Audit requirements in DMCC
The fastest growing free zone development in the UAE, Jumeirah Lakes Towers (JLT) is a 200-hectare, mixed-use waterfront master development facilitating both business and community living by offering commercial, residential and retail property for sale and lease. From multinational organizations and major regional industry participants, to small and medium sized businesses and start-up companies, today, the JLT free zone has over 6,500 companies enjoying its facilities and services. Streamlined processes, dependable customer support, unique services and industry clustering, modern infrastructure, prime location, freehold commercial and residential property are some of the reasons why the JLT free zone is the first choice for locating your business in Dubai.
Audit procedure for DMCC companies
All the companies registered under DMCC/JLT free zone have to be conducted an annual audit at the time of its trade license renewal. While the standard reporting period is one calendar year, a company may nominate a different reporting period the first reporting period will commence from the date of incorporation and must not be less than six months and no more than eighteen months. The audited financial statements must be furnished to the DMCC authority while renewing the trade license of the company. The auditor needs to be licensed by the UAE Ministry of Economy. Before engaging, an audit firm, DMCC advises all companies to ensure their auditor holds the necessary licenses.
Benefits of DMCC/ JLT Free zone
The DMCC/ JLT Free zone offers all the benefits like other free zone. The main reason behind the success of DMCC Free zone is the location. It is located exactly close to Sheikh Zayed Road and very closer to Jebel Ali Port which attracts more foreign investors to the free trade zone. The other benefits of the free zone are,
- 100% foreign business ownership
- Zero personal and corporate tax rate
- 100% capital repatriation and no currency restrictions
- One or more shareholders
- Unique industry clustering and purpose-built infrastructure
- Quality freehold, commercial and residential property for sale or lease at competitive rates
The annual audit for registered companies in DMCC/ JLT free zone is mandatory. The free zone is getting more attention from foreign investors. There are more than ten thousand of companies are registered so far.
Looking for Professional Audit Firms in Dubai ?
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Alya Auditors assists the registered companies to furnish the annual financial statements . For more information visit us @ www.alyaauditors.com