Sharjah Airport International Free zone also known as SAIF Zone runs attractive business facilities in the region, which includes the swiftness and simplicity of their work processes. There are thousands of companies incorporated under SAIF Zone Authority.

Auditing is mandatory for all members companies of SAIF Zone, for renewing their trade license. For such auditing to be conducted periodically, every member company must appoint only an approved auditor in Dubai. By approved auditor it is meant that an auditor who is registered and listed as approved auditor in SAIF Zone.

Every member company of SAIF Zone must submit their audited financial statement and summary sheet, which has been signed and stamped by the approved auditor on the official portal of SAIF Zone within 90 Days 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 SAIF Zone.

Most of the transactions related to supply of goods are out of scope other than the supplies done for consumption. At the same time the taxability of supply of services in designated zones are similar to mainland.

Documents Required
Every member company of SAIF Zone should maintain proper books of accounts and shall provide the same to the SAIF Zone Approved Auditors in Dubai and Abu Dhabi for conducting Auditing. Documents required for conducting auditing in SAIF Zone 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.

For more information on this topic, please visit our Blogs Section or Contact Us

For enquiries, call +971 5679 52590 / E-mail: info@aviaanaccounting.comm

Related Articles:

1. Top Ranked 10 Audit Firms in Dubai UAE 2024: Guide and Reviews
2. Audit Firms in Khalifa Industrial Free Zone Abu Dhabi – KIZAD
3. Audit Firms in Abu Dhabi
4. Audit Firms in Fujairah
5. Audit Firms in Ajman
6. Audit Firms in Sharjah
7. Top Audit and Accounting firms in Dubai, Abu Dhabi, Sharjah, UAE (2023)
8. Audit Firms in Ras Al Khaimah- RAK
9. Approved Auditors in Dubai Silicon Oasis Authority
10. Approved Auditors in DAFZA- Dubai Airport Free Zone Authority
11. Approved Auditors in Dubai Design District – the D3
12. Which are the Advantages and Disadvantages Of Cash- Basis Accounting in Dubai?
13. Which are the Accounting Missteps That Most Entrepreneurs Make in Dubai?
14. Which are the Best accounting apps for Dubai based Startups?
15. How does Outsourcing of Accounting work in KSA?
16. What are Methods of Error Detection While Auditing for Dubai and Abu Dhabi?
17. What are Questions to be asked to CPAs to Reduce Audit Risk in Dubai?
18. What is Dubai Silicon Oasis (Free zone in Dubai)?
19. What are Principles for DMCC Approved Auditors in Dubai?
20. What is Importance of Hiring Best Audit Firms in Dubai for better Tax planning?
21. What are Qualities in Approved Auditor in DMCC (Dubai)?
22. What is Role of Auditors in Abu Dhabi and Dubai?
23. How does Audit work in DMCC in Dubai?
24. How does Audit work in JAFZA in Dubai?
25. How does Audit work in SAIF Zone in Dubai?
26. How does Audit work for Free Zone companies in Dubai and Abu Dhabi?
27. How does Audit work in Dubai South?
28. What are Functions performed by internal auditors in Dubai?
29. Bahrain Guide: What is VAT Audit?
30. UAE Guide: What is VAT Audit in Dubai?
31. UAE Guide: What is FTA Audit File of VAT in Dubai?
32. Role of Internal Auditing In Change Management
33. What is Auditing Evidence? How External Auditors support their Opinion?
34. How Artificial Intelligence Will Change the Auditing Function
35. Value Addition for Business with Auditing
36. Compliance and Auditing: Are these both the Same?
37. Auditing Role in Modern Cybersecurity Challenges