ANNUAL COMPLIANCE AUDIT IN DUBAI
Annual financials of the companies registered under Dubai Freezones are advised to be audited each year and submitted at the time of its trade license renewal. While the standard reporting period is one calendar year, a company may nominate a different reporting period the first reporting period will commence from the date of incorporation and must not be less than six months and no more than eighteen months.
Soon after the formation of business in Dubai, it is advised to our clients that they maintain accounts of all the transactions, records, and details that can give them a true picture of their business performance on periodical basis. This also helps in the completion of the annual audit on time.
The business entities are always challenged to reduce costs, avail the best services and add maximum value from their expenditures. Gupta Accountants in Dubai as cost effective accountants in Dubai, offers completely flexible and innovative Accounting Services .
Annual audit for registered companies in some of Dubai Freezones is mandatory. Non compliance of the annual audit report submission may attract financial penalty.
Why Gupta Accountants ?
- Affiliate Partners of listed Audit Firms.
- Professionally qualified and experienced accountants in Dubai.
- Cost Effective accountants in Dubai.
- Compliance to International standards & applicable rules and regulations.
We will be glad to discuss how our Financial Services Department can assist you and your company.
Requirement of Audit for companies registered under DMCC
1. According to the implementing regulations of the DMCC, a DMCC Member Company has to upload the auditor’s signed & stamped Audited Financial Statements Summary Sheet and the Audited Financial Statements Report via a designated online service request on the member portal within 90 days after the end of each financial year.
2.As per the Approved Auditors Rules (AAR) of DMCC issued on 12th January 2017, it is the responsibility of each DMCC member company to ensure that their appointed auditor is registered as an Approved Auditor with DMCCA and is listed in the Approved Auditors List (AAL). These rules do not apply to auditors appointed to audit DMCC member companies registered as a branch company provided such a company has a group auditor.
3.Submission of Audited Financials is applicable to all DMCC companies including subsidiaries and branch companies.
1. According to the implementing regulations of the DMCC, a DMCC Member Company has to upload the auditor’s signed & stamped Audited Financial Statements Summary Sheet and the Audited Financial Statements Report via a designated online service request on the member portal within 90 days after the end of each financial year.
2.As per the Approved Auditors Rules (AAR) of DMCC issued on 12th January 2017, it is the responsibility of each DMCC member company to ensure that their appointed auditor is registered as an Approved Auditor with DMCCA and is listed in the Approved Auditors List (AAL). These rules do not apply to auditors appointed to audit DMCC member companies registered as a branch company provided such a company has a group auditor.
3.Submission of Audited Financials is applicable to all DMCC companies including subsidiaries and branch companies.
Requirement of Audit for companies registered under JAFZA
1. According to the implementing regulations of JAFZA, a company registered under JAFZA has to prepare financials statement and get the same audited and submit to JAFZA within six month from the end of the relevant financial year of the company.
2. Audit requirement is for the FZE, FZCO and Offshore companies registered under JAFZA
3. Audit reports are to be submitted online on the Dubai Trade Portal of the respective companies and submitted thereafter in physical via courier service or in person.
1. According to the implementing regulations of JAFZA, a company registered under JAFZA has to prepare financials statement and get the same audited and submit to JAFZA within six month from the end of the relevant financial year of the company.
2. Audit requirement is for the FZE, FZCO and Offshore companies registered under JAFZA
3. Audit reports are to be submitted online on the Dubai Trade Portal of the respective companies and submitted thereafter in physical via courier service or in person.
