Primarily, according to the implementing regulations, a DMCC Member i.e., all companies in DMCC has to upload the auditor’s signed and stamped Audited Financial Statements Summary Sheet and the Audited Financial Statements Report via a designated online service request on the member portal within 90 days after the end of each financial year. As per the Approved Auditors Rules (AAR) issued on 12th January 2017, it is the responsibility of each DMCC member company to ensure that their appointed auditor is registered as an Approved Auditor with DMCCA and is listed in the Approved Auditors List (AAL).
For most of our clients, the Dubai Multi Commodities Centre (DMCC) had extended the submission of the Audited Financial Statement (AFS) with the financial year-end date 31st of December 2021 from 29th of June 2022 to the 30th of September 2022 but for confirming that, you need to check your portal. Also, note that this was for the year 2022.
For example, if an entity’s financial year ends by December 31, 2022, then that entity must submit its audited financial statements by June 28, 2023. The financial year is decided by the company itself. It will be mentioned in the MoA of the company. An extension of another 3 months was granted upon the special request of an appointed auditor.
Basically, If you are a new company in DMCC you are supposed to submit an ” Auditor Appointment Letter” to the DMCC in the year of incorporation.
To emphasize, Alya Auditors is an approved DMCC auditor and we are available to meet the mandatory requirements of audit to secure your ongoing trading license. We are also providing Auditor Appointment letter for companies.
An audit performed by a non-approved DMCC auditor will not be accepted by the DMCC authorities.
A full set of audited financial statements and an audit summary issued by DMCC approved auditor must be submitted online at the entity’s online DMCC portal before the deadline. Also, officials of the DMCC compliance department may require the entity to submit the original audited financial statements at any time.
The annual external audit is mandatory for all DMCC registered companies. To perform an audit for JLT and DMCC free zone companies, DMCC authorities have published a list of approved auditors. To become registered audit firms in DMCC Free Zone, auditors in Dubai should have a valid professional license from Economic Department.
The DMCC mandates that the audited financial statements and summary sheets need to be submitted annually. Submission of the annual audit report and renewed trade license has to be uploaded within 90 days after fiscal year-end through DMCC Portal.
Failure to submit audited financial statements to the DMCC will result in a fine of AED 5,000 and suspension of the DMCC online portal for the entity. Suspension of the DMCC portal means the entity will not be able to communicate with DMCC.
Bank statements
Bill Copies and invoices
Deposit statement from the DMCC portal
Credit/debit confirmation slips for all financial transactions
Memorandum of Association (MoA)Articles of Association (AOA)
Recent trade license
VAT and excise tax Registration Details.
Alya Auditors is a leading DMCC registered audit firm with a strong presence in the local business community and is well known for its quality of service delivery. Alya Auditors serves businesses in the UAE with their experience in auditing, accounting, and VAT in the UAE. We have mainly developed our business through small and medium-sized companies and we work closely with key authorities across all jurisdictions in UAE including DMCC.
Apart from the above services we are also helping the companies and businesses in the UAE to file their ESR notification.
Learn more about Alya Auditors and its offerings.
What Makes Alya Auditors One of the Top Auditing Firm in Dubai? In Dubai’s highly competitive business environment, companies must align with stringent financial regulations
Why Dubai Businesses Need Expert Accounting Services in 2024 In today’s dynamic business landscape, Dubai continues to be a global hub for entrepreneurs and enterprises.
Corporate Tax Registration Deadline Alert If your business license was issued in August or September (any year), make sure to register for Corporate Tax by
Is it mandatory to register for corporate tax in UAE? All taxable persons are required to register for UAE Corporate Tax and obtain a Corporate Tax
Truly, let us know what service you are looking for and hence we can get back to you with more details.
Definitely, Alya Auditors is the one partner you need to ensure your business is built on accurate accounting books certainly, to spearhead greater growth and wider market reach.
An association of legally independent auditing & accounting firms in the UAE
Silver Tower, Business Bay. PO Box: 41102, Dubai, UAE.
Sharjah Airport Free Zone PO Box: 120403 Sharjah, UAE.
+971 48769377
+971 52 9750690 , +971 50 522 1035
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Sunday – Closed
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