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Frequently Asked Questions


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"If you fail to plan, you are planning to fail." – Benjamin Franklin
A business plan is crucial for businesses to determine their action steps, costs, projected revenues and projected profits. It determines whether your idea is feasible or not and suggests measures that will lead to ultimate success.
A Business plan includes the projected financials and assesses the risks to ensure that operations run smoothly.
Many businesses fail because they fall short of cash. This happens because they failed to plan at the start of the business. IFC works with entrepreneurs to create a plan bearing in mind all risks and cash flow requirements. We further create a buffer in case things don't go according to the plan, which increases the entrepreneur's success rate.
A business plan includes various elements and is prepared based on a detailed market study. The cost varies depending on the details that the client is able to provide. Hence, it is based on the amount of work assigned to IFC. It is a culmination of the documents and the purpose of documents required. We give our clients the option to choose if they want all elements, or some. Based on that decision, IFC designs a unique price based on client requirements.

Elements of a Business Plan:

  • Feasibility Study
  • Financial Model
  • Business Model
  • 5-year Profit & Loss Account - Monthly, Quarterly and Annual
  • 5-year Balance Sheet - Monthly, Quarterly and Annual
  • 5-year Cash Flow Statement - Monthly, Quarterly and Annual
  • Capital Required and Drawdown Schedule
  • Ratio Analysis
  • Sensitivity Analysis
  • Charts and Graphs to incorporate in the Business Plan
IFC's staff has got significant experience in reorganizing and restructuring the companies to revive profitability. Our staff has been involved as advisors in debt restructuring, reorganizing (based on resources), effective capacity utilization, raising equity, and as well as providing out of the box financial services. After engagement, we provide proactive services to ensure smooth operations.
No, we work with various financial institutions that provide funding. We help our clients prepare the documents for submission that helps them arrange the funding.
Yes, we work with various financial institutions that offer funding. We help our clients prepare the documents for submission that helps them raise finances.
IFC works with the clients to ensure that all the resources are effectively utilized. One of the perspectives that is used is to view the money spent as investment and identify the Return on Investment, rather than viewing it as cost.
Our flexible pricing depends on our clients' internal resources. This helps us assess the number of IFC's resources that need to be allotted. We do provide both options – fixed fee and per hour basis.
As you reduce your overheads, your sales decrease.
When your margins equal to your fixed overheads
Yes, we help design distinct processes and standard operating procedures (SOPs). We use USP's wherever possible. Also, we provide video SOP's to ensure easiness.
Yes. Processes encourage and enable businesses to run their operations smoothly. It assures efficiency and brings consistency.
As the organization grows and evolves, processes have to be kept up to date to ensure that they are relevant. Do you have a process to keep your processes relevant and up to date?
It is crucial to update your records daily in order to ensure where your money is, and to manage your business better.
There are various levels of review required within accounts for any organization. The accountant or the ledger clerks would typically be data entry operators who's work would require a review from supervisors. The supervisors have an additional duty to close the books every month. The supervisor's work is then reviewed by a manager to ensure accuracy and completeness. The manager presents the information to the CFO who would then use this info to formulate strategies for the future. An accountant cannot fulfil all the roles. Depending on the size and function of your team, IFC's flexible approach can complete this whole process or fulfil gaps where required.
IFC has a team of qualified Chartered Accountants, that will work to provide excellent services to you on a daily basis.
An accountant provides bookkeeping services, and calculates your past revenues, profits and expenses. On the contrary, a CFO uses the past data to formulate future strategies and projections. This directly puts our clients on the trajectory to success.
CFO's future-proof your business. We develop a financial controls framework, plan for the future and provide corporate governance.CFO services
Every business has several stake-holders such as – shareholders, employees, clients, suppliers, financers.

