Financial Audit is mandatory for most of the companies registered under JAFZA (Jebel Ali Free Zone) Authority as per the Jebel Ali Free Zone rules and regulation ie, the Implementing regulations No. 1/99. The Financial years of JAFZA companies are clearly mentioned in the provisions of the above regulations under the clauses (43) and (44).
Financial years of Jebel Ali Free Zone companies (JAFZA), Dubai, UAE.
The first financial year of Jebel Ali Free Zone companies (JAFZA companies), as per the above regulation shall begin on the date of its registration as disclosed in its Certificate Of Incorporation. The Board of Directors may determine the length of the financial year of its Free Zone Company by Board Resolution, provided that, no first financial year may exceed 18 months or be less than 6 months. Successive financial years shall be of 12 months duration beginning immediately after the end of the previous financial year. The company shall appoint auditors to do the Financial Audit in due course.
Accounts of the Jebel Ali Free Zone companies (JAFZA Companies), Dubai, UAE.
Accounts of the Jebel Ali Free Zone companies (JAFZA Companies), Dubai, UAE shall contain a record of the assets and liabilities of the Free Zone Company and entries from day to day of all sums of money received and spent by the free zone company and the matters in respect of which the receipt and payments takes place.
The accounting records of each Jebel Ali Free Zone Company (JAFZA) shall be kept at its registered office in the Free Zone and shall at all-times be open to inspection by the officers of the Free zone Company Department and it’s by its representatives.
The directors of every free zone company shall prepare for each financial year of the company a balance sheet as at the last day of its financial year and a profit and loss account.
Financial Audit service for the Jebel Ali Free Zone companies (JAFZA Companies), Dubai, UAE is one of the key service areas of Emirates Chartered Accountants Group. United Auditing is the Audit division of Emirates Chartered Accountants Group and is an approved audit firm in JAFZA. We are here to help you in regular Accounting and Auditing Services. For more queries mail us to info@emiratesca.com.
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