Is it mandatory for every business in Dubai to get audited?

Requirements vary depending on business activity, legal structure, and free zone regulations. Some entities must conduct annual audits to maintain their licenses, while others do so voluntarily for better financial oversight.

How do I choose the right accounting firm for my business?

Look for a firm’s track record, industry specialization, and certifications (such as being licensed by the UAE authorities). Also, consider the scope of services, technology adoption, and how well they align with your specific operational and budgetary needs.

What are the average costs of accounting or auditing services in Dubai?

Fees can differ widely based on a firm’s reputation, the complexity of your financial records, and the range of services required. Some firms offer fixed-fee packages, while others may charge hourly rates for specific tasks. Always clarify pricing models upfront.

Do these firms only serve large corporations, or can small and mid-sized enterprises (SMEs) also benefit?

Many firms cater to SMEs and startups with tailored service packages. Outsourcing accounting can be incredibly cost-effective for smaller businesses that don’t require a full-time in-house accounting team.

How often should my business update its financial records?

Maintaining monthly or quarterly updates is generally recommended, though some industries may need weekly or even daily oversight. Regular updates ensure real-time insights into cash flow, expenses, and revenue trends, enabling prompt decision-making.

Can these accounting firms handle cross-border transactions and international tax matters?

Several firms, especially the larger international networks or those with a global presence, have specialized teams for cross-border operations. They can guide you through double taxation treaties, international transfer pricing, and overseas compliance requirements.

Do I need to worry about data confidentiality when outsourcing my accounting?

Reputable accounting firms implement strict data protection policies and use secure software to safeguard client information. Before finalizing an agreement, discuss the firm’s confidentiality clauses, data handling procedures, and cybersecurity measures.

Will an accounting firm help with VAT registration and filing in the UAE?

Yes. Most accounting firms in Dubai offer VAT and tax-related services, including registration, filing, and advisory. They ensure compliance with UAE’s tax regulations, helping you avoid potential fines or penalties.

How do these firms stay updated with frequent regulatory changes in the UAE?

Professional firms regularly follow updates from government bodies such as the Ministry of Finance, Federal Tax Authority, and local free zones. Many also participate in ongoing training or certification programs to keep pace with changing legislation.

What additional value can an accounting firm provide beyond bookkeeping and audits?

Many offer strategic advisory, risk assessment, digital transformation support, and CFO-level consulting. They can deliver cost-saving recommendations, help craft business growth strategies, and streamline financial operations for long-term stability.

Can an accounting firm assist with mergers, acquisitions, or due diligence?

Yes. Specialized teams within certain firms handle due diligence, financial modelling, and risk evaluation for M&A activities, ensuring you make informed decisions backed by precise financial data.

Is it better to outsource accounting or hire a permanent in-house accountant?

Outsourcing can be more cost-effective and flexible, especially for SMEs or businesses with fluctuating financial needs. However, large enterprises with complex transactions might benefit from an in-house specialist. Evaluate the scope of your requirements and budget constraints before deciding.

Latest Business News/Law Updates in Singapore, India, GCC Countries

Publications

Due Diligence Checklist For Low, Moderate, and High-Risk Vendors

April 2, 2025

Vendor due diligence isn’t just a checklist to run through once—it’s an ongoing process that should reflect how critical the vendor is to your operations. This document helps you structure your review based on the level of risk involved, starting with basic checks and moving into more detailed evaluations when needed.

Each section is designed to help you focus on what matters—clear information, reliable records, and timely follow-ups. From legal status and certifications to audits and security practices, you can use this guide to spot what’s missing and decide what to ask next.

Fill in your review details, go step-by-step, and use the final score section to know how far along you are. The more complete the review, the fewer surprises later.

Why This Decision Matters

The newly adopted resolution complements the economic vision of Dubai. Particularly, it falls in line with its D33 Agenda, which aims to establish Dubai as one of the top business and financial hubs in the world.

Now, that the free zone businesses will be able to operate in the mainland, Dubai positions itself as a top destination for investors, MNCs, and startups.

Previously, the operations of free zone companies were confined only to their designated zones or outside the UAE. Due to this restriction, businesses weren’t able to tap into the lucrative market on the mainland.

This is how businesses are likely to benefit from the latest policy in place.

Expand their customer base and directly engage with clients in the mainland.
Scale operations faster without the need for restructuring or setting up a separate mainland entity.
Reduce operational constraints to enhance competitiveness and develop a more integrated business ecosystem.

Impact of the Policy on Different Sectors

The change in policy is expected to create a ripple effect across various industries, ranging from technology to finance. Here’s how different sectors are likely to gain from the move.

E-commerce and retail: Online sellers and trading companies can now cater to mainland customers without involving any third-party distributors.
Financial and professional services: Consulting firms, legal services, and IT companies can offer their services directly to their clients in the mainland.
Manufacturing and logistics: Free zone companies involved in production and distribution can optimize their supply chain operations by integrating mainland sales channels.

Key Compliance Requirements

While the new regulation offers exciting opportunities to businesses, they need to adhere to certain guidelines and ensure compliance.

Licensing and permits: Businesses must obtain necessary licenses or permits from the Dubai Department of Economy and Tourism (DET) before they can operate in the mainland.
Financial transparency: Companies need to maintain separate financial records for mainland operations to meet regulatory standards.
Establishing a branch: Organizations planning to expand their operations in the mainland must establish a branch in the mainland. They also need licenses issued by the DET which remain valid for one year and have to be renewed afterward.
Industry-specific regulations: Certain sectors like finance, may still be subject to specific regulatory frameworks, like those governing the Dubai International Financial Centre (DIFC).

Reach Out to The Top Business Setup Consultants in Dubai

With Dubai removing restrictions for free zone companies, businesses of all scales will be looking to capitalize on the tremendous growth potential. This initiative directly benefits organizations that are operating in the free zones. It also makes the city a lucrative avenue for new investors.

Companies planning to tap the opportunities in the mainland must seek professional support from leading business setup consultants in Dubai like the IMC Group. Global organizations would strive to make the most of this opportunity and explore the full potential of the thriving marketplace in Dubai.

What do AI Regulations in the UAE mean for businesses?

With the National AI Strategy 2031 in focus, the UAE has developed a robust legal framework for businesses operating in the country. The Federal Decree-Law No. 45 of 2021 on Personal Data Protection (PDPL) is one of the newly formulated guidelines. These regulations aim to safeguard privacy and ethical standards while promoting responsible AI applications.

The National Artificial Intelligence Ethics Guidelines further uphold principles like fairness, transparency, and accountability while businesses make decisions based on AI.

The Establishment of the UAE AI Office

Working closely with the UAE Council for Artificial Intelligence, the UAE AI Office shoulders the responsibility of ensuring compliance. These responsibilities include:

Conducting research on artificial intelligence
Facilitates collaborations between public and private companies
Helping businesses align their AI initiatives with national policies

Therefore, businesses in the UAE must conduct regular audits for their AI systems to remain compliant.

Compliance Implications for Different Industries

Regulations on the use of AI impact different sectors like:

Healthcare
Energy
Logistics
Cybersecurity
Tourism

Businesses operating in these industries need to adhere to strict rules for data protection. This is particularly important while handling cross-border data transfers. According to the PDPL, it’s mandatory to make sure that either the destination country has equivalent data protection norms or individuals provide explicit consent.

Organizations violating compliance policies face severe penalties, which range between AED 500,000 and AED 1 million, along with imprisonment.

Deploying Effective Frameworks for AI Governance

Businesses in the UAE must formulate effective frameworks to ensure their AI governance.

Forming a committee for regulating AI ethics: Businesses must establish an AI ethics committee to oversee their AI operations. This should be a multidisciplinary team consisting of AI specialists, legal experts, and ethicists who ensure that their AI applications align with ethical norms.
Establishing AI guidelines and policies: A properly formulated AI governance policy should outline how a company must approach fairness, transparency, and accountability. These norms must include risk mitigation strategies for AI. Particularly, they must cover areas like data protection, intellectual property rights, and management of algorithmic bias.
Performing risk assessments for AI: Regular risk assessments help in identifying vulnerabilities in AI models, like security threats or potential bias. Businesses must maintain records of these evaluations and conduct periodic audits to adapt their frameworks to emerging risks.
Training employees to comply with AI regulations: Besides formulating policies, organizations must invest in employee training programs to educate their staff on AI regulations in the UAE. Workshops and compliance refresher courses can significantly reduce the risk of unintentional regulatory breaches.

Tips for UAE Businesses to Strengthen Data Privacy and Security Measures

Established consultants recommend the following measures to businesses operating in the UAE to strengthen their data privacy and security measures.

Adhering to data protection laws

According to the Federal Decree-Law No. 45 of 2021 (PDPL), businesses must strictly adhere to data protection laws while handling the personal information of residents in the UAE. Key mandates as per this law include:

Obtaining explicit consent from users
Uphold data access rights
Comply with lawful processing standards

Regulations are even more stringent for sensitive data like government records and healthcare information.

Securely storing and transmitting data

Businesses must adopt robust cybersecurity protocols to comply with regulations in the UAE. These includes:

End-to-end encryption
Access controls
Breach notification mechanisms

Regular penetration testing and security audits further strengthen the resilience of AI systems.

Implementing consent management for AI systems

Advanced AI models work on vast sets of data. This makes it explicitly crucial to obtain the consent of users. In the UAE, businesses must establish clear and accessible content mechanisms and maintain detailed records. This ensures they can demonstrate their compliance during regulatory audits.

Overseeing data transfers beyond borders

Under Articles 22 and 23 of the PDPL, the UAE imposes stringent rules for cross-border data transfers from its organizations. This implies businesses must make sure that the destination country provides adequate protection or implement alternative means to secure their data like contractual agreements. Specific regulations like the Health Data Law regulate data transfers on patients.

How Can Businesses Implement Ethical AI Development Practices?

New businesses as well as established companies in the UAE are seeking professional consultations to incorporate ethical AI development practices. The goal of having a transparent mechanism include:

Detecting bias in AI and eliminating it
Ensuring transparent decision-making using AI
Controlling AI systems through human oversight
Performing regular audits for AI

Tips for Formulating AI Compliance Strategies for the Future

For businesses operating in the UAE, it’s imperative to develop futuristic strategies. Working with seasoned experts, these organizations must deploy practical measures to establish future-proof policies while using AI.

Here are some effective guidelines that businesses must follow while establishing their compliance strategies.

Staying updated with regulatory changes
Engaging in collaborations in the respective industries
Investing in technologies to comply with AI
Preparing for global AI regulations

Seek Professional AI Compliance Advisory Services

Business leaders consider complying with AI regulations in the UAE as an opportunity to establish ethical leadership and innovation. Working with experienced consultants at the IMC Group for compliance advisory services, businesses can prioritize data security and stay ahead of regulatory trends. A proactive approach, backed by top consultants, can help global businesses thrive in the evolving AI ecosystem in the Middle East. Complying with AI regulations protects businesses from legal risks and helps organizations build trust with their customers and partners.

Why Accounting and Auditing Matter?

Proper accounting and auditing practices give you the following:

Accurate Financial Snapshots – Real-time insights into revenue, expenses, and profitability.
Regulatory Compliance – Keeping pace with UAE tax codes and labour laws to avoid penalties.
Strategic Planning – Making well-informed decisions backed by reliable financial data.

Auditing for Greater Financial Integrity

Audits go beyond verifying numbers—they also evaluate your internal operations and controls. This process ensures businesses maintain transparent, reliable records and follow UAE regulations. For growing enterprises, regular audits are an essential safeguard against financial mismanagement and reputational risks.

Challenges for Businesses in Dubai

Whether you operate a startup or a large corporation, accounting and bookkeeping services in Dubai demand staying current with evolving regulations, payroll mandates, and various taxation policies. In-house accounting can be expensive, prompting many firms to hire specialized accounting services in Dubai. By doing so, they benefit from:

Cost Efficiency – Lower overhead without sacrificing expertise.
Full Compliance – Professionals who stay updated on every rule change.
Better Decision-Making – Detailed financial reports that guide resource allocation and growth strategies.

Why Partner with a Reputable Accounting Firm

A trustworthy accounting provider can:

Streamline Bookkeeping & Reporting – Using cutting-edge software and best practices to track transactions.
Deliver Thorough Audits – Ensuring accuracy and rectifying discrepancies before they escalate.
Offer Tailored Financial Advice – Helping refine business strategies and enhance operational efficiency.
Bolster Investor Confidence – Presenting transparent, audited financial statements to stakeholders.
Mitigate Risk – Reducing the likelihood of tax or compliance infractions.

Our List of the Top 20 Accounting Firms

We’ll highlight 20 leading companies offering accounting and bookkeeping services in Dubai. Each brings unique strengths, whether you’re seeking basic bookkeeping or comprehensive audit and advisory support. Regardless of your business size, these firms help streamline finances so you can focus on growth.

IMC Group Dubai

IMC Group Dubai is a leading provider of accounting and bookkeeping services. Their offerings range from daily bookkeeping to advanced financial advisory, ensuring tailored solutions that meet the region’s regulatory needs. With a skilled team of accountants, auditors, and tax specialists, they deliver accurate financial reports and strategic insights for SMEs and larger businesses.

In addition to core services, IMC Group Dubai offers strategic planning, business consulting, and compliance support to help clients navigate UAE tax regulations and financial reporting standards, minimizing the risk of penalties. This proactive approach allows clients to focus on their core operations and secure their financial management.

IMC Group Dubai prioritizes client-centricity, customizing service packages for each organization and building long-term partnerships based on trust and measurable results. Consequently, businesses improve financial stability, streamline operations, and explore growth opportunities in Dubai’s dynamic economy.

Ernst & Young

Ernst & Young (EY) is one of the “Big Four” professional services firms globally recognized for its extensive audit, consulting, tax, and advisory expertise. In Dubai, EY delivers comprehensive accounting and financial services tailored to local regulations, helping multinational corporations and growing SMEs.

Deloitte

Deloitte is another “Big Four” firm that combines global reach with a profound understanding of regional business environments. In Dubai, Deloitte offers audit, tax, consulting, and financial advisory services to support clients through every stage of the business lifecycle. Its multidisciplinary teams guide organizations in restructuring strategies, optimizing tax positions, and improving operational efficiency.

PwC

PricewaterhouseCoopers (PwC) is renowned for delivering multidisciplinary solutions encompassing assurance, tax, consulting, and deals advisory. Their Dubai office features experts who understand the UAE market’s unique regulatory and cultural dynamics, offering localized advice informed by PwC’s global perspective. Services range from handling complex audits and risk assessments to implementing tech-driven financial systems.

KPMG Services

KPMG is a prominent name in audit, tax, and advisory services, priding itself on a combination of deep local insight and international best practices. In Dubai, KPMG assists businesses across various sectors—from finance and real estate to retail—in establishing effective risk management, streamlined processes, and solid corporate governance structures.

KBA

KBA is a UAE-based accounting and advisory firm that offers a comprehensive portfolio of services, including audit, bookkeeping, and financial consultancy. Focusing on small and mid-sized enterprises, KBA helps clients streamline their financial operations, ensuring compliance with Dubai’s rapidly evolving regulations.

BMS Auditing

BMS Auditing is a global network of audit, tax, and consulting professionals with a strong presence in Dubai. Specializing in international accounting standards, BMS Auditing assists clients in achieving statutory compliance, optimizing tax strategies, and bolstering internal controls. They cater to diverse industries, including hospitality, healthcare, and logistics, and their multilingual team supports smoother communication with multinational clients.

Reyson Badger

Reyson Badger offers accounting, auditing, and financial advisory services and is known for its personalized approach to client relationships. They emphasize robust financial record-keeping, which is critical for small to mid-sized businesses seeking improved data accuracy. Beyond traditional accounting, Reyson Badger offers advisory on regulatory changes, risk mitigation, and corporate governance best practices. Their professional team designs custom strategies to help companies comply with UAE laws, enhance financial transparency, and capitalize on potential growth areas in Dubai’s vibrant marketplace.