Corporate Governance is defined as 'mitigation of current and potential conflicts of interest between all stake-holders. – World Economic Forum CFOs play a very large role in helping the CEO to achieve this tricky balance, through anticipating potential conflict courses within the context of growing competitiveness (which translates to influencing clients to prefer, buy, stay, re-buy and refer your products and services).
IFC's team consists of experienced auditors with significant experience of assessing business risks and designing audit procedures to detect or prevent fraud.
No, IFC is an independent organization that only reports to senior management. We have also experienced scenarios where fraud has been committed by senior management. In such cases, we report direct to the business owner(s). IFC values integrity and confidentiality.
No, the traditional internal audit function was designed to prevent and detect fraud. However, now the internal auditor is more of a value add partner who assesses the risks within the business and identifies ways to mitigate those risks.
IFC helps plotting the products and services on the product lifecycle chart to understand the product mix as well as the cost for declining revenue. Thereafter, IFC looks at various alternate ways and complimentary products that increases the revenue, leveraging on the strengths of the company.
IFC leverages on the strengths of the company, which increases the revenue.
This is because you are not managing your Working capital, as your cash could be stuck with debtors. An increasing revenue but negative cash cycle could be causing a constant stretch on the cash.
No, a rise in revenue does not necessarily translate into increasing profits.
This could be because of a rise in expenses, or other costs.
The daily operating cash in a business – Current Assets (-)Current Liabilities.
Reduced expenses, debtors and stock period translates to a positive cash flow. Need help with your working capital? Call us today to book your free consultation.
Working capital can be improved in various ways, such as: clearing debts, acquiring services from suppliers with better discounts, assessment of interests, inventory management and more. Engage with us in our free consultation to know more.
IFC was setup with the premise of providing value added service. We are not just accountants. We proactively suggest ways to improve profitability, reduce costs and increase sales.
Yes, we provide VAT and related services.
No, but we will help you make your payments.
We can help you make the payments. We provide a service where clients can transfer funds to us, while we further forward it to the Federal Tax Authority.
IFC is beyond accounting, as we design services to ensure that a business attains exponential growth.
An accountant provides and analyses data from the past to assure the current standing of a company. A CFO analyses the data from the past to provide solutions for the future and formulate strategies for growth.
Yes, we have successfully helped many entrepreneurs and businesses.
Yes, we provide budgeting, cash flow and other services for individuals. We also provide HNWI service.
IFC combines the current technological trends with accounting to provide future projections, and back it up with effective strategies that drive entrepreneurs to the trajectory of success.
IFC is qualified from the topmost institutes in the world, like ICAEW and ACCA. All accountants in IFC are regulated and adhere to ethics. We strongly believe in the values of integrity, confidentiality and transparency; hence we provide a timesheet of all the work done by the IFC team.
IFC is a value-added service provider. Working with IFC means investing in your business. As a policy, we don't compete on costs.
It depends on the requirements of our client, as we provide tailor made services with tailor made fees, for distinct clients.
We have an open conversation with our clients before engaging in any project. We discuss targets, scope and more in the initial meeting itself. There have been no instances where results haven't been achieved.
As we believe in transparency, so we have a system of billing per hour. Hence, our clients can access the efforts we have invested in their projects. Thus, results are guaranteed.
Our clients have been with us since the start of the company. We engage with our clients to put them on a trajectory to success, hence our clients develop a trustworthy long-term relationship with us.
Our contracts are open ended, and most of our contracts are on retainer fees in nature, except for projects that are based on deliverables. The notice period is defined in our contracts.
Yes! We work with clients to help them achieve whatever financial objectives are discussed.
We work with xero, quickbooks, zoho and other accounting software. We further provide iCloud solutions that saves all the documents and date online. This means our clients can access their documents anywhere, and at anytime.
We decide the scope of works, objectives and deliverables in the initial meeting. We design contracts based on the deliverables. Hence, we serve our clients according to their requirements.
No, our services are partially paid in advance and partially on completion.
IFC was setup with the premise of providing value added service. We are not just accountants. We proactively suggest ways to improve profitability, reduce costs and increase sales.
In this era of advancing technological trends, it is crucial for businesses to adhere to the current advancements. Doing bookkeeping by yourself could be time consuming. Also, as we specialize in accounting, we provide efficient and speedy results. We believe in, "Do what you do best, outsource the rest."
There is a minimum 90 day notice period to ensure a smooth handover. We have dedicated resources for clients, hence the 90 day period allows redeployment of those specific resources. There is no cancellation fee.
IFC is UK qualified Chartered Accountancy practise. We are regulated from topmost institutions like ICAEW and ACCA. All our accountants have accounting qualifications from various regulated institutions.
We work with Zoho, QuickBooks, Xero, Tally, Sage and similar software. We also provide training for all of them.
IFC provides efficient solutions which saves our clients a lot of time. If you don't have time, just get in touch with us, and we will revert back to you with our solutions.
We work on the standards of IFRS.

