Hamriyah Free Zone (HFZ) is an industrial hub for manufacturing industries and companies operating in the UAE. The process for the establishment of this free zone was initiated through an Emiri decree issued on 12 November 1995. HFZ is located in Sharjah and is one fastest developing free zones in the United Arab Emirates because of its connectivity with other emirates.
HFZA is growing due to its connectivity with other favorable business policies, and efficient regulatory measures including financial audit requirements for registered companies from HFZA-approved auditors. The aim of HFZA is to be flexible and dynamic to accommodate businesses operating in different areas while keeping its status as an investor-friendly free zone.
Types Of Business Licenses In HFZ
The HFZ provides businesses with four types of licenses to operate within the free zone. The license is given to an entity depending on the nature and the type of operation. The types of licenses offered to HFZA companies are these:
- Commercial license
- Industrial license
- Service license
- General Trading License
Benefits Associated With Operating In HFZ
HFZA provides business entities conducting operations in the free zone with these benefits:
- 100% foreign ownership.
- Total exemption from income, import, export, and corporate taxes.
- No restriction on capital and repatriation of profits.
- Renewable long-term lease.
- Cost-effective workplace.
- Onsite custom facilities.
- Onsite accommodation for labor.
- Pre-built warehouse and offices.
- Modern infrastructure.
- Low-cost energy.
- Fourteen-meter-deep port and access to seven-meter-deep inner harbor.
Why A Financial Audit Is Required In Hamriyah Free Zone?
HFZA needs each business operating within the free zone to appoint an independent auditor to report to the stakeholders on the financial and operational aspects of the business and also whether the financial statements are accurate and true.
As per the laws in HFZ, the annual financial statements of the company must be approved by the directors and signed on behalf of the directors. ebs is one of the approved auditors to conduct audits of companies registered in HFZ. Our auditors are experienced and have in-depth knowledge of performing audits for HFZ-registered companies. ebs has a proven record of completing audits quickly and fairly without requiring unnecessary documents. If you are looking for trusted and reliable approved auditors.
Documents Required For External Audits In The Hamriyah Free Zone
In all free zone auditors require several documents for the auditing process. The documents that are required are as follows:
- Balance Sheet
- Profit and Loss Statements
- Trial Balance
- General Ledgers
- Details of disposals and fixed asset additions during the year with proper supporting
- Audit schedules (depreciation, bad debt provisions, accruals)
- Details of closing stock
- Copies of bills and invoices
- Articles of Association (AOA)
- Memorandum of Association (MoA)
- Registration Details for Excise Tax and/or VAT (If Applicable)
- Latest Trade License
Why Choose ebs For Auditing In HFZ
ebs is recognized as a well-reputed audit and accounting firm in the UAE. We are known for providing quality audits with the best accounting services. We have a team of highly experienced and qualified audit, tax, and accounting professionals having sound knowledge of laws and regulations applicable in the HFZ and in the rest of the UAE.
We are committed to providing our clients with the best services that not only help them identify their problems but also resolve the issues that are hindering their growth. ebs is accessible to help you in finding out about bookkeeping in the UAE. ebs likewise offer services, for example, accounting and bookkeeping services, VAT services, Auditing, Due Diligence audit services, and many more.
ebs also provide the following services:
- Company registration services
- Accounting and Bookkeeping services
- Legal consultancy
- Auditing services
- CFO services
- VAT accounting services
Feel free to contact us with any additional inquiries or requests for accounting services. A free discussion will be given to you by our specialists, who will answer your request immediately.