AVSC

AVSC is a Dubai-based accounting and consulting firm that prides itself on end-to-end solutions, from bookkeeping and audit to business process outsourcing and CFO-level advisory. Their unique strength lies in understanding the operational aspects of a business, enabling them to deliver tailored financial management tactics. AVSC’s focus on digital transformation and cloud-based accounting systems helps clients streamline back-office functions while maintaining real-time visibility over economic performance.

HLB HAMT

HLB HAMT is part of the global HLB network, offering accounting, audit, and advisory solutions that serve a vast array of industries in Dubai. Their approach is characterized by proactive problem-solving, identifying potential financial challenges before they escalate. HLB HAMT assists companies in implementing robust accounting frameworks, optimizing VAT, and establishing effective corporate governance. Their advisory extends beyond routine financial tasks, guiding organizations in strategic planning, market-entry, and technology adoption.

NAM Accountants

NAM Accountants delivers comprehensive, detail-oriented accounting and bookkeeping solutions for businesses seeking to enhance operational efficiency. Their offerings extend to auditing, VAT compliance, and financial consulting, making them a one-stop destination for small and medium enterprises. NAM Accountants leverages user-friendly digital tools to streamline processes and mitigate risk, while their consultants work closely with clients to navigate Dubai’s tax landscape.

CDA Audit

CDA Audit is known for its thorough audit engagements, professional bookkeeping services, and financial consulting expertise. They have built a considerable presence in Dubai by helping organizations fine-tune their accounting processes and comply with UAE regulations. CDA Audit’s strength lies in diagnosing inefficiencies within existing systems and implementing corrective measures, thereby boosting financial accuracy and cost savings.

Xact Accounting Services

Xact Accounting Services meets companies’ accounting and bookkeeping needs at varying growth stages. Their scope includes periodic financial reporting, internal controls, and audit readiness, ensuring businesses have a clear snapshot of their financial health. Xact emphasizes collaborative partnerships, providing ongoing advisory to help clients address shifting regulatory requirements in Dubai.

Crowe UAE

Crowe UAE forms part of the Crowe Global network, bringing expertise in audit, tax, risk advisory, and consulting to the Emirates. Serving sectors such as manufacturing, retail, and financial services, Crowe UAE supports clients in establishing strong internal mechanisms and ensuring regional compliance. The firm’s methodologies are steeped in international best practices while remaining cognizant of Dubai’s unique business nuances.

Mazare UAE

Mazare UAE provides diverse accounting, auditing, and advisory solutions, catering primarily to local and regional businesses looking to strengthen their financial systems. Their services include bookkeeping, statutory auditing, VAT optimization, and risk management. Mazare UAE emphasizes individualized attention, recognizing that each client has distinct operational needs and growth targets.

BDO UAE

BDO UAE is part of the global BDO network, which is distinguished by its “people helping people” ethos and localized solutions. The firm’s strong presence in Dubai covers assurance, tax, financial advisory, and consulting services. BDO UAE’s teams use industry-specific knowledge to address retail, real estate, hospitality, and more challenges. Their offerings encompass internal audits, risk assessments, and corporate governance improvements, all facilitated by forward-thinking technology.

Aviaan Accounting

Aviaan Accounting presents a wide range of services, from standard bookkeeping and payroll management to specialized tax consulting and audit preparation. Their approach focuses on minimizing administrative burdens so business owners can concentrate on strategic initiatives. Aviaan Accounting strives to refine financial processes and maintain alignment with the constantly evolving regulations in Dubai by offering solutions tailored to each client’s lifecycle- whether a startup or an established corporation.

Mazars Lower Gulf

Mazars Lower Gulf operates within the more extensive Mazars global partnership, extending a broad portfolio of audit, accounting, tax, and advisory services to Dubai-based enterprises. They blend international methodologies with local market understanding to deliver solutions like due diligence, VAT compliance, and corporate restructuring. Mazars’ collaborative style involves close engagement with clients to identify potential financial risks and craft tailor-made strategies for addressing them.

Protiviti UAE

Protiviti UAE specializes in business consulting, internal audit, risk and compliance, and transformation services. Working across numerous sectors, their teams assist in improving operational efficiencies, managing regulatory changes, and enhancing corporate governance frameworks. Protiviti’s approach is marked by data-driven analysis, leveraging digital tools to uncover insights that inform strategic decisions.

Moore Stephens Lower Gulf

Moore Stephens Lower Gulf is affiliated with the Moore Global Network, providing a full range of auditing, accounting, and advisory solutions for clients of various sizes and sectors in Dubai. Their services include financial statement audits, VAT compliance, corporate finance, and business consultancy. Moore Stephens places a premium on building enduring relationships, striving to anticipate client needs and tailor their approaches accordingly.

Emerging Tech in Accounting & Bookkeeping

Technological advancements such as AI-driven financial analytics, blockchain-based transparent record-keeping, and automated compliance monitoring tools are reshaping the Dubai accounting industry. Businesses adopting these technologies experience higher accuracy, reduced costs, and quicker compliance with regulatory updates.

Your 2025 ACRA Compliance Roadmap

Once a company is officially registered with ACRA, it needs to complete the post-incorporation formalities. After this, ongoing compliance becomes essential. Here’s a breakdown of the critical requirements.

