Audit report Free Trade Zones of UAE
Audit report is a prerequisite for license renewal in many Free Trade Zones of UAE.
Audit Report Requirements for UAE companies
An audit report is a professional declaration regarding the entity's financial activity, assets, balance etc. that is to be prepared by an assigned audit company. The report is usually written in a standard form, according to commonly accepted auditing standards in UAE.
Vast of the Free Zones in UAE vail the necessity of an auditorâ€™s report when applying for license renewal, however some freezones in UAE such as Hamriya Free Zone, DMCC and some other require their member companies to submit an audit report in order to renew the companyâ€™s license. The report shall be submitted prior to your license expiration date.
Not any auditorâ€™s company can issue such a report. The auditors must be attested by the Free Zone and be permitted to perform such activity for companies registered in this certain Free Zone. Our company has reputed partner auditors that will professionally assess your companyâ€™s financial activity and prepare all the necessary papers for license renewal.
Advantages & Disadvantages
- 100% foreign ownership
- 100% tax exemption
- Low cost of business registration and annual renewal
- Corporate ownership is allowed
- Perfect solution for assets protection
- High level of confidentiality
- Ability to have corporate bank account in UAE
- Ability to own real estate or commercial premises (limitations applicable)
- Multi-activity is allowed
- Conduct business in the UAE or with its residents
- No residence visa applicable
- Banking, aviation, insurance activities are prohibited (however the company can have a bank account in UAE)
Factors of Audit Report
An auditor has the right to ask for other clearing documents like invoices or contracts for clarification of unusual or large transactions. Failure to submit or provision of false documentation may result in wrong report data, which may cause additional actions from the side of the registering authority, penalties and/or termination of the companyâ€™s license.
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