How does Audit work in SAIF Zone in Dubai?
Sharjah Airport International Free zone also known as SAIF Zone runs attractive business facilities in the region, which includes the swiftness and simplicity of their work processes. There are thousands of companies incorporated under SAIF Zone Authority.
Auditing is mandatory for all members companies of SAIF Zone, for renewing their trade license. For such auditing to be conducted periodically, every member company must appoint only an approved auditor in Dubai. By approved auditor it is meant that an auditor who is registered and listed as approved auditor in SAIF Zone.
Every member company of SAIF Zone must submit their audited financial statement and summary sheet, which has been signed and stamped by the approved auditor on the official portal of SAIF Zone within 90 Days from the end of its financial year. If they fail to do so, then they will be liable to pay fine under the DMCC Company Regulations, for non-compliance. Further, there is also a risk of non-renewal of trade license in SAIF Zone.
Most of the transactions related to supply of goods are out of scope other than the supplies done for consumption. At the same time the taxability of supply of services in designated zones are similar to mainland.
Documents Required
Every member company of SAIF Zone should maintain proper books of accounts and shall provide the same to the SAIF Zone Approved Auditors in Dubai and Abu Dhabi for conducting Auditing. Documents required for conducting auditing in SAIF Zone are:
- Trial balance, financial statement and relevant MIS reports.
- Supporting documents of transactions such as invoices, vouchers, contracts, etc.
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Trade license copy
- Share certificate
- Certificate of Incorporation
- Any other document, as and when required.
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