(MENAFN - Khaleej Times) I will be visiting the UAE on a transit visa. Please tell me how many days I will be able to stay. How long is the transit visa valid?
Usually, transit visas are provided to passengers passing through the UAE airports. Furthermore, there are two kinds of transit visas, one that is valid for 96 hours and the other with validity for 14 days. A transit visa can be issued to individuals who have a valid ticket for an onward flight by any airline that has an office within the United Arab Emirates. Therefore, one should contact the airline well ahead of the trip to ensure if this is possible. Transit visas are also sponsored by tourist companies operating in the UAE. Hence, their services may be required if a particular air line does not provide a visa.
I am a graduate who recently joined a company in Dubai under an unlimited contract with a six-month probation period. I have just completed two months with this company and I have the following concerns about the employment ban:
Will I face a six-month employment ban if my employer decides to terminate my contract during the probation period?
Will I face a six-month employment ban if I decide to resign from the company during the probation period by giving advance notice to the employer?
If I am slapped with the six-month employment ban in both of the above scenarios, will I be able to remove the ban by paying a certain amount of fine? If so could you specify the amount?
In case of not completing two years with your current employer, a ban for a period of six months will be automatically imposed on you by the Ministry of Labour. However, if you prove that you are falling in any of the following categories as mentioned in the Cabinet Resolution No 25 of 2010, regarding internal work permit at the Ministry of Labour, then, you can switch your current job regardless of the completion of two years with your current employer and without a ban:
1) An employee proves qualifications by presenting a duly attested educational certificate as mentioned herein (i) If an employee holds a university degree (master's), and earns a minimum of Dh12,000 per month; (ii) If an employee holds a Diploma (post secondary) and earns a minimum of Dh7,000 per month; and (iii) If an employee has passed high school and earns a minimum of Dh5,000 per month.
2) The contract is terminated due to the employer's violation of legal and labour obligations towards the worker, or in case the worker has no role in terminating the work relationship.
3) The employee is transferred to another company the employer owns or has shares in.
Presently I am working in a private firm as an accountant. May I know about the UAE Finance Law regarding Accounts Auditing? Is it compulsory or not?
Commercial Transactions Law (Federal Law no 18 of 1993) mentions some general provisions regarding maintenance of commercial books of accounts.
As a general principle, a trader should maintain their commercial books in a manner which ensures that his financial standing, rights due to him and obligations incumbent upon him in relation to his business are shown accurately. Articles 26 and 27 of the UAE Commercial Transactions Law state that the trader shall maintain a daybook and a general ledger. All financial transactions made by the trader shall be entered in the daybook on a daily basis. He may also maintain subsidiary ledgers.
Article 30 of the UAE Commercial Transactions Law puts obligation on all traders to maintain true copies of all correspondence, invoices and other documents in connection with their commercial activity in an organised manner for a period of not less than five years from the date of issue or receipt.
Article 38 further elaborates that a trader may maintain computerised books of accounts which shall be deemed to be equivalent to commercial books.
Audit requirements for entities operating in non-free zone area are governed by the Commercial Companies Law (Federal law no 8 of 1984 and its amendments). As per the Commercial Companies Law, audit is mandatory in case of a limited liability company, public joint stock company, private joint stock company, partnership with limited shares, and branch of foreign company. However, for general partnership and limited partnership operating in the non-free zone area, though governed by the Commercial Companies Law, audit is not mandatory. Sole proprietorship is not governed by Commercial Companies Law, and hence audit is not mandatory. As per Commercial Companies Law, the audited financial statements are required to be filed with the Ministry of Economy and the competent licensing authority in the Emirate concerned.
Furthermore, currently, the Commercial Companies Laws do not specify any accounting standards framework for the preparation of the financial statements. In the absence of any specific standards framework in UAE, most of the practising firms apply International Financial Reporting Standards in the preparation of audited financial statements, and apply International Standards of Auditing in the conduct of audit of financial statements.