Chartered Accountants Dubai, UAE CNK HUSSAIN ALSAYEGH CHARTERED ACCOUNTANTS

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1 Chartered Accountants Dubai, UAE CNK HUSSAIN ALSAYEGH CHARTERED ACCOUNTANTS

2 INTRODUCTION CNK Hussain Alsayegh Chartered Accountants is a multi-skilled, multi-disciplined firm, offering clients a wide range of industry-focused business solutions in UAE is since Clients are our focus whether they are an owner managed business or a large multinational corporation. We take pride in our commitment to provide quality services that helps drive growth, empower innovation and achieve desired business objectives. We recruit the brightest and the best. We combine the dynamism, young think tank and IT expertise of the young graduate and article interns, with the business knowledge, experience and insight of the senior executive. Our shared values and an unwavering commitment to quality means our clients get world-class expertise to solve their complex business problems and accomplish their organizational goals. Besides having the expertise in diverse areas of professional practice, the firm prides itself in its ability to provide personalized services to its clients and approaches client problems in a 2 totally integrated manner.

3 OFFICE LOCATION Our office location is The Dubai World Trade Centre (DWTC), Dubai. The location is at the junction where Deira, Bur Dubai and Sheikh Zayed Road Meet. The address of DWTC is a landmark in itself and houses the Dubai Financial Market (DFM), Trade Centers and Consulates of many countries. 3

4 PARTNERS A rank holder at both the Intermediate and Final Chartered Accountancy examinations, he has been in practice since Mr. Contractor oversees the direct taxes and information systems practice of the firm. Mr. Contractor is the Chairman of the Board of Directors of BNP Paribas Trustee Company Ltd., and is also the Chairman of its Audit Committee for the past several years. He has been the Chairman of the Board of Governors of Bombay International School, and the President of the Bombay Chartered Accountants Society in In addition, he has also been the Treasurer of Rotary Club of Bombay and a member of the managing committee of Willingdon Sports Club. He is a member of the Finance Committee of the Bombay Gymkhana. Mr. Shariq Contractor Partner (Representing CNK & Associates LLP, Mumbai) Mr. Contractor has authored various books of professional interest, namely, Laws Applicable to Charitable Trusts, Provisions of Section 80HHC of the Income Tax Act A study, Capital Gains A Handbook and Taxation of Charitable Trusts, "Fringe Benefit Tax - An Analysis". Besides this, he contributes articles to professional journals and other publications such as Economic Times and Outlook Money. He has also addressed audiences at various seminars, forums and conferences and has also presented papers on various topics of professional interest organized by various professional bodies, including the Institute of Chartered Accountants of India and the Bombay Chartered Accountants' Society. 4

5 PARTNERS A rank holder at both the Intermediate and Final Chartered Accountancy examinations, he has been in continuous practice since Mr. Kishnadwala oversees the audit and assurance practice of the firm, particularly audit of large corporates, due diligence assignments and conversion of financial statements from Indian GAAP to IFRS and US GAAP. Mr. Kishnadwala has been the President of the Bombay Chartered Accountants Society in , and is a member of the Board and Chairman of Audit Committee of listed companies. Mr. Kishnadwala has also been a full-time senior lecturer in accountancy and computer systems with Narsee Monjee College of Commerce & Economics for fifteen years (i.e. from 1986 to 2001). He is currently the Chairman of the Accounting & Auditing Committee of the Bombay Chartered Accountants Society, and a member of the Accounting Standards Committee of the Indian Merchants Chamber. Mr. Himanshu Kishnadwala Partner (Representing CNK & Associates LLP, Mumbai) Mr. Kishnadwala has also authored various popular text-books on accountancy, financial management and taxation for commerce undergraduates, and a book on Mandatory Accounting Standards From Published Accounts. He regularly delivers talks and presents papers on accounting and auditing subjects at seminars and conferences all over India organized by various professional bodies, such as the Institute of Chartered Accountants of India, Institute of Company Secretaries of India, Institute of Cost and Works Accountants of India (just to name a few). He has also delivered talks at the National Academy of Direct Taxes. Besides this, he contributes a monthly column to the BCAJ, and articles to various professional journals and other publications. 5

