Hamriyah Free Zone is an industrial home in the UAE. It is used for manufacturing companies in the UAE. This free zone is one of the best-growing zones in the UAE due to its connectivity with the other emirates. It gives favorable business policies, and efficient regulatory measures also. The aim of this free zone is to be flexible and dynamic to accommodate businesses, however, it maintains its status as an investor-friendly free zone.
Hamriyah-free zone Sharjah provides companies with an opportunity to perform their operations in a tax-free environment. It provides full company ownership exemptions from the repatriation of profits and capital. Each free zone in the UAE is administered by local authorities. This authority is usually responsible for regulating all the businesses in the free zone areas. The purpose of this authority is to ensure that the environment for businesses within the free zone is controlled and well-regulated. Hamriyah Free Zone Authority regulates all the Hamriyah Free Zone companies.
Types Of Business Licenses In HFZ
HFZA provides businesses with four types of licenses to operate within the free zone. The license is given to an entity depending on the type of business and its nature. The type of license offered to Hamriyah free zone companies are one of these:
- Industrial license
- commercial license
- General trading license
- Service license
Benefits Associated with operating in HFZA
Hamriyah Free Zone provides business entities conducting operations in the free zone. It also provides some benefits listed below:
- Low-cost energy
- On-site accommodation for labor
- Cost-effective workplace
- 100% foreign ownership
- Total exemption from corporate income import and export taxes
- Access to 7-meter-deep inner harbor
- Access to a 14-meter-deep port
- On-site custom facilities
- Renewable long-term lease
- No restriction on repatriation of capital and profit
Why are financial audit is required in HFZA?
I’m a real free zone it already requires each business to operate to a point and on Auditor. This auditor should be on the list of HFZ-approved auditors. According to the laws, the annual financial statement of the company must be submitted and approved by the directors. It should also be signed by the director.
ebs is among one of the best auditing firms to conduct audits of companies. It’s very important to have annual audit reports for the company. these are the following reasons for requiring annual order reports by the companies.
The audit report provides assurance that the financial statements of the company are complete. And there is no information that is kept from the authorities.
An external audit report provides the free zone authority with all the information they need. It requires us to ensure that businesses are compliant with all the rules and regulations.
An audit report from an approved auditor provides assurance to all the stakeholders. This assurance is about the transparency and accuracy of the financial statements of the company. It helps to make important and informed business decisions.
A financial audit provides assurance to the authorities that the financials of the entity are prepared according to the accounting standards. Moreover, the business is not engaged in any illegal activity.
Only the audit forms are approved by the HFZA can carry out the external audits. It is important for you to pick out those auditors that are listed in the official HFZA list.
Documents required for external audits in HFZA
There are particular documents that are required by the auditors in HFZA. These are as follows:
- Trial balance.
- General Ledger.
- Balance sheet.
- Details of fixed asset additions and disposals during the year with proper supporting.
- Profit and loss statements.
- Copies of bills and invoices.
- Latest trade license.
- Articles of association.
- Memorandum of association.
- Details of closing stock.
- Audit schedules.
Why choose ebs chartered accountants?
This is one of the most reputed audit and accounting firms in The United Arab Emirates. We are known for providing the best quality audit. Not only auditing services but we also provide accounting and bookkeeping services as well. We have a team of highly qualified professionals. They can handle your accounting tasks efficiently. Our team has detailed knowledge of laws and regulations applicable in the Hamriyah-free zone.
We are committed to providing our clients with the best services for growth. Apart from external auditing services we also provide the following services:
- Internal audit services
- Legal consultancy
- Accounting and bookkeeping services
- CFO services
- VAT accounting services
- Corporate tax services
Feel free to contact us and give us you’re accounting and bookkeeping tasks. Our team will guide you about the latest rules and regulations in the UAE.
FAQS
Is audit compulsory for businesses operating in the Hamriyah Free Zone (HFZ)?
Yes, auditing is compulsory for all the businesses operating in the HFZ. it is particularly for those who are preparing for trade license renewal.
Who can perform external audits of businesses indoor HFZ?
Only the audit firms are approved and listed by the Hamriyah Free Zone Authority. Only these can perform external audits of businesses operating in the HFZ.
Are you an approved auditor in the HFZ?
Yes, ebs chartered accountant is an approved auditor.
When and how an external auditor report should be submitted to the HFZA?
Registered businesses in the HFZ are required to submit the audited financials to the Hamriyah Free Zone within 90 days from the end of the fiscal year.