DAFZA Approved Auditors
Dubai Airport Free Zone Authority (DAFZA) is popular as one of the most fashionable business extension platforms in Dubai which is a home for more than 1600 international organizations at present. The advantage of this strategic location, with its extravagance, closed proximity to the Dubai International Airport, DAFZA provides world-class infrastructure, splendid state-of-the-art facilities, complete return of investments, tax exemptions and full ownership for your venture.
DAFZA auditors and its protocols
As a mandatory requirement, all DAFZA registered companies should renew their trade license annually. To complete this process, the establishments must submit their annual audited financials which has been audited by one of the audit firms listed in DAFZA authority. The registered auditors in DAFZA will ensure all organizations are following the DAFZA protocols, maintaining their books in accordance with local and international standards including IFRS and will not engage in any illegal activity such as money laundering.
Role of SNR Associates as Registered Auditors in Dubai Airport Free Zone
As a registered entity in Economic Department to conduct statutory audit functions for compliance required by the Managements, Government bodies, Banks, and Free zones, we are qualified with performing over 5,000 audits in Dubai according to local and international guidelines. SNR Associates, a division of Vertex Auditing group is one of the best accounting companies in DAFZA that has been also endorsed under the approved audit firms in DAFZA Dubai. As one of the top listed Auditors in DAFZA, we are offering a wide range of services to our clients including but not limited to all types of accounting services, auditing and assurance, taxation services, advisory and consultation.
Audit is Mandatory for Companies in DAFZA
The purpose of implementing a mandate rule to submit annual financial statements is, to ensure that organizations are conducting their business activities in accordance with the rules established by the free zone authority. The authority is heavily depending on its registered Audit Firms in DAFZA to ensure that the operating companies under them are carrying out their businesses as per the permitted activities by the trade license, accounting records are free from material misstatements and follow all guidelines of Federal Tax Authority and the Ministry of Finance.
If a company failure to submit the annual audit reports to DAFZA authority from one of the authorized audit firms in DAFZA, within the stipulated period, will be charged a fine and/or the cancellation of their trade license renewal.
Documents that need to be maintained for Auditing in Dubai Airport Free Zone
DAFZA companies should conduct the annual audit by appointing one of the listed Audit Firms in Dubai Airport Free Zone. Further, they need to provide documents that are related to the year under audit, which facilitates the auditor to draw an impartial opinion on company’s financial position. Companies are required to present the following documents to:
- Books of Accounts
- Creditors/ debtors balance confirmations for all financial transactions
- Bank Statements and bank balance confirmations from the banks
- Copies of bills and invoices
- Memorandum of Association (MoA)
- Articles of Association (AOA)
- Latest Trade License
- Registration Details for VAT and Excise Tax (If Applicable)