Audit in Free zones
The UAE Governments in different emirates offer investors more than forty multidisciplinary free trade zones in which foreign investors can fully own companies. These zones provide world-class infrastructure and specific services that facilitate smooth workflows, saving businesses considerable time and effort.
Free zones are geographically demarcated areas in the United Arab Emirates, allowing 100% foreign ownership and are primarily dedicated to a specific industry. They are designed to support vital business transformation in key industry sectors. Most of the Free Trade Zones in UAE require the respective entities to file the annual audited financial statements within three to six months from the end of the financial year.
The Free Trade Zone Authority accepts financial statement of Free Zone entities that have been audited by approved Audit Firms.
HLB HAMT is an approved audit firm in all the Free Trade Zones in UAE, and our clients have a hassle-free submission with the free zone authorities.
The following are general requirements across all Free Trade Zones related to the business, books of accounts and financial statements:
- Independently Audited financial statements are to be filed within the stipulated time (90 to 120 days, depending on different Free Zones) from the end of the financial year.
- It needs to Comply with the minimum capital adequacy requirement. (Each Free Trade Zone has a different threshold and reporting requirements).
- Only conduct the licensed commercial activities by the respective Free Zones
- Maintaining a proper register of imports and exports of goods matches the customs records. Also, these records need to be compared with the customs codes.
- Submission of Financial Statements Summary attested by a Free Trade Zone approved auditor.
Our clients in Free Trade Zones include entities in Manufacturing, Petrochemicals, Logistics, Food & Agricultural Commodities, Retail & E-commerce, especially in Jebal Ali Free Zone (JAFZA), Sharjah Airport Free Zone (SAIF), Dubai Airport Free Zone (DAFZA) and Dubai Multi Commodities Center (DMCC).
We are an approved audit firm in Dubai International Financial Center (DIFC) and Abu Dhabi Global Markets (ADGM) to audit private equity funds, non-regulated entities and non-profit organizations.
For further details about Free zones, please visit
Our audit methodology includes the following:
- Planning and understanding of internal controls
- Risk Assessment
- Testing of controls and details
- Finalization of audit report and financial statements
- Reporting of Control weaknesses (if any) and suggest corrective steps
What assistance can HLB HAMT provide you with your DMCC Audit?
HLB HAMT is one of the leading and most recognized auditors in DMCC. We offer businesses an honest and fair evaluation of their financial position and also ensure that the company’s accounts are free of any material misrepresentations and adhere to IFRS standards.
Frequently Asked Questions
Are Audits Required for DMCC Companies?
Yes, auditing is required for all member companies of the Dubai Multi Commodity Centre (DMCC). Each DMCC firm is required to select an auditor in line with DMCC company regulations and also make sure the auditor is included on the Certified Auditors List and enrolled with DMCC as an authorized auditor.
When is the submission deadline for audited financials in DMCC?
Within 180 days following the end of the fiscal year, each DMCC company is required to post its audited financial statements and financial statements summary sheet to the DMCC website. The authority can extend this term in some circumstances. The DMCC authorities have the right to ask for further paperwork at any time, besides asking for the originals when it comes time for an examination.
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