- Article, U.A.E
- February 29, 2024
The Cabinet Decision No.10 of 2024, which came into effect on March 1, 2024, has been announced. The Federal Tax Authority (FTA) has outlined important dates for corporate tax registration, and it’s crucial to act swiftly. If you miss the deadline, you could be facing an AED 10,000 ($2700.00) fine.
The first deadline for juridical persons is May 31, 2024. This is part of the new tax rules from the FTA, reflecting the Corporate Taxation Law that kicked in last June, affecting all financial periods starting from then.
For any businesses commenced before March 1, 2024, you need to register for corporate tax by the dates mentioned below. And if you’re a new business by March 1, 2024, you have three months to register.
| Month of Licence issuance irrespective of year of issuance | Deadline to apply for Corporate Tax Registration |
|---|---|
| 1 January – 31 January | 31 May 2024 |
| 1 February – 28/29 February | 31 May 2024 |
| 1 March – 31 March | 30 June 2024 |
| 1 April – 30 April | 30 June 2024 |
| 1 May – 31 May | 31 July 2024 |
| 1 June – 30 June | 31 August 2024 |
| 1 July – 31 July | 30 September 2024 |
| 1 August – 31 August | 31 October 2024 |
| 1 September – 30 September | 31 October 2024 |
| 1 October – 31 October | 30 November 2024 |
| 1 November – 30 November | 30 November 2024 |
| 1 December – 31 December | 31 December 2024 |
Ready for Tax Success?
IMC is your go-to expert for Corporate Tax in the U.A.E. We’re dedicated to assisting you in keeping up with tax regulations so you can focus on growing your business. IMC Group believes in empowering businesses with the knowledge and tools they need for complete tax compliance.
Trust us to guide you through these changes with ease and confidence.
Remember, it’s not just about avoiding fines – it’s about ensuring your business thrives under the new tax laws. Let IMC help you get there.
- Article, Global
- February 27, 2024
In today’s rapidly changing business environment, the need for effective Governance, Risk, and Compliance (GRC) management is more critical than ever. With the expansion of economic, geopolitical, social, healthcare, cybersecurity challenges, and more, the complexity of GRC tasks has significantly increased, particularly in sectors like healthcare.
Background:
Solution:
IMC steps in with solutions tailored to the unique GRC hurdles faced by this healthcare firm. As an implementation partner of Corporater, a renowned software company, IMC crafts holistic strategies to navigate these GRC complexities. Corporater’s platform offers a unified solution for managing GRC across medium to large organizations, emphasizing data protection, regulatory compliance frameworks, and risk management in clinical settings. Our strategy includes regular compliance checks, compliance-oriented training for staff, and promoting a culture focused on compliance and risk consciousness among medical professionals. By embracing technology, we aim to streamline GRC processes and enhance cooperation between healthcare providers and regulatory authorities.
Key Elements:
Leveraging Technology and Expertise:
Result:
IMC’s initiatives lead to enhanced precision and innovation in healthcare GRC, enabling organizations to protect patient information, comply with regulations, and manage the risks associated with clinical research. By employing a knowledge graph to monitor clinical trial risks, healthcare organizations can link vast datasets, including trial specifics, participant data, progress, and outcomes, improving patient safety, regulatory compliance, and the speed of drug development.
The focus on precision in healthcare promotes a secure, compliant atmosphere that supports the adoption of innovative technologies for better patient care. IMC, in collaboration with Corporater, continues to push the boundaries of GRC excellence in the evolving healthcare sector.
Conclusion:
The adoption of knowledge graphs has significantly enhanced the GRC capabilities of the company, positioning it as a leader in integrating cutting-edge technologies for comprehensive governance, risk management, and compliance. The dynamic adaptability of knowledge graphs ensures the company stays ahead in the rapidly changing regulatory landscape.
