Terms & Conditions

1.1  Order of precedence

In the event of any conflict or inconsistency between (a) an Engagement Letter, (b) these Terms, (c) the Privacy Policy and (d) any policy or notice published on the Website, the documents shall take precedence in the order listed, save that a higher-ranked document shall yield to a lower-ranked document only to the extent that the lower-ranked document expressly states that it overrides the higher-ranked document on a specific point.

1.2  Effective date and versioning

These Terms are effective from 23 June 2026 and supersede any earlier version. The version reference is v3.0. Section 25 governs amendments.

1.3  Counsel review notice

These Terms are a model document. Final wording must be reviewed by UAE-qualified legal counsel before deployment to production.

2.1  Defined terms

• Affiliate — in relation to a party, any person that directly or indirectly controls, is controlled by, or is under common control with, that party, where “control” means the holding of more than fifty per cent (50%) of the voting rights or the ability to direct the management of the entity.
• Client — the person, firm or company identified as such in an Engagement Letter.
• Confidential Information — any information disclosed by one party to the other, whether orally or in writing, that is marked or treated as confidential or that a reasonable recipient would understand to be confidential, including the terms of any Engagement Letter, pricing, methodologies, workpapers, Client data and the existence of the engagement.
• Deliverables — the final reports, returns, schedules, accounts, computations, opinions and other outputs prepared by Velmont Crest specifically for the Client under an Engagement Letter, in their final form as delivered to the Client.
• Engagement Letter — the written engagement document countersigned by the Client and Velmont Crest that records the scope, fees, deliverables and other commercial terms of a specific engagement, together with any addendum, change order or statement of work entered into in connection with it.
• Fees — the fees payable for the Services as set out in the Engagement Letter.
• Force Majeure Event — as defined in Section 14.
• Intellectual Property Rights — all patents, copyrights, database rights, trade marks (registered or unregistered), domain names, design rights, know-how, trade secrets and any other intellectual or industrial property rights, in each case whether registered or unregistered, and including all applications for registration.
• Privacy Policy — the privacy notice published at /privacy/, as updated from time to time.
• Services — the professional services to be provided by Velmont Crest as described in Section 3 and as further particularised in the Engagement Letter.
• Velmont Crest — the trading name of the accounting practice operated by Abdullah Al Mamun, a natural person licensed to trade in Dubai, United Arab Emirates (also referred to in these Terms as “we”, “us” or “our”).

2.2  Interpretation

References to a person include any individual, body corporate, partnership, unincorporated association, government, governmental agency or other legal entity. References to “writing” include email and any electronic communication evidenced in a durable medium. Headings are for convenience only and do not affect interpretation.

3.1  Service catalogue

• Accounting and bookkeeping — monthly bookkeeping, journal posting, ledger maintenance, monthly close, bank and intercompany reconciliations, fixed-asset registers and management reporting in accordance with the accounting framework agreed in the Engagement Letter (typically IFRS or IFRS for SMEs).
• VAT — VAT registration, advisory on transaction treatment, preparation of VAT returns, voluntary disclosures and refund applications, and assistance with FTA correspondence.
• Corporate Tax — computation of taxable income, preparation of Corporate Tax returns under Federal Decree-Law No. 47 of 2022, transitional adjustments, group elections and supporting documentation.
• E-Invoicing readiness — advisory on the UAE e-invoicing programme, software mapping and rollout support.
• Backlog accounting — catch-up bookkeeping, ledger reconstruction and audit-defensible cleanup for prior periods.
• Payroll and WPS processing — monthly payroll runs, WPS file preparation and submission, payslip generation, leave and gratuity tracking.
• Inventory accounting — stock reconciliations, valuation policy support and shrinkage reporting for trading and retail clients.
• Accounts receivable and payable management — ageing reports, payment runs, supplier reconciliations and collections workflow.
• Audit readiness and assistance — preparation of audit workpapers, schedules and responses to auditor queries. The statutory audit itself is performed by a separate audit firm registered with the UAE Ministry of Economy.
• CFO advisory — financial reporting, budgeting, cash-flow forecasting, KPI design and management reporting under our UAE accounting and bookkeeping licence.
• AML compliance support — where the Client is a DNFBP, support with risk assessment, customer due-diligence workflows, goAML registration and Compliance Officer activities; provided as a separate engagement.
• Business setup advisory — advisory on mainland and free-zone structures, ownership configurations and licensing pathways.

3.2  Service standards

Services are delivered with reasonable skill and care, in accordance with the applicable professional standards, the framework of UAE law and the specific requirements of the Engagement Letter. Where the Services involve the preparation of financial statements, the applicable financial-reporting framework is the framework recorded in the Engagement Letter; where no framework is recorded, IFRS for SMEs will apply by default for entities meeting the IFRS for SMEs eligibility criteria, and full IFRS otherwise.