We work with all industries. Most of our clients are from the following industries:

IFC has an accountancy practise in Business Bay. Partnered audit practise in DTEC, Dubai Silicon Oasis. Back Office in Chandigarh, India.
(Google Map pin)
An accountant only provides data and analysis from the past, while a CFO studies past information to provide future projections, and formulate growth strategies.
We discuss objectives, risks and the scope of work in the initial meeting itself. Hence, we deliver to the requirements of our clients. We provide expected results and out-of-box solutions. If the client is not happy, we engage with them to understand how we can serve them better. At IFC, we operate only to make our clients happy.
There are many options available. However, every business has a different set of requirements. Engage with us in a free consultation to find out what options are feasible and efficient for you.

We work with xero, quickbooks, zoho, tally, sage and related software.

IFC's billing depends on the contract. The terms and conditions are laid out in the engagement letter
VAT law is constantly evolving with many updates from the Federal Tax Authority. If you need to register for VAT or need guidance, engage with us in our free consultation.
Yes, there are certain fields that allow 100% ownership. Engage with us in a free consultation to know more.
Yes, all accountants in IFC are qualified, and regulated by ICAEW.
Yes, a specific client account manager is assigned to every single client.
According to the UAE law, businesses have to pay VAT if their turnover is more than the threshold of AED 375,000.
There is a whole variety of options provided for our clients. Our fees work on time basis, for example: per hour or per day. We also work on monthly retainers and fixed lumpsum amounts. It depends on the client requirements and flexibility.
We have our scope of work drawn out in the engagement letter provided.
If your accounts are updated daily, and if you manage your cash flow well, then certainly cash flow problems can be avoided. Book your free consultation with us today to find out more.
IFC ensures that all accounts are updated daily, bad debts are taken care of and cash flow is managed well. Book your free consultation with us today to find out more.
If a business fails to pay VAT on time, they will incur a vast sum of penalties.
If the mistake or error is below AED 10,000 then it can be adjusted in the next quarter. However, if the it is above AED 10,000 then you have to engage in voluntary disclosure. Contact us today to find out more.
Cloud accounting provides real time updates, organization of all data online, security, and more benefits. It lets you access your data, anytime, anywhere.
Cloud accounting – data accessible anytime, anywhere. Not required to download any software, as everything is available with internet. Desktop accounting – data accessibility is restricted to office.

Yes, IFC provides cloud accounting services.

Yes, we provide both: Cloud and desktop accounting services.
Cloud software is one of the most secure ways to store your data. Contact us today to find out more.
It is not necessary. Call us today to know more.
Yes, IFC offers various accounting packages. We tailor make packages based on client requirements.
According to federal law (2) of 2015 concerning commercial companies, in addition to UAE VAT laws, it is crucial for businesses to keep a proper book of accounts and maintain accurate records. Our bookkeeping rates start from AED 105/ month, which ensures smooth compliance. Contact us today to know more.
You can voluntarily register for VAT if your annual turnover is above AED 185,000. However, if you cross the annual turnover of AED 375,000, then you must register for VAT according to the UAE laws.
Necessary records depend upon your business, industry and requirements. Engage with us today to know more.
Yes. Contact us today to know more.
Yes, there are direct bank feeds into accounting systems.
It depends on the accounting software installed. It is possible with some.
No, we are not associated with any specific software. Our solution is designed to provide the most suitable option for our clients. The client is free to subscribe for the software on his own or via IFC. If IFC receives a discounted rate from the software provider, then a part of the discount is shared with the clients

IFC helps entrepreneurs turn their ideas into reality. We help them assess risks, possible revenue factors and hidden costs. Lets you're your idea happen!

As IFC has worked with many startups, we can help you with your new business.

We work with automated workflow processes for our clients. The benefit of following the process laid down by us, is reduced fees due to efficiencies.
There are multitude of reasons. Some of the common reasons are: claiming input VAT, and to hide the actual size of the business (organizations register for VAT to look bigger than they actually are).

Voluntary Registration: Annual turnover – AED 185,000 +
Involuntary Registration: Annual turnover – AED 375,000 +

A business plan comprises of many crucial elements like market analysis, feasibility, financial projections and more. We have helped many clients with their business plan.

Yes, online businesses could require various licenses. We help companies with compliance and more. Contact us today to find out more.