Join us in exploring the future of GRC, where its potential to improve the efficiency and effectiveness of your organization’s GRC strategies is boundless. IMC’s commitment to revolutionizing GRC in government sectors is evident through strategic partnerships, expertise, and customized solutions. Corporater enables organizations to align their governance, performance, risk, and compliance efforts with strategic goals, promoting a unified strategy that boosts organizational efficiency and supports sustainable growth.
- Publications
- February 20, 2024
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- NEWSLETTER,U.A.E
- February 14, 2024
In the dynamic landscape of the Middle East, the M&A market has yet again demonstrated significant resilience throughout 2023, despite facing formidable global economic and geopolitical challenges. The region performed steadfastly, largely steered by regional sovereign wealth funds (SWFs) and government-related entities (GREs). Leading organizations largely diversified their portfolios away from their reliance on hydrocarbons. Some of the prime sectors riding the growth trajectory and witnessing investment activity include fintech, healthcare, agribusiness, and renewable energy.
Looking ahead to 2024, indicators suggest a continuation of robust activity. However, there’s an increased potential for deal flow driven by investment platforms that were launched in the later months of 2023 or early 2024. These platforms will go a long way, enabling SWFs and GREs to extend their global investment footprint to nurture alternative investments. Naturally, forward-thinking organizations would be seeking M&A transaction advisory services in Dubai to remain on the right track.
Broader Investment Reach
SWFs and GREs, in recent years, have actively pursued broader and often more prominent investments in sectors like renewable energy and infrastructure. In developed economies, they have acquired significant stakes in key assets. In 2024, this trend is likely to persist, particularly with the geopolitical landscape impacting the deal flow. This will support oil prices in the Middle East.
Economies that are currently grappling with severe issues like high inflation rates, conflicts, interest rates, and geopolitical uncertainties will benefit from fresh opportunities. Several governments are actively engaging SWFs and GREs in the Middle East to invest in domestic assets and projects, aiming to bridge financial gaps beyond their own resources. Outbound M&A, involving global cross-border transactions, is poised to become a prominent trend.
Besides, investments are likely to pour into different industries like healthcare, technology, AI, fintech, nuclear, agribusiness, and renewable energy. In M&A activities, ESG (environmental, social, and governance) are likely to play a crucial role. Particularly, the UAE is working on its commitments made during COP 28 in 2023. This is evident from its launch of a $30 billion climate fund for investing in different ESG projects.
Inbound Investment and Favorable Regulatory Environment
Inbound investment is projected to remain active as Middle East governments focus on developing leisure, energy infrastructure, and tourism assets. These investments often take the form of joint ventures, with incoming partners providing vital technology or expertise. The legal and regulatory framework in the Middle East, influenced by principles from British and American systems, has seen an uptick in Middle East registered Special Purpose Vehicles (SPVs) used for investment purposes, both domestically and internationally. Businesses entering the Middle East or operating in the UAE are looking for transaction advisory services in Dubai for professional guidance.
Moreover, there has been an increased traction in M&A transactions backed by warranty and indemnity insurance. The London insurance market proved to be receptive to such initiatives, and this trend is likely to dominate 2024 too.
The Outlook for Middle East Regional and Outward-Bound M&A Activities
Both regional and outward-bound M&A appear promising in the Middle East although the performance in 2023 looks a bit subdued compared to expectations. GREs and SWFs are likely to play a significant role in a diverse range of M&A deals in 2024. The focus lies on technology, renewables, infrastructure, and healthcare.
The IMC Group continues to be a reliable partner for businesses seeking due diligence services in Dubai amidst increasing M&A activities.
- NEWSLETTER, GLOBAL
- February 14, 2024
Access to a Global Talent Base
Recruiting and retaining skilled finance professionals has turned out to be an arduous task for many organizations. Studies reveal that 91% of senior managers faced challenges in finding skilled accounting and finance talent in 2022. The most difficult part for them was to find skilled professionals to tackle bookkeeping, analysis and budget, accounts receivable and payable, planning and analysis.
