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|Total Solutions Middle East is the leading compliance consultancy and training service company in the Dubai established in 2004, We provides HR Solutions, contracting, outsourcing and Payrolling services as well.|
Importance of Hiring Professional Compliance Consulting Agency in Dubai
Out of the 7 emirates in UAE, Dubai relishes the most global attention. Its business culture is highly different from any of its Middle Eastern counterparts – most markedly in that it is the sole meritocracy. Dubai seeks to powerfully position itself at the forefront of international commerce as a hub of realty, tourism and finance.
However, for this objective to be optimally realized, businesses operating in Dubai should take a long, deep look at the growing global pressures for compliance and understand the need to adhere to the global standards to ensure sustainable and long-term growth.
So, you are starting a new organization or expanding overseas to Dubai. You want to focus your energies on expanding your business, and not spend them on humdrum corporate compliance matters in Dubai, yet do not at all want to compromise with freelance or part-time services and attention.
This where professional compliance consultancy services in Dubai come in for your rescue by helping you comply with all statutory requirements.
Yes, in Dubai, the act of monitoring and assessing an organization’s corporate compliance program has long been looked upon as a significant aspect of oversight responsibilities. A well-devised program can minimize various risks that a firm might be combating. Also, it helps in minimizing severe penalties and claims where there is any law violation in spite of a compliance program. At the same time, it boosts the organization’s productivity and profitability.
On the contrary, poor compliance strategies can lead to negative publicity, increased liabilities and adverse management distractions. In a crux, company’s authorities must consider their compliance matters as one of the highest priority task in their agenda.
Reasons for Corporate Compliance are:
•Tax evasion (illegally preventing pay taxes, failing to report or incorrectly reporting)
•Embezzlement ( appropriating assets or deceitfully secreting)
The objective of a good compliance consultancy is to help clients to efficiently maneuver their management issues. To this effect, they provide consulting and investigative services since they are able to relate to the Dubai’s present complicated regulatory environment. A team of highly experienced and anti-money laundering knowledgeable professionals work towards providing forensic book keeping, financial and taxation investigative services in a systematic manner.
A professional compliance consultancy help the clients to find out law violations by investors, employees, agents, financers, communities, business directors and officers, and try to effectively prevent them. Most of the corporate fraud investigations are combined efforts involving several federal agencies. Moreover, these services will help in availing a strong corporate management philosophy.
Compliance law violation in Dubai will result in penalties including:
•Payback taxes with interests
•Forfeits lands/ vehicles/ homes
Therefore, without a well-developed corporate compliance plan, your business, home, investments and every other thing that you want to safeguard , may be taken overnight by the State law. In front of the law, it hardly matters whether you are the key person among the board of directors or an efficient employee.
Additionally, both giant corporates and small-scale industries are equally liable to abide by the legal obligations. Therefore, it is important to regulate and abide by the corporate compliance laws, and this is where, professional compliance consulting agencies in Dubai can help you immensely.
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