In 1985, Jebel Ali Free Zone was established to advertise and strengthen container throughput at the Jebel Ali Port. The Jebel Ali Free Zone has been modified for years. Therefore, it got the position among the most extensive free zones. Hence, it has become the most efficient logistic hub worldwide.
Currently, the free zone is home to more than 7,500 businesses that have about 100 global fortune and 500 enterprises. JAFZA is located in Dubai between Jebel Ali Port and Al Maktoum International Airport. Overall, it provides the best connectivity to businesses. The significant activities in JAFZA are spread across different sectors mentioned below:
- Food & Agricultural Commodities
- Automotive & Spare Parts
- Retail & E-commerce
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Auditing services in JAFZA
A E Y Auditing is among the top auditing firm in Dubai. Being a company registered with Jebel Ali Free Zone, firstly, we have vast expertise and professionals of auditors. In the meantime, it will surely assist companies that their financial statements are significant, reliable, and accurate. Moreover, our services will assure that the audit report of the business reflects on honest suggestions on the financial health of a firm. Hence, it can make the process of license renewal easier with JAFZA.
How it is beneficial?
It has the below main advantages:
- Own real estate property of UAE
- Zero tax
- 100% privacy, security, and confidentiality
- No audit reports
- Zero paid-up capital
- No limits on capital expatriation
- A registered address of UAE
- No physical office existence is required
- Firstly, passport copy of each of the shareholders, directories, and the secretary.
- Secondly, the entity will need to get at least two directors. Moreover, the second director can be the second shareholder (if applicable) or another person chosen by the single shareholder.
- If a shareholder is a corporate entity, passport copies will be required with the corporate documents of all of the legal entities that come under the chain of shareholders. . Further, we will help with the process of authentication and legalization.
- A proven residence for each of the shareholders, secretary, and director in English .
- The three proposed names of your business according to preference.
- Moreover, adetail of the proposed operation of the business.
- Simple CV of each director and shareholder.
- Last but not the least, the bank reference letter
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FAQs Of Auditing
The general requirement of a business in the UAE is to maintain its records for not less than (5) years. The Commercial Company Law makes it mandatory for all companies in the mainland.
According to UAE Commercial Company Law, every company needs to have auditors to audit their book of accounts. Under Federal Law no. 2 of 2015, Article 27, a licensed auditor is mandatory. Ministry of Economy in the UAE must approve it.
Dubai Financial Services Authority registers well-known auditors. Therefore, it may appoint them to examine and report accounts of regulated DIFC entities.
However, if your company is usually free from an audit, you need an audit if your shareholders ask so. The shareholders must own at least 10% of the shares. Shares can be particularly on an individual or group level.
If you are an entrepreneur in Dubai, it is essential to get an audit. It’s significant because it assures that your company records are reliable and in order. Auditors in Dubai, while conducting audits, examine internal controls of a company. All of the sudden, they also inspect the existing system, coupled with the financial statement.
Yes! IFRS standards are mandatory by the UAE Commercial Company Law No 2 of 2015. Listing rules of NASDAQ Dubai, Dubai Financial Market PJSC, Abu Dhabi Securities Exchange, and especially Dubai Financial Services also demand it.
You can notably become an FCCA once you have a continuous membership of 5 years with ACCA. Further, you must meet CPD requirements of paying annual subscriptions every year.
Once you file the return, the IRS usually starts these audits within a year. Within particularly six months, they lead to completion. However, expect a delay if you do not deliver the complete information. In fact, we also expected the delay if the auditor finds issues and wants to expand in other years or areas.
The mandatory documents by management are as below:
- Firstly, accounting reports with trial balance, balance sheet, ledgers, income statement, and relevant schedules
- Secondly, copies of vouchers, invoices, receipts, and bills
- Thirdly, a list of bank accounts used for transactions and forgeries of bank statements
- Moreover, maintained reports of all the payroll functions of a business.
- Further, copies of legal documents of the business
- Verifications from clients, suppliers, associated entities, etc.
- Above all, evaluate related parties and transaction examinations with related parties.
- Firstly, it helps accomplish business objectives. It will fix company weakness in all ways.
- Secondly, auditors in Dubai significantly facilitate identifying loopholes and risks in the financial report of your company.
- Thirdly, it boosts credit rating and valuation. You open doors for foreign investors and get the best financial position by calling an audit service.
- Moreover, it reveals the overall picture of your business. You can further focus more on your company’s strengths, weaknesses, opportunities, and threats once you have a clear vision.
- Firstly, we follow our services’ highest professional ethics and quality level.
- Secondly, our company has a fast-growing team of qualified & dedicated professionals.
- Thirdly, you get new opinions to look at your business through Business Analysis, Creative Insight & Industry Benchmarking.
- We act as a Sounding board for crucial financial decisions and significantly provide dependable strategic leadership through our experience and knowledge.
- A E Y Auditing LLC is a UAE-registered auditing firm providing cost-effective value-added solutions to meet all your business needs.
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Small steps taken today in the right direction can produce great results tomorrow.
I’ll be happy to schedule a call with you to discuss further.