Our latest Spotlight focuses on Abdulwahab Al Roumi & Co, in Kuwait. A group of integrated and independent audit firms specialising in audit, tax, and consulting services geared towards small and medium-sized businesses, committed to providing a premier professional service to clients, exceeding expectations and ensuring maximum opportunities through a team of highly skilled and qualified professionals.
In your opinion, what is the future of your profession?
The future of the accounting profession in Kuwait is promising, driven by key trends such as globalization, increasing regulatory complexity, data analytics, sustainability, taxation expertise, and a shift toward advisory services. Accountants in Kuwait should adapt to local regulatory intricacies, stay updated with taxation laws, and position themselves as trusted advisors. Embracing technological advancements, staying compliant with local regulations, and maintaining high ethical standards are essential for professional success. In Kuwait, the accounting profession is evolving towards a more advisory role, emphasizing trust, ethics, and expertise in local tax matters. Utilizing the combination of our expertise and our connections with the Ministry of Finance, we believe that our firm will be one of the leading firms in the market. In addition, Pillar 2 of the OECD’s international taxation framework, which aims to establish a global minimum tax rate and prevent multinational tax avoidance, may indirectly impact Kuwait’s taxation. Potential effects include the need for Kuwait to align with global tax standards, changes in how multinational corporations are taxed, adjustments in investment behaviour, policy modifications, trade dynamics, and potential adaptations in double taxation relief mechanisms. The extent of the impact will depend on global adoption and Kuwait’s response. Considering our exceptional relationship with the tax authorities, we are confident that our firm in Kuwait will significantly expand in the market, and our growth will be extraordinary in the upcoming future.
What is your growth strategy?
Our growth strategy centres on our exceptional relationship with the Ministry of Finance in Kuwait and our proactive approach to Pillar 2 implementation, recognizing its impact on taxation in Kuwait. We prioritize client satisfaction, continuous learning, and expansion into new sectors while maintaining high service standards. Our global networking further enhances our ability to offer comprehensive tax services in a changing landscape.
Where do you see your firm 5 years from now?
In five years, our specialized taxation accounting firm in Kuwait aims to be a prominent and influential player in the field. We anticipate a diversified client base, expanded service offerings, expertise in Pillar 2, strong government collaboration, advanced technology integration, global reach, talent development, community engagement, and an unwavering commitment to excellence. We aim to provide comprehensive and innovative tax solutions while contributing to Kuwait’s growth and development.
What is your biggest challenge?
Our biggest challenge as a specialized taxation accounting firm in Kuwait is navigating the dynamic and evolving taxation landscape, both domestically and globally. This includes keeping up with changing regulations, the potential impact of Pillar 2, international taxation complexities, meeting evolving client expectations, ensuring data security, talent retention, competition, economic and political influences, global economic trends, and maintaining client confidentiality. While these challenges are significant, they also offer opportunities for growth and development as we adapt to better serve our clients. Such challenges are multiplied, keeping in mind our competitors with a well-established client base.
What percentage of your work is international?
The percentage of our work that is international varies and depends on our clients’ needs and the nature of their business operations. We cater to clients with diverse global interests, so a significant portion of our work is international. However, it’s important to note that our primary focus is on providing tailored tax solutions and services to clients operating within Kuwait and its international business connections. We are equipped to handle a wide range of international tax matters, but the exact percentage of international work may fluctuate over time based on client requirements and the evolving global tax landscape.
What business advisory services do you offer?
Our business advisory services encompass a wide range of offerings. These services include tax planning and compliance, financial analysis and reporting, strategic internal controls and cybersecurity, feasibility studies, and customized solutions tailored to each client’s unique needs. We aim to be a trusted partner, providing expert guidance and strategic insights to help clients navigate financial and operational challenges and achieve their business goals.
What was your main driver for being part of BOKS International?
The main driver for being part of BOKS International was the opportunity to enhance our firm’s capabilities and expand our global reach. BOKS International provides us with a strong network of like-minded professionals and firms in various countries. This affiliation allows us to offer our clients a broader range of international services and access to a wealth of expertise, ensuring that we can effectively address their global tax and financial needs.
Joining BOKS International has also enabled us to stay updated on international tax developments, share knowledge with fellow professionals, and foster collaborations that benefit our clients. The network’s commitment to excellence, ethics, and professionalism aligns with our own values, making it a valuable partnership that enhances our ability to serve our clients’ interests in an ever-connected global business environment.
Where do you see BOKS International 5 years from now?
In five years, I foresee BOKS International becoming one of the top 10 firms with an expanded international presence. It will offer diverse services, leverage innovation and technology, establish itself as a thought leader, foster a collaborative culture, uphold ethical and professional standards, focus on client needs, engage in community initiatives, and have an increasing influence on international tax regulations. Talent development and a commitment to excellence will continue to be central to its mission. BOKS International is poised to be a valuable and influential resource in the global accounting and taxation landscape.
How would you describe your typical client?
Our typical clients are businesses in Kuwait with a strong commitment to financial responsibility, compliance, and growth. They come from various industries, including medium to large enterprises. They value proactive tax planning, ethical standards, and long-term relationships with us. Our clients appreciate our collaborative approach and rely on our expertise and our outstanding connections to make informed financial decisions in an evolving financial and tax landscape.
How do you target clients who are looking for international services?
To attract clients seeking international services, we employ a strategic approach that includes showcasing our specialized expertise in international taxation, actively participating in networks and associations, encouraging client referrals, collaborating with experts, participating in global tax initiatives, offering tailored solutions, and providing ongoing client support. These efforts help us connect with clients seeking international tax and financial services by demonstrating our knowledge, capabilities, and commitment to their unique needs.
Do you specialise in a particular sector or service?
Yes, our accounting firm specializes in taxation services, with a particular emphasis on providing expert guidance in tax planning, compliance, and advisory services. While our primary focus is on taxation, we serve a diverse range of clients across various sectors and industries in Kuwait. Our specialized services cater to businesses, and we tailor our solutions to meet the unique needs and goals of each client, ensuring that they receive the highest quality of tax-related services and financial advice.
