Category: Blog
Understanding the Role of Accounting Service Providers in the UAE
Vimal kutty
Phone:- +971 4 327 7775
Mobile:- +971 56 147 0259
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Think back to the headlines that shook the financial world, incidents that led to significant fines and repercussions. These incidents serve as an alarming signal that even the biggest names in finance are prone to mistakes. In this evolving financial landscape of UAE, precision isn’t merely a preference; it’s a fundamental requirement. With the UAE’s GDP soaring to an impressive growth in the global economic arena, the importance of maintaining financial integrity cannot be overstated.
Within this bustling economic ecosystem, accounting service providers in the UAE emerge as vital allies, playing a pivotal role in safeguarding financial stability.
Accounting Service Providers in the UAE
The United Arab Emirates (UAE) has emerged as a global hub for business and investment, offering a strategic location, favourable economic policies, and a business-friendly environment. With a rapidly growing economy, the UAE attracts entrepreneurs, multinational corporations, and investors from around the world.
As these entities establish and expand their operations in the UAE, the demand for professional accounting services has also surged. It is where HLB HAMT accounting services step ahead. Whether you are an established business or a budding startup, our team of accounting professionals is here to cater to all your accounting needs.
Key Functions of Accounting Service Providers
Financial Reporting and Compliance
Accounting service providers assists and guide businesses in preparing accurate financial statements as per IFRS standards, CFO services, accounts payable outsourcing and bookkeeping services.
Taxation
The UAE has undergone significant changes in its taxation regime, including the introduction of corporate tax and economic substance regulations. Accounting service providers help businesses understand their tax obligations, calculate VAT liabilities, transfer pricing and assisting corporate tax compliance.
Audit and Assurance
Auditing is crucial for maintaining transparency and credibility of a business. Accounting service providers can offer comprehensive audit and assurance services to ensure that a company’s financial statements are accurate and trustworthy.
Business Advisory
Beyond compliance, accounting service providers offer valuable insights and advisory services. They assist businesses in financial planning, budgeting, forecasting, and risk management, helping clients make informed strategic decisions.
Company Formation
For businesses entering the UAE market, accounting service providers can guide them through the process of Dubai company formation across various jurisdictions, including choosing the appropriate legal structure and obtaining necessary licenses.
Payroll Services
Managing payroll in compliance with local labour laws is essential for any business with employees. Accounting service providers can handle payroll processing, ensuring accurate salary calculations, and social security contributions.
Shaping the Financial Canvas of the UAE: Accounting Service Providers
In the dynamic business environment of the UAE, accounting service providers serve as indispensable partners for companies aiming to succeed and thrive. From financial reporting to compliance, taxation, and strategic advisory, their multifaceted roles contribute to the overall growth and sustainability of businesses.
As the UAE continues to attract global investment, the demand for professional accounting services will only continue to rise, reinforcing the pivotal role that these service providers play in the nation’s economic landscape.
Choose HLB HAMT for your Accounts Outsourcing Needs!
At HLB HAMT, with our comprehensive suite of services, including taxation, auditing, and business consulting, we are committed to ensuring your financial well-being while keeping you compliant with local regulations.
Our expertise with a deep understanding of international standards ensures that your financial data is accurate, transparent, and ready for strategic decision-making. Partner with HLB HAMT and experience the peace of mind from knowing your financials are in capable hands.
Call our experts at +971 4 327 7775 or email dubai@hlbhamt.com to schedule a meeting.
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Top 6 Benefits of Engaging AML/CFT Compliance Services Providers in the UAE
HLB HAMT AML Team
Phone:- +971 4 327 7775
Mobile:- +971 55 807 4568
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Have you ever considered how your business can tackle the growing regulations surrounding anti-money laundering and combatting the financing of terrorism (AML/CFT) in the UAE’s financial sector, especially with the ever-evolving regulatory landscapes?
One solution is to outsource the AML/CFT compliances applicable to your business,, which can provide essential guidance and support in staying compliant and adapting to these regulatory changes.
AML/CFT Compliance Services in UAE
Money laundering and the financing of terrorism represent substantial risks to the stability and security of a country’s financial system, underscoring the importance of Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) compliance within the UAE’s financial sector.
It is precisely where HLB HAMT’s AML/CFT compliance services become indispensable, offering crucial assistance in manoeuvring through the perpetually changing regulatory environment. By teaming up with us, you can ensure your organization’s adherence to regulations by preserving its reputation and preventing any possible legal consequences.
AML/CFT Regulations in UAE
In the United Arab Emirates, robust AML/CFT regulations are designed to combat money laundering and the financing of terrorism. These regulations delineate the obligations of Financial Institutions (FIs), Designated Non-Financial Business and Professions (DNFBPs), and Virtual Asset Services Providers (VASPs), to establish and uphold effective AML/CFT policies and procedures.
Several pivotal elements of the AML/CFT regulations in the UAE encompass
- Implementation of internal controls and policies
- Risk-Based Approach to tackle money laundering and terrorism financing
- Emphasis on Know Your Customer (KYC) protocols and Customer Due Diligence (CDD)
- Mandating the reporting of suspicious activities
- Record keeping
It is worth noting that the UAE places great importance on the enforcement of AML/CFT regulations, and non-compliance can carry substantial penalties and harm one’s reputation.
Advantages of Partnering with HLB HAMT’s AML/CFT Compliance Service
Comprehensive Understanding of Regulations and Best Practices
- Our team possesses a deep knowledge of Anti-Money Laundering and Counter-Terrorist Financing regulations, as well as industry best practices.
- This expertise enables us to stay up-to-date with evolving compliance requirements and effectively interpret and apply them to your business context.
Proven Track Record across Various Sectors
- HLB HAMT has a well-documented history of success in assisting clients from diverse sectors in achieving and maintaining AML/CFT compliance.
- Our experience extends across industries, which means we can provide solutions that align with the unique challenges and nuances of your business sector.
Expert Guidance and Support
- Our team of expert consultants offers guidance and support throughout the AML/CFT compliance journey.
- We work closely with clients to address their specific needs, offering customized strategies and proactive solutions to ensure compliance while minimizing disruptions to your operations.
Tailored AML/CFT Solutions
- Recognizing that one-size-fits-all approaches do not work in the complex realm of AML/CFT compliance, we craft compliance solutions tailored to your organization’s particular requirements.
- This approach guarantees that your compliance framework is not only effective but also aligned with your business objectives.
