Audit requirement for the companies based in Jebel Ali Free Zone, Dubai - UAE
- 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.
- Audit requirement is for the FZE, FZCO and Offshore companies registered under JAFZA
- 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.
Where the Annual Financial Statements should be submitted ?
The Company is required to submit the Audited Financial Statements Report along with the Summary Financials Sheet on the Dubai Trade Portal
What about the Original Audited Financials Statements ?
Original documents should be send via ZAJEL Courier to the JAFZA Administrative Head Office.
Is the Submission of the Audited Financial Statements : Mandatory or voluntary ?
The Submission of the Audited Financial Statements is a Mandatory obligation. Non compliance is subject to sanctions on Dubai Trade Portal.
How to submit the audited financials on the Dubai Trade Portal ?
- Login on the Dubai Trade Portal as per the login credentials of the company to access the same
- Go to Registration - Look on the left side of of the Menu
- Click on “Submit Financial Statements - Approval"
- Click on Create New Request
- Fill the details on the online declaration form as per the Summary Financial Report as provided by the Auditors
- Save the aforesaid duly filled online declaration form
- Attaché the Scan copy of the Summary Financial Reports as provided by the Auditors
- Attaché the Scan copy of the audit reports signed by the management with the official seal of the company
- Submit to the Free Zone, the aforesaid duly filled online declaration form for the processing at JAFZA
Link to the Dubai Trade Portal
https://eservicessso.dubaitrade.ae/oam/pages/dtlogin.jsp?
Is Trade License Renewal is Subject to the Submission of the Audited Financial Statements ?
Yes. Submission of the annual audited financial statements is one of the conditions to be fulfilled for the renewal of the trade license.
Refer : Clause 7 on the Free Zone License of the Section B dealing with the Substantive Rules For Operating In The Free Zone Under the The Jebel Ali Free Zone Rules 2020 (Eighth Edition)
Link for the The Jebel Ali Free Zone Rules 2020 (Eighth Edition)
https://www.jafza.ae/resources/downloads/jafza-rules-regulations/
Link for the The Jafza Companies Implementing Regulations 2016
https://www.jafza.ae/resources/downloads/jafza-rules-regulations/
Gupta Accountants provide a full range of services, like compilation of the annual accounts, assistance in the annual audit, value added tax compliance & advisory corporate tax compliance & advisory, economic substances regulation compliance & advisory to the Jebel Ali Free Zone (JAFZA) based companies in the United Arab Emirates.