With remote work environments appealing to professionals, along with issues like inflexible work arrangements and burnout prompted a sizable section of professionals to look out for alternative opportunities for employment.
Outsourcing accounting and finance presents a compelling solution amidst this challenge. Successful businesses are tapping into outsourced professionals, ranging from entry-level accountants to seasoned CFOs. This empowers businesses with the power to assemble a tailored team to address their specific needs. The cost-effectiveness, flexibility, and cost-effectiveness that outsourcing brings to the table make it an attractive option for organizations looking forward to streamlining their financial capabilities.
Focus Shifts to Cybersecurity
Do you know that the financial services sector is 300 times more susceptible to cyberattacks compared to other sectors? The escalating threat from adverse actors makes it imperative to adopt robust cybersecurity measures in the financial services sector. Cybercriminals largely target financial data, which justifies why businesses should prioritize securing their finance and accounting operations against malicious players.
Outsourcing finance and accounting services to responsible teams of professionals serves as a proactive defence system against evolving threats. Thanks to their expertise, organizations gain access to sophisticated security solutions while optimizing their internal resources. This is a strategic approach that enhances data protection and helps your employees focus on the core competencies without compromising security.
Enhancing Technology
The rapid advancement of technology continues to revolutionize accounting practices, offering lucrative opportunities for automation and better efficiency. However, many organizations struggle to explore the complexities of technological integration and upgrade their systems.
Automation and AI, two transformative technologies, are redefining the landscape of outsourced accounting.
Robotic Process Automation (RPA) efficiently manages repetitive tasks like data entry and invoice processing, enabling accountants to dedicate their time to strategic advisory roles.
Moreover, AI delivers real-time financial insights, leveraging advanced language processing and intelligent algorithms to handle complex documents with ease.
This optimized approach facilitates cost-effective daily reporting, equipping businesses to swiftly address emerging challenges. It’s more than just convenience; it’s about building a future where financial operations are seamless, driving confident and sustainable organizational growth.
When you outsource technology consulting services, you can seamlessly adopt technology. Experienced professionals can guide businesses through the process of selecting and implementing accounting systems, leveraging cloud-based solutions, and optimizing technological infrastructure. This explains why successful organizations entrust these responsibilities to external specialists and stay ahead of the technological curve.
Outsource Accounting and Financial Operations to Experts
It’s imperative to carry out a close evaluation of internal capabilities and external requirements before outsourcing finance and accounting operations. In the first place, you need to scrutinize your existing processes, technological readiness, and talent pools. Before you outsource finance and accounting services, carry out thorough research, get recommendations, and evaluate their compatibility with your organizational culture.
The IMC Group continues to be a reliable partner for outsourcing accounting and finance services. For further insights or assistance with outsourcing solutions tailored to the needs of your business, feel free to reach out to our team at IMC Group.
- NEWSLETTER,SINGAPORE
- February 13, 2024
With the business environment booming in Singapore, the focus on Environmental, Social, and Governance (ESG) principles has intensified significantly in recent years. The need for ESG reporting Singapore is such that forward-thinking entities are working with professional teams to ensure compliance. The country is known for its robust business infrastructure and commitment to sustainability. It stands at the forefront of the ESG movement, showing the way from the front.
In this edition of our newsletter, we will take you through a journey where you can explore ESG practices in Singapore in detail. Get familiarized with the regulatory framework, emerging trends, and the essential roles businesses should play to comply with ESG guidelines. We have presented you with further insights into sustainable finance and stakeholder engagement.
ESG in Singapore: Why does it matter to Businesses?
ESG principles in Singapore serve as a guide for commercial entities, incorporating environmental, social, and governance factors into their operations and decision-making processes. In Singapore, complying with these principles is not just a trend but a fundamental aspect of corporate governance.
For new and established businesses in Singapore, creating an ESG strategy is crucial. With professional support from established players in the industry, entities can formulate these tactics.