Effective Implementation and Management
- We go beyond mere recommendations and assist in the effective implementation and ongoing management of AML/CFT compliance measures.
- This hands-on approach ensures that your compliance efforts are practical, efficient, and seamlessly integrated into your operations.
Cost-Effective Compliance Solutions
- HLB HAMT is committed to delivering cost-effective solutions for AML/CFT compliance.
- We understand the importance of managing compliance costs efficiently, and our strategies are designed to provide value while ensuring that you meet all regulatory obligations.
HLB HAMT’s AML/CFT Compliance Approach: A Comprehensive and Effective Solution
Establishment of Robust AML/CFT Policies and Procedures
The cornerstone of an effective AML/CFT compliance framework relies on robust policies and procedures. We assist you in developing AML/CFT policies, processes, and safeguards, grounded in the UAE’s current AML/CFT laws, regulations, global best practices, and industry standards.
Agreed Upon Procedures
This AML/CFT service involves the definition and execution of specific procedures to ensure regulatory compliance or verify financial information accuracy. It offers an independent assessment of your organization’s adherence to regulations and aids in devising and implementing risk management strategies.
Employee Training
A key element of AML/CFT compliance programs is staff training and awareness to educate employees on the significance of AML in company operations. Employers are responsible for providing relevant training to clarify employees’ roles within AML/CFT compliance procedures.
Outsourced Compliance Officer
Compliance with the legal requirement of appointing a Compliance Officer, particularly for Fis, DNFBPs, and VASPs is crucial to preventing money laundering and reporting suspicious activities. We offer the option to outsource AML/CFT experts to either support specific compliance functions or manage the entire Compliance Officer role.
AML/CFT Software Advisory and Setup
Our AML/CFT Software Advisory and Setup services assist organizations in selecting and implementing compliance software solutions. It helps bolster compliance programs and mitigate financial crime risks, ensuring that businesses choose and configure suitable software to meet regulatory demands.
Regulatory Remediation
This service involves helping businesses address regulatory issues and deficiencies identified by regulatory authorities. The objective is to rectify any compliance gaps and align the business with regulatory expectations.
Other Support Services
This category encompasses various services aimed at aiding businesses in fulfilling their compliance requirements. It includes support with goAML registration, templates and procedural manual preparation, conducting risk assessments, and providing ongoing AML/CFT assistance.
HLB HAMT to Assist!
As a prominent professional services provider in the UAE, HLB HAMT is the top choice for clients seeking to fulfil their AML/CFT compliance needs.
With our extensive expertise and experience in AML/CFT compliances, we are well-positioned to assist you in navigating the intricate compliance landscape in the UAE.
For any related assistance and query, call our experts at +971 4 327 7775 or email dubai@hlbhamt.com to schedule a meeting.
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Audit Compliance in the UAE: Understanding Regulatory Requirements
Sumesh Krishna, Partner
Have you ever considered why companies seek auditing services in the UAE? Numerous factors drive the need for an audit, most of which can be categorized into three main reasons: “regulatory compliance, statutory obligations, and evaluating operational performance.” However, it’s essential to understand the significance of each type of audit and how it pertains to small businesses in the UAE.
Let’s delve extensively into Audit Compliance in the UAE:
Regulatory Audit in the UAE
The UAE has earned recognition as a prime investment hub owing to its business-conducive regulations and robust legal framework to safeguard corporate rights. Government entities oversee diverse facets of businesses, and gaining insight into distinct audit categories such as Regulatory, Statutory, and Performance Audits in the UAE fosters business expansion and shields it from potential penalties.
- The regulatory audit ensures a company’s conformity to a range of laws, regulations, and standards stipulated by local authorities and regulatory bodies. These encompass compliance with the following:
- These encompass regulations promulgated by the federal administration, encompassing labour laws, corporate governance provisions, and intellectual property legislation.
- Specific businesses entail supplementary regulatory prerequisites. To illustrate, the Economic Substance Regulations (ESR) mandate that companies engaged in relevant activities exhibit substantial economic presence within the UAE.
I. Federal laws and regulations
II. Specific Regulations
Statutory Audit
A statutory audit thoroughly examines and evaluates a business entity’s financial records and statements with standard procedures.
- Its primary objective is to establish transparency and foster confidence among stakeholders by assessing the financial well-being of the entity. Within the UAE context, crucial components of the statutory audit encompass the following:
- The execution of statutory audits is the responsibility of independent audit firms duly registered and authorized by the UAE Ministry of Economy and pertinent regulatory bodies.
- The preparation of annual financial statements is mandatory for UAE companies. The statutory auditor assumes the role of scrutinizing these statements, ensuring their accuracy, and opining on their adherence to established accounting principles.
- The audit report is submitted by the auditor to both the company’s shareholders and the relevant governing bodies.
I. Independent Audit Entities
II. Annual Financial Statements
III. Reporting Obligations
How do statutory audits in the UAE work?
- The audit process delves into the organization’s books of accounts, transaction flows and related controls, and financial reports, encompassing income, investment returns, expenses, and other pertinent particulars.
- The objective is to determine whether an entity is providing a fair and accurate representation of its financial position by examining the informations such as bank balances, bookkeeping records, and financial transactions.
- During the statutory audit, auditors request and review pertinent documents furnished for their evaluation.
Performance Audit Overview
A performance audit entails the evaluation of a company’s operations, procedures, and managerial practices to gauge efficiency, effectiveness, and cost-effectiveness.
- Internal or external audit firms with specialized expertise in assessing performance typically carry out these audits.
Key features of a performance audit encompass:
Scope and Aim
Tailored to the organization’s specific requirements, a performance audit may target areas like cost control, process enhancement, risk appraisal, and the efficacy of internal controls.
Assessment of Internal Controls
The audit scrutinizes internal control mechanisms, identifying vulnerabilities that could lead to inefficiencies or potential risks.
Recommendations
The audit report furnishes actionable suggestions for betterment, enabling the organization to elevate its performance and realize its strategic objectives.
Advantages of Performance Audits in the UAE
- Auditors relay their findings to the company’s management to leverage these insights to implement enhancements that refine processes and facilitate achieving organizational goals.
- After the audit, a follow-up performance assessment may be conducted to ascertain the implementation of the audit’s findings.
- The value of an audit extends not only to management but also to the board of directors and shareholders.
Now that you know about each type of audit, let’s explore what makes each different from the others!
