellation form

 - Notarized partnership cancellation contract

 - Notarized general assembly minutes confirming company liquidation and appointment of liquidator

 - Official letter from registered company liquidator accepting liquidation duty

 

Note: other legal documents may be required to secure the required approvals of different government agencies in canceling a business license and liquidating the business.

 

What happens when a company   goes into insolvency?

When a company decides to go into liquidation, all of its assets are put into auction in order to repay its creditors. Its name is also removed from registries and the business is closed

 

- Company Name

The company can be formed with either the suffix of INCORPORATED or LIMITED.

 

- Limited Liability Company

Company’s liability is limited to the share capital of the company with NO initial capital requirement to incorporate.

 

- Bank Account

Be can connect you to our contact in Local Emirate Banks & International Banks who can review the application and open bank account upon completion of their Comprehensive Due Diligence. We have connections with other Emirate (Mashreq, Emirates NBD, Standard Chartered) banks as well if you are interested. Local Banks does not require account opening fee however initial deposit may require which is AED 10,000.

Electronic Transfers (Internet banking)

Most of the banks in UAE provide internet Banking even the local banks.

 

- Bank Account Location

The bank account can be in any part of the world, however we recommend that companies incorporate their bank accounts in UAE (it is relatively easier). If you are interested in banks that deal particularly in offshore internationally we can connect you to our strategic partners for LOYAL BANK.

Travel to incorporate the company If you wish to open a bank account in UAE, you will have to travel to UAE (for bank due diligence). As far as company incorporation is concerned we can send you the documents to your address, you can sign them in front of a notary and send them back to us for certificate. It takes 3 working days to secure a license.

Documents requirements:

- Valid Passport Copy with UAE entry stamp page for each Shareholders / Director

- Three Proposed Company Names (Suffix should be LIMITED or INCORPORATED)

- Personal & Business Profile of each shareholder(s). (CV)

- Original Proof of Physical address of the shareholders. (utility bill/telephone/electricity etc.)

- Original Personal Bank Reference (Good standing) for the Shareholder(s)

- the relevant account should have been maintained for more than two years.

 

Incorporation Package contains:

- Incorporation certificate

- Memorandum & Articles of association

- Company Seal

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Initially we would require the electronic copies of above documents to prepare the Memorandum & Article of Association of the International Company.

Further we can assist you in Forming Companies in UAE & Internationally

 

Branch Companies / Representative Offices

- Free Zone Companies

- Mainland Companies

- Offshore Companies

 

We offer a wide-range of specialist offshore services that can help you to protect your assets, and minimise your tax liabilities through offshore structures, including trusts and companies.

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What Does Court Expert Entail?

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There are circumstances wherein a certain case has technicalities that are beyond what the judge or arbitrators can grasp. This is because these people shouldn’t be expected to know everything. They  are specialized in what they are doing but not with other fields, such as financial, medical, engineering, information technology, and other things. This is why the Court Expert or Expert Witness’ role is important when it comes to further digging into evidences.

The courts and arbitrators appoint experts to ensure that the technicalities in a certain case are well explained to and understood by the judge or the arbitrators themselves before coming up with a decision. The extensive knowledge that a Court Expert can provide can support them. The expert report for court that will be presented to them can be an aid to further understand the nature of the case.

In some cases, the dispute lawyers can appoint a Court Expert or the claimant and defendant can both agree on assigning one to investigate or give an expert view on the case at hand. When lawyers seek technical advice to further understand the nature of the dispute, it is called expert dispute support. When the nature of the case needs to be clearer, the Court Expert is called and appointed.

The assistance that a Court Expert provides to a judge is essential as it affects the whole case. In light of this, expert for persecution reporting must always be considered before taking a step forward to a final judgment. Their expert witness statement can be used in cases. This is why dispute resolution services and expert witness agency are available everywhere for further assistance. They are the organizations that provide expert witnesses in court. It should be put in mind that these experts are court-regulated experts who need to have a substantial experience to be able to be considered as one. These people are qualified to provide dispute support in the UAE.

 

The extensive knowledge of our court-regulated Court Expert comes with his experience in being in the industry for a long time now. It does help your case when you know that your Court Expert is well versed with the field that you need to be reviewed. And it indeed adds some edge when he holds certificates and accolades that shows his expertise in certain matters. Aside from this, we are also offering services that help businesses deal with their day-to-day activities and aid them in ensuring that their organization is indeed growing and expanding as they planned. The people that we have in our team are the main reason that we have been one of the leading auditing firms in Dubai as we have CPAs who handle that department, oversee the bookkeeping services and accounting services with quality, help in project developers audit, work closely with our auditors for Owners Association in Dubai, and deal with the needs of other organizations with our payroll and HR solutions. As part of our services, we do not only help in the business setup with trademark registration in Dubai but also in deregistration of the company. Along with this is the forensic accounting in Dubai service that helps organizations to ensure they do not have fraudulent activities happening in their company.

 

What do expert witnesses do in court?

The duty of expert witnesses is to provide courts or clients opinion on particular matters that are within the professionals’ expertise that are in dispute.

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What’s an expert testimony?

Expert testimony is made by an expert witness about a technical, professional or scientific issue. Court experts are often called upon in order to testify with their familiarity with particular subjects.

 

Why is it necessary to hire an expert witness?

A court expert is important to cases as the professional helps provide clarity on nuanced and complex information. The expert also provides a sense of credibility and objectivity, especially when integrated with a legal team. This results in an enhanced strength to a case.

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What are the common adjusting entries?

The most common types of adjusting entries are:

- Prepaid expenses – also referred to as deferred expenses, they’re paid in cash basis and recorded - as company assets before being utilized;

- Accrued expenses – also known as accrued liabilities, they’re expenses incurred but not paid or recorded;

- Unearned revenues – also known as deferred revenues, they’re received in a cash basis and recorded as company liabilities prior being earned;

- Accrued revenues – also referred to as accrued assets, they’re revenues earned but neither paid nor recorded.

Can a purchase be considered as capital instead of expenditure?

Purchases may be recorded as capital instead of expenditure if they provide utility to the company for more than a single reporting period. Capital expenditures include:

- Computer equipment

- Office equipment

- Buildings

- Furniture and fixtures

- Land

- Intangible assets

- Software

- Machinery and Vehicles

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What does a bookkeeper do for a small business?

The role of a bookkeeper in a small or medium-sized enterprise will depend on a business’ nature. For small businesses, the duties of a bookkeeper are extensive and the professional is responsible for all paperwork processing for transactions of the company and getting information recorded in general ledger accounts. Bookkeepers may also do the following:

- Manage cash

- Process payroll

-Process invoices of vendors

- Bill and follow up accounts receivable

- Reconcile account balances

- Prepare and process adjusting entries