6 PARTNERS He comes with 25 years of rich experience at executive and middle management, in one of world's largest aluminum smelters and the industrial flagship of Dubai and UAE i.e. Dubai Aluminum (DUBAL). During his tenor at DUBAL he has led and managed the departments of : treasury, risk management including commodity, currency and interest rate hedging, debt financing, liquidity and cash management, CAPEX, accounts payable and receivable, internal audit and corporate governance, IFRS and internal business performance management reporting. He has initiated, led and implemented business solutions like SAP- ERP systems and Oracle Financial, e-banking, e-reconciliation, e-treasury, e- Payables, e-internal Audit, Total Operational Performance (facilitated by McKinsey & Co.). Mr. Hussain Alsayegh Partner He has served as secretary / member in the following DUBAL Executive Committee s: Audit Committee, Hedging Committee, Credit Committee, Procurement & Tender Committee and Capital Expenditure Project (CAPEX) Committee. He oversees the listed company audits and local legal compliance practice of the firm. 6

7 PARTNERS Mr. Akshay Sam is a qualified chartered accountant from India and permanently stationed at Dubai. His experience in the profession spans to almost 10 years out of which 6 years are in UAE. He specializes in Audit and Assurance, Due Diligence, Valuations, UAE Value Added Tax and Company incorporations in the UAE. He is currently on the board of following companies in UAE. Front Stage Media FZ LLC Geltec Pharma FZCO Executive Enterprise LTD Nazara Technologies FZ-LLC Sea-Mer Fzco Mr. Akshay Sam Partner He oversees the day to day operations of the firm. He handles audit, advisory, VAT and company incorporation practice of the firm. 7

8 THE TEAM CNK HUSSAIN ALSAYEGH, CHARTERED ACCOUNTANTS 8

9 OUR SERVICES We, at CNK Hussain AlSayegh, follow a client-centric approach and work with our clients as their strategic business partners, rather than as their consultants. We recognize the fact that each business is unique, each transaction is different and each client s requirement is specific and distinct from the other. Our entire approach is centered around the value added approach, which aims at giving our clients much more than what they expect. We have a thoroughly professional, methodical and systematic work-style. We join forces with our clients to arrive at the optimum solutions to complex issues by maintaining the highest degree of professional standards and without compromising on the independence of our thoughts and actions. 9

10 AUDIT & ASSURANCE SERVICES Statutory Audits Internal Audit & System Audit Accounting Support/ERP/ERM Services Due Diligence Studies Investigations CONSULTANCY & ADVISORY IFRS/GAAP Conversions Mergers & Acquisitions Business Valuations Financial Restructuring Process manuals, reviews and benchmarking 10

11 TAXATION UAE & GCC Value Added Tax (VAT) Indian Direct taxes- Filling of returns, Advising on tax related issues for NRIs Expat Taxation/ International taxation COMPANY FORMATIONS Company incorporation formalities Drafting of Memorandum & Articles of Association; Incorporation of Limited Liability Partnerships, partnership firms Renewal of Companies and licensing Restructuring of Companies Liquidation of Companies 11

12 TRAINING IFRS- International Financial Reporting Standards Tally implementation Finance/ Accounting ERP Guidance/implementation and training OTHER SERVICES Accounting & Book Keeping Feasibility studies Advisory on visas and renewals Assistance in Trade and industrial license renewals Project appraisal preparation of project reports & feasibility studies, 12

13 INDUSTRY FOCUS We, at CNK Hussain Alsayegh, provide services to companies in following sectors: Banking & Financial Services Insurance Manufacturing Trading Pharma & Healthcare Travel & Tourism Hospitality Media & entertainment Advertising & Marketing 13

14 BASICS ON THE UNITED ARAB EMIRATES (UAE) 14

15 UNITED ARAB EMIRATES (UAE) Seven Emirates: 1. Abu Dhabi (Capital) 2. Dubai 3. Sharjah 4. Ajman 5. Ras Al Khaimah 6. Fujairah 7. Umm Al Quwain Facts & Figures: 1. UAE came in to being on December 2nd Islam is the official religion 3. Official language is Arabic 4. Official currency is the Dirham (AED) USD1 = AED

16 BUSINESS OUTLOOK IN THE UAE UAE s progress continues to make global headlines and its attraction as a destination for tourists and business alike is now legendary. It is a bustling metropolis with a combination of Emirati heritage, Arabic vitality, Western spontaneity and Asian ambition. The tax-free policies and penalty-free repatriation of earnings have enormous benefits on both a personal and business level, with outstanding opportunities for private savings and professional profits. As thousands of new businesses are discovering each year, UAE is the perfect gateway between East and West and the lynchpin for the region s imports and exports market one of the most lucrative in the world. 16

