Approved Auditors in JAFZA

Jebel Ali Free Zone is known as the flagship free zone of DP World, and is an integral part of the DP World UAE Region’s integrated business hub. The free zone has evolved into a trade catalyst and a smart business community that offers unprecedented growth opportunities and market access to all businesses who operate in JAFZ. To make sure your business grows well, auditing measures need to be applied. This article will discuss Auditing in JAFZA, as well as:

–	Why is Auditing needed in JAFZA?
–	How to set up accounting records for auditors?
–	Auditing Services in JAFZA:
–	Documents required for Auditing Services in JAFZA:
–	How can Mubarak Al Ketbi Chartered Accountants help you in Auditing?

Why is Auditing needed in JAFZA?

Accounting records are a mandatory requirement for any company to grow in the UAE. Without them, the company wouldn’t be able to effectively monitor and document its financial data. Without completely accurate financial data about the firm, VAT filings, financial statements, and the recently established corporate tax filings would all become erroneous.

During the accounting process, a lot of mistakes might be made. This is where auditing comes in. It corrects mistakes in the financial accounts, books of entry, and other areas of an accounting practice.

How to set up accounting records for auditors?

The company’s accounting records ought to be current as of this writing. Additionally, invoices and receipts serving as verification of the transactions are required. JAFZA’s accounting practices are required to adhere to FTA regulations and legislation as well as IFRS. The company’s profit/loss for the year as well as its financial condition should be fairly represented in the financial statements.

Auditing Services in JAFZA:

Employing an auditor or auditing firm that has been approved by the JAFZA Authority is a requirement for all enterprises operating in the Jebel Ali Free Zone. The Ministry of Economy should also have acknowledged them as auditors. Mubarak Al Ketbi Chartered Accountants (MAKCA) is one of them. The MAKCA team provides a report on the financial accounts and books of entry for FZE & FZCO companies that operate in JAFZA. In order to ensure that the accounting records in JAFZA are accurate, MAKCA conforms to both local and international requirements, such as IFRS and Anti Money Laundering (AML).

How can Mubarak Al Ketbi Chartered Accountants help you in Auditing?

As you’ve read, it is far better to hire the right auditor than to hire an untrained one in order to save money. Mubarak Al Ketbi Chartered Accountants are qualified to provide excellent services in Accounting, Liquidation, Corporate Tax, and Auditing. With more than 2000 happy clients and 20 years of work experience in the UAE, our crew is experienced in JAFZA audits. If you have any questions, you can reach out to us by email, phone or book an online meeting. Contact us today, and we guarantee you excellent service

Documents required for Auditing Services in JAFZA:

The documents required are:

1.	Financial Statements
2.	Bank Statements.
3.	Credit/ debit confirmation for all transactions.
4.	Proof of bills and invoices.
5.	Memorandum of Association (MoA).
6.	Articles of Association (AOA).
7.	Trade License.
8.	Registration Details for VAT and Excise Tax.
9.	Books of Accounts.

Do individuals pay corporate tax on salary?

No. Salary stays outside CT. A person pays CT only on business income when the person runs a licensed business and crosses the turnover threshold.

Can a free zone company sell to the mainland and keep 0%?

It depends on the activity, the role in the supply chain, and the de-minimis rules. Non-qualifying mainland income generally faces 9%.

Do small firms need audited accounts?

Some firms may use IFRS for SMEs, but certain categories, including many free zone persons seeking QFZP status or entities above revenue thresholds, need audited statements.

What records must a taxpayer keep?

Keep ledgers, invoices, contracts, bank statements, TP files, and working papers for the statutory period. Keep scans and hard copies when needed.

When is the CT return due?

The return and payment are due within nine months after the end of the tax period. Add the date to your calendar with early reminders.