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Overview:

All regulated entities in the Dubai International Financial Center (DIFC) are required to designate a Finance Officer (FO) to oversee the Finance & Accounting function to ensure compliance with International Financial Reporting Standards (IFRS) and relevant DFSA rules as contained in the PIB.

The FO is an Authorised Individual under DFSA regulations and acts as regulators eyes and ears for the activities carried out by the firm. The FO works in close coordination with other authorised individuals, namely the SEO, CO and MLRO to ensure that all the licensing restrictions (e.g. capital requirements, audit etc.) are being met while carrying out the business activities.

Rethink offers clients experienced Finance Officers and support staff who each have several years of experience in the financial freezones. In addition, they have the knowledge to advise and implement on all aspects of finance and accounting, including IFRS, Corporate Tax, VAT and Economic Substance Regulations

The Responsibilities of the Finance Officer include:

• Reporting to the SEO and the Board in relation to the Firm’s financial affairs, including capital resources, risk capital requirements and liquid assets.
• Overseeing the Firm’s compliance with DFSA rules regarding accounting, auditors and the prudential reporting requirements as set out in the in the Prudential – Investment, Insurance, Intermediation and Banking (PIB) Module.
• Preparation and submission of the financial reporting returns to the DFSA through the Electronic Prudential Reporting System (EPRS) in a timely manner.
• Preparation of annual financial statements and oversight of the year-end audit process and liaison with the external auditors.
• Overseeing the financial strategy, planning, budgeting and forecasting, liaising with the Compliance Officer / MLRO and senior management of the Firm as appropriate.
• Anticipating issues, stress events and ensuring that the Company maintains adequate capital and liquid resources at all times.
• Establishing and monitoring the implementation of the Company’s financial policies, procedures, systems and controls.
• Ensuring the reconciliation of client monies and segregation of these from the company’s funds.

How can we help?

Rethink provides tax and HR advisory, optimization, registration, implementation, compliance, and training services in UAE.

We designed our Corporate Taxation services to suit high-growth firms and their specific business needs at each stage of advisory, implementation, subsequent tax compliance, and management.

With our team of tax and HR advisors, finance experts, and tax accountants, we can provide you with a bundle of services, ensuring the implementation is cost-effective.