Distinguishing Elements across the Three Cases
- Statutory audits ascertain financial accuracy, regulatory audits evaluate adherence to laws and standards, and performance audits gauge organizational operational effectiveness.
- While statutory audits primarily focus on the precision of financial statements, regulatory audits centre on conformity with legal statutes and regulations. Conversely, performance audits concentrate on assessing operational efficiency and efficacy.
- Statutory audits ensure the absence of significant inaccuracies in financial statements, regulatory audits guarantee compliance with legal requirements, and performance audits furnish recommendations for enhancing organizational efficiency.
I. Purpose
II. Focus
III. Outcome
Bottom Line
For businesses operating in the UAE, comprehending the subtleties of regulatory, statutory, and performance auditing is pivotal for achieving financial prosperity and regulatory alignment. These audit types are essential for ensuring legal compliance and optimizing performance, offering the tools to maintain a competitive edge in this dynamic business arena.
HLB HAMT to Assist!
At HLB HAMT, we offer exceptional support in upholding precise and flawless financial documentation. Our experts are consistently prepared to assist you with auditing complexities, delivering customized services that align with your needs.
Call our experts at +971 4 327 7775 or email audit@hlbhamt.com for expert direction regarding all your audit necessities.
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Choosing the Best Accounting Service Provider in the UAE
Vimal kutty
Phone:- +971 4 327 7775
Mobile:- +971 56 147 0259
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Enhancing your business operations and simplifying accounting procedures can be achieved with the assistance of accounting professionals. Nowadays, many corporate organizations outsource their accounting tasks to professional firms that promise to resolve accounting issues and capitalize on the current business environment.
Business owners must carefully consider various criteria before selecting an accounting service provider capable of handling their company’s accounting responsibilities. To assist you in choosing the best accounting firm in Dubai, we have compiled a list of essential factors in this guide.
Transparent Fee Structure
While selecting a service provider, it’s important to keep in mind that outsourcing comes with its associated costs. Take a close look at the consultancy fees before entrusting them with your company’s confidential data. It’s worth noting that consultancy fees are just one of the factors to consider when outsourcing, not necessarily a major determinant. Accounting fees vary among firms and may differ based on the selected services. Some firms charge a fixed amount for a set of activities, while others charge separately for each service.
Keynote: Consultancy fees are just one aspect to consider when outsourcing, not the primary determinant; ensure the cost structure aligns with your needs.
Specialized Expertise and Industry Experience
Choosing the right accountant for your business requires a keen understanding of your precise needs. Accounting firms typically offer specialized services encompassing areas like accounting, tax consultation, VAT, and audit support, ensuring comprehensive and tailored solutions. Furthermore, evaluating the accountant’s tenure in the market can be insightful.
Keynote: The length of time a firm has been operating speaks to their experience and ability to navigate various financial landscapes.
Verified Certifications and Qualifications
When assessing an accounting firm’s expertise, take note of relevant certifications and relevant authorities’ categorization, including roles like tax agents for FTA, certifying bodies for ICV‘s, etc., as these certifications and categorization can be useful for availing any facility and approval requirements without much time and efforts. Firms with ISO certifications and a team of certified public accountants (CPAs) can offer enhanced advantages.
Keynote: Consider certifications and qualifications when assessing an accounting firm’s expertise.
Personalized and Reliable Connection
Building a strong connection marked by professionalism and adaptability is vital in choosing the right accounting partner. Price alone shouldn’t be the deciding factor, as a high-priced accountant may not necessarily offer the personalized attention and rapport necessary for discussing confidential matters.
Keynote: A diverse team comprising multiple cultures and nationalities can provide the flexibility and perspective required for a personalized and reliable connection with your accounting partner.
Goal Oriented Approach
When choosing an accountant, assess whether they offer a goal-oriented approach, as some firms provide valuable services like helping clients define business objectives and track their progress. Additionally, consider whether the company provides dashboards and management letters as part of their reports to management, as these tools can significantly aid in making better decisions and optimizing business profits.
Keynote: Look for firms that offer tools like dashboards and management letters to enhance decision-making and profitability tracking.
Audit Support
When engaged in audit processes, it’s crucial that your accountant offers robust support and represents your company’s financial records effectively. Consider choosing an accounting firm that not only provides audit services but also offers a comprehensive scope of audit support within the initial engagement. This approach ensures professionals handle all accounting processes and facilitates swift decision-making by management.
Keynote: When selecting an accountant, prioritize firms that offer a comprehensive scope of audit support.
Solid References
When searching for an accounting firm to manage your business finances, it’s vital to verify their track record. Experienced accounting professionals with satisfied clients often receive referrals through word of mouth and may even have a presence on Google and other social media platforms such as LinkedIn, Instagram, and Facebook, which can further enhance their credibility and contribute to their growth. Therefore, ensure the firm you choose not only has sufficient references but also a positive online reputation.
Keynote: Assessing an accounting firm’s references and online presence is essential to ensuring their credibility and enhancing your business prospects.
Thorough Inspection of Deliverables
When evaluating potential accounting service providers, it is important to obtain a comprehensive understanding of their deliverables and expectations for your business. Request sample financial reports and demos of their work to assess how they have served their clients and how they intend to support you.
Ensure that any service level agreements (SLAs) include a commitment from the firm to respond immediately as timely support and communication are crucial. Additionally, reviewing case studies of previous and current clients will provide insights into what you can expect from the accounting firm.
Keynote: Actively assess the reports and processes they present, like evaluating a salesperson’s pitch and demonstration of the process, to gain a deeper understanding of their service quality and suitability for your business.
Software Proficiency for Efficient Support
Technology advancements in the accounting field are frequent, and it is crucial to choose an accounting firm that stays updated with the latest technological developments. It ensures they can effectively support their clients by leveraging cloud-based applications and other modern tools for operational and accounting functions.
Keynote: When choosing an accounting firm, prioritize those proficient in automation and modern technology, as it can improve efficiency and streamline operational processes.
Advantages of an Accounting Service Provider in the UAE
Time Efficiency and Core Focus
The accounting process is time-consuming and complex for non-experts. By hiring an accounting service provider, businesses can redirect their focus to core objectives.
Cost Effectiveness
Engaging an accounting service provider allows businesses to pay only for the services they receive. This cost-effective approach ensures that companies pay for essential accounting tasks, optimizing their financial resources to support core business activities.