Annual General Meeting (AGM)
Situational or circumstantial updates
Let’s break down the key compliance requirements that every company based in Singapore must follow.

The Yearly Obligation of the Annual General Meeting (AGM)

Within the first six months of the financial year-end (FYE), every organization must hold an Annual General Meeting (AGM). Listed companies must hold their AGM within four months.

AGM Exemptions for Private Companies

Private companies are not required to hold an Annual General Meeting (AGM) if they:

Send financial statements to members within five months after the financial year-end.
Are dormant private companies that do not need to prepare financial statements.

When an AGM is Required?

Despite these exemptions, the law provides safeguards to protect shareholders’ rights:

1. Member Requests:

A member can ask for an AGM by notifying the company at least 14 days before the end of the 6th month following the financial year-end.

2. Director's Role:

If an AGM is requested, directors must:

Arrange the meeting within six months after the financial year-end.
Request more time from ACRA if needed.

3. Financial Statement Review Requests:

If a member or auditor asks to review financial statements:

The company must hold a general meeting within 14 days of the request.
Directors must ensure this meeting is arranged within the same period.

Companies with an FYE before August 31, 2018, must still adhere to the old rule. Accordingly, they need to hold the first AGM within 18 months of incorporation. The subsequent AGMs are to be organized within 15 months.

Why it matters?

In case any organization fails to hold an AGM on time, it can result in penalties and legal action. It can even lead to the disqualification of directors.

Businesses Must File Their Annual Return (AR) With ACRA

It’s mandatory for every company registered in Singapore to file an Annual Return (AR), even if the business is dormant. Deadlines depend on the nature of the business:

Listed companies must file Annual Returns (AR) within five months after the financial year-end (FYE).
All other companies must file Annual Returns (AR) within seven months after the financial year-end (FYE).

For companies with an FYE before 31^st August 2018, the older rule applies. They need to file within 30 days of the AGM.

Financial reporting: The financial statements of your business must comply with Singapore Financial Reporting Standards (SFRS). You need to submit it as a part of the Annual Return.

Keeping ACRA Updated on Changes in Business

It’s essential for businesses to update ACRA regarding any significant changes within the prescribed timelines. This includes:

Change in business names: It’s essential to obtain prior approval from members and file the same with ACRA
Changes in company details: If there’s any change in business activities, registered address, the organization must report the same within 14 days to ACRA..
Changes in directors and secretaries: In case there’s a change in appointments, resignations, or details of directors or secretaries, it must be updated promptly with ACRA.

Updating Information on Shareholders

For businesses operating in Singapore, it’s essential to maintain accurate records about shareholders. This includes changes like adding new shareholders or share transfers. All these changes must be reported to the BizFile+ through the ‘Update Shares Information’ option.

Lodging the Register of Registrable Controllers (RORC)

Every organization needs to maintain a Register of Registrable Controllers (RORC) that contains the details of beneficial owners. The key requirements include:

Setting up the RORC within 30 days of incorporation.
Filing RORC updates with ACRA within two business days after any changes.

Penalties for non-compliance: In case a business fails to maintain the RORC or update any vital information, it can result in hefty fines or legal action.

Responsibilities of Directors in Financial Reporting

The directors of any company shoulder a crucial responsibility in ensuring financial compliance. The key obligations include:

Preparing accurate financial statements as per SFRS
Making sure that statements provide a true and fair view of the financial health of the company
Filing the audited or unaudited financial statements in XBRL format unless there’s an exemption

Legal action may be initiated against directors who neglect these duties under the Financial Reporting Surveillance Programme (FRSP). That’s why, leading companies seek compliance advisory services from established professionals.

Additional Compliance Responsibilities

Besides statutory filings, businesses must also comply with other operational regulations. These include:

Keeping track of changes in ACRA regulations to stay ahead of updates on compliance
Documenting board resolutions and minutes of meeting
Maintaining clear and accurate accounting records
Filing corporate income tax returns with the Inland Revenue Authority of Singapore (IRAS)
Submitting periodic GST returns, if applicable
Ensuring valid employment contracts under the Employment Act
Bringing into light any conflicts of interest by directors
Contributing to the Central Provident Fund (CPF) for eligible employees
Acquiring business licenses specific to industries, like those for F&B, retail, or finance
Holding valid employment passes for foreign workers
Renewing business licenses on time to prevent penalties
Maintaining statutory registers of shareholders, Nominee Director, directors, RORC and secretaries
Adhering to the Personal Data Protection Act (PDPA) to protect the information of customers

Professional Compliance Advisory Services from Experts

Businesses in Singapore often find it challenging to understand its corporate compliance environment. However, adhering to the established regulations is something non-negotiable. That’s why, most organizations eyeing success reach out to reputed professionals at the IMC Group for compliance advisory services. These experts will help you understand how to file annual returns for your business. This ensures that enterprises can remain compliant and prevent penalties, thereby maintaining credibility and smooth operations.

Strategic Reforms Leading to the Growth of M&A Activities

The GCC region led the way with 580 deals valued at $90 billion. It’s worth mentioning that cross-border deals played a vital role, contributing to 52% of the total volume and 74% of the deal value.

Experts reveal that businesses in the region are actively looking for growth opportunities. Particularly, they are exploring sectors like insurance, asset management, real estate, power, utilities, and technology sectors. Successful organizations are also seeking M&A advisory services from experienced consultants to enhance regional collaborations in the Asian and European markets.

