How does Audit work in JAFZA in Dubai?
Jebel Ali Free Zone Authority (JAFZA) is one of the oldest free zones in the United Arab Emirates (UAE) catering to the needs of thousands of businesses and supporting Dubai’s objectives of attracting foreign investments and ensuring sustainable development. It continuously offers the best services for its members without compromising on quality and compliance of law in the region.
Auditing is mandatory for all members companies of JAFZA. For such auditing to be conducted periodically, every member company must appoint approved auditors in Dubai. By approved auditor it is meant that an auditor who is registered and listed as approved auditor in JAFZA.
Every member company of JAFZA must submit their Audited Financial Statement and summary sheet, which has been signed and stamped by the approved auditor on the official portal of JAFZA within 3 months from the end of its financial year. If they fail to do so, then they will be liable to pay fine under the DMCC Company Regulations, for non-compliance. Further, there is also a risk of non-renewal of trade license in JAFZA.
The supplies of goods in the designated zones are out of scope for VAT. Wherever the goods are supplied for consumption within JAFZA it will be taxable at applicable rate. In case of services it will be taxed similar to the services done in the mainland. Export of services from the JAFZA free zone will be at zero percentage rates.
Every member company of JAFZA should maintain proper books of accounts and shall provide the same to the JAFZA Approved Auditors in Dubai and Abu Dhabi for conducting Auditing. Documents required for conducting auditing in JAFZA are:
- Trial balance, financial statement and relevant MIS reports.
- Supporting documents of transactions such as invoices, vouchers, contracts, etc.
- Memorandum Of Association (MOA)
- Articles Of Association (AOA)
- Trade license copy
- Share certificate
- Certificate of Incorporation
- Any other document, as and when required.
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