Maintaining a systematic archive of company documents and providing them to the client upon request
(Depending on the type of work and the qualifications of the person employed, but not less than 1 900 USD)
(According to the time actually spent)
The calculator allows you to calculate the approximate cost of maintenance of accounting services to support and audit the company.
CalculateUnited Arab Emirates consist of seven emirates:
UAE suggest three types of company formations to conduct business.
As a rule an Offshore company doesn’t have to submit financial statements to state authorities on the territory of UAE. However the company must keep records and documents attesting its economic activity in a volume that may let the directors determine its financial status. The terms for which the records must be kept are set by separate Regulations which determine the procedure of registration and operation of offshore companies in free zones. For example, in Jebel Ali free zone an offshore company must keep accounting records for 10 years.
The directors are obliged to prepare financial statements and present them to the shareholders of the company on an annual basis.
Onshore company should keep accounting records in a volume that would be enough to reflect its financial status and actual information on its assets and obligations. Such records should contain information on assets and obligations of the company, as well as daily transactions of funds (cash and non-cash).Terms for the records keeping are determined by the regulations of the particular Free Economic zone. The company should annually prepare financial statements.
Financial statements must be audited and submitted to the state authorities (with some exceptions) in such emirates as Dubai, Sharjah, Abu Dhabi and Ras al Khaimah. Free zones situated in emirates Fujairah, Ajman and Umm al-Qaywain as general don’t have requirements to undertake audit and submit financial statements to state authorities. However if there is a request from the bank or necessity to obtain certificate of tax residence even companies, registered in Fujairah, Ajman and Umm al-Qaywain, might be required to undergo an audit.
In total, there are more than 45 Free Economic zones in the UAE.
Requirements to financial statements and audit in main Free Economic Zones:
|
Free Zone
|
Accounting records
|
Preparation of financial statements
|
Audit
|
Submission of financial statements to state authorities
|
Terms for submission of financial statements
|
|
JAFZA Emirate Dubai
|
yes
|
yes
|
yes
|
yes
|
3 months
|
|
DIC Emirate Dubai
|
yes
|
yes
|
yes
|
yes
|
6 months plus 7 dayes
|
|
DWC Emirate Dubai
|
yes
|
yes
|
yes
|
yes
|
3 months
|
|
DMCC Emirate Dubai
|
yes
|
yes
|
yes
|
yes
|
3 months
|
|
IFZA Emirate Dubai
|
yes
|
no
|
no
|
no
|
---
|
|
SMC Emirate Sharjah
|
yes
|
yes
|
no
|
(on request)
|
---
|
|
SAIF Emirate Sharjah
|
yes
|
yes
|
yes
|
yes
|
3 months
|
|
HFZA Emirate Sharjah
|
yes
|
yes
|
yes
|
yes
|
3 months
|
|
AFZA Emirate Ajman
|
yes
|
yes
|
no
|
(on request)
|
---
|
|
UAQ FTZ Emirate: Umm al-Qaywain
|
yes
|
yes
|
yes
|
(on request)
|
---
|
|
RAKEZ Emirate: Ras Al Khaimah
|
yes
|
yes
|
yes
|
yes
|
6 months
|
|
FCC Emirate: Fujairah
|
yes
|
yes
|
no
|
(по запросу)
|
---
|
|
FFZ Emirate: Fujairah
|
yes
|
yes
|
no
|
(по запросу)
|
---
|
|
ADGM Emirate: Abu Dhabi
|
yes
|
yes
|
yes (provided: turnover – more than 13.5 million USD; number of employees – more than 35)
|
yes
|
9 months
|
|
KIZAD Emirate: Abu Dhabi
|
yes
|
yes
|
yes
|
yes
|
6 months plus 7 days
|
Emirate Sharjah
Mainland company must keep accounting records for at least 5 years from the end of fiscal year. According to the UAE Commercial Companies Act a company should prepare financial statements and undergo annual audit as well. These companies must submit annual report on the company’s activity and an auditor’s opinion to the Ministry of Finance or Ministry of Industry to renew the company’s license.
Companies with a local partner and companies, registered in Free Zones of UAE, should obtain a license to carry out an activity. There are six main types of licenses: industrial, commercial, professional, tourist, agricultural and xxx.
As a rule the first fiscal year ends on 31st day of December of the current or next year. The first period cannot be less than 6 and more than 18 months. But there are exceptions.
There are exceptions. For example, FZE in Free zone Hamria (HFZA) – for these companies first fiscal period might not match with the calendar year.
The companies as usual have a period from 3 to 9 months (it depends on the Free zone) from the end of fiscal year for preparation of audited accounts.
In emirates with higher reputation – such as Abu Dhabi, Dubai and Sharjah – audit is mandatory. There is no requirement for a mandatory audit in northern emirates. The exception is - Ras al Khaimah.
Some free zones (as a rule in Dubai) require a signed Auditors Appointment letter at the time of the company’s incorporation.
Free zone companies might be subject to financial penalty of 5 000 AED (~ 1 400 USD) for each month of the period during which financial statements have not been submitted. The companies might request extension of the period to submit financial statements. The main risk of non submission of audited financial statements is that companies will be denied in renewal of their trade licenses (licenses to operate activity).
Companies with subsidiaries (if the share in a subsidiary is more than 50% of shares) must prepare consolidated financial statements for the group of companies.
