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Auditing & Accounting Services for JAFZA Companies

Apr 22 Written by

Auditing & Accounting Services for JAFZA Companies

Jebel Ali Free Zone Companies Auditors

It is compulsory for all companies in JAFZA to maintain proper books of account and to perform annual audit by an approved audit firm as per the THE JEBEL ALI FREE ZONE RULES issued by Jebel Ali Free Zone Authority (JAFZA).

Parker Randall UAE provides JAFZA company auditing, accounting and liquidation services. We are approved auditor and liquidator by Jebel Ali Free Zone Authority and currently working as auditor and liquidator for many companies in the Free Zone.

 

Keeping proper Books of Account

* Every Free Zone Company shall keep accounting records sufficient to show and explain the transactions of such Free Zone Company.

* The accounting records shall in particular contain a record of the assets and liabilities of the Free Zone Company and entries from day to day of all sums of money received and expended by the Free Zone Company and the matters in respect of which the receipt and expenditure takes place.

* The accounting records of each Free Zone Company shall be kept at its registered office in the Free Zone and shall at all times be open to inspection by the officers of the Free Zone Company Department and by its Shareholders and their representatives.

* The JAFZA Authority reserves the right to require that the balance sheet and profit and loss account of each Free Zone Company comply with provisions to be set down by it from time to time.

 

Annual Audit

♦ Annual Accounts

* The annual accounts of each Free Zone Company shall be approved by its directors and signed by or on behalf of the directors. At least one director shall sign the balance sheet and profit and loss account of the Free Zone Company. 

* A copy of the annual accounts of each Free Zone Company shall be delivered to the JAFZA Authority within 3 months of the end of the financial year of the Free Zone Company. Or such longer period as the Authority may determine. 

♦ Appointment of Auditor

* Each Free Zone Company shall be required to appoint auditors from among those approved by the Authority to make a report to the Owner of the Free Zone Company on all annual accounts of the Free Zone Company.

♦ Audit

* The auditor shall audit any financial statements and shall make a report to the Company's members on the accounts examined by them.

* The auditors' report shall state whether, in the auditor’s opinion, such annual accounts have been properly prepared in accordance with these Implementing Regulations and whether a true and fair view is given

     (a) in the case of the balance sheet of the Free Zone Company of the state of affairs of the Free Zone Company at the end of its financial year,

     (b) in the case of the profit and loss account of the Free Zone Company for the financial year and

     (c) in the ase of annual accounts of the Free Zone Company prepared on a consolidated basis, of the state of affairs as at the end of the financial year and the profit or loss for the financial year of the undertaking included in the consolidation. 

* The Free Zone Company shall deliver a copy of the auditor’s report (duly signed by the auditors) to the JAFZA Authority, together with the annual accounts.

* Where the net assets of a Free Zone Company fall below 50 % of its share capital the director (s) shall, not later than 15 days from the earliest day on which that fact is known to a director, duly notify the JAFZA Authority and the Board of Director which shall, within 7 days of such notification to it, take such steps as may be appropriate to remedy the situation so as to ensure that the net assets of such Free Zone Company are restored to at lest 50 % of its share capital as soon as reasonably practicable. 

♦ Financial Years

* The first “financial year” of each Free Zone Company shall commence on the date of its registration as disclosed in its Certificate of Formation. The Board of Director may determine the length of the financial year of its Free Zone Company by Board Resolution (a copy of which shall be delivered to the JAFZA Authority within 7 days of being made and details thereof promptly entered in the FZCO Register) provided that no first financial year may exceed 18 months or be for less than 6 months. Successive financial years shall be of 12 months duration beginning immediately after the end of the previous financial year.

* The Board of Director of a Free Zone Company may alter the financial year of its Free Zone Company by Board Resolution (a copy of which shall be delivered to the JAFZA Authority and details thereof promptly entered in the FZCO Register) save that in no case may the financial year of a Free Zone Company exceed 15 months or be shorter than 6 months..