Fraud Prevention and Accountability
Outsourcing accounting services to a professional company helps mitigate the risk of internal fraud within the organization. The outsourcing firm assumes accountability for ensuring the quality and accuracy of all processed transactions.
Make your Accounting Service Selection Best with HLB HAMT
Establishing a solid financial foundation is crucial for any business. At HLB HAMT, we understand the significance of proper accounting and work closely with our clients to provide comprehensive solutions.
Choose HLB HAMT today and experience the difference with our specialized expertise and personalized approach.
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The Influence of Hyper Automation on the IT Industry
Midhun Menon P
Phone:- +971 4 327 7775
Mobile:- +971 52 830 7998
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Hyper automation is simply the extension of legacy business process automation beyond specific processes. For example, hyper-automation, which combines AI tools and RPA, automates nearly any repetitive action performed by business users.
It even automates the already automated processes by identifying dynamic business processes and developing bots to automate them. As a result, Gartner named hyper-automation one of the top ten strategic technology developments of the year.
Hyper automation is a mechanism for true digital transformation, with tools such as Robotic Process Automation (RPA), Machine Learning (ML), and Artificial Intelligence (AI) collaborating to automate complex business processes, including those that previously required subject matter experts.
What exactly is hyper automation and how does it work?
Hyper automation combines various aspects of process automation by combining tools and technology to increase the potential for task automation.
It begins with Robotic Process Automation (RPA) and then expands with artificial intelligence (AI), process mining, analytics, and other advanced tools to increase automation potential.
The goal is to automate more and more knowledge labor while also involving all employees in the transformation.
Hyper automation helps to automate your business to its maximum Potential
Machine Learning (ML), Natural Language Processing (NLP), Intelligent Optical Character Recognition (OCR), and AI computer vision are some of the artificial intelligence skills that enable robots to read, see and process more data.
If you are still unsure about the effectiveness or necessity of investing in RPA, read on to learn what experts have to say:
Engaging the workforce
This includes methods for allowing everyone in a company, including subject matter experts, business analysts, and business users, in addition to the usual RPA developers and testers, to participate in automation.
Businesses use process discovery tools to delve into the inner workings of teams and reveal what can be optimized and what should be automated.
Advanced analytics aid in calculating and quantifying the return on investment (ROI) and the impact of automation on key business outcomes.
Rather than referring to a specific, out-of-the-box technology or application, hyper-automation focuses on adding more intelligence and applying a larger systems-based approach to growing automation efforts. Furthermore, the method emphasizes the importance of striking a balance between automating manual tasks and streamlining complex processes to reduce steps.
It is critical to consider who should be in charge of automation and how it should be carried out. Frontline workers, for example, are more likely to notice tedious tasks that could be automated. Experts in business processes, on the other hand, are better positioned to identify the potential for automation in situations involving multiple people.
Concept of the Digital Twin
Gartner proposed the concept of an organization’s digital twin (DTO). This is a simulation of how business operations work and the mechanisms that support their services and deliveries. A combination of process mining and task mining is used to automatically construct and update the process representation. Process mining is a technique for representing process flows by analyzing enterprise software logs from business management software such as CRM and ERP systems. Using machine vision software that runs on each user’s desktop, task mining creates a view of processes that span many programs.
Process and task mining technologies may generate a DTO for the client automatically, allowing them to see how functions, processes, and key performance indicators interact to generate value. The DTO can help businesses determine how new automation adds value, creates new opportunities, or introduces new bottlenecks that must be addressed.
The Longer Path to Adoption of Digitization
Because of AI and machine learning components, automation can interact with the world in more ways. For example, optical character recognition (OCR) allows an automated procedure to extract text or numbers from paper or PDF documents. Similarly, natural language processing can extract and organize data from documents, such as determining who issued an invoice and what it was for and automatically entering this information into an accounting system.
On top of existing technology, a hyper-automation platform can be built on top of it. RPA is the first step toward hyper-automation, and all major RPA vendors now support process mining, digital worker analytics, and AI integration.
Other low-code automation platforms are incorporating more hyper-automation technology components, such as business process management suites (BPMS/intelligent BPMS), integration platform as a service (iPaaS), and low-code development tools.
What are the challenges that come with Hyper-Automation?
Hyper automation is a new concept, and businesses are still figuring out how to implement it. Some of the most significant challenges are as follows:
Choosing a company’s core strategy
Some organizations will benefit from a more centralized approach to large-scale handling initiatives, whereas others will benefit from a federated or distributed approach.
Tools
Hyper automation software is not a panacea. Even though prominent automation suppliers are expanding their hyper-automation capabilities, businesses will face challenges in ensuring compatibility and integration between these solutions.
Governance and safety
Hyper automation initiatives benefit from in-depth monitoring and analysis of business processes that span multiple departments, services, and even country borders. This could cause a slew of new security and privacy issues. Additionally, businesses must implement appropriate safeguards for assessing the security vulnerabilities of automatically generated apps.
Metrics that are still in their early stages
Automation cost and value estimation software are still in their infancy.
Manual augmentation is required
According to a Forrester survey, only about 40% to 60% of automation code can be written automatically using existing tools. A significant amount of manual effort is still required when creating robust automation at scale, and this must be budgeted for.
Getting people to buy in
The majority of automation vendors promote the notion that hyper-automation will supplement rather than replace humans, but the truth is that automation will eliminate tasks that were previously performed by humans. Workers must be convinced that robots will not take their jobs for these measures to be effective. Furthermore, many monitoring technologies used in hyper-automation initiatives may elicit a negative reaction from knowledge workers concerned about data exploitation.
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The Crucial Role of Due Diligence in Company Acquisitions
HAMT Internal Audit Team
Phone:- +971 4 327 7775
Mobile:- +971 55 807 4568
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
The acquisition of a company is a strategic move that can bring immense growth opportunities and value to a business. But it’s a decision that must never be made abruptly. Thorough due diligence is a critical step in the acquisition process, and its importance cannot be overstated. This blog explores why due diligence is essential before the acquisition of a company.
Financial Stability Assessment
One of the primary reasons for conducting due diligence is to assess the target company’s financial stability. This involves a comprehensive review of the company’s financial statements, cash flow, income statements, and balance sheets. By scrutinizing these documents, the acquiring company can identify any financial red flags, such as outstanding debts, hidden liabilities, or irregularities in accounting practices. This information is vital in determining the true value of the company and assessing the potential risks associated with the acquisition.
Risk Mitigation
Acquiring a company without proper due diligence is akin to walking blindfolded through a minefield. Without a clear understanding of the target company’s operations, legal obligations, and potential liabilities, the acquiring company exposes itself to significant risks. Due diligence helps in identifying and quantifying these risks, enabling the acquiring company to develop strategies to mitigate them effectively. This can include renegotiating the deal terms, setting aside reserves for potential liabilities, or even reconsidering the acquisition altogether.
Evaluation of Intellectual Property
Intellectual property (IP) can be a significant asset for many companies, and it’s crucial to assess its value and legality during due diligence. This covers trade secrets, copyrights, patents, and trademarks. Ensuring that the target company has proper ownership of its IP and that there are no pending lawsuits or disputes related to it is vital. Acquiring a company with compromised or contested intellectual property rights can lead to costly legal battles and damage to the acquiring company’s reputation.
Understanding the Operational Environment
Every company operates within a specific market and regulatory environment. Due diligence involves a deep dive into understanding the target company’s industry, market trends, competitive landscape, and regulatory compliance Struggling these aspects can result in an acquisition that is in sync with the market, leading to operational challenges and potential financial losses. Proper due diligence allows the acquiring company to make informed decisions about integrating the newly acquired business into its existing operations.
Employee and Culture Assessment
An often-overlooked aspect of due diligence is evaluating the target company’s workforce and culture. The compatibility of employee skills, work culture, and values can significantly impact the success of the integration process. Employee turnover, labor disputes, or a significant mismatch in organizational cultures can disrupt post-acquisition operations and affect employee morale. Conducting due diligence in this area helps the acquiring company plan for a smooth transition and address potential HR challenges.
Compliance and Legal Obligations
In today’s highly regulated business environment, compliance with laws and regulations is paramount. Due diligence includes a review of the target company’s compliance with tax, environmental, labor, and other relevant laws. Failure to identify non-compliance issues can lead to legal liabilities, fines, and damage to the acquiring company’s reputation. It is essential to ensure that the target company’s operations align with applicable laws and regulations.
Bottom Line
Conducting due diligence before acquiring a company is not merely a best practice, but an essential step in the process. It provides a comprehensive understanding of the target company’s financial health, operational environment, legal obligations, and potential risks. By investing time and resources in due diligence, acquiring companies can make well-informed decisions that pave the way for successful acquisitions and long-term growth.
HLB HAMT to Assist!
With a reputation for excellence and an unwavering commitment to accuracy, HLB HAMT is at the forefront of providing comprehensive due diligence services in the UAE. Our expert team is readily accessible to address any assistance, ensuring you are well-informed and empowered to make informed decisions.
For any due diligence related queries and assistance, call our experts at +971 4 327 7775 or email dubai@hlbhamt.com to schedule a meeting.
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The Significance of Internal Audit Service Providers in the UAE
HAMT Internal Audit Team
Phone:- +971 4 327 7775
Mobile:- +971 55 807 4568
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Are UAE businesses equipped to tackle the intricate challenges of today’s complex landscape? In the dynamic and rapidly changing business environment of the United Arab Emirates (UAE), organizations face challenges that test their resilience, compliance, and operational efficiency.
As the UAE strives to maintain its status as a global economic hub, the importance of internal audit has never been more pronounced. But do businesses in the UAE truly possess the tools and insights to tackle these challenges head-on?
This blog delves into the significance of internal audit service providers in the UAE, shedding light on the critical role of internal audits.
Importance of Internal Audit
- Internal audit refers to the independent, objective assessment of an organization’s internal controls, processes, and operations.
- Its primary purpose is ensuring management and stakeholders that the organization’s operations are effective, efficient, and compliant with relevant laws and regulations.
- Internal audit goes beyond financial reporting to encompass areas like risk management, governance, and internal processes.
The UAE’s organizations operate in a diverse and dynamic economic environment, and they face challenges related to regulatory compliance, fraud prevention, technological advancements, and evolving market conditions. Internal audit is a proactive mechanism for identifying and addressing these challenges before they escalate into issues.
Role of Internal Audit Service Providers in UAE
- Internal audit service providers are pivotal in helping UAE organizations navigate challenges, mitigate risks, and ensure optimal operations.
- Offer independent and objective assessments of an organization’s internal controls and processes.
Here are some key roles our internal audit service providers play in the UAE
Risk Assessment
At HLB HAMT, Internal audit service providers help organizations identify and assess risks that could impact their operations. By conducting thorough risk assessments, we assist businesses in prioritizing their efforts and resources to mitigate potential risks.
Efficiency and Effectiveness
Our Internal audit experts evaluate the efficiency and effectiveness of an organization’s processes. This assessment helps organizations streamline operations, eliminate redundancies, and improve productivity.
Regulatory Compliance
UAE businesses operate in a complex regulatory environment. Our Internal audit experts ensure that organizations comply with local laws and regulations, reducing the risk of penalties and legal issues.
Fraud Detection and Prevention
At HLB HAMT, our internal audit experts are instrumental in detecting and preventing fraudulent organizational activities. Their independent assessments help uncover irregularities and ensure that internal controls are robust enough to deter fraud.
Corporate Governance
Establishing strong corporate governance is essential in fostering confidence among stakeholders. Internal audit services assess an organization’s governance structure and practices, making recommendations for improvements that enhance transparency and accountability.
Technology and Cybersecurity
With the increasing reliance on technology, internal audits play a critical role in assessing an organization’s IT systems and cybersecurity measures. It identifies vulnerabilities and helps implement measures to protect sensitive information.
Data Analysis
Our Internal audit service experts utilize data analytics to gain insights into an organization’s operations. It enables them to identify trends, anomalies, and potential areas of concern more effectively.
Setting the Standard for Excellence: Join Forces with HLB HAMT
As the business landscape continues to evolve, the importance of internal audit is only expected to grow. At HLB HAMT, we understand that every business is distinct. Our personalized approach ensures that your financial strategies align seamlessly with your goals.
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The Top 14 Artificial Intelligence Applications in 2023
Vimal Ramachandran
Phone:- +971 4 327 7775
Mobile:- +971 52 830 7998
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Artificial intelligence (AI) is machine-delivered intelligence that mimics human behavior or thought and can be programmed to address issues. AI is a hybrid of machine learning and deep learning techniques. Artificial intelligence models that have been trained using massive amounts of data can make intelligent decisions.