17 LEGAL FRAMEWORK Complex legal environment which is a mixture of federal and emirates law. Restrictions exist on foreign ownership of companies, property and shares. Key laws are: Federal companies law, Commercial Agencies Law, Federal Industry Law, Government Tenders Law, Customs law and recently enacted VAT Law and Excise Law Federal law permits a range of entity types to be established (for instance LLC, PJSc, Partnerships, Joint Ventures etc) Respective Free Zone laws applicable to companies incorporated in Free Zones. 17

18 TAX FRAMEWORK 5% levied in the UAE 100% on Tobacco and energy drinks 50% on aerated drinks 5% on imports into UAE No personal income taxes No corporate taxes No transfer pricing rules The UAE has signed double taxation treaties with over 40 countries including INDIA 18

19 SWOT ANALYSIS Strengths Leaders with Focus & Vision towards the future. Well established Infrastructures i.e. Advanced Communication, Transport Facilities etc. Various Free Zones like Jebel Ali Free Zone, Sharjah Free Zone, Ajman Free Zone etc. Business friendly environment. Easy Visa Formalities. Totally Secure atmosphere. Weaknesses One needs a network of people in order to expand opportunities Licenses and Renewals 19

20 SWOT ANALYSIS CONT... Opportunities Large export market Trade missions Threats Frequent changes in Policies. 20

21 STRUCTURES The various categories of business organization defined by the law are: Public Shareholding Company Private Shareholding Company Limited Liability Company General Partnership Company Limited Partnership Companies Partnership Limited by shares Joint Ventures Sole Proprietorships Branches of Foreign Companies Representative Offices of Foreign Companies 21

22 Contact Us If you have any questions or queries please contact us here: CNK Offices DUBAI CNK HUSSAIN ALSAYEGH CHARTERED ACCOUNTANTS SUITE # 17.06, Dubai World Trade Centre, Sheikh Zayed Road, Dubai. PO. Box: TEL: , FAX: CONTACT: Mr. Hussain Alsayegh (halsayegh@cnkhas.com), Mr. Akshay Sam (akshaysam@cnkhas.com) MUMBAI : CNK & ASSOCIATES LLP Mistry Bhavan, 3rd Floor, Dinshaw Vachha Road, Churchgate, Mumbai TEL: CONTACT: Mr. Shariq Contractor (shariq@cnkindia.com), Mr. Gautam Nayak (gautam@cnkindia.com) MUMBAI (Suburban Office) 501, Narain Chambers, M.G Rd, Vile Parle (E), Mumbai TEL: /601 CONTACT: Mr. Himanshu Kishnadwala(himanshu@cnkindia.com), Ms. Nandita Parekh (nandita@cnkindia.com) DELHI : CNK RK & Co 1101, KLJ Towers, NSP, Delhi , India. Tel. No: pallav@arkayandarkay.com BENGALURU (Karnataka) CNK & ASSOCIATES LLP 96, 7th Cross, Domlur, Bangalore TEL: CONTACT: Mr. S. Laxminarayanan (slnarayan@cnkindia.com) CHENNAI (Tamil Nadu) CNK & ASSOCIATES LLP Kochu Bhavan, Old No. 62/1, New No. 13, Mc Nichols Road, Chetpet, Chennai TEL: CONTACT: Mr. V Subramanian (v.subramanian@cnkindia.com) VADODARA (Gujarat) CNK & ASSOCIATES LLP C-201/202, Shree Siddhi Vinayak Complex, Faramji Road, Alkapuri, Vadodara TEL: CONTACT: Mr. Alok Shah (alok@cnkindia.com) PUNE (Associate firm) CNK P D KUDWA & CO. 4, Kumar Panorama, 1st floor, 45/1 B Shankar Seth Road, Pune TEL: /52 FAX: CONTACT: Mr. P.D Kudva (pdk@cnkindia.com) AHMEDABAD CNK KHANDWALA & ASSOCIATES Hrishikesh, 2nd Floor, Vasantbaug Society, Opp Water Tank, Gulbai Tekra Ahmedabad Tel. No