 

Are you looking for Accounting & Auditing Services?

1. Auditing Services
We provide year-end annual audit for many Jebel Ali Free Zone (JAFZA) companies at reasonable fee. Our fees are reasonable and affordable by all types of companies. 

2. Part Time Accounting Services
We provide Part-time Accounting Services for companies in Jebel Ali Free Zone. You can hire a qualified and experienced part-time accountant from us and minimize your expenses by eliminating your personnel cost.  


 If you require our services, please submit a request for proposal.

 

 

If you need further information or clarification, you may contact us:

♣ Send an email – This email address is being protected from spambots. You need JavaScript enabled to view it.

♣ Speak to our customer service   +971 2 6452666 / +971 2 6459446

 

Auditing & Accounting Services for Masdar City Companies

Mar 01 Written by

Auditing & Accounting Services for Masdar City Companies

Masdar City Companies Auditors

It is compulsory for all companies in Masdar City to maintain proper books of account and to perform annual audit by an approved audit firm as per the MASDAR CITY COMPANIES REGISTRATION REGULATIONS 2009 issued by Abu Dhabi Future Energy Company (ADFEC).

Parker Randall UAE provides Masdar City company auditing, accounting and liquidation services. We are approved auditor and liquidator by Masdar City and currently working as auditor and liquidator for many companies in the Free Zone.

 

Keeping proper Books of Account

* All Masdar City companies should keep proper accounting records as per Masdar City Companies Registration Regulations.

* A Company's accounting records shall be at all times open to inspection by an officer or auditor of the Company.

* A Company's accounting records shall be preserved by it for ten years from the date on which they are made.

* The accounts shall be prepared in accordance with generally accepted accounting principles approved by the Registrar and show a true and fair view of the profit or loss of the Company for the period and of the state of the Company's affairs at the end of the period and comply with any other requirements of the Regulations.

* A Company's accounts shall be approved by the Directors and signed on their behalf by one of them.

* Within six months after the end of the financial period, the accounts for that period shall be:

    (a) prepared and examined and reported upon by auditors; and

    (b) laid before a general meeting together with a copy of the auditors' report

* A Company shall file with the Registrar within seven days after the general meeting, a copy of the accounts and auditors' report.  If a Company fails to comply with this, it commits an offence.

 

Annual Audit

♦ Appointment of Auditor

* Every Masdar City company must appoint an approved auditor and perform annual audit.

* The directors or the company at the inaugural meeting and at each annual general meeting shall appoint auditors to hold office until the close of the next annual general meeting. 

* The Directors or the Company in general meeting may fill any casual vacancy in the office of auditors and fix their remuneration

♦ Audit

* The auditor shall audit any financial statements and shall make a report to the Company's members on the accounts examined by them.

* The auditors' report shall state whether in their opinion the accounts have been properly prepared in accordance with these Regulations and, in particular, whether a true and fair view is given.

♦ Financial Years

* The first financial year of a Company starts on the day on which it is incorporated and lasts for a period not exceeding 18 months as may be determined by the Directors. 

* The second and any subsequent financial year shall start at the end of the previous financial year and shall last for 12 months or some other period which is within seven days either shorter or longer than 12 months as may be determined by the Directors.

 

Are you looking for Accounting & Auditing Services?

1. Auditing Services
We provide year-end annual audit for many Masdar Free Zone companies at reasonable fee. Our fees are reasonable and affordable by all types of companies. 

2. Part Time Accounting Services
We provide Part-time Accounting Services for companies in Masdar Free Zone. You can hire a qualified and experienced part-time accountant from us and minimize your expenses by eliminating your personnel cost. 


Are you looking for a Company Formation Services to open a company at Masdar Free Zone?

Please visit “Company Set-up in Masdar City Free Zone” page.

 


 

If you require our services, please submit a request for proposal.