At the heart of Singapore’s commitment to sustainability lies a robust regulatory framework designed to incentivize and enforce ESG practices. Key regulatory bodies such as the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) have introduced guidelines and initiatives to promote transparency and accountability among corporations. Singapore continues to enhance its corporate governance landscape, with improvements seen across various sectors according to the “Governance and Transparency Index 2021”. This demonstrates the dedication of the country to fostering a culture of transparency and accountability.
Emerging Trends of ESG Principles in Singapore
The adoption of ESG principles in Singapore has witnessed a surge in recent years. This has largely been driven by factors like increasing investor scrutiny, changing consumer preferences, and regulatory norms. Businesses operating in different verticals of the industry are embracing sustainability initiatives. They consider them as a moral requirement, along with a strategic advantage for businesses.
According to a recent study, 84% of the surveyed companies in Singapore incorporated ESG principles into their business strategies. Most of these entities seek ESG advisory services from professional companies to remain on track. A majority of investors stated that they would pay a premium for companies with strong ESG performance. This demonstrates the correlation between sustainability and financial performance.
Innovation and Technology
Innovation and technology play a pivotal role in the context of sustainability. The thriving business ecosystem in Singapore for research institutions and startups is witnessing groundbreaking solutions to address environmental challenges. These guidelines further promote social equity and enhance governance practices. One notable example is the collaboration between the National University of Singapore (NUS) and various industry partners to develop sustainable solutions for waste management. The Circular Economy Innovation Network (CEIN) and other similar initiatives foster better collaboration and innovation to drive sustainable development.
Thanks to ESG software implementation, businesses can now adhere to the prescribed principles and stay ahead.
Sustainable Finance
In recent years, sustainable finance has emerged as a key factor for ESG integration in Singapore. This provides financial institutions with tools and frameworks to support environmentally and socially responsible investments. As a top player in the financial hub, Singapore has positioned itself at the forefront of this movement.
The MAS has also introduced initiatives such as the Green Finance Action Plan and the Sustainability Linked Loan Grant Scheme to promote sustainable finance practices among financial institutions and corporates. All these efforts are channelling capital towards sustainable projects and businesses while managing environmental and social risks.
Stakeholder Engagement
Effective stakeholder engagement is essential for the successful implementation of ESG principles. In Singapore, businesses are increasingly recognizing the importance of engaging stakeholders. These include investors, employees, customers, and communities.
Studies reveal that 68% of investors in Singapore prioritize stakeholder engagement as a critical factor while evaluating the ESG performance of a company. This marks the growing importance of building trust and transparency through meaningful stakeholder dialogue.
The evolving landscape in Singapore explains the value of ESG advisory services from professional teams.
Why is ESG Advisory Services Crucial for Businesses in Singapore?
Considering the importance of accurate ESG reporting Singapore, successful businesses are turning to experienced experts for comprehensive assistance. The IMC Group continues to be a reliable partner for ESG advisory. With proactive measures and strategic initiatives, this company helps its clients uphold the highest standards of corporate governance. The professionals also assist corporates in ESG software implementation to streamline their operations in Singapore. A holistic understanding of regulatory frameworks and emerging trends can mitigate risks and open up fresh opportunities for growth and innovation.
- NEWSLETTER,U.A.E
- February 13, 2024
The last few years have witnessed the UAE emerge as a major destination for FDI, attracting global players. While there was a major decline in FDI in 2022 due to socio-economic and geopolitical issues, the country continues to be one of the most stable investment destinations globally.
As per the World Investment Report 2023 (WIR) of 2022, FDI inflow in the UAE hit $22.7 billion, recording a 10% increment compared to the previous year and outperforming other Gulf countries. Forward-thinking businesses hire professional services for company formation in Dubai, eyeing the lucrative opportunities.
