How does Audit work in Dubai South?
Dubai south also known as Dubai World Central is trade free zone in Dubai, having different set of rules and regulations. It is a very favorable place for businesses to grow. Below are benefits listed if you have a business in Dubai South:
- 100% ownership for the investor
- 100% tax free
- Minimal license cost
- Most of the transactions are out of scope from VAT
- No customs Duty
Laws for auditing and book keeping for company registered in Dubai South
The companies here must:
- Maintain proper books of accounts as per the IFRS.
- Have supporting documents for the transaction for verification.
- Have management to provide necessary information and explanation to the auditor in order to express independent opinion.
The rules and regulations of Dubai World Central or Dubai South states to get done auditing of books of accounts of the companies registered. The companies can appoint the approved auditor in Dubai. The financial year can be calendar year or any other year as per the company desires. In most of the cases the audited financial statements are required before renewing the trade license, to understand the financial position of the company.
Documents Required
The following are the list of documents to be maintained and submitted for auditors.
- Legal documents – Memorandum of Association (MOA), Articles of Association (AOA), and Trade license copy, Share certificate, certificate of incorporation Tenancy contract etc.
- Bank statements and confirmations from banks.
- Balance confirmation from debtors, creditors and third parties.
- Statement of deposits from the Dubai South / Dubai World Central portal.
- Copies of Ledgers, sales invoices, purchase bills, expenses bills etc.
- Complete set of books of accounts, trail balance etc.
- Such other information as the auditor may consider necessary.
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