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Group companies

Record the companies of your group, in the UAE and abroad, with their country, type of entity, ownership and parent, and link your related parties to them.

For Verasol 2.12·3 min read

Group companies is the list of the companies in your corporate group: your parent, your subsidiaries and branches, sister companies under the same owners, joint ventures and associates, in the UAE or abroad. It describes the structure of the group. The transactions themselves are with your customers and vendors, which you mark as related parties and link to their group company.

Nothing on this screen posts to your books.

See your group#

Open International › Group Companies (on the dashboard: Group Structure). Each company is a card.

The Corporate Group Structure with one sister company
  • 1 Add Group Company adds one.
  • Each card shows the name and 2 the type of entity, then the country, the jurisdiction, the ownership percentage (when it is above 0%) and the tax ID, with the parent company when there is one, Active or Inactive, and the currency.
  • 3 The ⋮ menu has Edit and Delete.

Add a group company#

  1. Click Add Group Company.
  2. Enter the Company Name and, if different, the Legal Name.
  3. Choose the Country and the Entity Type: parent company, subsidiary, branch, representative office, joint venture, associate or sister company.
  4. Add the Jurisdiction (for example a free zone, or the city and country), the Registration Number and the Tax ID (TRN/VAT).
  5. Enter the Ownership %: the share your company holds in it, or it in your company for a parent.
  6. If the company sits under another group company, choose it as the Parent Company. Leave None (Top Level) for the top of the group.
  7. Choose the Currency the company keeps its books in, and add the Incorporation Date, a Contact Person, Contact Email, Contact Phone, the Registered Address and Notes as you wish.
  8. Click Add Company.
The Add Group Company panel

1 Country, 2 Entity Type, 3 Ownership %, 4 Parent Company, 5 Add Company.

Change or remove a group company#

Open the ⋮ menu on the card and choose Edit. When editing, you can also untick Active for a company that has left the group.

Delete removes a group company that no related party is linked to, after you confirm. While a related party is still linked to it, Verasol refuses the deletion: change the related party's Linked Group Company first, or make the group company inactive instead.

Where group companies are used#

  • In the related parties register, each related customer or vendor can be linked to its group company.
  • The Group summary in International › Reports shows, per active group company, the transactions of the year with its related parties: their number, the income, the expenses, the net amount, and what is still open in both directions. See Transfer pricing documentation.