Major Investors and Sectors in the UAE
The UAE stands out as a major investment hub, attracting businesses amidst global uncertainties. The country leaves no stone unturned to enhance its financial inflow. Particularly, the UAE-India Comprehensive Economic Partnership Agreement (CEPA) has been facilitating trade and fostering stronger business ties. Entities in the UAE can benefit from a multiplicity of perks under the CEPA. For instance, the provisions include 0% customs duties on most of the tariff lines and preferential access for marketing that benefitted both nations. Bilateral trade between the two countries witnessed a 27.5% spike within one year after the CEPA was signed.
In the energy sector, the UAE has enhanced its involvement with China. In May 2023, the two countries signed three agreements with the nuclear energy organizations in China. FDI in the energy sector will be a strong foothold in the country.
International tech entrepreneurs also find the UAE a major hub for investment. The country boasts a progressive tech infrastructure, drawing a pool of investors. This goes a long way in rapidly scaling up businesses and seeking early exit routes. Thus, the Gulf country appeals to significant start-ups, which hosts three of the six unicorns in the Middle East.
The key investment sectors in the UAE are:
- Greenfield Projects
- Healthcare
- Stock Markets
- Renewable Energy
- Real Estate
Opportunities of FDI in the UAE
The UAE has taken several strategic measures to attract FDI. These include waiving taxes and restrictions on capital repatriation, allowing the movement of free labor in the UAE, and incentives to foreign investors. The 2021 Commercial Companies Law (CCL) reforms further boosted FDI, enabling 100% foreign ownership of onshore entities in the UAE in certain sectors. Previously, the limit was fixed at 49%.
In the UAE, investment avenues are of three major types:
- Positive list activities that allow 100% foreign ownership of onshore entities
- Free zone entities in the UAE enjoying 100% foreign ownership
- 51% Emirati-owned and 49% foreign-owned onshore businesses
In 2022, the Ministry of Economy in the UAE launched the NextGenFDI, a nationwide initiative to attract global businesses operating digitally. These businesses got their market entry and thus, they could launch their ventures and scale them within the UAE. NextGenFDI facilitated fast company incorporation, pacified banking services, helped in issuing bulk visas, and provided lease incentives for tech companies moving to the UAE.
Through Hub71, Abu Dhabi has established a unique tech ecosystem across the world to bring investors and founders together, grow tech companies, and scale them. A new license for start-ups, technology companies, and entrepreneurs was also introduced by the Dubai International Financial Centre at just $1,500 per year. UAE also established the Invest in Dubai platform, which investors found beneficial in procuring trade licenses to launch their businesses swiftly.
Key Threats for Investors in the UAE
Although the UAE appears to be an alluring destination for investors, considering the prime threats is worth it. A lot of new laws and regulations have become effective in the country. Global entities operating in the UAE find it challenging to understand and implement necessary tactics to adhere to the same. This turns out to be a time and cost-intensive process, which often alienates SME businesses, particularly the ones from other countries. The regulatory uncertainty in the UAE will test its attractiveness, particularly in comparison to established economies in Europe.
A greater capital inflow also puts the UAE at risk of illegal activities like financing terrorists and money laundering. Since 2022, the UAE has been on the ‘grey list’ of the Financial Action Task Force, which serves as a threat to foreign investment.
Key Predictions for 2024
- M&A activities, along with projects driven by renewable and Greenfield sectors with sizable corporate restructuring and asset portfolio consolidations will pick up pace to do away with non-sustainable assets based on fossil fuels
- A spike in M&A activities driven by the education and healthcare sectors is on the cards with a growth in the population in the UAE
- The UAE will witness the establishment of start-ups focussing on digital and technological innovations
- Established corporate companies in the UAE will be focussing on ESG ratings due to the country’s involvement in COP28
- Foreign investors in the UAE will make the most of legal reforms and business platforms involving investment, data privacy, protection, and regulation
Professional Assistance for Setting up a Business in the UAE
While the FDI growth in the UAE may experience some moderation in 2024 and face challenges from regional competition and regulatory concerns, its strategic initiatives, diverse investment opportunities, and commitment to sustainability are likely to sustain its attractiveness to foreign investors. The IMC Group continues to be one of the most trusted business setup consultants in Dubai. With professional support, businesses can confidently adhere to new legal norms and establish their identities in the UAE.
