Auditing is one of the most important functions which every company needs to perform. It is crucial to know if the business is profitable or if there is some problem. Auditing is beneficial not only for the external control of the company but internally also. It also fulfills the requirements in UAE also it prevents businesses from errors, fraud, and money laundering. This is one of the reasons to have auditors who understand your business and help the company to grow and have more profit in the future.
In this article, we will discuss the importance of approved auditors in the JAFZA Free Zone.
What Is JAFZA (Jebel Ali Free Zone Authority)?
JAFZA is one of the well-known established free zones in the UAE and is an ideal place for businesses to set up. The government of UAE has taken steps to ensure that more businesses come to the country and bring more FDI from all around the world. This also has increased the number of businesses giving great opportunities to financial firms such as accounting and auditing firms.
Free zones are known as areas where an entity can trade goods and other products at customs rates and privileged tax. The idea of a free zone came to boost international trade in a particular area by granting them incentives such as 100% ownership by a foreign company or foreigner. UAE has currently around forty-five zones where many businesses are registered and getting the benefits.
JAFZA was made as a free economic zone in UAE in UAE in the year 1985. The area JAFZA free zone covers is around fifty-seven square kilometers. JAFZA has more than 7 thousand companies and more than 100 companies established that are included in Fortune Global 500 companies. You will find a lot of benefits if you establish your company in JAFZA free zone and also provide great business opportunities.
Benefits Of Sharing Up A Business In JAFZA
There are a number of benefits to avail in the JAFZA free zone, these benefits include:
- JAFZA is a good place in terms of infrastructure and also has a great mechanism in place for good and quick communication.
- One of the major and prominent advantages of establishing a business in JAFZA is that it provides complete ownership of the business.
- There is no restriction on hiring employees from other countries in JAFZA and they allow you to hire foreign employees also.
- JAFZA free zone also gives you a concession on tax because you have to pay 0% UAE Corporate tax. There is also no income tax levied on the businesses in the free zone.
There are many trading companies in free zones and there is no export and import duty levied on the business in the free zone.
Importance Of Approved Auditors In JAFZA
Auditing is accessing the efficacy of a trade’s internal control or a company’s internal control. Maintaining good and accurate records of the internal control of a company is a crucial factor to judge the growth of the same company.
An auditor is a person who looks into the issues, and matters examine and reviews the financial records, and ensures the compliance of the company with the tax law. Therefore, it is crucial to hire a trustworthy and reliable auditor. It is recommended to hire JAFZA-approved auditors to prevent any fraud or malpractice in the company.
Auditing is an important factor in the growth of the business and the good future of the company. Auditors that are registered in JAFZA assist the companies to analyze the mistakes and errors in the accounting records and business records.
Here are a few ways auditors can help you in the financial situation of a company:
- An auditor reduces the burden and workload as he handles all the examining and reviewing processes of the financial state of the company.
- Auditors are highly qualified, and they guide you with different accounting sectors such as accounting and bookkeeping as well. The process of analyzing the accounting of the business becomes fast because an auditor is an expert in this.
- The chance of error is also zero in the process of auditing because the responsible approved auditors ensure that all the taxes and accounting are handled responsibly.
These facts indicate that hiring auditors for companies is crucial and helpful because it reduces the burden on the company. JAFZA is an established business zone, the need to hire an approved auditor will help you make your business profitable.
The importance of an approved auditor in JAFZA is discussed below:
They will analyze the financial state of the company and also advise you about the threats or profits in your firm.
JAFZA-approved auditors will help to reduce any kind of mistake and builds the goodwill of the company in the market gradually.
Auditing is the work of experts and is an important factor for the financial state of a company, and companies should make sure they appoint professional auditors. ebs is well-reputed accounting and bookkeeping firm in Dubai, UAE. We have been assisting many businesses in their auditing process and accounts. All our clients have been satisfied with our services which helped us gain more clients to avail of our services. ebs is a firm in the UAE having professional accountants who provide you with various accounting services and is also approved in JAFZA.
If want to get your auditing and assurance, ebs is a registered auditor to assist in your auditing process. Feel free to consult the expert teams of ebs about auditing services and any confusion regarding internal or external auditing. If you are looking for approved auditors in UAE, then don’t hesitate to contact ebs.