Is Audit Mandatory For Companies In JAFZA?
Yes, an Audit from a JAFZA-approved Auditor is mandatory for all the businesses in JAFZA. According to the regulations of JAFZA, all companies must submit their balance sheet by the end of every financial year. This balance sheet should be submitted by an approved auditor in JAFZA. A copy of the annual audited accounts of each business should be delivered to the FZE Department within three months of the end of the financial year. ebs is one of the best auditing firms in Dubai to help you complete your all tasks on time.
Jebel Ali Free Zone Authority (Jafza)
JAFZA provides global connectivity by simplifying your business operations. It offers end-to-end solutions to businesses and acts as the center of trade. It has the best trade partners to enhance supply activities with efficient sea-air hubs. JAFZA-approved auditors offer these business activities licenses for businesses:
- To carry out trading activities.
- To carry out service activities.
- To maintain manufacturing activities with new product developer
- To carry out offshore businesses
- To carry out selling and buying of goods via any electronic means.
Benefits Of JAFZA Approved Auditors
We provide efficient and cost-effective solutions to the problems which are faced by the businesses in JAFZA.
- We offer customized business services for businesses.
- We will assist you to understand the business trends and your business.
- We can help you to make more informed decisions.
Rules And Regulations Associated With External Audit Of Companies In JAFZA
According to regulation number 1/99, clause 51, the companies registered in JAFZA must appoint an independent auditor. The auditors in JAFZA must hold a professional license approved by the Economic Department of Dubai, UAE. The approved auditors in JAFZA must perform an external audit of the annual accounts of the company and submit an external audit report to the company.
According to clause 49 of the regulation the accounts must be approved by the director. These must be further signed by the company’s manager. At least one director is required to sign the balance sheet of the company. It makes it the official representation of the financial position of the company.
What Is The Period To Submit Audit Report For Companies Registered In JAFZA?
As per clause 50 of the regulation, a company is required to submit a copy of its annual accounts along with the Audit Report issued by the approved auditors in JAFZA. The time can be extended but companies have to submit the reports within three months of the end of their fiscal year.
Why Is Audit Essential In JAFZA?
JAFZA connects with over 60% of the world’s population. It gives access to a market of over 1.5 billion entities.
It is crucial to appoint an auditor for the registered companies with JAFZA. The major reasons are:
- The auditor’s report states whether the accounts have been prepared according to regulations.
- The auditors make sure that a fair and true view of the company’s financial statements must be delivered.
- The auditor will report and examine the accounts prepared according to international and local rules.
The firms operating in JAFZA are not allowed to do any activities that are not defined as per the trade license. If the auditor finds that a firm is going through any actions, it must state in the report. An auditor’s report is of the highest importance because they depend on it. The companies working in JAFZA can choose the JAFZA-approved top audit firms in Dubai.
How To Submit An Audit To JAFZA?
Every JAFZA registered company should submit the summary sheet. This sheet should be of the financial state in the prescribed form. It should be along with the Financial Audit Statements on the portal JAFZA.
Applicability Of VAT
The supply of goods in the chosen zones is out of the scope of VAT. These goods will be taxable at a valid rate whenever the supply of the goods for consumption is within JAFZA. Export of services from the JAFZA free zone will be at 0% taxes. In the case of services, it will be taxed parallel to the services done on the mainland.
Documents Required By JAFZA-Approved Auditors To Conduct An Audit
The companies working in JAFZA are required to present the essential documents. The documents should be related to the years during the time of auditing. The companies licensed by JAFZA ought to present these documents:
- Articles of Association (AOA), Memorandum of Association (MoA), and Latest Trade License
- Bank Statements
- Bank Account Books
- Validation of credit or debit in all financial transactions
- Copies of the invoices and bills
- Current VAT and Excise Tax Registration Information, if Applicable
Avail Of Top Audit Services From Ebs In Dubai
ebs is one of the top audit firms in Dubai and we offer the activities of the following service:
- We assure you that the financial audit statements are accurate and true.
- We use innovative audit techniques with 100% accuracy.
- We prepare the financial audit work timely as per the needs of the client.
- We issue first-class audit reports compliant with JAFZA regulations.
EBS, an authorized auditor in the UAE, offers companies of all sizes a wide range of auditing services. Your financial accounts should be accurate and in compliance with local rules and regulations, and our team of skilled and experienced auditors can assist you in ensuring this.
We provide a wide range of auditing services, including the following:
- Mandatory audits
- Internal auditing
- Audits of compliance
- Diligence inspections
- Investigative audits
- Checks for fraud
Additionally, we have a thorough awareness of the business climate in the UAE, so we can offer you specialized auditing services that cater to your individual requirements.
With the aid of our auditing services, you can:
Observe all rules and regulations in your area
- Determine and reduce hazards
- Updating your internal controls
- Make wise decisions in business
- enhance investor confidence
If you’re searching Benefits Of Using A JAFZA-Approved Auditor from good audit firms in Dubai then feel free to contact us. We also provide other related services such as accounting and Bookkeeping, CFO services, Corporate tax services, VAT services and many more.