Companies need to go through the liquidation process to close their business operations. Contact us today to find out more.

Yes, IFC helps companies design their whole exit strategy. We help with liquidation, business valuation and more.

 

Contact us today to know more.

Yes, IFC has served several online businesses.

Business plan is crucial to assess the feasibility, risks and financial projections. Contact us today to know more.

A CFO provides you a dashboard with all your current data, existing data and future projections. CFO helps you formulate strategies for growth and success.

The financial information depends on the type of business and client requirements. Typically, the following are required from our clients:

  • Bank statements
  • Sales invoices
  • Purchase invoices
  • Cash
  • Payroll data

Contact us today to know more.

Yes, IFC believes in transparency and integrity. We guarantee utmost confidentiality.
Yes, IFC helps with personal finances, budgeting and more. Call us today to find out more.
No, we provide services for individuals and entrepreneurs.
A CFO is crucial for a company's future. Every business has several stake-holders such as – shareholders, employees, clients, suppliers, financers. Corporate Governance is defined as 'mitigation of current and potential conflicts of interest between all stake-holders. – World Economic Forum CFOs play a very large role in helping the CEO to achieve this tricky balance, through anticipating potential conflict courses within the context of growing competitiveness (which translates to influencing clients to prefer, buy, stay, re-buy and refer your products and services).

Yes, we can help you switch to another accounting software, and also provide training for it. We work with Xero, Zoho, QuickBooks, Sage and more.

No, we work with all accounting software.
Contact us today to know more.

IFC integrates technology with accounting to provide innovative and out-of-box solutions. We help business owners get rid of the hassle of doing their own booking on a day to day basis. We provide daily accounting, regular updates and more to ensure our clients are at ease. Call us today to know more.

Yes, you will have complete transparency throughout the process. We ensure a smooth, transparent and happy client experience.
Call us today to know more.

Yes, as we provide cloud-based solutions, clients can access their data on a smartphone.
Yes, as we provide cloud-based solutions, clients can access their data anywhere, anytime.
We have an initial meeting with our client to discuss the requirements. IFC's team delivers the solutions that were required by the client and more. We have helped many clients attain ultimate success. One of our success stories include a company achieving 10x growth after signing up for IFC's services. Book your free consultation today!
IFC is UK qualified Chartered Accountancy practise. We are regulated from topmost institutions like ICAEW and ACCA. All our accountants have accounting qualifications from various regulated institutions.

Yes, we provide part time CFO solutions.

Just give us a call on +9714 4232062, or drop us an email at info@ifcgroup.co
Kindly fill out the form below so that we can give you a quick call to understand your requirements:
Intelligent Finance Consultants
801 U-Bora Tower, Business Bay,
Dubai, UAE
+971 4 4232062
www.ifcgroup.co

It is important to follow the process agreed with IFC, and to ensure that the information is provided on a timely basis.
Yes, it is compatible for smartphones. Call us today to know more!

We work with all industries. Here are some industries we have worked with:

We work from 8:00 am – 6:00 pm, Sunday – Thursday.
We work from 8:00 am – 6:00 pm, Sunday – Thursday, but you can drop us an email or WhatsApp and we will get back to you as soon as possible.
It depends on client requirements. It is discussed and agreed upon in the scope of work.
The dates are provided by the Federal Tax Authority.
Your costs may be too high, or your cash maybe stuck with the debtors. Yes, we can help. Call us today to book yourself a free consultation.
Yes. Contact us today to know more.
We design our processes to ensure that our clients get value added services. Our fees start from AED105/month.
We design our processes to ensure that our clients get value added services. It is crucial to view IFC's services as an investment rather than expenses. Also, the federal law suggests that proper record and account management is necessary, hence it is necessary to engage in bookkeeping services. Our fees start from AED105/month. Contact us today to know more!
No, outsourcing saves time! Call us today to find out more.
No, it will do the opposite. If you outsource to the right company, it can bring you ultimate efficiency as you will save time and invest more into your forte. Call us today to find out more.
It is not necessary to get rid of your accounting team. IFC can compliment your accounting team. Every client has a separate set of requirements. Contact us today to find out more.
Yes, you can engage in outsourced services irrespective of the size of your company.
Yes, we can take care of your accounting, while you work on what you do best. We believe in, "Do what you do best, outsource the rest."
Outsourcing tasks that are not your forte can be very efficient for your company. We take care of your accounting, while you can focus on your speciality. We believe in, "Do what you do best, outsource the rest."

