ACCOUNTING IN SHARJAH
Accounting is the systematic process of identifying, recording, evaluating, classifying, authenticating, abbreviating, interpreting, and communicating monetary information. Accounting reveals the profit or loss for a specific time, as well as the value and nature of a company’s assets, liabilities, and owner’s equity. It encompasses the practice and body of knowledge associated with recording transactions, maintaining financial records, conducting internal audits, reporting and analyzing financial information to management, and advising on taxes issues. Accounting gives information about the assets accessible to a business, the techniques used to finance those assets, and the outcomes of utilizing those assets. Accounting firms serve a significant role in assisting businesses to improve their reputation, financial stability, credit management, auditing, and financial reporting, among other aspects. Merak Tax Consultant is one of the leading accounting firms in Sharjah, providing quality accounting and bookkeeping services to businesses. Merak Tax Consultant has a team of qualified financial advisers and accountants in Sharjah who can assist you in managing your business by providing auditing, bookkeeping, VAT, business, and accounting services in Sharjah and the UAE.
HOW CAN VAT SERVICES HELP YOU GROW YOUR BUSINESS IN SHARJAH?
VAT imposes no additional burdens or expenses on the enterprise. In general, businesses serve as intermediaries for the government. The cash flow reflects only the effects. Therefore, good planning and administration of tax collection and its execution will result in increased value and cash flows for all businesses. VAT services facilitate:
- To prevent tax return filing errors.
- To claim the paid input tax by the VAT law.
- Guide to prevent fines and penalties.
- Keep the accounting records for five years, as required by law.
- Conducts the tax audit to protect the organization against substantial misstatements.
- Receive current information and training on the most recent changes to the VAT law and its accounting implications.
- Provide instructions for the creation of sales invoices.
COMPANY FORMATION IN UAE
Investors can follow a well-structured process to form a corporation in the UAE. The region’s expanding business opportunities are driving its growth. The following business advantages make UAE the top location for investors to establish a new company.
- Government backing,
- A robust network of foreign and local commercial banks,
- Ease of doing business
- No personal and corporate taxation
- Complete foreign ownership
The United Arab Emirates is home to thousands of global corporations, including Fortune 500 firms. There are about 40 Free Trade Zones operating in the UAE that offers various options for establishing a business.
The Free Zones of UAE allow foreigners to own 100 percent of a company’s stock. Additionally, they may hire anyone from any country. An international investor has complete freedom to register a corporation in the UAE and open a corporate bank account. The total New Company Formation charge for a UAE mainland trading company is around AED 25,000. Investors may also form a civil company with between one and fifty shareholders. According to the most recent Commercial Companies Law, a Civil Work Company is not required to have a Local Service Agent.
Merak Tax Consultant has 10 years of experience in the UAE company creation industry. It directs investors to the appropriate Free Zone to establish their business in the UAE. With Merak Tax Consultant, the process of registering a business license is simplified and streamlined for investors.
WPS SERVICES IN THE UAE
Merak Tax Consultant provides WPS services in the UAE, which is one of the most crucial services required by the majority of businesses in the Emirates. With Merak Tax Consultant, you can guarantee the greatest quality of services at an affordable price.
FEATURES & BENEFITS OF HEALTH INSURANCE IN SHARJAH
In most cases, the comprehensive health insurance coverage will cover daycare hospitalization in addition to pre-and post-hospitalization benefits. Almost all medical insurance plans in Sharjah include cashless hospitalization and reimbursement options. All of a policyholder’s medical expenses are either paid directly to the hospital (in the case of cashless hospitalization) or reimbursed to the policyholder upon submission of reimbursement claims.
The following are the various characteristics and advantages of medical insurance in Sharjah:
Cashless services provided by insurance companies allow policyholders to receive medical care without paying cash at the hospital cash register. In this instance, the insurer will reimburse the hospitals for the cost of treatment on behalf of the policyholder. The policyholder must supply the policy number at the time of admission; the hospital will handle all other matters on behalf of the insurance company.
However, if the insured’s medical bills surpass the insured amount, the insured will be responsible for the difference. The insurance company will not pay for damages over the amounts insured.
