Audit Firms in Ras Al Khaimah- RAK
Ras Al Khaimah (RAK) is one of the leading business and economic zones in the UAE. Its estimated GDP currently stands at AED 36.3 billion. It has so far registered more than 14,000 companies and over 2,000 companies in the last year alone. The Ras Al Khaimah port is also one of the busiest and bigger ports in the Middle East region.
The Ras Al Khaimah Economic Zone RAKEZ authorities have made it mandatory for companies operating in the RAK territory to provide the auditing certificates. All companies need to maintain financial statements according to international accounting standards. These financial statements must be audited and checked by the audit firms in Ras Al Khaimah.
Why Ras Al Khaimah Economic Zone- RAKEZ
Doing business in an economic zone like RAKEZ comes with multi-faceted business advantages. You will be part of an international business community from over 100 countries and 14,000+ companies. The RAKEZ already includes 5 different zones with over 50 industries.
Some key benefits of doing business at Ras Al Khaimah Economic Zone RAKEZ:
- Choice of Free zone and non-free zone registration
- 100% foreign ownership
- Zero taxes with free-zone companies and 100% repatriation of funds
- A one-stop-shop for all government services such as Licensing, Visa, Trade, etc.
- Wide range of business and accommodation facilities
- Join the international business community with 14,000+ registered companies
- Become part of one of the busiest port in the Middle East
- Logistics and operations, IT and Marketing, Auditing and Accounting, All Services at one place
Approved Auditors in Ras Al Khaimah
There are many auditing and accounting firms in Ras Al Khaimah and the UAE. Special Economic zones like the RAKEZ authorities provide a list of approved auditors in Ras Al Khaimah. Only these registered auditing firms in Ras Al Khaimah have the mandate to conduct the auditing services for businesses in the RAKEZ.
The maximum grace period offered by RAKEZ authorities is six months after the financial year for the companies. Every company must provide certificates of audited financial statements within that time frame. All auditing firms in Dubai can provide auditing certificates, but it is pertinent to note that only registered auditing firms in Ras Al Khaimah have the mandate for auditing.
An experienced and professional auditor like AVIAAN can take you through the auditing process with integrity and unmatched services.
Why partner with Audit Firms in Ras Al Khaimah
All companies conducting business activities in the UAE require auditing compliance with the Federal Tax Authority of UAE. Additionally, the RAKEZ authorities require all companies to comply with fair conduct of business and require all companies to provided audited financial statements.
Partnering with registered auditing firms in Ras Al Khaimah will provide compliance and regulatory certification for your business. According to the RAKEZ authorities failing to provide the audited financial statements will result in AED 2,500 fine.
The RAKEZ authorities categorically provide instructions on providing the audited financial statements from the approved auditors in Ras Al Khaimah only. These audited statements can also help your business maintain good relations with external lenders such as banks and trade creditors.
Companies operating under a free-zone license are also required to provide audited financial statements. Although free zone companies do not pay corporate taxes, but RAKEZ authorities require compliance with auditing regulations. Free Zone companies must also adhere to the same financial regulations and provide certificates from only one of the approved auditing firms in Ras Al Khaimah.
What information do the Audit Firms require for Auditing Services?
Generally, all companies conducting business in Ras Al Khaimah require maintaining accounting and financial records. These records must be kept according to the international accounting standards and must provide transparent conduct of financial reporting.
Approved Auditors in Ras Al Khaimah would require financial statements for the relevant fiscal year. These documents must be examined by external auditors. The auditors then offer a fair point of view on the transparency of the financial records of the company.
Only approved and audit firms in Ras Al Khaimah have the mandate to audit. For auditing they generally require:
- Accounting and Bookkeeping records
- Bank Statements
- Memorandum of Association
- Company registration details with FTA
- Maintained records of invoices and bills
- Relevant financial statements to be audited
The actual list of required documents by auditors can vary by the nature of the entity.
We at Aviaan Auditing are a registered accounting and auditing firm in UAE, Oman, and KSA. We have a team of professionals and experienced auditors that provide the highest quality services to our clients throughout the UAE and in the Middle East region.
With our professional integrity and standards, we are one of the leading and experienced auditing firm in Dubai. You can expect the best auditing services from us with full trust.
Aviaan Auditing will be your trusted partner for auditing services in Ras Al Khaimah. If you have set up franchises or branches in other parts of UAE, we can partner with you for professional accounting and auditing services.
For enquiries, call +971 5679 52590 / E-mail: firstname.lastname@example.org