Corporates and startups have an eye to setup a business in the UAE Free Zones since it comes with various benefits such as tax incentives and so on. However, you should also know that Free Zones are governed by Freezone authority and so, Businesses must submit the annual audit report to the authority. In such cases, there are auditors and audit firms that are approved by the UAE Free Zone authority you could rely on.
BMS Auditing is one of the registered audit firms in Free Zone UAE. We provide audit in free zones UAE as per compliance and regulation. In UAE, there are multiple special zones which are known as free zones. Free zones have special laws, rules, and regulations in regard to tax, operations, imports, and many others that are specifically designed and prepared for the functioning of these free zones.
Auditing in UAE Free Zones
An audit in a free zone in the UAE is a review and examination of a company's financial records and statements to ensure they comply with the accounting standards and regulations set by the free zone authority. The audit is typically conducted by an approved auditor or audit firm by the Free Zone authority in UAE, and the purpose is to provide assurance to the stakeholders that the financial statements are accurate and reliable.
Companies that are registered in the free zones and own a free zone trade license are required to submit an audited annual financial statement for free zone trade license renewal. Companies in the free zone can choose their own financial year as per their requirement. But that chosen financial year should commence from the date of incorporation and must not be less than 6 months and no more than 18 months.
BMS Auditing is an accredited audit and accounting firm by Free Zones in UAE with over 11 years of service in providing financial audit statements in UAE. We are registered with the free zones well-versed and qualified to handle the audit as per the regulations and compliance requirements of the free zones.
Approved Auditors in Free Zones
BMS Auditing is registered in the following free zone of UAE:
- Approved Auditors in DMCC
- Approved Auditors in DAFZA
- Approved Auditors in SAIF Zone
- Approved Auditors in IFZA
- Approved Auditors in Shams Zone
- Approved Auditors in DWC
- Approved Auditors in Dubai World Trade Centre
- Approved Auditors in UAE Free Trade Zone
- Approved Auditors in RAKEZ
- Approved Auditors in JAFZA
- Approved Auditors in DIFC
- Approved Auditors in Ajman Free Zone Authority
Our auditors offer audits on all the free zones in UAE in accordance with its regulations and ensure 100% compliance with the respective free zone. We also do provide sales audit services and corporate tax services for all Free Zones in UAE.
Is audit Mandatory for UAE Free Zones?
The audit in a free zone in the UAE is mandatory for companies that exceed a certain turnover threshold or have a certain number of employees, and failure to comply with the audit requirements can result in penalties or fines imposed by the free zone authority.
Audit Submission Penalty in UAE Free Zones
The penalty for not submitting audit statements in UAE Free Zones can vary depending on the specific free zone authority and the extent of non-compliance. The Free Zone fines in UAE may vary from 2500 AED to 5000 AED based on the specific free zone and the duration of the non-compliance.
Failure to submit the required audit statements within the specified timeframe for UAE Free Zones can result in fines, penalties, and even the suspension or cancellation of the company's trade license.
Audit Firm in Free Zones in UAE
We are registered and approved with all the major free zones in the UAE and provide the annual report in the same manner as is required by the free zone. We are offering all kinds of audit services in UAE. If you need an audit for your free zone company, feel free to contact us. We are providing the best audit in free zones in UAE to assist companies with their compliance to run business smoothly and efficiently.
Our auditing company provides exceptional and unique audit reports, and we are offering all varieties of professional audit services to satisfy diverse corporate demands, including: