Due to various benefits like tax incentives, easy business setups, and operational advantages, many corporates and startups are lured to set up their businesses in UAE Free Zones. However, Free Zone companies must adhere to the regulations stipulated by their respective Free Zone Authorities, which also include the compulsory furnishing of annual audit reports.
Risians Accounting & Tax Consultancy is among the top audit firms in Dubai, rendering professional audit services in Dubai for all Free Zones as per UAE laws.
An audit in a UAE Free Zone is primarily a scrutiny of a company’s financial statements and records to ensure compliance with accounting standards and Free Zone regulations. The audit functions are performed by an auditor or audit firm that is approved by the Free Zone Authority to assure its stakeholders of reliable financial information and fair presentation of financial records.
A company with a Free Zone trade license is required to file audited financial statements for license renewal. A financial year can be selected by a company, but it should commence from the date of incorporation and should be between 6 and 18 months.
Risians Accounting & Tax Consultancy is recognized by several free zones in Dubai and is fully capable of carrying out audits per local regulation, thus ensuring your business’ compliance and peace of mind.
Indeed, an annual audit is the foremost necessity for Free Zone companies in the UAE, which are dependent on some factors like:
Indeed, an annual audit is the foremost necessity for Free Zone companies in the UAE, which are dependent on some factors like:
Revenue thresholds: Companies that exceed certain turnover thresholds are expected to conduct an audit.
Employee count: Businesses that have a specific number of employees might be required to audit.
The audit certifies that your financial statements comply effectively with the norms of the respective Free Zone Authority and offer credible and reliable information to the parties it may concern.
Non-compliance can lead to:
Risians Accounting & Tax Consultancy provides expert counsel to ensure that the audit requirements of companies operating in the Dubai Free Zones are diligently carried out in complete accordance with local regulations.
Our team provides audit services for all major free zones in Dubai and the UAE, including:
We also provide corporate tax and annual audit services for Free Zone companies in Dubai, ensuring complete compliance with local regulations.
Main objectives of the audit include the following:
A liquidation audit would also shield directors and shareholders from future claims of either a legal or financial nature that arise from events after the dissolution of the company.
All companies in UAE Free Zones are required to submit audited financial statements. In case of defaults or non-compliance with the submission timelines as imposed by the Free Zone Authority, a few penalties that can be levied are:
Companies are therefore advised to avoid heavy fines and keep running smoothly by submitting their audit reports on time and complying with the different requirements of the Free Zone. Risians Accounting & Tax Consultancy gives guidance to supporting companies in Dubai Free Zones to remain compliant with local audit regulations.
For all intents and purposes, an audit ensures the smooth functioning of your Free Zone business in Dubai and its adherence to various regulations and establishes a long-standing credibility in business. Risians Accounting & Tax Consultancy is one of the finest audit firms in Dubai, which offers specialized auditing services in Dubai for Free Zone companies.
The team consists of certified auditors with in-depth knowledge of Free Zone regulations and rigorous and comprehensive auditing processes, so we will help businesses:
Partnering with Risians Accounting & Tax Consultancy guarantees that your Free Zone audit will be proficiently, quickly, and strictly conducted in accordance with Dubai and UAE regulations. Ensure your business remains compliant, credible, and confident through our expert audit services.
A Free Zone audit is defined as an investigation into company financials to confirm that they abide by the accounting standards of the United Arab Emirates, as well as that of the Free Zone Authority.
It is required that audits should be undertaken for all Free Zone companies that satisfy certain requirements, such as exceeding revenue levels or specific employee counts, in which case fines, penalties, or license suspension may be imposed for not complying.
We also undertake auditing services for all the major free zones in Dubai and the UAE, such as DMCC, Dubai Airport Free Zone, SAIF Zone, IFZA, Shams Free Zone, DWC, Dubai World Trade Centre, RAKEZ, JAFZA, DIFC, and Ajman Free Zone Authority.
Our audits are undertaken by qualified and certified auditors fully accredited by the Free Zone Authorities, with experience of local regulations and accounting standards.
Typically, the financial statements for the last period, bank statements, invoices, receipts, contracts, payroll records, and any other material financial records of the company are the documents needed by the auditors.
The duration is based on the size and complexity of the company's operations, and our expert team at Risians Accounting & Tax Consultancy would ensure timely completion.
In this respect, the consequences of not submitting audited financial statements can involve fines that range from AED 2,500 to 5,000, suspension or cancellation of trade licenses, and reputational and regulatory risks.
Yes. We assist Free Zone companies with corporate tax compliance and ensure that they align with the laws of the UAE, along with our audit services.
Certainly. Our audit services are available to newly established businesses and companies alike, including most compliance, ensuring credibility, and seamless operations with Free Zone regulations.
It's among the best auditing firms in Dubai, providing thorough auditing services in Dubai. Our certified auditors' specialized knowledge in free zones and personalized approach enable businesses to remain compliant, escape fines, and preserve their financial integrity.
