Audit Requirement for Companies in DMCC Free Zones
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Understanding Audit Requirements in DMCC Free Zone
Companies operating in the DMCC-Free Zone in the UAE must go through an annual audit of their financial statements, as per the regulations. The DMCC Free Zone authority has established specific rules for business owners, and one of the essential requirements is submitting audited financial statements. This ensures transparency and adherence to the regulations in the DMCC region.
Once the audit statements are submitted to the DMCC Free Zone, they review the financial statements and audit report to ensure compliance with the relevant standards and regulations. It is important to note that these audited financial statements should be provided within 90 days after the end of the fiscal year.
Upon acceptance of the audit report and financial statements, the DMCC issues a certificate of compliance to the company. This certificate serves as confirmation that the company has fulfilled the annual audit requirements and is in line with the DMCC regulations.
Required Documents for an Audit in DMCC:
1. Company License
2. Shareholders' Passport Copies
3. Lease Agreement or Tenancy Contract
4. Share Certificates
5. Bank Statements
6. Bank Confirmation
7. Trial Balance
8. Memorandum of Association (MoA)
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9. Articles of Association (AoA)
10. Updated Trade License
11. VAT and Excise Tax Registration Details
12. Invoices, Bills, and Relevant Documents
13. Accounting Ledgers for Major Accounting Heads
14. List of Customers and Suppliers
15. Management Accounts (if prepared, such as Balance Sheet and Income Statement)
16. Depreciation and Fixed Assets Schedule
Significance of Submitting Audited Financial Statements to DMCC
Submitting audited financial statements is a crucial and obligatory requirement for companies operating in the DMCC-Free Zone. As per DMCC regulations, member companies must have their financial statements audited in order to renew their trade licenses.
All DMCC companies, including agencies and branch offices, are obligated to provide audited financial statements. To fulfill this requirement, these companies have the option to engage professional and capable audit firms that can assist in conducting the necessary audits of their financial statements.
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