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 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.
* 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?
- 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.
- 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 need further information or clarification, you may contact us:
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