Approved Auditors in DMCC

Approved Auditors in DMCC:

Dubai Multi Commodities Centre (DMCC) is a global hub of trade & business located in the heart of UAE, Dubai. It is well known as the #1 Free Zone in the world, as they have been Financial Times fDi’s Global Free Zone of the year for 9 consecutive years! They have over 24,000 registered companies, more than 80,000 professionals and 100,000 residents and visitors. This article will discuss Auditing in DMCC, as well as

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

Why is Auditing needed in DMCC?

Accounting records are a mandatory requirement for any company to grow in the UAE. Without them, the business will have no real way to keep track and record the financial information of a business. VAT Filings, Financial Statements and the newly-implemented Corporate Tax Filings would become incorrect without utterly correct financial data of the company.

Many mistakes can possibly be made during the accounting process, which is where auditing comes in. It fixes the errors made in the books of entry, financial statements & more.

How to set up accounting records for auditors?

The accounting records of the company should be up-to-date with the current date. The transactions also must be supported by proof via; receipts and invoices. The accounting procedures of DMCC must follow the IFRS & FTA laws and policies. The financial statements should accurately represent the company’s financial position and profit/loss gained in the year.

Auditing Services in DMCC:

It is mandatory for all businesses in Dubai Multi Commodities Centre to hire an auditor/auditing company that is approved by the DMCC Authority. They also should be approved by the Ministry of Economy as accepted auditors. One of those is Mubarak Al Ketbi Chartered Accountants (MAKCA). The team at MAKCA report on the books of entry and financial statements of FZE & FZCO businesses active in DMCC. To guarantee the accuracy of the accounting records in DMCC, MAKCA complies with local as well as international regulations like IFRS, Anti Money Laundering (AML), and Combating Financing of Terrorism (CFT).

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

As you’ve read, hiring the proper auditor is far more beneficial than cutting costs by hiring an unqualified one. Mubarak Al Ketbi Chartered Accountants are capable of offering outstanding services in Corporate Tax, Liquidation, Auditing, and Accounting. Our staff has over 2000 satisfied customers and 20 years of work experience in the UAE, thus we have expertise in DMCC auditing. 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 DMCC:

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.