3.3  Reliance on information

The Services rely on the information and documentation provided by the Client. We are entitled, save where the engagement expressly requires otherwise, to rely on the accuracy, completeness and authenticity of that information without independent verification.

4.1  Proposal

Following an introductory conversation, we issue a written proposal that describes the proposed scope, the fees, the deliverables, the timeline and any assumptions on which the proposal depends.

4.2  Engagement Letter

Once the proposal is accepted, we issue the Engagement Letter for countersignature. The Engagement Letter, together with these Terms, governs the engagement.

4.3  Onboarding and due diligence

We complete client due diligence in accordance with Section 11 and on-board the Client to the systems agreed for the engagement.

4.4  Service delivery

We deliver the Services in accordance with the agreed cadence, with a named relationship lead as the day-to-day point of contact for the Client.

4.5  Periodic review

We hold a review at intervals agreed in the Engagement Letter (typically annually) to confirm continued fit of scope and fees and to plan for the next period.

4.6  Renewal or termination

The engagement renews on the basis recorded in the Engagement Letter or terminates in accordance with Section 13.

5.1  Information and access

• provide accurate, complete and timely information and documentation reasonably required for the Services;
• nominate a designated point of contact authorised to give instructions and approvals;
• give us reasonable access to the Client’s accounting systems, books and records to the extent necessary for the Services;
• retain the underlying records and source documentation in accordance with applicable UAE law, notwithstanding our retention of our own workpapers;
• respond to queries within the timeframes recorded in the Engagement Letter or, failing that, within a reasonable time;
• comply with applicable laws and regulations in the conduct of its business;
• complete any FATCA, CRS or beneficial-ownership self-certifications reasonably required by us.

5.2  Consequences of delay

Where the Client’s information is delayed, incomplete or materially inaccurate, the agreed timeline, fees and deliverables may be revised by agreement, and any consequence arising from such delay or inaccuracy — including late filing penalties, interest and additional fees — is the Client’s responsibility.

6.1  Standards of conduct

• deliver the Services with reasonable skill, care and diligence and in accordance with applicable professional standards;
• apply the financial-reporting framework agreed in the Engagement Letter;
• perform conflict checks before accepting an engagement and on any material change in circumstances;
• maintain insurance appropriate to the nature and scale of the Services;
• treat Client Confidential Information in accordance with Section 9;
• process Personal Data in accordance with the Privacy Policy and Section 15;
• act with integrity and independence of mind in giving advice.

7.1  Currency

Fees are payable in United Arab Emirates Dirhams (AED) unless another currency is expressly stated in the Engagement Letter.

7.2  VAT

Where Velmont Crest is registered for VAT, VAT is added to all Fees at the prevailing rate. Any other taxes, duties or levies properly chargeable in connection with the Services are added to the invoice.

7.3  Invoicing cadence

Retainer Fees are invoiced monthly in advance unless otherwise agreed. Project Fees are invoiced on the milestones recorded in the Engagement Letter. Ad-hoc work is invoiced at the rate card recorded in the Engagement Letter.

7.4  Payment terms

Invoices are payable within thirty (30) days of the invoice date, unless a different period is recorded in the Engagement Letter. Payment shall be made without set-off, counterclaim or deduction, save where a deduction is required by UAE law.

7.5  Late payment

Without prejudice to any other remedy, we may charge interest on overdue amounts at the rate of one and one-half per cent (1.5%) per month, accruing daily from the due date until payment in full.

7.6  Suspension for non-payment

Where an undisputed invoice remains unpaid for thirty (30) days after a written reminder, we may suspend the Services upon a further seven (7) days’ written notice. Suspension does not extinguish accrued Fees or relieve the Client of its payment obligations.

7.7  Disbursements

Out-of-pocket expenses reasonably incurred in delivering the Services — for example, regulatory filing fees, document attestation, courier or sworn-translation costs — are billed at cost with appropriate supporting evidence.

7.8  Fee changes

Fees are reviewed annually. Any material change is notified in writing not less than thirty (30) days before it takes effect; the Client may terminate without penalty by written notice given before the change takes effect.

8.1  Velmont Crest materials

All methodologies, workpapers, templates, checklists, training materials, software tools and know-how used or developed by Velmont Crest in delivering the Services remain our property. Nothing in these Terms transfers any such Intellectual Property Right to the Client.

8.2  Client materials

Client data and the information furnished by the Client remain the property of the Client. The Deliverables, in their final form as delivered, become the property of the Client upon payment in full of the Fees relating to them.

8.3  Licence to use Deliverables

Subject to payment of the relevant Fees, Velmont Crest grants the Client a perpetual, non-exclusive, non-transferable, royalty-free licence to use the Deliverables for the Client’s internal business purposes. Distribution of Deliverables to third parties (other than the Client’s professional advisers under a duty of confidence and regulators in the ordinary course) requires our prior written consent.