Figures and facts about Artificial Intelligence
- Statista predicts that global revenue from artificial intelligence (AI) software will reach 126 billion dollars (about $390 per person in the US) by 2025.
- According to Gartner, 37% of organizations have adopted AI in some form. Over the last four years, the percentage of businesses using AI has increased by 270%.
- According to Servion Global Solutions, AI will power 95% of customer interactions by 2025.
- According to Statista’s most recent 2020 report, the global AI software market will grow by 54% year on year, reaching USD 22.6 billion.
- Let us now look at how AI is being applied in various domains.
Applications of AI
1. AI Application in E-Commerce
Customized Retail
Recommendation engines are made possible by artificial intelligence technology, allowing you to interact with your customers more effectively. Their browsing history, preferences, and interests are taken into consideration when making these recommendations. It increases brand loyalty and aids in the strengthening of relationships with your customers.
Intelligent Assistants
For online shoppers, chatbots and virtual assistants improve the user experience.. The conversation uses natural language processing to make the sound as natural and intimate as possible. These assistants can also interact in real time with your customers. Did you know that chatbots will soon be able to handle customer service on Amazon.com?
Fraud Avoidance
Two of the biggest problems faced by e-commerce businesses are credit card fraud and fake reviews. AI can assist in lowering the likelihood of credit card fraud by taking usage patterns into account. Many customers decide to buy a product or service after reading customer reviews. Artificial intelligence (AI) can assist in spotting and handling fake reviews.
2. Automated Administrative Tasks to Support Teachers
Artificial intelligence can assist educators with non-educational tasks like managing enrollment, courses, and HR-related matters, as well as task-related responsibilities like facilitating and automating personalized messages to students, back-office duties like grading paperwork, planning and facilitating parent and guardian interactions, and facilitation of routine issue feedback.
Making Intelligent Content
Artificial intelligence can be used to digitize content such as video lectures, conferences, and textbook guides. For students in various grades, we can customize learning content and apply various interfaces, such as animations.
By producing and providing audio and video summaries and integral lesson plans, artificial intelligence contributes to the creation of a rich learning experience.
Virtual Assistants
A student can access extra learning material or assistance through voice assistants without even the direct involvement of the lecturer or teacher. This cuts temporary handbook printing costs while also providing quick answers to frequently asked questions.
Personalized Education
Hyper-personalization techniques can be used to thoroughly monitor students’ data using top AI technologies, and habits, lesson plans, reminders, study guides, flash notes, frequency of revision, and so on can be easily generated.
3. Lifestyle Applications of Artificial Intelligence
Our way of life has been significantly impacted by artificial intelligence. Let’s discuss a few of them.
Autonomous Vehicles
Toyota, Audi, Volvo, and Tesla use machine learning to train computers to think and evolve like humans when it comes to driving in any environment and detecting objects to avoid accidents.
Filters for Spam
The email we use every day has AI that filters out spam emails and sends them to spam or trash folders, allowing us to see only the filtered content. Gmail, a popular email provider, has achieved a filtration capacity of approximately 99.9%.
Facial Recognition
Our favorite devices, such as phones, laptops, and PCs, use facial recognition techniques to detect and identify users to provide secure access. Apart from personal use, facial recognition is a widely used AI application in a variety of industries, including high-security areas.
System of Recommendation
Various platforms that we use in our daily lives, such as e-commerce, entertainment websites, social media, video sharing platforms such as YouTube, and so on, all use the recommendation system to collect user data and provide personalized recommendations to users to increase engagement. This is a very common artificial intelligence application in almost every industry.
4. Navigational Applications of Artificial Intelligence
GPS technology, according to MIT research, can provide users with accurate, timely, and detailed information to improve safety. The technology employs a combination of a convolutional neural network and a graph neural network to make users’ lives easier by automatically detecting the number of lanes and road types behind road obstructions. Uber and many logistics companies use AI to improve operational efficiency, analyze traffic, and optimize routes.
5. Robotics Applications of Artificial Intelligence
Another field where artificial intelligence applications are commonly used in robotics. AI-powered robots use real-time updates to detect obstacles in their path and instantly plan their journey.
It can be utilized for several things, such as:
- Goods transportation in hospitals, factories, and warehouses
- Cleaning offices and large machinery
- Inventory control
6. Artificial Intelligence Applications in Human Resources
Did you know that businesses use intelligent software to make the hiring process more efficient?
Blind hiring is aided by artificial intelligence. You can examine applications using machine learning software based on specific parameters. AI-powered systems can scan job candidate profiles and resumes to provide recruiters with an understanding of the talent pool from which to choose.
7. Artificial Intelligence Applications in Healthcare
In the healthcare industry, artificial intelligence has numerous applications. AI applications are used in healthcare to create sophisticated machines capable of detecting diseases and identifying cancer cells. By analyzing lab and other medical data, artificial intelligence can aid in the early detection of chronic conditions. AI uses a combination of historical data and medical intelligence to discover new drugs.
8. Agriculture Artificial Intelligence Applications
To detect soil flaws and nutrient deficiencies, artificial intelligence is used. Using computer vision, robotics, and machine learning applications, AI can determine where weeds are growing. AI bots can harvest crops at a greater volume and rate than human laborers.
9. Artificial Intelligence gaming applications
Another industry where artificial intelligence applications have gained traction is gaming. Artificial intelligence (AI) can be used to create intelligent, human-like NPCs that interact with players.
It can also predict human behavior, which can aid in game design and testing. Throughout the Alien Isolation games, which were released in 2014, the AI follows the player. The game makes use of two artificial intelligence systems: the “Director AI,” which is always aware of your location, and the “Alien AI,” which is driven by sensors and is constantly watching out for the player.
10. Artificial Intelligence Applications in Automobiles
Self-driving cars are built using artificial intelligence. To operate the vehicle, AI can be used in conjunction with the camera, radar, cloud services, GPS, and control signals. AI can enhance the in-vehicle experience by adding features such as emergency braking, blind-spot monitoring, and driver-assist steering.
11. Artificial Intelligence Applications in Social Media
On Instagram, AI takes into account your likes and the accounts you follow to determine which posts appear in your Explore tab.
Facebook
Deep Text, a tool that uses artificial intelligence, is also used. Facebook can better understand conversations with this tool. It can be used to translate posts from various languages automatically.
Twitter
Twitter uses artificial intelligence to detect fraud and remove propaganda and hateful content. Twitter also uses AI to recommend tweets to users based on the types of tweets they interact with.
12. Artificial intelligence (AI) applications are becoming increasingly popular in marketing.
Applications of artificial intelligence (AI) are widely used in marketing.
- Marketers can use AI to deliver highly targeted and personalized ads by using behavioral analysis, pattern recognition in ML, and so on. It also aids in retargeting audiences at the appropriate time to ensure better results and lower feelings of distrust and annoyance.
- AI can assist with content marketing in a way that is consistent with the brand’s style and voice. It can handle routine tasks such as performance, campaign reports, and much more.
- Chatbots powered by AI, Natural Language Processing, Natural Language Generation, and Natural Language Understanding can analyze user language and respond in human-like ways.
- AI can provide real-time personalization based on user behavior and can be used to edit and optimize marketing campaigns to meet the needs of a local market.
13. Artificial Intelligence Applications in Chatbots
AI chatbots can understand natural language and respond to customers who use the “live chat” feature that many businesses offer. AI chatbots use machine learning to be effective and can be integrated into a variety of websites and applications. AI chatbots can eventually build a database of answers in addition to pulling data from a predefined set of integrated answers. As artificial intelligence advances, these chatbots will be able to effectively resolve customer issues, respond to simple inquiries, improve customer service, and provide 24/7 support. Overall, these AI chatbots have the potential to improve customer satisfaction.
14. Artificial Intelligence Applications in Finance
According to reports, 80% of banks recognize the benefits that AI can provide. Whether in personal finance, corporate finance, or consumer finance, the advanced technology provided by AI can significantly improve a wide range of financial services. Customers seeking assistance with wealth management solutions, for example, can easily obtain the information they require via SMS text messaging, or online chat, both of which are powered by AI. Changes in transaction patterns and other potential red flags that can indicate fraud, which humans can easily miss, can also be detected by artificial intelligence, saving businesses and individuals from significant loss. Aside from fraud detection and task automation, AI can also improve loan prediction and evaluation.
To know more about AI applications in UAE, please contact our experts, today!
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Business Problems that an ERP Solution Can Effectively Solve
Midhun Menon P
Phone:- +971 4 327 7775
Mobile:- +971 52 830 7998
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Enterprise resource planning (ERP) solutions have come a long way in recent years.
Cloud computing, artificial intelligence, and machine learning are used in modern ERP services to provide better automation, efficiency, and insights than ever before. This is fantastic news for small and medium-sized businesses or SMEs. ERP systems are becoming increasingly adept at addressing the most pressing issues confronting small businesses.
However, as these solutions become more complex and intelligent, it can be difficult to select an ERP solution that is a good fit.
In this article, we’ll look at the most common business process pain points that ERP systems can solve, as well as how to find the best ERP tools for your needs.
What exactly is ERP, and what are the objectives of ERP solutions?
ERP is a software solution that integrates all core business processes. These are likely to include finance, human resources, supply chain, services, and other key processes related to the industry in which you work.
Why do you need one?
An ERP solution is intended to increase efficiency in managing all of these processes. With increased efficiency comes increased agility, speed, and productivity.
ERP systems enable faster reporting, deeper insights, and, as a result, better decision-making and lower risk. By combining processes into a single, simpler system, they also enable collaborative thinking across all departments.
What are the business pain points that can be addressed with an ERP solution?
Here are just a handful of the most frequent issues that small business owners face, which can be resolved by putting in place an effective ERP system.
Inadequate inventory management
If your inventory management process is inadequate, it can lead to a slew of issues, such as understocking or overstocking, inaccurate reporting, poor planning, and missed reordering. This, in turn, causes additional issues, such as customer dissatisfaction or cash flow issues.
An ERP system is intelligent enough to detect inventory trends and forecast surges in demand automatically. This means that your inventory levels are always optimized. It also promises exceptional inventory reporting accuracy and full integration with other departments.
Ineffective departmental communication
The information must flow smoothly between departments. Poor internal communication, as well as other performance issues such as lost or unfulfilled orders, are major sources of customer dissatisfaction. ERP systems will increase visibility within and across departments, provide real-time updates, and allow for smooth communication across all departments.
Inefficient departmental systems and a lack of visibility
It is not uncommon for businesses to use multiple software systems across multiple departments. Some people may use spreadsheets or even pencil and paper records. Too often, this mode of operation results in severe bottlenecks throughout the organization and slow service turnaround.
An ERP provides a modern, integrated solution that will significantly improve workflow. An integrated solution also benefits management by allowing them to make more efficient and effective decisions from a more accurate and balanced perspective. It assists in determining the profitability of various aspects of your organization and identifying weaknesses. All of this gives you an advantage in the marketplace.
Talk to an independent ERP advisory service if you have other business pain points that aren’t on this list. They almost certainly will have a solution.
What components come together to form an effective ERP?
Using an independent ERP advisory service to help you select the right solution provider gives you the best chance of success in finding an effective ERP solution.
The following benefits and services can be provided by an independent ERP advisory service:
- Unbiased assessment of potential solutions and providers
- Aid in the identification and documentation of your ERP requirements.
- ERP contract review ERP project management during implementation
- Risk evaluation
- From start to finish, help and advice
Solid foundations are derived from effective communication.
An effective ERP will always begin with effective communication. Your independent advisory service should work with you to clarify your expectations and needs. Before any work can begin, the ERP project’s goals must be mutually agreed upon and clearly defined.
A good ERP advisory service will almost certainly issue a request for information (RFI) and make other inquiries. Your responses to these questions will guide the proper selection of an ERP solution, so provide as much detail as possible.
Careful selection of the most appropriate ERP solution
Your ERP advisory service should create a shortlist of potential solutions and solution providers based on your RFI responses and proof-of-concept (POC) demos. These will be the best fits for your company, industry, and the problems you’re trying to solve.
Many variables will be considered when matching solutions, including the solution providers’ expertise and experience in your industry, their methodology, and their success rate. The level of experience and expertise of your team will also be considered.
You and your advisory service will use the shortlist to decide which solution will provide you with the best return on your investment.
Thorough project management
After selecting the best ERP project solution and signing contracts, your ERP advisory service will continue to manage the project. It will ensure that key objectives are met, timelines are met, and the project runs smoothly from beginning to end.
Contact HLB HAMT Consulting to learn more about ERP.
As an independent business advisory service, we are uniquely positioned to assist your company in locating and managing ERP solutions in the UAE.