Cashless therapy is only available at hospitals with insurance partnerships. For non-partner hospitals, the policyholder must utilize the insurance company’s reimbursement option. If the policyholder is admitted to a non-network hospital, the policyholder will initially be responsible for the expense of hospitalization. After receiving treatment, the policyholder can submit all original receipts and supporting documentation to the insurer for reimbursement. The amount reimbursed cannot exceed the amount insured under the health insurance policy.
Coverage for Pre & Post Hospitalization
In Sharjah, health insurance covers pre-and post-hospitalization charges. Typically, the coverage is limited to a set number of days, during which all pre-and post-hospitalization charges are covered. In the policy paper, the exact number of days will be specified.
Medical insurance policyholders in Sharjah typically receive free checkups at regular periods. The frequency of these medical examinations can vary between insurance providers. It is interesting to note that a small number of medical insurance carriers in the United Arab Emirates offer free medical checkups based on past medical records and no-claim bonuses. The frequency of free medical checkups provided varies from insurer to insurer.
In the event of hospitalization, the insurance coverage will cover the cost of transportation (ambulance charge) from home to hospital and back. Typically, it is an add-on to the existing coverage, and the buyer of the health insurance policy must opt for it at the time of purchase.
No Claim Bonus (NCB)
The policyholder will be eligible for the No Claim Bonus if he or she does not file a claim during the policy year. No-Claim Bonus is often awarded as a premium decrease or an increase to the sum guaranteed. Typically, the benefits are reflected at insurance renewal.
Third-Party Administrators (TPAs)
The majority of Health Insurance providers in Sharjah and throughout the United Arab Emirates employ Third Party Administrators (TPA) to manage their sales and other services. These TPAs oversee a multitude of services, including claim settlement, enrollment, premium collecting, etc. While purchasing medical insurance in Sharjah, the applicant should conduct the necessary research to select the most dependable and easily accessible TPAs on the market. Identifying and choosing the finest medical insurance and Third-Party Administrators is essential for the greatest possible experience.
Room Rent Having health insurance will assist the policyholder in covering all room rent costs incurred during hospitalization. In the health insurance policy agreement, the maximum amount of room rent reimbursed by the policy will be specified.
BENEFITS OF HAVING CAR INSURANCE IN THE UAE
You won’t get fined
The most obvious advantage of obtaining auto insurance in the UAE is avoiding fines. This is because auto (or vehicle) insurance is compulsory by law in the United Arab Emirates. For driving without insurance in Sharjah, drivers will receive a fine of AED500 and four demerit points on their license (or driving an unlicensed vehicle). The police may also impound the vehicle for up to seven days if it is determined that the motorist was operating the vehicle without a valid license.
You get comprehensive car insurance
Comprehensive auto insurance provides the third most significant advantage of having auto insurance. Comprehensive auto insurance companies covers damage to your vehicle, but third-party auto insurance only covers damage to another person’s vehicle or property. Therefore, if you hit someone else, the third-party insurance will pay him or her instead of you. However, if you damage your vehicle by reversing into a bollard, for example, your comprehensive auto insurance will cover the damage.
You are covered
You may discover that the advantages of obtaining third-party insurance coverage are even greater. This coverage will pay out if your vehicle causes damage to another person’s property. Therefore, if there is a collision and you are deemed at fault, the cost of repairing or even replacing the other vehicle could exceed the AED500 fine. And if you are at fault, you are legally obligated to pay. This is why third-party insurance is required by law; it ensures that road users are not stuck with astronomical liabilities that another driver refuses or cannot pay.
You pick the benefits
There are a lot of additional advantages to having comprehensive auto insurance. These perks differ according to the policy purchased. In general, the higher the premium, the greater the features, such as roadside assistance, lock repairs, and coverage in other GCC nations. To locate the greatest bargain, you must weigh the cost of car insurance against the amount of coverage it provides.
IT SERVICES IN UAE
As part of our ongoing commitment to providing you with a superior alternative, Merak supports your IT, technology warranties, and industry-specific system. Merak hardware and software maintenance service offers an extensive selection of support services to aid in the repair of branded and unbranded Servers, desktops, laptops, and Peripherals, including Monitors and Printers. The IT solutions are designed to suit the financial requirements of all clients, from large corporations to small businesses, who seek repair guarantees for their IT equipment.
Our hardware maintenance services will simplify management, reduce expenses, and increase performance with onsite and remote services from a single source, thereby saving expenditures and increasing the operation of your IT equipment.
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