The UAE introduced Economic Substance Regulations to honour the UAE’s commitment as a member of the OECD Inclusive Framework on BEPS, and in response to a review of the UAE tax framework by the EU which resulted in the UAE being included on the EU list of non-cooperative jurisdictions for tax purposes (EU Blacklist). The issuance of the Economic Substance Regulations on 30 April 2019 (the Regulations), and the subsequent release of the Guidance on the application of the Regulations on 11 September 2019, was a requirement for the removal of the UAE from the EU Blacklist on 10 October 2019. The purpose of the Regulations is to ensure that UAE entities that undertake certain activities are not used to artificially attract profits that are not commensurate with the economic activity undertaken in the UAE.

The Regulations apply to financial years starting on or after 1 January 2019. Example 1: A UAE company with 1 January 2019 - 31 December 2019 financial year: First assessable period would be 1 January 2019 - 31 December 2019. Example 2: A UAE company with 1 April 2019 - 31 March 2020 financial year: First assessable period would be 1 April 2019 - 31 March 2020. No need to comply with the Regulations for the period 1 January 2019 - 31 March 2019.

The Regulations apply to UAE onshore and free zone companies, branches, partnerships, and other UAE business forms (referred to as Licensees) that carry out any of the following Relevant Activities.

  • Banking Businesses
  • Insurance Businesses
  • Investment Fund Management Businesses
  • Lease-Finance Businesses
  • Headquarter Businesses
  • Shipping Businesses
  • Holding Company Businesses
  • Intellectual Property Businesses
  • Distribution and Service Centre Businessesv

Yes, if the ‘offshore’ company undertakes a Relevant Activity.

No. Whilst the commercial license may indeed state the Relevant Activity, a ‘substance over form’ approach must be used to determine whether a Licensee undertakes a Relevant Activity and is within the scope of the Regulations. This means looking beyond what is stated on the commercial licence to the activities actually undertaken by the Licensee during a financial period.

A Licensee that undertakes a Relevant Activity but that does not earn income from this activity in a financial period is not required to meet the Economic Substance Test for that period. Whilst the Licensee would still need to submit a notification with its Regulatory Authority, it is not required to file an Economic Substance Return for the relevant financial period.

No, directors only need to be physically present in the UAE to attend relevant board meetings of the Licensee.

No, whilst obtaining a UAE Tax Residency Certificate requires certain minimum presence in the UAE, a UAE Tax Residency Certificate in itself is not proof of a Licensee having adequate economic substance in the UAE in relation to is Relevant Activity and the income earned from this activity.

Yes, a UAE entity that makes a loan or provides any other form of credit to a UAE or foreign group company for consideration (e.g. interest) will be considered engaged in a Lease-Finance Business.

A Licensees that undertakes a Relevant Activity (irrespective of whether the Licensee qualifies for an exemption under the Regulations or has earned income from the Relevant Activity during the relevant financial period) need to submit a simple notification with its Regulatory Authority. Notifications for the financial period 2019 can be filed on or after 1 January 2020.

Only Licensees that earn income from a Relevant Activity during the relevant financial period and that are not exempt from the Regulations are required to demonstrate economic substance in the UAE and file an economic substance return. Economic substance returns must be filed within 12 months from the end of the relevant financial period.

Failure to Notify: AED 10k to 50k Failure to provide accurate or complete information:

  • Penalty of AED 10k to 50k; and
  • Deemed failure to demonstrate economic substance in the UAE Failure to demonstrate sufficient economic substance in the UAE for the relevant Financial Year: First failure
  • Penalty of AED 10k to 50k; and
  • Information exchange with foreign competent authority of: (1) parent company, (2) ultimate parent company, and (3) ultimate beneficial owner. Second consecutive instance of failure
  • Information exchange with foreign competent authority of: (1) parent company, (2) ultimate parent company, and (3) ultimate beneficial owner; and
  • Penalty of AED 100k to 300k; and
  • Trade / commercial licence could be: suspended, withdrawn or not renewed.

Ministry of Economy

We have a team of in-house ESR Experts who can assist you with your ESR Assessment & Filing and help you stay compliant with the Regulations.

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