8.4  Licence-back of feedback

Where the Client provides feedback, suggestions or ideas concerning the Services, the Client grants Velmont Crest a perpetual, royalty-free, non-exclusive licence to use that feedback in the operation and improvement of our practice.

9.1  Standard exclusions

• information that is or becomes generally available to the public other than through a breach of these Terms;
• information that the receiving party can demonstrate was lawfully in its possession before disclosure;
• information independently developed by the receiving party without reference to the Confidential Information;
• information lawfully obtained from a third party not under a duty of confidence;
• information required to be disclosed by law, regulation, court order or regulatory authority, in which case the disclosing party will, where lawfully able to do so, notify the other party in advance.

9.2  Survival

The obligations of confidentiality survive termination of an Engagement Letter and continue for so long as the information retains the character of Confidential Information.

11.1  Client due diligence

Before commencing the Services we perform Customer Due Diligence and, where indicated by risk, Enhanced Due Diligence. We may decline to commence or continue an engagement where we are unable to complete due diligence to our satisfaction.

11.2  Ongoing monitoring

Customer Due Diligence is refreshed periodically on a risk-sensitive basis and on the occurrence of trigger events such as a change in beneficial ownership or a material change in the nature of the Client’s business.

11.3  Reporting

Where required by law, we file Suspicious Transaction Reports or Suspicious Activity Reports with the UAE Financial Intelligence Unit through the goAML platform. Statutory tipping-off restrictions mean that we may be unable to inform the Client that a report has been made.

11.4  Sanctions screening

We screen the Client, its beneficial owners and counterparties against the UAE Local Terrorist List, the United Nations Consolidated Sanctions List and other sanctions lists applicable to the engagement.

12.1  Exclusions of liability

Subject to Section 12.3, neither party shall be liable to the other, whether in contract, tort (including negligence), breach of statutory duty, restitution or otherwise, for any loss of profit, loss of revenue, loss of business, loss of contract, loss of goodwill, loss of anticipated savings, loss of data, loss of management time or any indirect, special or consequential loss, in each case howsoever arising.

12.2  Aggregate cap

Subject to Section 12.3, the aggregate liability of Velmont Crest to the Client in respect of all claims arising under or in connection with an Engagement Letter, whether in contract, tort (including negligence) or otherwise, shall not exceed the total Fees paid by the Client to Velmont Crest under that Engagement Letter in the twelve (12) months immediately preceding the event giving rise to the claim, or where the Engagement Letter has been in force for less than twelve months, an amount equal to the annualised Fees for that Engagement Letter.

12.3  Carve-outs

Nothing in these Terms limits or excludes liability for: (a) fraud or fraudulent misrepresentation; (b) gross negligence or wilful misconduct; (c) death or personal injury caused by negligence; (d) any liability that cannot lawfully be limited or excluded under applicable UAE law, including the non-waivable provisions of Federal Law No. 5 of 1985 (Civil Code) and Federal Law No. 15 of 2020 (Consumer Protection) where applicable.

12.4  Contribution

Where loss or damage is contributed to by the act or omission of the Client or a third party, our liability shall be reduced proportionately.

14.1  Termination for convenience

Either party may terminate an Engagement Letter for convenience by giving the other party thirty (30) days’ prior written notice.

14.2  Termination for cause

Either party may terminate an Engagement Letter with immediate effect by written notice where the other party: (a) commits a material breach that is incapable of remedy or, if capable of remedy, is not remedied within fifteen (15) Business Days of written notice requiring it to do so; (b) becomes insolvent, enters into composition with its creditors or is the subject of a winding-up or similar proceeding; or (c) is unable to continue the engagement due to regulatory or professional-independence requirements.

14.3  Consequences of termination

On termination the Client shall pay all Fees and disbursements accrued up to the effective date of termination, including for work in progress. We will cooperate reasonably with the orderly transition of the engagement to a successor adviser, subject to payment for our transition time at our prevailing rates.

19.1  Mediation

If the dispute is not resolved through escalation, the parties shall in good faith attempt to settle the dispute by mediation administered by the Dubai International Arbitration Centre (DIAC) or, where the engagement is governed by DIFC law, the DIFC-LCIA Arbitration Centre.

19.2  Arbitration or court

Failing settlement within sixty (60) days of the commencement of mediation, the dispute shall be referred to and finally resolved by arbitration administered by DIAC under its Rules in force at the time, with one (1) arbitrator, seat in Dubai, language English — or by the competent courts as recorded in the Engagement Letter.

19.3  Governing law

These Terms and each Engagement Letter (and any non-contractual obligations arising out of or in connection with them) are governed by the federal laws of the United Arab Emirates as applied in the Emirate of Dubai, save where the Engagement Letter expressly elects the laws of the Dubai International Financial Centre, in which case DIFC law applies and the DIFC courts have exclusive jurisdiction.