 

 

If you need further information or clarification, you may contact us:

♣ Send an email – This email address is being protected from spambots. You need JavaScript enabled to view it.

♣ Speak to our customer service   +971 2 6452666 / +971 2 6459446

 

Auditing & Accounting Services for DMCC Companies

Feb 25 Written by

Auditing & Accounting Services for DMCC Companies

DMCC Companies Auditors

It is compulsory for all companies in DMCC to maintain proper books of account and to perform annual audit by an approved audit firm as per the DMCC COMPANY REGULATIONS No (1/03) issued by The Dubai Multi Commodities Centre Authority.

Parker Randall UAE provides DMCC company auditing, accounting and liquidation services. We are approved auditor and liquidator by DMCC Authority and currently working as auditor and liquidator for many companies in DMCC.

 

Keeping proper Books of Account

♦ Every DMCC company should keep proper records of account with respect to:

(a) all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place; and 

(b) all sales and purchases of goods by the company; and

(c) the assets and liabilities of the company.

(d) The records of account shall be kept at the registered office of the company and shall at all times be open to inspection by the directors.

(e) In the case of records of account not being made available for inspection by a director the authority may by order compel immediate inspection of such records.

(f) If a company fails to comply with this Regulation, the company may be required to pay a fine in accordance with the Fines Tariff set out in the Free Zone Rules and Regulations. .

 

♦ The directors of every DMCC company shall, for each financial year, lay before the company in general meeting:-:

a) a statement of the results of operations for such period (i.e. a profit and loss account); and

b) a statement of retained earnings or deficit; and

c) a balance sheet at the end of such period; and

d) a statement of changes in financial position for such period; and

e) notes to the financial statements and the notes thereto shall be in accordance with DMCC  Companies Regulation and

f) such further information as required by DMCC  Companies Regulation Regulations, any appropriate implementing regulations and the company's own Memorandum and Articles of Association; and

(g) the report of the auditors 

 

Performing Annual Audit

Every DMCC company must appoint an approved auditor and perform annual audit.

♦ Appointment of Auditor
(a) The shareholders of a company at the inaugural meeting and at each annual general meeting shall appoint auditors to hold office until the close of the next annual general meeting, and, if the shareholders fail to do so, the directors shall forthwith make such appointment or appointments. The auditor already in office shall continue in office until a successor is appointed. 

(b) The remuneration of an auditor appointed by the shareholders shall be fixed by the shareholders or by the directors, if they are authorized to do so by the shareholders, and the remuneration of an auditor appointed by the directors shall be fixed by the directors.

(c) No person shall be appointed as auditor of a company who is an officer or employee of that company or of an affiliated company or who is a partner, employer or employee of any such officer or employee.

♦ Audit
(a) The auditor shall audit any financial statements to be laid pursuant to DMCC Companies Regulation as will enable the auditor to report to shareholders.

(b) Based on the results of the audit, the auditor shall make a report to the shareholders.

(c) The audit should be done in accordance with the generally accepted auditing standards. That may be those of the Centre, a country or jurisdiction. The report of the auditor shall identify the generally accepted auditing standards used and the auditor's opinion of this appropriateness and of the general nature, extent and effect of the same.

 

Are you looking for Accounting & Auditing Services?

1. Auditing Services
We provide year-end annual audit for many DMCC companies at reasonable fee. Our fees are reasonable and affordable by all types of companies. 

2. Part Time Accounting Services
We provide Part-time Accounting Services for companies in DMCC Free Zone. You can hire a qualified and experienced part-time accountant from us and minimize your expenses by eliminating your personnel cost. 


Are you looking for a Company Liquidator to close your company at DMCC?.

Please visit “DMCC Company Liquidation” page.

 


 

If you require our services, please submit a request for proposal.

 

 

If you need further information or clarification, you may contact us:

♣ Send an email – This email address is being protected from spambots. You need JavaScript enabled to view it.

♣ Speak to our customer service   +971 2 6452666 / +971 2 6459446

 

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