InterCont Global

InterCont Global provides a full range of professional services related to company registration, business development and GR services in the United Arab Emirates.
It is well known that UAE has a long history of global trading and has one of the most open and dynamic economies in the world. The UAE’s telecommunications system is among the most modern in the world along with the successfully operating banking system.
Advantages of Starting a Business in the UAE:

• Stable economy, attractive investment opportunities and stable local authority
• No currency restrictions
• Zero income tax for the business conducted outside of the UAE
• Confidentiality is guaranteed by law
• No filing required

There are three different company types for you to choose from, when starting a business in the United Arab Emirates. They are Mainland company (local company), Free Zone company (registered in a Free Economic Zones) and Offshore Company (IBC).
InterCont Global will help you register any type of the company in the UAE. We make the whole process fast and hassle-free. We offer you an end-to-end solution to set up your business and provide you full support on every stage:

• Choosing the most suitable license and type of entity
• Choosing a corporate structure that best suits your business
• Helping to find a perfect location for your business
• Preparing a set of incorporation documents
• Getting all the necessary approvals and permits
• Processing visa and resident permit, Emirates ID
• Setting up Company Bank Account

The United Arab Emirates is known for its stable banking system and first-class banks. InterCont Global provides professional support in opening bank accounts in leading and largest banks in the UAE, we offer both personal and corporate account opening service.
Business Relocation to UAE:

• Business Relocation to UAE – from choosing the best legal structure for your business, company registration, employee relocation to relocation of the production facilities.
• Business development and promotion services in the UAE.
• Business plan and opportunity assessment, business hypothesis testing and a high-level GR support.

For companies that have already established their presence in the UAE market, InterCont Global offers business support services, such as:

• Legal support
• Government Relations services (GR), cooperation with government organizations and UAE officials
• PR - create and improve your company public image
• Banking operations support
• High-quality outsourcing services

InterCont Global offers a complex of services for inspection for the reliability, financial capability, and business reputation of counterparties. We will provide complete and up-to-date information regarding the requested counterparty and/or individuals, prepare an analytical report and give a qualified statement:

• Verification of corporate documents of the counterparty.
• Inspection of the company’s management and other individuals affiliated with the management.
• Information services the business reputation of the inspected person.
• Legal profile.
• Analysis of data on the liquidation procedure existence, bankruptcy proceedings existence.
• "Profiling" of the individual (clinical and psychological picture).
• Personnel security checks, including polygraph examinations.
• Conducting internal investigations using the polygraph.

Dispute resolutions aimed to improve business efficiency, its competitiveness, strengthening of the business model.

• Assistance with IFRS
• External audit services
• Internal Audit
• Dubai Financial Services Authority (DFSA) Internal Audit
• Operating and Accounting Systems and Procedures Reviews
• Business Process Practice Assessment
• Enterprise Risk Management
• Financial Due Diligence Services
• Forensic and Other Investigations

The purpose of periodic external audit is to enable the auditor to express an opinion on the financial statements of the company that are prepared by the company’s management and presented for audit. External audit is usually carried out for statutory purposes in compliance with the prevailing law and can be conducted only by registered audit and accounting firms.
An audit report is aimed at highlighting whether the financial statements prepared by an organisation present a true and fair picture, and if they have been prepared in accordance with the appropriate reporting framework.
Through comprehensive planning, we devote time to fully understand each client and the business. By this, we can identify the key areas and risks to which the businesses are exposed and hence focus our audit effort thereon. We plan our engagements based on an assessment of internal controls and resources at client organisations, which in turn helps us to provide cost-effective external auditing services. Our recommendations allow our clients to make practical business decisions leading to improvements in operations and thereby reducing inefficiencies.
Regular communication with our clients ensures quick resolutions to matters of all types, thus ensuring issues do not become problems, leading to delivery of desired results. Our trusted external auditors in Dubai work side by side with your business to mitigate risks, improve operations and ensure compliance with regulations.

• Feasibility Studies & Market Research
• Information Memoranda & Business Plans
• Financial Projections
• Financial Model Validation
• Identification and Valuation of intangible assets on a business acquisition- Purchase Price Allocation (PPA)
• Impairment testing of goodwill and intangible assets

Businesses today operate in fast-paced activity fields. The product life cycles are shrinking, and new-age and innovative products are taking the centrestage of business. New manufacturing technology and supply chain mechanisms are coming to the fore every year, promising better product quality, faster turnaround time and reduced manufacturing costs. Customer preferences are changing rapidly, and with so much choice available, a high performing product can become obsolete before the brand owners even realise.
Both start-up businesses and established organisations are always on the lookout for potential investors to support them with their growth and expansion ambitions. Whether to invest or not remains a big decision at all times! Experienced feasibility study consultants in the UAE would be able to provide you with the information and insights you need to make an informed decision.

Why Conduct a Feasibility Study?
With this as the backdrop, it is imperative for any business house or business investor to understand the potential and feasibility of a proposed project before making the investment decision.
Our team of feasibility consultants takes all the key parameters into consideration while assessing the situation. We obtain a deep insight into macroeconomic parameters and industry movements. Based on these analyses, we prepare detailed reports on how a project can be expected to perform in the current and projected economic environment.

• Mergers and Acquisitions
• Disposal Strategy
• Capital and Corporate Structures
• Business Valuation

With the change in business environment and competitive landscape, businesses may look at mergers and acquisitions as long-term strategic moves to foster future growth or to make the most of available synergies. A merger or an acquisition, usually is a fairly long drawn and time- consuming project and can involve significant time and effort from senior management and finance professionals within the organisation. Identifying or understanding the target, structuring or negotiating the deal, reviewing the documentation or assessing an appropriate price – all these would need a thorough understanding of various aspects of business and business ecosystem.
Having an experienced financial adviser as a part of your merger or acquisition team can be a great asset to the organisation. He brings past experience of crafting deals to the table, lends an independent frame of mind, and takes much of the transaction load off the shoulders of senior management.
InterCont Global has a team of senior professionals. We have anchored and executed a number of mergers and acquisition deals for our clients. We have extensive contacts in the corporate and investor fraternity and are therefore in a position to source potential targets. Moreover, when combined with related services of due diligence, financial projection preparation, business valuation, corporate structuring and fund raising, InterCont Global can provide a powerful “full-service” merger and acquisition package.

• Accounting and MIS
• Outsourced Payroll Services
• Compilation and Maintenance of Fixed Asset Register
• Inventory verification assistance

Until fairly recently, businesses in the UAE have had no real requirement in terms of how they managed their accounting records. However, with the advent of recent changes in the Commercial Companies Law and Value Added Tax (VAT) in the region, the UAE government and Federal Tax Authority (FTA) have laid down clear rules about the maintenance of business accounts and financial details and compliance with International Financial Reporting Standards. Whether it is new businesses or existing ones, all are having to make a shift towards an organised way of maintaining records and reporting thereof.
Given the recent changes, outsourcing accounting in Dubai and across the UAE has emerged as a business practice benefiting a wide variety of organisations. Outsourced accounting & payroll offers a huge array of advantages to businesses, opportunity to work with experts in the field, saving on headcount, etc. being just a few salient ones.
InterCont Global, we aim at providing reliable accounting and financial support services using the latest available technology. We have well-qualified and experienced accounting professionals who are abreast of ever-changing accounting requirements. We assign the required time to understand your business in-depth and believe in providing relevant and timely information to enable business owners and management to make informed decisions at the right time. The MIS reports that we share are crisp, user-friendly and customised to the needs of various internal and external stakeholders of the company.
Designated Non-Financial Business and Professionals (DNFBP) registration with the Dubai Financial Services Authority (DFSA) and firm registration with the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Markets(ADGM) enables us to extend this value-add service to DIFC and DFSA registered companies.

• International tax, VAT and Excise
• Country-by-Country Reporting
• Economic Substance Regulations
• VAT & Excise Implementation Support
• VAT and Excise compliance
• Corporate Tax Services
• VAT Consultancy & Advisory
• Transfer Pricing Consulting Services

For many years the UAE has been a tax-free economy. With the significant changes that have come in the last few years in the global business environment, the UAE has introduced taxes in the country. With the advent of Value Added Tax (VAT) and excise duty in the UAE and GCC, businesses are having to have a fresh look at their cost and pricing structures, and hence at their profitability metrics. Further, Base Erosion and Profit Shifting (‘BEPS’) which refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations has been the focus of anti-tax avoidance discussions globally. With the UAE joining the Inclusive Framework on BEPS (“IF”), it is relevant to consider / evaluate developments pertaining to BEPS, internationally agreed standards on exchange of information for tax purposes and related developments whilst setting up and operating a business.
Working with qualified tax experts not only allows an entrepreneur to focus on the business, but also reduce the risk of falling on the wrong side of the law, thereby leading to significant cost savings.
InterCont Global, we have an in-house team of expert tax professionals and consultants who have experience of working in various tax regimes. We also have access to InterCont Global member firms around the world who can assist companies in structuring complex deals and transactions in the most tax efficient manner whilst ensuring that all laws are complied with.

A fixed asset register is a detailed listing of fixed assets owned by an organization. This register is mostly prepared and used to keep track of the book value of the assets, predominantly for accounting and taxation purposes.
Significant resources get invested in fixed assets, be it buildings, plant and equipment, Information Technology hardware or office interiors. Examination and confirmation that the assets physically exist, have not been impaired, and still continue to perform their intended functions forms an integral part of an entity’s accounting for its assets.
Creating and maintaining a fixed asset register, and periodic physical verification of fixed assets become a critical function especially for asset-intensive entities. Failure to do this can lead to either overestimation or otherwise of the company’s assets in its balance sheet. Physical verification also becomes crucial when external auditors need some assurance that the assets included in the balance sheet do exist and an independent confirmation can assist in providing such assurance.
InterCont Global assists its clients in creation and regular maintenance of the fixed asset register. We also undertake physical verification exercises for the existing assets, along with classifying them under various categories for an easier identification and reconciliation of their values with the balance sheet. We also provide assistance in their coding for seamless integration in accounting records. Contact InterCont Global if you would like to get your physical assets tagged, reconciled and a detailed fixed asset register compiled.

During 2017, Abu Dhabi National Oil Company (“ADNOC”) launched an In-Country Value (ICV) program to provide boost to the country’s economy by supporting local businesses. The program aims to promote economic diversification and employment opportunities for UAE nationals. Subsequently, during 2019 and 2020, various Government and semi Government companies being the participating entities (individually the “PE” and together the “PEs”) namely, Abu Dhabi National Oil Company (“ADNOC”), Department of Economic Development, Abu Dhabi (“DED”), Aldar Properties PJSC (“Aldar”) and Abu Dhabi Ports Company PJSC (“ADPC”) joined hands to broaden the ICV certification process for suppliers across various sectors in Abu Dhabi and the UAE and therefore the ICV program has been renamed as Unified In-Country Value (“ICV”) program, where the ICV score will be used by all PEs based on their own tender processing guidelines.

The objectives of this program are:
Emiratization: creating additional employment opportunities for Emiratis in the private sector;
GDP Diversification: supporting UAE GDP diversification through sourcing more Goods and Services within the UAE and Strategic Considerations: localizing strategically critical parts of the value chain for selected categories.

PEs strongly encourage the suppliers to undertake an ICV evaluation process to obtain an ICV certification. It is not compulsory to hold an ICV certificate to participate in PEs’ tenders. However, suppliers with an ICV certificate will have an advantage during the tendering process (suppliers without the certification will be considered to have 0% ICV score). InterCont Global is honored to be included as one of the Certifying Bodies.
All PEs have provided its suppliers a unified supplier submission template. This template should be updated by the suppliers with the data relating to the suppliers’ audited financial statements. As a Certifying Body, InterCont Global will perform prescribed procedures as mandated by ICV Committee on the data in the submission template and issue a report of factual findings. This ICV certificate will have a validity of 14 months from the date of audited financial statements or two months from the date of signing of audit report of next financial year, whichever is earlier.
InterCont Global ICV team, led by a director/partner, will hand hold you through the ICV certification process. At the end of the assignment, InterCont Global will inform you of the significant matters noted, to bring clarity to the process and help you streamline your accounting records and ensure efficient and accurate ICV certification.
The ICV program is a progressive initiative and supports the move towards growth, development and diversification in the UAE. InterCont Global is delighted and committed to be working together with the ICV Committee set up by PEs to implement the ICV program and serving the suppliers for their ICV Certification requests.

The Real Estate Regulatory Agency (RERA) is the regulatory arm of Dubai Land Department (DLD). As a commitment to achieve DLD’s vision to position Dubai as the world’s premier real estate destination and a byword for innovation, trust, and happiness, RERA has implemented various measures including review of project trust account, audit of owners’ association, budget reviews etc.
RERA requires the developers to have an independent “ESCROW” account and submit report by a RERA approved auditor on the current status of the project. In addition, all completed projects must have an Owners’ Association, and should maintain accounting records and submit audited financial statements annually to RERA.
PKF UAE has been registered as a RERA approved auditor to provide these services from 2007 when the RERA regulations were implemented.
InterCont Global has the experience of performing these services for a large group of clients and has a history of consistent delivery of services in strict timelines specified by RERA. InterCont Global also has close association with RERA and can handle exceptional and unusual issues that may come up during the assignments that may be unique to each project.
The expert team at InterCont Global is well versed with RERA regulations and operation of Escrow Trust Account, Owners’ Association and Developers’ progress status and has significant experience in conducting such audits.

The services cover the following aspects:

• For Real Estate Developers:
  • Financial audit of the project revenue and cost statement
  • Review of the units sold by the developer and Oqood records
  • Review of cash collections by developer and account trustee
  • Review of payments made from Trust account
  • Review of entries in Trust account system maintained by RERA
• For Completed Projects:
  • Audit of financial statements of Owners’ association
  • Audit of service charges
  • Budget reviews as per scope specified by RERA
  • Unit balance verification
• Mollak Services