Fujairah Free Zone accounting for east coast traders

A Fujairah Free Zone trader of lubricants might buy from a refiner in USD, store product locally and sell to ship operators and distributors in the Indian Ocean region. Every invoice and bill needs its USD amount, its AED value at the transaction date, and the realised gain or loss when it is settled. HelloBooks does that for each document. If your auditor wants open balances revalued at month end, your accountant posts that adjustment as a journal.

The AI agent reads supplier invoices, bills of lading and delivery notes, attaches them to the matching entries and drafts sales invoices from the order details you give it. Ask "what is our USD exposure on unpaid customer invoices?" and it adds up open receivables by currency.

East coast traders are often part of family or international groups. Sales to and from related parties must be priced at arm's length and backed by transfer pricing documentation, which are two of the FTA conditions for qualifying free zone person status. HelloBooks tags related-party customers and suppliers so the totals for the transfer pricing file come straight from the ledger.

Distribution from a designated zone and trading of qualifying commodities appear among the FTA guide's qualifying activities, with conditions set in Ministerial Decision No. 265 of 2023. Whether a lubricants trader's sales fit either is a technical question for a tax agent. If they do not, and the company sells to non-free zone customers, its revenue is likely to be non-qualifying and the regular rates apply.

• Related-party flags on customers and suppliers
• Open receivables and payables listed by currency
• Income tags by activity and customer type for the tax agent

A qualifying free zone person must prepare audited financial statements regardless of revenue, and cannot elect small business relief, according to the FTA guide. HelloBooks gives the auditor a trial balance, the documents behind each entry and, on the Business plan, an audit log of every change. For a trading chart of accounts, related-party reports or invoice layouts in Arabic and English, the HelloBooks team can help after a call booked at /book-a-demo or an email to hello@hellobooks.ai.