Jebel Ali Free Zone Authority (JAFZA) is a significant economic zone in the UAE. Top Auditing Firms in JAFZA offer corporations top-notch auditing services in full compliance with the set laws and regulations. Auditing is compulsory for all JAFZA corporations. JAFZA bids the following business licensed activities:
- Conducts service activities
- Conducts trading activities
- Carries out manufacturing activities with different product developments
- Does offshore trades
- Carries out the selling and buying of goods and services through any electronic means
Importance of Jebel Ali Free Zone(JAFZA)
JAFZA connects with over 60% of the world’s population. It provides access to a market of over 1.5 billion entities.
Why is audit essential in JAFZA?
It is mandatory to appoint an auditor for the registered companies with JAFZA. The major reasons are;
- An auditor will examine and report on the accounts prepared according to local and international rules.
- The auditors’ report state whether the accounts have been prepared according to regulations
- An auditor makes sure that a true and fair view of the company’s financial statement must be delivered.
The firms operating in JAFZA are not allowed to do any other activities that are not defined as per the trade license. If the auditor finds that a firm is undertaking any such actions, it must state in the report. An auditor’s report is of the highest importance to the authorities. Because they depend upon it on the financial position of the companies. The firms operating in JAFZA can choose the JAFZA-approved top audit firms in Dubai.
Read more: DIFC Audit Requirements
How to Submit an Audit to JAFZA?
Every JAFZA Registered Company should submit the summary sheet of the financial state in the prescribed form. It has to be signed and stamped by the Approved Auditor in JAFZA. Also, it should be along with the Financial Audit Statements on the portal JAFZA.
Applicability of VAT
The supplies of goods in the chosen zones are out of the scope of VAT. Wherever the goods supply for consumption within JAFZA it will be taxable at a valid rate. Export of services from the JAFZA free zone will be at zero percentage taxes. In the case of services, it will be taxed parallel to the services done on the mainland.
Documents required by JAFZA approved auditors to conduct an audit
The companies working in JAFZA are required to present relevant documents, the documents should relate to the years during the time of annual auditing. The submission of documents ensures that the auditor could provide a precise opinion on the financial health of the company. The companies licensed by JAFZA ought to present the following documents:
- Memorandum of Association (MoA)
- Articles of Association (AOA)
- Statements of Bank
- Credit or debit validation for all financial transactions
- Copies of bills and invoices
- Newest Trade License
- Current Registration Details for VAT and Excise Tax (If Applicable)
- Books of Bank Accounts
Avail of Top Audit Services from Trusted Audit Firms in Dubai
- We use innovative audit techniques and data analytics with 100% accuracy
- We assure financial audit statements are true and accurate
- We inspect the audit report to reflect an honest opinion on the financial aspects of the company
- Our auditors Identify the weakness of internal control actions and provide recommendations.
- We prepare the financial audit work timely as per client needs
- We assure the obedience of books of accounts with international standards.
- We issue first-class audit reports compliant with JAFZA regulations
Contact us today and we shall be happy to assist you!
Umapathy Anuruthan, is a Senior Auditor at the firm, holds a Business Management Degree and carries with him an experience of 6+ Years, having worked in two of the Big 4 audit firms. He has a ‘hands-on’ understanding of external audits and financial reporting and is well-known for his approach to ensuring the highest quality and accuracy in audits for clients of numerous industries.