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Financial Documents Attestation

The Qatar Financial Centre (QFC) may oversee certain amounts of financial documents, and because of our regular communications with the said government authority, processing attestations of financial documentation is easy and hassle-free. Usually, when corporations create their company records, very rarely are there authenticated versions of finances and balance sheets from the get-go. However, verified salary certificates may often be required for application of residency, as well as income statements for application of loans or for rental agreements. Daily operations of the company will need authenticated invoices for taxation records, and all of these need to be confirmed by apostille.

Afreno can assist with all kinds of eventualities when these official documents are requested for business purposes in order to make them acceptable to the necessary bodies of governmental authorities in Qatar. Having prepared attested financial records on hand saves you from the hassle of having to produce them at a moment’s notice when requested.

Frequently Asked Questions

What kind of financial documents need attestation?

Salary certificates, income statements, balance sheets, auditing records, invoices, and so on all need attestation.

What are salary certificates?

This document details your salary information and is duly signed by the official authority in the company. You will often need this when applying for a bank loan and other financial reasons.

Why do I need proper financial records in my company?

According to the Commercial Companies’ Law 11/2015, all public shareholding companies are required to submit financial statements. This is to comply with the IFRS and IAS to the Ministry of Economy and Commerce.

Why do I need to keep these financial records?

Accounting records must be kept by all companies including PSC, LLC, and LPC. These must be prepared in fulfilment of the standards of the International Accounting Standards Board (IASB).

 

How long do I need to keep these records?

It’s important to take note that according to the law, all accounting registers, books, and documents must dutifully be retained in Qatar for ten years.

 

How is my tax declaration affected by attestation?

The official CIT return of a company must be submitted along with properly audited financial statements. An official accountant in Qatar must certify the tax declaration. Attestation is needed to verify its validity. The accountant must also be registered with the Ministry of Finance.

 

What happens if my tax documents are not attested?

The Qatar Tax Department (QTD) will reject the tax declaration if improperly certified. This will result in further delays in conducting your business operations.

 

What is the purpose of having balance sheets?

With the assets on one side and the liabilities of a company plus its shareholders’ equity on the other side, a balance sheet indicates that the corporation must pay for its assets through either liabilities or through issuing investors’ equity.

How can Afreno help with my financial records?

There are many rules and regulations that involve all kinds of financial records for publicly listed companies. Afreno knows the ins and outs of all the intricacies of the law to help you with attestation, translation, and more.

What is the role of the Qatar Financial Center (QFC)?

The QFC provides various benefits for entrepreneurs like 100% foreign ownership, establishing businesses via international best practices and business protocol, and a legal environment based on English common law among others.

01

Salary Certificates

Salary Certificate attestation is crucial for individuals who are planning to apply for a loan in a bank in Qatar, or in any financial institutions in the state. The attested document is usually valid for a whole year, and will require the original salary certificate on the letterhead of the company. This certificate must be duly signed by the official authority in the company. You will also need a Signature Authority Card copy, as well as a copy of your passport and your Qatar ID. Normally, the certificate is submitted to the Chamber of Commerce in Qatar along with the other pertinent documents for certification. It will also be sent to the Ministry of Foreign Affairs to validate the certificate. It will then be forwarded for Embassy Attestation.

While there are indeed many intricacies of the whole attestation process, Afreno can streamline everything and facilitate the complicated documentation for you.

02

Financial Records

Financial records are key to a good tax year. According to the Commercial Law No. 5 of 2002, all listed companies must duly prepare consolidated company financial statements. These documents must be done “in accordance with the accounting principles approved internationally”. This refers to the IFRS Standards as regulated by the Qatar Financial Markets Authority. An annual report, for instance, must include a profit and loss account, a cash flow statement, and a balance sheet. At the end of the accounting period, all companies are also required to file tax declarations within four months.

Various accounting regulation bodies are involved with the financial records of a company, which includes the Qatar Financial Markets Authority (QFMA), the Ministry of Economy and Commerce, and the Qatar Exchange. Through Afreno’s solid relationships with them and our reliable liaisons with the said governing bodies, having your financial records attested for authentication is cost-effective and easy.

03

Balance Sheets

The balance sheet in a company should provide a solid basis when it comes to computing rates of return. The balance sheet is crucial as it reports the assets and liabilities of a company, as well as the equity of the shareholders at a given point in time. The balance sheet will also help a company evaluate its existing capital structure. Essentially, this important financial statement offers relevant parties a quick snapshot of how much the company owns and how much it owes other companies. Shareholders, for instance, will need this balance sheet to check the amounts they have invested.

When a company wishes to conduct a fundamental analysis, the balance sheet is needed along with the income statement and the statement of cash flows in order to properly calculate financial ratios. Having these documents attested shows the legitimacy of the records for all interested parties and stakeholders in the company.

04

Income Statements

Over a particular accounting period, you can check and see how well a company is doing financially via its income statement, along with the balance sheet and the statement of cash flows. Basically, the income statement is the profit and loss statement or the statement of revenue and expense. This important document must be submitted to necessary governmental bodies of authority, and must be fully verified for legitimacy.

With an income statement that is fully attested by a trusted and reliable consultancy service, you can rest assured that your company’s financial records are authentic, and that you won’t encounter any legitimacy problems further down the road. Plenty of fly-by-night services may offer attestation for you, but only with a professional and trusted consultancy service like Afreno can you be fully assured of genuine attestation—our longstanding, strong, and tried-and-tested relationships with the right government institutions will make sure of that.

05

Invoices

In any given business, there is a wide range of transactions that go back and forth between buyer and seller no matter what the industry. An invoice is an important commercial document that helps to properly itemize and create a solid record of all the transactions between a buyer and a seller. The invoice should also be able to clearly indicate if certain goods or services were transacted via credit. The terms of payment and the various details of the deal should be indicated on the invoice, may it be a debit note, a sales invoice, a receipt, or a bill of sale.

Financial statements of publicly listed companies must religiously be published about 15 days before the yearly general meeting. This should be published in local newspapers both in English and Arabic, and on the website of the company in question. Afreno can help facilitate all of these concerns and more.

06

Qatar Financial Center (QFC)

The Qatar Financial Center (QFC) offers a wide range of unique benefits for companies who wish to set up their businesses and offices here. As a one-stop shop, the QFC can help establish a business and assist in its operations, whether it is about proper licensing or incorporation set up best practices. Because Qatar has one of the fastest growing economies and business landscapes in the world, the QFC can help you grow your business with ambitious goals and with a vision for success.

For all businesses in the QFC, there is a competitive tax environment based on international standards, as well as the ability to conduct business without currency restrictions in Qatar. Afreno has the inside track on all things business documentation, and that includes efficient, prompt, and cost-effective attestation for financial documents. Experience the Afreno difference with tons and tons of satisfied clients all over the world today.