Major Players and Key Deals

M&A activities in the MENA region were primarily dominated by major players like Sovereign wealth funds (SWFs). This included the Abu Dhabi Investment Authority (ADIA), Mubadala Investment, and Saudi Arabia’s Public Investment Fund (PIF). The strategic investments of these firms continue to reshape the economic landscape of the region. Leading companies are looking for comprehensive due diligence services from reputed experts before entering these transactions.

The $12.4 billion acquisition of Truist Insurance by Clayton Dubilier & Rice, Stone Point Capital, and Mubadala Investment marked the largest deal of 2024. Some of the other notable transactions included:

- Saudi Aramco’s $8.9 billion acquisition of a 5% stake in Rabigh Refining and Petrochemical Company.
- The $8.3 billion purchase of a 60% stake in Zhuhai Wanda Commercial Management Group by PAG, Mubadala, and ADIA.

Interestingly, outbound M&A deals accounted for 61% of the total deal value. Across 199 transactions, the value of outbound deals reached $56.6 billion. On the other hand, inbound deals recorded an 18% surge in volume and 42% in value, reaching $11.4 billion. Naturally, these players have been seeking comprehensive due diligence services from top consultants to ensure successful deals.

Leading Investment Destinations - UAE and KSA

IN 2024, the UAE emerged as the top investment hub. It recorded as many as 96 inbound deals, with a total valuation of $7.6 billion. The country accounts for 67% of the total inbound deal value. This growth was led by the technology sector, particularly domains like AI, digital transformation, and cybersecurity. One of the significant deals in this space was the $1.5 billion acquisition of Abu Dhabi’s Group 42 by Microsoft.

Saudi Arabia followed the suit, contributing significantly to the regional M&A transactions. Together, the UAE and KSA recorded 318 deals valued at $29.6 billion. In 2024, these two nations have been ranked among the MENA bidders. This reinforces their positions as dominant players in the M&A space.

Outside MENA, the US was the largest acquirer. The country completed 48 transactions worth $4.6 billion. Meanwhile, MENA investors favored the U.S., with 41 deals totalling $19.9 billion.

Domestic M&A on the Rise

Domestic mergers and acquisitions accounted for 48% of the total deal volume. With 339 transactions, the total value of deals stand at $24.4 billion. The technology and consumer products sectors contributed 35% of these deals.

In terms of disclosed deal value, oil and gas remained the top sector. It accounted for 37% of the total domestic deal value, recording $9.0 billion. Saudi Aramco’s $8.9 billion stake acquisition in Rabigh Refining and Petrochemical Company was the key driver of this growth.

The Future of M&A in MENA

Experts have observed that technology continues to be the most attractive sector for investors. It constitutes 23% of total inbound and domestic M&A deals. The MENA region is undergoing a transformation in productivity, thanks to the rise of AI and digital transformation. This is significantly shaping capital allocation for deals.

Looking ahead, 2025 promises strong momentum for M&A activities in the MENA region. With professional M&A advisory services from reputed consultants like the IMC Group, businesses are looking to strike major deals. Fresh opportunities await both domestic and international investors in the MENA region in 2025.

Bridging the Gap of Financial Expertise

Many MSMEs are run by passionate entrepreneurs with deep industry knowledge. However, it’s not a financial strategy that they always specialize in. As businesses keep expanding, they face increasingly complex economic challenges. These include cash flow management, budgeting, compliance, and growth planning.

A fractional CFO for SME’s and startups offers the perfect balance. These professionals bring years of experience to the table, guiding businesses and helping them with financial best practices. This ensures stability and long-term growth for organizations in India. Fractional CFOs help MSMEs streamline operations, cut unnecessary costs, and improve their overall economic health.

A Cost-Effective Alternative to Full-Time CFOs

Hiring a full-time CFO in India can be a substantial investment. However, businesses can opt for fractional CFO services, which provide the same level of expertise at a more cost-effective and strategic price point, making it a practical and financially efficient choice for companies.

Thus, businesses in India benefit from the flexibility of this model. These firms need to pay only for the financial guidance they need, which can range from a few hours a week to a complete project. As a result, MSMEs can scale their financial management as they expand without straining their budgets.

Dealing with Regulatory Challenges

In India, financial regulations are constantly evolving. Thus, MSMEs need to monitor tax laws, GST compliance, and banking regulations continuously. Many businesses struggle to keep up, which leads to costly mistakes and penalties.

A fractional CFO for SME’s and startups ensures compliance with these changing regulations. They adopt a proactive stance in addressing economic risks and streamline tax planning. Thus, these professionals make sure that businesses in India adhere to the laws. This significantly reduces risks for firms and helps them build financial credibility which proves vital for securing loans and investments.

Strategic Insights for Smarter Decision-Making

Apart from compliance, a fractional CFO helps businesses make better financial decisions. These professionals provide valuable insights into cash flow trends, budgeting, and profitability. MSMEs, backed by data-driven strategies, can optimize costs and predict the inflow of revenue while planning for growth in the future.

Businesses that are looking to scale must work with a fractional CFO to develop a strong financial strategy. From expansions to mergers and securing funding from investors, CFOs play a critical role in financial planning and execution.

Proper Risk Management

Business risks come in many forms, ranging from economic downturns to cash flow crunches or unforeseen expenses. Even profitable businesses tend to struggle without proper risk management.

Fractional CFOs bring expertise to the table, identifying financial vulnerabilities and building effective strategies to mitigate risks. They help businesses prepare for tough times, ensuring financial resilience in times of challenge.

Professional CFO Advisory Services for MSMEs in India

Hiring a fractional CFO for expert financial leadership can put MSMEs in India on their growth trajectory. These professionals help businesses explore fresh opportunities as they optimize capital, secure funding, and ensure sustainable profitability.

With the right financial strategies in place, businesses can focus on innovation and expansion. Small and medium-sized businesses must partner with the IMC Group, a leading advisory service provider offering fractional CFO for SME’s and startups. These experts offer high-level financial solutions on a flexible basis, allowing businesses to strengthen their financial foundations.

The Growth of the Financial Market in Dubai

According to the Dubai International Financial Centre (DIFC), the number of hedge funds within the DIFC has recorded a 50% growth, reaching a total of 75 firms. Some of the high-profile players have set up their operations in Dubai. The growth of family offices in the Middle East can be largely attributed to the business-friendly regulations and growing investor base in Dubai.

Beyond hedge funds, the broader financial ecosystem in this city is thriving. Currently, the DIFC hosts over 410 wealth and asset management firms, with 6,920 registered entities. This marks an impressive 25% Y-o-Y increment. This boom has also translated into a 10% rise in employment within the DIFC, pushing the total workforce to over 46,000.

Family Offices Managing Over $1 Trillion

The appeal of Dubai to the wealthy class extends well beyond institutional finance. This is evident from the increasing popularity of single-family offices in Dubai. Family offices, which manage substantial private wealth, currently oversee assets exceeding $1 trillion. The DIFC alone accounts for more than $700 billion in AUM, reflecting a remarkable 58% growth over the past year.

The tax advantages that wealthy investors enjoy in Dubai, along with factors like global connectivity and a stable financial environment, make it a preferred hub for this class. The strong regulatory framework in the city has also been instrumental in attracting prominent family offices looking for long-term wealth preservation and strategic investment opportunities.

Rise of Exclusive Peer Networks in Dubai

While the number of UHNWIs calling Dubai home continues to grow, so does the need for high-level networking and knowledge-sharing platforms. One of the global networks of peers was founded in 1999 and recently launched a chapter in Dubai. Thus, ultra-high net-worth individuals find a private space to discuss investment strategies, wealth preservation, and philanthropy. The Dubai chapter is expected to become a key hub for local and international investors.

Why are UHNWIs Moving to Dubai?

The financial success of Dubai exists solely due to its tax advantages and financial regulations. Its demographic position makes it a crucial link between Europe, Asia, and Africa. This provides businesses with strategic access to global markets.

The political stability in the emirate, advanced infrastructure, and focus on technical innovation further enhance its reputation as a financial hub.

Following the suit of Dubai, Abu Dhabi is also emerging as a crucial financial hub. The Abu Dhabi Global Market (ADGM) has witnessed a 31% jump in company registrations in just the first half of 2024. This surge is driven by major financial institutions that have been expanding their presence in the Middle East.

A Promising Future for Wealth Management

The promising growth trajectory of Dubai as a leading hub for wealth management makes it a focal point for wealth management firms. As its financial ecosystem expands, the surge in the number of ultra-wealthy residents is likely to continue. A successful single-family office in Dubai must consult experienced and qualified professionals to benefit from their expertise. IMC Group has a team of experienced experts who can provide qualified advisory services to family offices.

What makes Singapore the Ideal Hub for Family Offices?

The rise of Singapore as a preferred hub for setting up family offices is the result of meticulous policymaking and governance over the decades. The country attracts wealthy individuals with its favourable business environment, political stability, and robust legal framework.

Some of the key factors that position Singapore as the ideal hub for family offices are presented below.

The country is ranked as the third least corrupt country globally and the most transparent nation in Asia.
For 15 consecutive years, Singapore has been recognized as the best place to conduct business.
Singapore is regulatory environments for financial institutions in Asia and the world.
The strategic location of the country makes it a gateway to booming markets in Asia.
With a stable currency and legal framework, Singapore has evolved into an attractive hub for secure investments and long-term wealth preservation.

Residency Perks for Family Offices

The residency policies in Singapore, formed through the Singapore Global Investor Program (GIP), are highly favourable for family offices. Under Plan C, qualifying family office leaders can apply for permanent residency. This empowers them to live and work in the country, while they benefit from its lucrative investment environment.

Let’s take a look at these numbers that demonstrate the growth of family offices in Singapore.

Singapore is projected to be the millionaire capital in the Asia-Pacific region by 2030. 13% of the Singaporean population are likely to be classified as millionaires by 2030.
Currently, more than 2,000 family offices operate in Singapore, marking a 43% Y-o-Y increment.
Singapore headquarters 59% of all family offices in Asia.
Currently, Singapore has 244,800 millionaires and 47 billionaires.
Singapore has surpassed London and is currently positioned as the 4^th wealthiest city in the world.

Much of this new wealth comes from Hong Kong, Mainland China, Southeast Asia, and India. Also, American UHNWIs are increasingly expressing their interest in investing in Singapore.

How Do Family Offices in Singapore Invest?

