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Every company registered in a free zone must do an annual audit and report the results to the appropriate authorities. This is because if you are a registered business in Dubai, you may be hit with a hefty fee if you neglect to file an audit report. The audit in free zones must be carried out to prevent fines and penalties. Rewind Consultancy – the top auditing firm in the United Arab Emirates, provides the yearly report in the format needed by each major free zone in the United Arab Emirates.
The governments of the United Arab Emirates provide approximately forty diversified free trade zones to international investors, allowing them to wholly own firms. These zones offer top-notch infrastructure and targeted services that streamline workflows and help businesses save time and effort.
Free zones are defined areas in the United Arab Emirates that are mostly devoted to one industry and enable 100% foreign ownership. In important industry sectors, they are intended to facilitate essential corporate transformation. Within three to six months of the end of the fiscal year, the majority of the Free Trade Zones in the United Arab Emirates mandate that the corresponding firms submit their annual audited financial accounts.
Financial statements of Free Zone enterprises that authorised audit firms have audited are accepted by the Free Trade Zone Authority. All Free Trade Zones must comply with the general standards listed below regarding business, books of accounts, and financial statements:
Businesses registered in different Free Zones must provide the Free Zone Authority with their audited financial statements. Certain free zone authorities may request to see the audited financial statements when the business renews its trade licence. Businesses that disregard this rule frequently pay fines or suffer repercussions like their trade licences not being renewed. Companies are urged to keep their books of accounts up to date and have them audited without fail to avoid penalties.
Services for free zone audits are essential to guaranteeing financial integrity, compliance, and openness for companies in Dubai’s free zones. These audits are important for several reasons –
The UAE government and the Free Zone authorities have specified rules and reporting obligations that Free Zone enterprises must follow. Frequent audits ensure that companies follow these rules, averting possible fines, penalties, or legal problems.
Investors, stockholders, and other stakeholders feel more confident when they receive a thorough and impartial audit report. It provides reassurance that the company’s financial health is presented honestly by confirming the integrity and dependability of financial statements.
Internal control flaws and possible risk areas are found during audits. Companies can reduce financial and operational risks and protect their assets and reputation by proactively addressing these challenges.
Management receives precise and dependable financial data from audited financial accounts. This makes better decision-making possible, enhancing corporate strategies and growth planning.
International trade is an everyday activity for enterprises located in Free Zones. By ensuring that import and export operations adhere to customs laws, audits help avoid delays and possible fines in international trade.
Here’s the reason why you must opt for Rewind Consultancy –
Our team is highly skilled and qualified to conduct the audit by the rules and compliance criteria of the free zones because they are authorised free zone auditors in Dubai, United Arab Emirates.
Rewind Consultancy is connected to numerous other audit companies that operate in various free zones in the United Arab Emirates. We can supply any type of audit report from the free zone of your choice.
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