Dubai South Free Zone is Dubai World Central Free Zone. It is a leading plan city based on individual businesses and companies. Also, it is the best-preferred place to work, live and invest. It is one of the pivotal hubs in the global economy. Also, it supports every kind of business and creates jobs. It is one of the host landmarks of events. Many events, such as the World Expo 2020 and the Dubai Air Show, happened here.
DWC-approved auditors in Dubai offer professional external audit services and license renewal services to the businesses registered here. Without any restriction, the Dubai South Zone companies are allowed to do business in the UAE. DWC-approved auditors in Dubai also provide better insights into the current condition of the business. Moreover, it helps you to analyze the financial position of the company and what actions need to be taken in the future. So, it is crucial for you to consult the DWC-approved auditors in Dubai.
The company can have a bank account in the UAE
- 100% foreign ownership.
- 100% repatriation of profits and capital.
- No personal tax or corporate tax.
- The close proximity to the Dubai logistic corridor.
- Uniquely built infrastructure.
- Regulated and secure environment.
- Complete exemption from export duties and all import duties.
- Quality freehold and lease at competitive rates.
- Comprehensive client relationship management.
- Processing and collection of all documentation.
Benefits of auditing in Dubai South Free Zone
There are many benefits for the companies to conduct audits in the Dubai South Free Zone:
- Better decisions about the future of the company
- Streamline the business processes.
- Streamline the cash flows of the company.
- Helps in deciding the best options and profitability.
- Financial information transparency will make potential growth.
- Control the cash flow by applying many internal control procedures.
How is external audit conducted in Dubai South free zone?
According to the rules and regulations of audit in Dubai South Free Zone companies:
- The businesses need to submit the audited financial statements to the Dubai South authorities within 90 days from the end of the financial year.
- DWC-approved auditors in Dubai should sign the audit report.
- The consequences of failure to submit audit reports are penalties.
- The consequences can result in non-renewal of the DWC trade license.
Documents Required for Audit
Here is the following list of documents to be maintained for auditors.
- Bank statements and confirmations from banks.
- Legal documents such as Articles of Association (AOA), Memorandum of Association (MOA), share certificates, Trade license copies, certificates of incorporation, Tenancy contracts, etc.
- Balance confirmation from creditors, debtors, and third parties.
- Bank statements and confirmations from banks.
- Complete trail balance and set of books of accounts, etc.
- Copies of ledgers, purchase bills, sales invoices, expenses bills, etc.
- Statements of deposits from the Dubai South/ Dubai World Central portal.
- Any other information that the DWC-approved auditors in Dubai may consider important.
Audit procedures
- The client signs an official audit engagement letter with DWC-approved auditors in Dubai south zone.
- A volume of business and systematic study on the business of the clients is conducted.
- DWC-approved auditors in Dubai review the records and books.
- Approved auditors review legal documents, supporting documents, and financial statements also.
- Compliance with International Financial Reporting Standards and international standards of auditing are monitored.
- It ensures that the business has followed the Dubai South regulations or not.
- Compliance with the UAE commercial company law, economic substance regulations, and VAT law are verified.
- Issuance of the audit report with a fair and true view.
- Review the compliance of VAT regulations, record maintenance, and VAT filings.
Benefits of hiring DWS-approved auditors in Dubai:
Firstly, DWS-Approved auditors have the experience and expertise to audit companies in the Dubai World Central (DWC) free zone. They are updated with the unique rules and regulations that apply to businesses in the DWC. So, it is a good idea to hire the best-approved auditors in the UAE for your company.
Secondly, DWC-approved auditors have a good reputation in the business community. They are known for their integrity, professionalism, and independence.
Thirdly, DWC-approved auditors assist the companies to ensure that they are compliant with tax rules and regulations.
If you hire the best DWC-approved auditors in Dubai, you can have peace of mind. It means that you can work on other core matters of the business.
Finally, if you are a business owner in DWC, then we recommend you consider hiring an approved auditor in Dubai.
Why choose ebs?
Our auditing experts have a strategy for the efficient auditing process. Also, we offer you the best auditing approach to spot risks being faced by your company. We assure you of a high-quality and fair audit of your financial operations.
- We help the clients to know more about the requirements.
- Our team has an expert team of auditors in the UAE.
- We ensure the independence of our audit services.
- We help clients to develop a better business environment.
- Our team ensures the disclosure of all material matters relevant to the financial information.
- We implement and suggest various measures to improve deficiencies in the system.
- We maintain sustainable growth of business through remedies and issue analysis.
Moreover, ebs offers financial advisory services, management consulting services, tax consulting services, VAT deregistration, business advisory services, and expert audits for companies.
ebs also provides other services that are good for the companies. ebs likewise offer services, for example, accounting and bookkeeping services, VAT services, Auditing, Due Diligence audit services, and many more.
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.