Family offices in Singapore have come up with diversified investment strategies. These wealth management firms tactically balance private and public market exposure. Some of the key investment areas include:

Private capital markets: Direct investments, a preference shared throughout Asia.
Technology and AI: AI and health tech will be emerging as dominant investment avenues, particularly in the next few years.
ESG and philanthropy: According to new tax laws, family offices need to allocate a minimum of at least 10% or up to S$10 million of their assets to local investments.
The role of single-family offices in Singapore is crucial, as wealthy individuals continue to shift towards professional management of their finances.

The Shift Toward Professional Wealth Management

A report reveals that 43% of family offices in the Asia-Pacific region are shifting towards professional, non-family leadership. This figure surpasses the global average of 29%. Many SFOs are now hiring from financial services, consulting, and accounting backgrounds, and outsourcing specialized functions to external experts.

As the challenge and complexity of wealth management in Singapore continue to rise, many family offices in Singapore are turning to third-party service providers. Particularly, functions like bookkeeping, compliance, IT integration, and back-office operations are professionally managed by outsourced service providers. Interestingly, 85% of respondents in a survey believe that family offices should outsource middle and back-office functions to curtail costs and improve efficiency.

Professional Consultation for Family Offices in Singapore

The family office sector in Singapore is poised for consistent growth. It is largely driven by the country’s stable economy, world-class infrastructure, and favourable environment for investors. An increasing number of single family offices in Singapore are turning to established consultants like the IMC Group for professional advisory solutions. As global wealth continues to flow into Singapore, the country is consolidating its position as the premier destination for family offices in Asia.

The Expanding FTA Environment in India

Currently, India has 13 active FTAs and several ongoing negotiations. The country is also re-evaluating its investment treaties and preferential trade agreements, prioritizing contemporary economic priorities. India is strategically balancing the interests of global investors with national economic goals.

Here are some of the active FTAs of India.

SAFTA (South Asian Free Trade Area)
India-Sri Lanka FTA
India-ASEAN FTA (Expanded to include services in 2014)
India-Japan CEPA
India-South Korea CEPA
India-UAE CEPA (Implemented in 2022)
India-Australia ECTA (Signed in 2022)

Different Types of Trade Agreements in India

In this section, let’s take a look at the different types of trade agreements in India.

Free trade agreements (FTAs): FTAs are comprehensive packs that eliminate trade barriers or reduce them between countries.
Preferential trade agreements (PTAs): PTAs involve limited reduction of tariffs on selected goods. For instance, businesses might consider the India-MERCOSUR and India-Chile PTAs.
Comprehensive economic partnerships/cooperation agreements (CEPAs/CECAs): CEPAs and CECAs cover cooperation on trade, investment, and regulatory aspects. Examples include the India-South Korea CEPA and the India-Singapore CECA.
Bilateral investment treaties (BITs): BITs are formulated to protect investments, ensuring fair treatment for businesses and easy resolution of disputes.
Regional trade agreements (RTAs): RTAs involve multilateral trade integration agreements like SAFTA and APTA.

Key FTA Developments in 2025

India is making significant strides in trade negotiations. Have an overview of the most notable updates.

United Kingdom: Negotiations between India and the UK resumed in early 2025, following 14 rounds of discussions since January 2022.
United States: India is looking to achieve bilateral trade agreements of $500 billion with the US by 2030. Discussions for a comprehensive FTA are likely to take place within the next 6-8 months.
European Union: The next round of FTA talks between India and the EU is set to take place in March 2025 in Brussels.
Oman: India and Oman are working on a Comprehensive Economic Partnership Agreement (CEPA). The negotiations began in 2023, with significant progress taking place since then.
European Free Trade Association (EFTA): India and the EFTA signed a Trade and Economic Partnership Agreement (TEPA) in March 2024. It is likely to come into effect by the end of 2025.
ASEAN: A review of the ASEAN-India Trade in Goods Agreement (AITIGA) is underway, with the fifth Joint Committee meeting scheduled for February 2025 in Jakarta.
Qatar: India and Qatar are in discussions for a potential FTA. These countries are aiming to double trade to $28 billion over the next five years.

Other Trade Negotiations to Watch

India-Canada CEPA: Discussions between India and Canada have been on hold since September 2023.
India-GCC FTA: Negotiations restarted in 2022, with formal discussions expected to commence in 2025.

Revamping Investment Treaties of India

In February 2025, Finance Minister Nirmala Sitharaman announced plans to revamp India’s Model Bilateral Investment Treaty (BIT). This is likely to attract more foreign investment to the country. Currently, India is negotiating BITs with countries like UK, Saudi Arabia, Qatar, and the EU. The goal is to provide investors with better protections while maintaining flexible policies.

India has shifted from the 2016 Model BIT considering the concerns of its Western trade partners. The 2016 model largely emphasized state control, while the current approach is much friendlier to investors.

Some of the notable BITs in force include:

India-UAE BIT: Signed in 2024, providing strong protections to investors.
India-Uzbekistan BIT: Strengthening investment flows.
India-Switzerland BIT (Pending): Following the EFTA-India TEPA, Switzerland is pushing for a new BIT after India canceled older treaties.

Professional Advisory Solutions for Company Formation in India

As India is actively reshaping its trade policies, businesses need to stay informed and position themselves strategically to benefit from the new opportunities. From reduced tariffs to better protection for investors, these agreements will help businesses capitalize on the full market potential. Successful businesses must seek comprehensive support from the IMC Group for company incorporation in India. With an experienced business advisory team backing them, companies can smoothly enter the competition and expand across global markets.

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