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Accounting for Shipping Companies in UAE

Accounting for Shipping Companies in UAE

Our experts in Dubai can provide accounting for shipping companies in UAE so that you can engage in local legislation before the activities are started. With the support of our accountants in Dubai, you can understand what accounting for shipping companies in UAE entails, and in the following lines, you have interesting information about this subject.

Describing the shipping industry

First of all, you need to understand what the shipping industry means in the UAE and what are the categories in this regard:

  • Industrial carriers.
  • Liner services.
  • Tramp shipping.

Thus, marine companies in UAE operate according to the business sector in which they are located. Moreover, cargo, vessels, ships, port activities, cruises, and passengers can operate here. As in the case of any other company, accounting is important, and with this, you can record all financial information and more. One of our Dubai accountants can guide you regarding accounting for shipping in UAE, to get a precise idea of what you need for your business.

What does accounting for marine companies in the UAE involve?

Standard accounting is mandatory for marine companies in the UAE, with the mention that an expert in the field can strictly handle the accounting for this type of business. Here is some information in this regard:

  • All financial transactions are correctly and completely monitored. Purchase invoices, fuel-filled statements, vessel repair bills, shipping bills, and marine insurance policies are taken into account here.
  • With the help of bookkeeping, the documents mentioned above can be recorded as well as all financial transactions.
  • Payroll services involve the calculation and distribution of salaries in marine companies in the UAE.
  • Internal auditing for shipping companies in UAE involves vessel accounting or voyage accounting, as it is also known. Account records of fuel payments, supplies, maintenance and repairs, telecommunication, and other facilities will be inventoried here.
  • The financial reporting can be done annually or quarterly, something where our accounting firm in Dubai can help you.

In addition to the accounting services for shipping companies in UAE listed above, the owners of such businesses can also opt for cash flow analysis, maintenance of vessel bank accounts and foreign transactions, and calculated tax planning. But you can learn more about this topic if you contact one of our accounting specialists in Dubai.

Why is accounting for shipping companies in the UAE necessary?

As is known, the main source of income for the UAE economy is the oil industry, so tax laws are implemented regarding transport services from the mainland to the free zone and vice versa. Starting from here, shipping companies in the UAE are protected with the help of an appropriate accounting system. In this way, all financial aspects can be correctly analyzed and aligned with the legislation in force.

We present below some information about the maritime profile of UAE:

  • In 2021, a fleet growth rate of around 2.5% was recorded.
  • In 2022, over 45 million tons of goods were handled in Abu Dhabi alone.
  • According to the Paris Agreement, the UAE wants to reach 0 emissions by 2050, in the maritime sector.

So, you can contact us if you are interested in accounting for shipping companies in UAE. You can also contact us for an audit in Dubai for your business.