Annual Financial Audit and Audit Compliance Assistance services for the Meydan Free Zone
Our annual financial audit and compliance assistance services cater specifically to companies operating within the Meydan Free Zone in Dubai, UAE. We understand the unique regulatory environment and business landscape of the region, ensuring that our clients meet all necessary compliance requirements. Our team of experienced auditors conducts thorough financial examinations, providing valuable insights and recommendations to enhance financial practices. We aim to simplify the audit process, minimizing disruptions to your business operations while ensuring full adherence to local regulations. With our tailored approach, we empower businesses to focus on growth and innovation, confident in the accuracy and integrity of their financial reporting. Let us assist you in achieving a seamless audit experience in the dynamic environment of the Meydan Free Zone.
ACCOUNTS AND AUDIT
A Company must prepare financial statements and submit audited financial statements to the Authority within 30 days of such request.
A Company shall keep accounting records at such place as the Directors think appropriate that:A Company shall keep accounting records at such place as the Directors think appropriate that: show and explain the Company’s transactions; disclose with reasonable accuracy, at any time, the financial position of the Company at that time; and enable the Directors to ensure that all accounts prepared by the Company comply with the requirements of these Companies Regulations.
Meydan Free Zone imposes specific accounts and audit requirements that all companies operating within its jurisdiction must adhere to, in line with the established licensing regulations. Companies are required to maintain accurate and comprehensive financial records that reflect their operations, ensuring transparency and compliance with applicable laws. An annual audit conducted by an accredited external auditor is mandatory, providing an independent assessment of the financial statements.
Financial years
The first financial year of a Company shall start on the date on which the Company is incorporated and continue for a period not exceeding eighteen (18) months as may be determined by the Directors.
Each subsequent financial year of a Company shall start at the end of the previous financial year and shall continue for twelve (12) months.
A Company may by Ordinary Resolution change its financial year end date and amend its Memorandum (if any) to reflect any such change. A Company shall notify the Authority of any change to its financial year in accordance
with Clause 17.1.1. If a Company does not have a Memorandum, it shall amend its financial year end date by Ordinary Resolution and notify the Authority of such change on the prescribed form.
In accordance with the Meydan Free Zone companies and licensing regulations, financial years are defined to ensure standardized reporting and compliance among registered businesses. The fiscal year typically aligns with the calendar year, commencing on January 1st and concluding on December 31st. However, companies may opt for a different financial year if such a decision is documented and communicated to the relevant authorities. Adhering to these regulations is crucial for companies operating within the free zone as it affects tax assessments, auditing processes, and overall financial reporting.
Appointment, removal and resignation of an auditor
An auditor may be appointed or be removed by Ordinary Resolution.
A Company shall, in accordance with Clause 17.1.5 notify the Authority of the appointment, resignation or removal of the Company’s auditor.
The appointment, removal, and resignation of an auditor within the Meydan Free Zone are governed by specific regulations aimed at ensuring transparency and compliance. When a company seeks to appoint an auditor, they must adhere to the licensing regulations set forth by the Free Zone authorities.
Meydan Free Zone Companies and Licensing Regulations
