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Financial Reporting Advisory Services
Grant Thornton’s Financial Reporting Advisory Services (FRAS) team supports organisations through a diverse range of accounting and reporting services including transaction accounting, analysis and adoption of new International Financial Reporting Standards, training on new and complex standards, and other related services that enable organizations to achieve greater transparency and navigate through the ever-changing regulatory landscape.
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CFO Advisory Services
Chief Financial Officers (CFOs) and finance teams periodically face difficulties in financial reporting and accounting. To address these issues and challenges GT’s team looks to reduce the periodic uncertainty faced by our clients around difficult reporting and accounting standards and can help overcome these difficulties with our CFO advisory services.
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International Financial Reporting Standards
Capability in International Financial Reporting Standards (IFRS) is one of our core skills. We have access to a full-time team responsible for high quality, consistent application of IFRS throughout the global organisation.
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International Public Sector Accounting Standards
We are equally experienced in the adoption and implementation of International Public Sector Accounting Standards (IPSAS).
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In-Country Value
Grant Thornton is honored to be one of the Certifying Bodies to implement the National In-Country Value (ICV) Program for the Ministry of Industry and Advanced Technology (MoIAT)
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Staff Secondment Services
Finding qualified, skilled professionals for a specific purpose and time period can be a significant challenge for many organisations. We alleviate that challenge with a talent pool of highly motivated and technically trained individuals who have excellent soft skills and the agility to adapt quickly to varied client environments.
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Transformation Advisory
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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M&A and Transactions Advisory
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Forensics
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Restructuring
We have an established standard of excellence for Restructuring within the United Arab Emirates with a focus on client success throughout a complex period of the business life cycle.
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Incorporation and Compliance
Grant Thornton assists businesses in setting up and complying with these regulations and acts as adviser for companies to ensure their activities, policies and procedures follow the guidelines specified by respective regulations.
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ICFR
Grant Thornton is a market leader in providing Internal Controls over Financial Reporting (ICFR) services to many well-known entities in UAE.
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Islamic Finance
Grant Thornton's Islamic Financial Services team comprises a global network of professionals with in-depth knowledge of Islamic finance and providing practical, value added assistance to their clients across a range of specialisms and issues.
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Regulatory Compliance
Grant Thornton holds a proven track-record in Regulatory Compliance advisory, our range of services will facilitate robust guidance to help you manage your regulatory risks and affairs, our teams of specialists assist our clients in the following areas:
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Corporate Tax
Our diversified team of corporate tax subject matter experts combines a perfect blend of international experience across several industry sectors, technical expertise, and commercial nuances with a commitment to deliver exceptional value to your business.
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VAT
The VAT team at Grant Thornton is well versed with the VAT Laws applicable across the region and holds valuable experience and professional accreditation in assisting clients across diverse industries to comply with the VAT obligations.
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Transfer Pricing
Grant Thornton UAE assists its clients in providing transfer pricing solutions that are implementable and operational, considering the facts and concerns of its clients.
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International Tax and Tax Due Diligence
Grant Thornton UAE supports multinational groups to optimise their tax structures. We can also assist businesses in analysing existing group transactions and inter-group supplies, as well as advising on potential implications of various taxes to facilitate an efficient Group tax structure.
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Economic Substance Requirements
Economic Substance rules were introduced in the UAE in 2019, requiring UAE businesses that undertake certain ‘Relevant Activities’ to maintain and demonstrate adequate substance.
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Customs and International Trade
The team at Grant Thornton is positioned centrally to assist the businesses with global cross-border tax structuring, planning and compliance needs.
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Excise Tax
We provide Excise Tax related advisory and compliance services to the producer, importer, and the storekeeper of excisable goods
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Business Process Outsourcing Services
Our team at Grant Thornton offers comprehensive and cost effective outsourced solutions, enabling stakeholders and business owners to focus on their core business goals.
The United Arab Emirates continues to be resilient in a temperamental global climate. Opportunities to do business within the region have seen an upward increase with other sectors now emerging as impervious as the once prominent oil & gas industry. With increased governmental initiatives, drive and change, the UAE has continued to grow and attract inbound investment from around the world, further stamping it on the global map.
Dubai’s economy from 1975 through 2008 grew by a factor of 11, making it the fastest-growing economy in the world over the period, says a study by the Dubai Economic Council. When comparing this, it is consistently higher than other markets and equivalent to key international markets such as Hong Kong and the United States further highlighting Dubai’s prevalence globally.
It is predicated that Dubai’s economic growth could hit as high as 5.6 per cent this year (2014) further boosting the economy as a result of the regional developments and continued international investment due to the landscape of opportunity present here.
The dirham which is pegged to the US dollar is freely convertible which further support’s businesses looking to expand into this market. There are no restrictions on profit transfer or capital repartition, import duties are comparably low, there is no corporate or personal tax and numerous taxation agreements are in place, making the UAE a fluid economy.
The government has continued to increase investment in the emirate, besides steps to attract foreign direct investments. With privatization as the key word in the economic development, the government and the Abu Dhabi Chamber of Commerce and Industry have been making strenuous efforts to attract private capital. This in return, has increased the tempo of the industrial activity and production in the emirate along with increasing the tempo in the services sector.
Investment in the UAE reflects the continued growth of the region post the economic downturn experienced around the world. Economic restructuring has been underpinned by efforts to strengthen the business climate and foster the emergence of a more vibrant private sector.
So what will the landscape look like in 2020? And will Dubai be known internationally as the land of opportunity?
With the Expo 2020 win estimated to add $24 billion to the UAE economy and create innumerable opportunities which would be present due to the increased demand in various sectors namely leisure and tourism (with an estimated 25 million visitors expected to arrive), construction and logistics, I believe there’s no question that the landscape of Dubai will dramatically change by 2020.
There has been an influx of construction projects which continue to promote innovation and change within the region. It was announced that Dubai is already seen as key and the driving force for construction within the region. The GCC Construction Projects Market 2015 also announced that 15% of all construction projects were awarded to Dubai, which continues to add to the economy.
This in turn, has placed increased emphasis on developing future entrepreneurs and the leaders of tomorrow, to further promote business activity and foster the future of the region. Dubai is already making great strides to further stamp its mark on the world map however, the next couple of years need to be approached with caution to ensure the market doesn’t become saturated and that the legacy that Dubai has been built on continues for years to come.