- NEWSLETTER,U.A.E
- February 13, 2024
As the UAE continues to solidify its position as a global business hub, recent changes in corporate tax laws have sparked significant interest among investors and corporations alike. As per the new regulations, businesses operating in free zones will be treated differently than the ones in the mainland. Entities often look out for corporate tax advisory in Dubai before finalizing whether to operate in the UAE’s free zones or the mainland. With professional support, businesses can embrace the right track while adhering to the fresh tax regulations in the country.
An Overview of the Regulatory Framework in the UAE
In the UAE, free zones operate under distinct regulations and legal systems separate from those governing mainland entities. With over 40 multidisciplinary free zones across the country, Dubai continues to be a hotspot for global businesses. Each zone has its own regulatory authority. For instance, the DMCC (Dubai Multi Commodities Centre), JAFZA (Jebel Ali Free Zone), and Masdar City Free Zone in Abu Dhabi have historically offered enticing benefits like full profit repatriation and 100% foreign ownership.
Traditionally, free zones guaranteed zero personal and corporate income taxes for as long as 50 years, which significantly attracted investors. However, the landscape has evolved with the implementation of the UAE’s Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. This led to the introduction of a 9% corporate tax, which became effective from June 1, 2023, although there were exemptions and considerations for businesses operating in free zones.
Mainland entities, on the other hand, are subject to the same rate of corporate tax of 9% on their taxable income exceeding Dh 375,000. They operate with strict restrictions, adhering to stringent reporting standards and can carry out businesses both internationally and domestically. Thanks to recent amendments to the Commercial Companies Law, these entities enjoy 100% ownership in some sectors that bridge the gap between free zones and mainland operations.
Tax Implications and Considerations
Under the new tax regime, free zone entities meeting specific criteria may still enjoy exemptions. According to Article 18 of the Corporate Tax Law, free zone entities in the UAE will be exempted from fulfilling certain conditions. These are referred to as Qualified free zone Persons (QFZPs). Here are the conditions to obtain the QFZP status.
- Maintaining adequate substance in the country
- Obtaining the qualifying income
- The entity operating in the free zone shouldn’t have been elected to be subject to corporate tax
- Adhering to the document requirements and transfer pricing rules
- Satisfy any other conditions that the Minister in charge might prescribe
Qualified free zone Persons (QFZPs), adhering to regulatory requirements and maintaining a substantial presence within the UAE, can benefit from a 0% tax rate on Qualifying Income, with a 9% rate applied to other taxable income.
Adapting to the new regulatory landscape presents challenges for both free zone and mainland entities. It is imperative to ensure compliance with the intricate requirements and documentation to mitigate the risk of penalties and maintain operational efficiency.
With professional corporate tax advisory in Dubai, entities can make informed decisions when it comes to something as serious as taxation.
Avoid a AED 10,000 fine by Meeting UAE's Corporate Tax Deadlines. Contact us for Expert Tax Compliance Guidance and Protect your Business.
Professional Tax Advisory Services in Dubai
While the new tax laws aim to harmonize regulations, they also present opportunities for entities to reassess their operational and tax structures. As MNCs explore these changes, strategic planning and compliance will continue to be the key to capitalize on emerging opportunities and mitigate risk strategically.
The IMC Group is a trusted team of professionals for complete corporate tax planning 2024. With experts available to guide you amidst the challenging corporate tax regime, you can comply with the prescribed norms.
Mainland entities will face the new corporate tax but with fewer operational restrictions than those imposed on free zone companies. They will also enjoy the corporate tax regime’s tax relief, allowing them to tap into benefits such as small business relief, business restructuring relief, and transfer within a qualifying group.
