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An internal audit normally takes 1 to 2 weeks to be carried out.

An internal audit may or may not be mandatory in the UAE, depending on the
size of an organization and other managerial requirements.

As per the Commercial Companies Law, audit is mandatory for all companies. But
certain free zones have separate auditing requirements.

It is mandatory for foreign companies to submit audited financial statements
of the branch of foreign companies registered in UAE in every year.

Tax Registration Number (TRN) is issued by the Federal Tax Authority.

Tax Registration Number (TRN) is issued by the Federal Tax Authority.

Voluntary VAT registration is a process of VAT registration for business entities
whose value of supplies/taxable expenses is between AED 187,500 and 375,000,
annually. They have the option to register or not register for VAT.

Bookkeeping refers to the recording of financial transactions whereas accounting
is the periodic processing of these records for various business purposes like reporting, budgeting, strategy and planning. In a way, bookkeeping is a prerequisite to accounting.

It’ll usually take 1 to 4 weeks to open a business account, as the bank will need to carry out a number of checks to confirm your identity, business and any directors registered to your company

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