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. Above all, We are an approved auditor and liquidator by Masdar City and currently working as auditor and liquidator 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.
- Also, 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. Therefore, If a Company fails to comply with this, it commits an offense.
♦ Appointment of Auditor
- Every Masdar City company must appoint an approved auditor and perform an 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
- 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?
- Auditing Services
We provide a year-end annual audit for many Masdar Free Zone companies at a reasonable fee. That is to say, Our fees are reasonable and affordable for all types of companies.
- Part-Time Accounting Services
We provide Part-time Accounting Services for companies in Masdar Free Zone. In other words, 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 need further information or clarification, you may contact us:
- Send an email – firstname.lastname@example.org / email@example.com
- Speak to our customer service +971 2 6452666 / +971 2 6459446