DMCC

Auditing is compulsory for all Dubai Multi Commodity Centre (DMCC) member companies. According to the DMCC Company Regulations, every company has to appoint an approved auditor who is listed in the ‘Approved Auditors’ List of the DMCC. Every DMCC Company is required to upload the summary sheet and the audited financial statements to the portal of DMCC within 90 days after the end of the financial year. If the company fails to do so, it can attract a heavy fine as per the DMCC Company Regulations and risk a non-renewal of trade license in DMCC as well.

JAFZA

As per the provisions of Jebel Ali Free Zone Authority (JAFZA) regulations, every company must get its accounts audited by approved auditors in JAFZA within three months from the end of the financial year or within the extended period, if any. Every JAFZA registered company must maintain proper books of accounts to verify during the audit. Such legal documents include Certificate of Incorporation, Memorandum of Association, Articles of Association, Share Certificate, Trade License Copy and more. The company is also required to maintain documents like vouchers, contracts and invoices for the auditors to verify during the audit.

SAIF Zone

It is mandatory for all companies registered under the Sharjah Airport International Free Zone (SAIF-Zone) to get their accounts audited to renew their trade or activity licenses. Listed auditors in the SAIF zone should perform an audit for every financial year. The audited financial statements must be submitted within 90 days from the end of the financial year to the SAIF zone authorities. SAIF zone is a designated zone as per the provisions of the UAE VAT Law. Hence, most of the transactions related to the supply of goods are outside the scope of VAT other than supplies made for consumption.

HFZA

Hamriyah Free Zone (HFZA) is the second largest free zone in UAE. Every HFZA member company is mandatorily required to get its accounts audited by an auditor listed under the HFZA zone rules and regulations. HFZA is also a designated zone as per the UAE VAT laws. Thus, export of services are zero-rated, and import has to be recorded under the ‘Reverse Charge Mechanism’. If the goods are supplied from HFZA to the mainland importer, it will be taxable. An auditor has to look into these matters and express his opinion on the financial audit.

DCCA

Dubai Creative Clusters Authority (DCCA) is also known as the Dubai Development Authority (DDA). It is aimed at enabling the development and progress of the creative industries in the region. The companies registered under DDCA follow a financial year from 1st January to 31st December every year. Auditing of books of accounts has to be done based on this financial year by an approved DCCA auditor. In case the company is new, the first financial year can be for a period of 18 months. DCCA companies are required to maintain legal documents such as Memorandum of Association, Articles of Association, Tenancy contracts, etc.

Dubai South

Dubai South Free Zone was formerly known as Dubai World Central, and it is one of the best places to work and live. Companies thrive in this region because of factors such as minimal licence costs, no customs duty, no impact of VAT, and many more. Also, companies in Dubai South are 100% tax-free, and investors have 100% ownership in the business. Currently, the Dubai South Free Zone is an aviation centre and is also the leading and largest global trade and business hub. As per the requirements of IFRS, companies in the region have to maintain proper books of accounts and supporting documents for transactions so they can be audited by approved auditors.

Musthafa Abdul Hameed Auditing of Accounts offer auditing services in all the above free zones in UAE. We are backed by a team of highly-knowledgeable and professional experts who can provide quality audit solutions for your company. The members of our firm are in IECNet, an international association of auditors, tax professionals and accountants. Additionally, our firm is ISO Certified.

If you need our auditing services, you can get in touch with us. We look forward to working with you on your next project.