Approved Auditors In DGDP Audit Services In DGDP

Approved Auditors in DGDP Audit Services in DGDP

Posted By:

Taixoor

Approved Auditors in DGDP

Dubai Gold & Diamond Park (DGDP) is a famous park known for both its tourist attractions, as well as importation of gold and diamonds and the manufacture and sale of some of the world’s finest jewellery. Many of the leading names in jewellery have set up shop here, including ARY Jewelry, Damas, Emirates Diamonds just to name a few. They have 90+ shops, 154+ manufacturing units & three office blocks. In order for your jewellery business to grow, proper auditing is required. This article will discuss:

–	Types of business in DGDP
–	Why is Auditing in DGDP Required?
–	Auditing services in DGDP:
–	Documents required for auditing in DGDP
–	Requirements to choose an Auditor for DGDP
–	How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your DGDP Company?

Types of business in Dubai Gold & Diamond Park

There are many different types of businesses in DGDP, but the most common ones include:

–	Sole Trader
–	Partnership
–	LLC
–	Government Owned
–	Public/Private Limited Company

Why is Auditing in Dubai Gold & Diamond Park Required

Growth and profit are the primary goals of many enterprises in the United Arab Emirates. Accounting helps achieve that goal in two ways:

1.	To document a business’s finances. Whether the firm can pay its debts, whether it is profitable or losing money, and whether its liquidation is necessary.
2.	To document a business’s finances. Whether the firm can pay its debts, whether it is profitable or losing money, and whether its liquidation is necessary statements, the newly created corporate tax return, and VAT filings, among other documentation.

The process of discovering and eliminating problems in accounting is called auditing. In addition to preventing significant fines from improper document submission to the government, this enables precise financial data.

Auditing Services in Dubai Gold & Diamond Park:

As was previously noted, using an independent auditing company is mandatory for all enterprises operating in the DGDP. To find and fix any mistakes, the auditing firm will examine the bank accounts, ledgers, main entry books, and corporate documents. In addition, the auditing firm will guarantee that the accounting procedure conforms to the particular laws of the United Arab Emirates, such as those pertaining to international financial standards (IFRS), anti-money laundering (AML), and combating the financing of terrorism (CFT).

Documents required for Auditing in Dubai Gold & Diamond Park:

The documents required are:

1.	Business License
2.	Memorandum of Association.
3.	Articles of Association.
4.	All owners/shareholders visas, passports & customs documents.
5.	Financial Statements.
6.	Bank Statements
7.	Trial Balance.
8.	All accounting ledgers.
9.	Sales & Purchases invoices.
10.	Receipts & proof of transactions

Requirements to choose an Auditor in Dubai Gold & Diamond Park:

When choosing an auditor for your business in DGDP, you must ensure that the two conditions listed below are satisfied:

1.	Auditing cannot be done internally. Accounting can be handled internally by companies with their own finance department, but external audits need the support of an auditor or auditing firm.
2.	The auditor must be approved by the free zone. Before a Dubai auditor may audit a company in a DGDP, the Dubai Gold & Diamond Park Authority must authorise the audit. Before conducting audits, the Ministry of Economy must confirm their qualifications, degrees, and tests. We can help since Mubarak Al Ketbi Chartered Accountants is an auditing firm that Dubai Gold & Diamond Park has authorised!

How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your Dubai Gold & Diamond Park Company?

You need to work with an outside auditing company for your auditing needs in the United Arab Emirates. Such a corporation needs to have been approved by the Ministry of Economy and Dubai Gold & Diamond Park. Mubarak Al Ketbi Chartered Accountants is one of the leading auditing firms in the United Arab Emirates. We have over 2,000 satisfied customers and over 20 years of expertise. We provide a wide range of services, such as accounting, auditing, corporate taxation, and business liquidation. Get in touch with us right now, and we’ll be happy to help!

When did the UAE introduce Corporate Tax?

The UAE introduced Corporate Tax starting on or after June 1, 2023, for businesses operating within the country.

What is the corporate tax rate in the UAE?

The corporate tax rate in the UAE is 9% for companies, but businesses earning less than 375,000 AED pay 0%.

Do business branches in the UAE need to file separate tax returns ?

No, business branches in the UAE do not file separate tax returns. The parent company files one return that includes all its branches.

What is Group Relief under UAE Corporate Tax?

Group relief allows a parent company and its child companies to form a tax group. Losses in one company can be used to lower the tax of another company in the same group.

What is Restructuring Relief under UAE Corporate Tax?

Restructuring relief lets businesses delay taxes when trading parts of a company for shares in another company, helping during mergers or spin-offs without paying immediate tax.