DDA Audit Deadlines 2022 was the 31st of October which got extended to 30th of November 2022, all entities (free zone limited liability companies and branch offices) registered under the jurisdiction of the Dubai Development Authority (DDA) must file their most recent audited financial statement/audit reports. These filings need to be made through each entity’s AXS portal account.
As a result, DDA requires free zone limited liability companies to maintain audited financial statements. For branches of foreign companies, audited financial statements may not be required if the parent company’s financial statements include the accounts of such branches.
In fact, the process covers all aspects to ensure compliance with the relevant laws, as for DDA which will be the DCCA regulations (Dubai Creative Clusters Private Companies Regulations 2016), and an in-depth analysis of the financial information presented.
To emphasize, Dubai Development Authority previously known as the Dubai Creative Cluster Authority (DCCA) is a Dubai Government entity established and named pursuant to Law No. 15 of 2014 and Law No 10 of 2018. The change reflects the entity’s new broader mandate overseeing development control, municipal, economic, and immigration functions across select free zone clusters and other communities by various master developers throughout Dubai.
Before, all companies registered with DDA were required to prepare the report, but not to submit it.
However, starting on 12th August 2022, all Dubai Development Authority-registered companies must submit audit reports to the DDA by 30th November 2022 on their online portal.
According to the regulations of 2016 by the DCCA, all its entities are bound to prepare their books of accounts and keep the records for at least eight years or for any other period that the registrar may specify.
Basically, Audit reports are financial statements prepared by auditors and accountants who are certified in the audit jurisdiction.
In fact, as per DDA Private Companies Regulations 2016 circular 421, FZ LLC’s and branch offices are required to prepare and submit their financial Statement and Annual Return along with their summary sheets each financial year.
In particular, companies from the below listed free zones must submit their most current audited financial statements by November 30, 2022.
The financial statement and the duly filled financial Statement Report Summary Sheet should be submitted via the AXS portal.
Based on the DDA regulations, companies within its zone must submit the most recent audit report, along with a summary sheet, by 30th November 2022, as well as every year after that, within six months of the end of the financial year.
Business groups throughout the UAE will be closely monitored with the implementation of corporate tax laws and other laws that will require audited financial statement filings on an annual basis by mainland licensing authorities and free zones.
During the whole process, Alya Auditors can assist you as Approved DDA Auditors. To avoid unnecessary fines, our experienced auditors can prepare Audited Financial Statements in accordance with DDA regulations and guidelines.