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A Guide on Statutory Leaves in the Abu Dhabi Global Market (ADGM)
HLB UAE Payroll Team
Phone:- +971 4 327 7775
Mobile:- +971 50 205 9540
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com
Abu Dhabi Global Market (ADGM) is an international financial centre located in Al Maryah Island and consist of three independent authorities- the Registration Authority(RA), the Financial Services Regulatory Authority (FSRA) and ADGM Courts. ADGM provides exceptional service and opportunities for it business community to thrive. ADGM was established in 2015 pursuant to the Federal Legislation and Abu Dhabi Legislation including Abu Dhabi Law No.4 of 2013, as a financial free zone, in the Emirates of Abu Dhabi, with its own civil and commercial laws.
The leaves granted to employees working in the ADGM (Abu Dhabi Global Market) are as follows:
- Vacation leave (Annual Leave)
- Hajj leave
- Sick leave
- Maternity leave
- Paternity leave
- National Holidays
Vacation Leave (Annual Leave)
Subject to section 25 of the Employment Regulation 2019, an employer shall give an employee a minimum paid vacation leave of 20 business days per year to be accrued pro rata for employees who have been employed for at least 90 days.
What happens to unused vacation leaves?
An Employee is entitled to carry forward accrued but untaken Vacation Leave up to a maximum of 5 Business Days into the next year for a maximum period of 12 months after which the unused leave shall expire.
Does vacation leave include national holidays?
Vacation Leave is exclusive of National Holidays to which an Employee is entitled.
Can an employee convert the leave in lieu of payment?
An Employee is not entitled to a payment in lieu of Vacation Leave earned except where:
- The Employee’s employment is terminated; or
- The Employer agrees otherwise.
Can an employee claim compensation for unutilized leaves at termination of contract?
Where an Employee’s employment is terminated, the Employer shall pay the Employee an amount in lieu of Vacation Leave accrued but not taken. If the Employee taken more Vacation Leave than has accrued at the termination date, the Employee shall repay the Employer the corresponding amount.
Compensation in lieu of Vacation Leave shall be calculated using the Employee’s Daily Wage applicable on the Employee’s last Day of employment.
National Holidays
Who is entitled to national holidays?
Every Employee is entitled to the National Holidays that are announced in the UAE for the public sector (if the Employer is a public sector entity) or the private sector (if the Employer is a private sector entity), falling on a Business Day.
Is there any deduction on pay for a public holiday in ADGM?
An employee is entitled to be paid a daily wage for national holidays.
What will happen if an employee works on a holiday?
This leave entitled to employees may be replaced by
- A day in lieu.
- A payment in lieu; or
- A pro-rated amount relating to the period of time worked where both the employer and employee so agreed in writing.
Hajj Leave
A Muslim Employee, who has completed 1 year or more of continuous employment, shall be entitled, not more than once during the period of employment, to special leave not exceeding 30 Days without pay, to perform the Hajj pilgrimage.
Sick Leave
Sick leave is granted for 60 working days per year (calendar year) at the following rate:
- The first 10 working days: with full pay.
- The next 20 working days: with half pay.
- Any subsequent period to a maximum of 30 working days: without pay.
Can an employer terminate an employee for taking more than the allowed sick leave?
Where an Employee takes more than a total of 60 Business Days of sick leave in any 12-month period, the Employer may terminate the employment immediately with written notice to the Employee unless it’s taken on account of a disability.
Maternity Leave
A female employee who has been continuously employed by her employer for at least 12 months may take maternity leave for up to sixty-five (65) working days at the following rate:
- Full pay for first thirty-three (33) working days; and,
- Half pay for the next thirty-two (32) days.
Is maternity leave in ADGM based on calendar days or working days?
Maternity Leave is calculated on working days, excluding weekly off days and any holidays covered by Maternity Leave.
How many days of maternity leave are granted to female workers in ADGM?
A female employee may take maternity leave for up to sixty-five (65) working days, out of which 33 working days will be fully paid leave and the rest 32 days will be half paid leave.
Is an employee is eligible for paid maternity leave during the first year of service?
No, Employee will have been continuously employed with her Employer for at least 12 months preceding the expected or actual week of childbirth.
Should an employee inform employer in advance before starting maternity leave?
Employee notifies her Employer in writing that she is pregnant at least 8 weeks before the expected week of childbirth, if requested by the Employer;
Or notifies her Employer in writing at least 21 Days before the day the Employee proposes to begin her Maternity Leave.
Is maternity leave applicable for the adoption of a child?
The maternity rights granted under sections 33 and 34 also apply to a female Employee who is adopting a child of less than 3 months old and, in such case, references to childbirth are treated as references to the date of adoption.
Will vacation leave get accrued while employees are on maternity leave?
Yes, Vacation Leave shall continue to accrue during Maternity Leave.
Is an employee eligible to get compensation for unused maternity leave?
An employee is not entitled to receive compensation in lieu of accrued but untaken maternity leave.
Can an employer terminate an employee who is on maternity leave?
An employee who is on maternity leave cannot be terminated by her employer.
Paternity Leave
Who is eligible for paternity leave?
An Employee who becomes a father to a newly born child shall be entitled to a minimum Paternity Leave entitlement of 5 Business Days to be taken within 2 months of the date of birth of the child.
Does the employee get full pay?
During the Employee’s minimum Paternity Leave, the Employer shall pay paternity pay at the Employee’s normal Daily Wage.
Can an employee receive compensation in lieu of paternity leave?
The Employee cannot receive compensation in lieu of Paternity Leave.
How are national holidays that fall within an employee’s paternity leave treated in ADGM?
Any National Holidays falling on a Business Day within the Paternity Leave period shall be treated as additional leave thereby having the effect of extending the Paternity Leave by the period of the national holiday.
Disclaimer:
At HLB HAMT, we have taken every possible measure to ensure the accuracy of the information provided. However, we cannot accept any liability for errors or omissions that may occur. We would like to emphasize that the content shared in this blog is not exhaustive and should not be considered as the sole source of information. Our guidance aims to provide general information on the topics covered and may not encompass all applicable laws and regulations. Please be aware that the content is subject to change, and it is not intended to serve as a comprehensive summary of legal matters or provide specific legal advice. We recommend consulting with a qualified professional for personalized guidance tailored to your specific situation. Additionally, the information shared in this blog does not constitute a legal opinion or establish a client-professional relationship.
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