Is Audit Mandatory For Free Zone Companies In Jafza (Jebel Ali Free Zone) Uae, Dubai?

Audit is mandatory for most of the Free Zone Companies registered under JAFZA Authority (Jebel Ali Free Zone Authority) as per the Jebel Ali Free Zone rules and regulation ie, the Implementing regulations No. 1/99. The clause (51) of the above regulation provides that, the Free Zone Companies in Jebel Ali, Dubai, UAE shall appoint approved auditors, who are approved by the authority, to make audit report of the annual accounts of such Free Zone companies and the audit reports are to be submitted to the shareholders of such Free Zone Companies in Jebel Ali, Dubai, UAE, by such approved auditor. The Annual Accounts of the Jebel Ali Free Zone Companies (JAFZA Companies, Dubai, UAE). As per the provisions of the clause no 49 of the above regulations, the annual accounts of each free zone companies registered under JAFZA shall be approved by its directors and signed by or on behalf of the directors. At least one director shall sign the balance sheet/ statement of financial position and profit and loss accounts/ statement of comprehensive income of such Free Zone Company. As per the provisions of the clause no 50 of the above said regulations, copy of the annual accounts of each Free Zone Company shall be delivered to the FZCO Department within 3 months from the end of the financial year of the Free Zone Company. This 3 months period can be extended if the company gets permission from the Authority or the Authority may extend time in special circumstances. Approved Auditors in JAFZA/ Approved Auditors for Jebel Ali Free Zone Companies: The Clause No. 51 of the Implementing Regulations No. 1/99 Issued pursuant to Law No 2. Of 1986 Of H.H. Shaikh Maktoum Bin Rashid Al-Maktoum, Ruler of Dubai, the Free Zone Companies shall appoint from among those approved by the Free Zone Authority. In practice, all audit firms holding the valid professional license under the Economic Department, Dubai, UAE is eligible to do the audit of Free Zone Companies registered under JAFZA Authority. Financial Audit service for the Jebel Ali Free Zone companies (JAFZA Companies), Dubai, UAE is one of the key services 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.