Approved Auditors in MFZ
Meydan Free Zone (MFZ) is a popular free zone located in Dubai, UAE. They offer 2,500+ business activities, enabling you to Grow from Dubai. A single licence permits multiple activities, simplifying expansion across various fields, industries, and niche markets. They offer unique benefits, including: MoFA Recognized licence, Guaranteed bank account opening & Flexi-Desk included with licence. In order for a business in MFZ to grow, there must be Auditing Services for Company in MFZ. This article will discuss:
| – | Types of business in MFZ |
| – | Why is Auditing in MFZ Required? |
| – | Requirements to choose an Auditor for MFZ |
| – | Auditing services in MFZ |
| – | Documents required for auditing in MFZ |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your MFZ Company? |
Types of business in Meydan Free Zone:
There are many types of business in MFZ, but the most common ones include:
| – | Sole Trader |
| – | Partnership |
| – | LLC |
| – | Government Owned |
| – | Public/Private Limited Company |
Why is Auditing in Meydan Free Zone required?
It is mandatory to adhere to laws and regulations in the United Arab Emirates. The government must receive financial statements, newly launched corporation tax returns, and VAT filings for review. If their auditors find even the slightest mistake, harsh sanctions and maybe even imprisonment must be applied. These penalties are harmful to expanding businesses since they are so harsh. Effective auditing is essential for a company to have error-free accounting, which is required to prevent these kinds of problems from happening
Auditing is the process of correcting the errors that occur during accounting.
Requirements to choose an Auditor in Meydan Free Zone:
There are two requirements that need to be met when selecting an auditor for your company:
| 1. | Auditing cannot be done internally. While accounting can be done internally—that is, by businesses with their own finance department—it is necessary to conduct external audits through the use of an auditor or auditing company. |
| 2. | Approval of the free zone is required. To audit a company in MFZ, the Dubai Silicon Oasis must designate the auditor as qualified. To undertake audits, they also require verification of their degrees, qualifications, and tests from the Ministry of Economy. Mubarak Al Ketbi Chartered Accountants can help, as we are Meydan Free Zone Approved Auditors. |
Auditing Services in Meydan Free Zone:
As previously mentioned, all businesses participating in DSO are required to hire an external auditing company. The auditing company will review the primary entry books, financial accounts, corporate records, and ledgers to identify and correct any errors. The auditing company will also ensure that the accounting process complies with international accounting standards (IFRS) and specific UAE-based laws like Combating Financing of Terrorism (CFT) and Anti-Money Laundering (AML).
Documents required for Auditing in Meydan Free Zone:
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 |
How can Mubarak Al Ketbi Chartered Accountants help you in Auditing your Meydan Free Zone Company?
Hiring an outside auditing firm is required in the UAE for your auditing needs. The Ministry of Economy & Meydan Free Zone Authority (MFZA) should all have granted approval to that firm. Mubarak Al Ketbi Chartered Accountants is one of the best auditing firms in the United Arab Emirates. We have more than 2,000 satisfied customers and more than 20 years of expertise in a wide range of services, such as corporate tax, accounting, auditing, and company liquidation. Get in touch with us now, and we’ll provide you with excellent service.