Adhering to new regulations might be challenging for both free zone and mainland entities, and it is crucial to navigate the complexities of the new tax law, ensuring compliance with the requirements and documentation to avoid penalties.
- NEWSLETTER,U.A.E
- February 12, 2024
The Middle East is bracing up as a key player with highly esteemed family offices catering to UHNWIs (ultra-high-net-worth individuals). Leading players are set to infuse the economy of the UAE with a massive $500 billion investment in the next three years. This financial boost will dynamically boost the economic standing of the region, with family offices taking center stage in strategic wealth planning.
A recent study reveals a notable shift in the mindset of family office executives in the UAE. Currently, the focus has expanded beyond investments, unlike historical trends. Family offices in the Middle East are trying to establish a robust operational foundation. Thanks to the favourable regulatory environment in the UAE, family offices can carry out professional operations in the country, leveraging strategic advantages in the region.
Market Trends and Diversifying Portfolio
Wealthy families and individuals are turning to established single family office in Dubai to streamline their finances.
The demand for intergenerational wealth management has witnessed a significant surge in 2024. Families in the Middle East prefer hiring professional teams for successfully transitioning wealth, addressing taxation concerns, and optimizing inheritance. The present investment environment is defined by a wait-and-watch approach along with adequate caution. This demonstrates the need for strategic wealth preservation in the Middle East.
When it comes to innovative family office strategies, the investment landscape has witnessed a notable shift. Family offices currently prefer private credit and equity over public markets, eyeing more lucrative returns. Experts have noted a calculated and cautious approach from leading family offices. Some clients are ready to sacrifice the liquidity of their assets for better returns under uncertain market conditions.
The 3 Rs of Family Office Strategies - Rebuild, Retain, Regulate
The evolving sector of single family office is defined by 3 Rs: retain, and regulate. Top players in the industry are channelling their efforts towards recovering and retaining employees through innovative schemes and engaging with regulators proactively. The focus on transparency has been a priority, as experts recommend exercising caution against over-regulation that might jeopardise family offices from being established in the Middle East. This demonstrates the value of privacy and control.
Emerging Trends and Futuristic Investments
The UAE continues to attract wealthy families globally due to its favorable tax environment. Other factors contributing to this trend include sophisticated lifestyle amenities, a robust financial services sector, and the strategic location of the country. However, experts believe that family offices need to tactically balance growth, family values, and preserving wealth. Technology has a key role to play in this regard since family offices are embracing governance and institutionalization. Now, the focus has shifted significantly to cybersecurity measures and data security.
The report also points out a transformative shift in gender involvement in family businesses. In the Middle East, the role of women in the wealth management of families is being recognized formally. A large number of women have achieved leadership positions in this regard. This trend demonstrates a change in attitude, offering both genders equal opportunities for sponsorship and mentoring with updated regulations. According to the latest norms, gender diversity has been mandated on company boards.
As the UHNW population increases in the Middle East, the family office sector is witnessing substantial changes. From succession planning to diversified investment strategies and ESG considerations, the evolving landscape promises opportunities and challenges alike.
The IMC Group continues to be one of the established players in the Middle East. This consulting firm offers specialized and customized services to address the unique needs of each family office. Whether you need professional assistance in succession planning or personal holding company formation and management, the experts offer tailored solutions to individuals and families.
- Publications
- February 7, 2024
Small business owners often neglect accounting tasks while managing operations and serving customers. Opting for external support for your accounting outsourcing services can be highly advantageous for your business, but it’s crucial to ensure you select the appropriate accounting services.
However, during audit season, they may deduce hours each day to uncover and address discrepancies in accounting or inventory.
Our Accounting Essentials Checklist offers a straightforward, comprehensive starting point for managing your financial records effectively. This guide outlines critical steps to consider in your accounting practices.
Download the guide now to kickstart your accounting journey and ensure accuracy and compliance in your financial operations.
Please complete your details below to download:
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