LICENSED EXTERNAL AUDITING & AUDITORS IN DIFC (DUBAI INTERNATIONAL FINANCIAL CENTRE) UAE
UAE provides business opportunities for budding enterprises with the presence of a flexible government. UAE is a lucrative place for entrepreneurs all around the world. The presence of free zones allows businesses to establish themselves in the country.
DIFC free zone
DIFC or Dubai international finance centre is an exclusive free zone established in the year 2004. DIFC is an advanced financial centre which acts as an economic hub for the MEASA countries. The free zone was established with the aim of managing financial companies in the country. DIFC is one of the fastest growing free zones in the country.
Benefits of business setup in DIFC free zone
DIFC is a finance-based free zone which allows business setup in a lucrative option. Some of the benefits of setting up company in DIFC include,
- Free from corporate tax or personal income tax
- Enhanced data security and data protection
- Free flow of information and transparency
- International stock exchange
- Use of dollar dominates the free zone
- Availability of professional people
- Attractive infrastructure with advanced technologies.
Regulatory authorities in DIFC
DIFC has three regulatory authorities with their own set of functions.
- Dubai international finance centre authority – DIFCA
It’s a supervisory authority which manages the development of various companies in the DIFC. The authority was established according to the Dubai Law No 9 of 2004. It plays a significant role in the formation and development of laws related to the financial service firms.
- Dubai financial services authority
DFSA is a self-governing authority which regulates the financial services conducted in and out of the free zone. DFSA monitors that the companies are compliant to the rules and regulations of free zone. DFSA comes from the Dubai Law No 1 of 2004. This law allows individuals to take decision that affects the financial market and also serves the requirements of the companies.
- DIFC Courts
DIFC Courts are formed by Dubai law No.9 of 2004 which allows self-governing administration in the free zone. DIFC court is authorized to resolve all types of commercial and civil conflicts in the free zone. This court ensures highest level of standards for legal proceedings and dispute resolution.
DIFC Free Zone – Types of Business Entities
All the businesses operating from or within the DIFC initially require a business license with subject to the approval from DFSA and the DIFC authority.
Following types of business are formed within the DIFC free zone,
Limited Liability Company (LLC): These companies are incorporated under Law No. 3 of 2006 – Companies Law. Formation process is identical and similar to the formation of company limited by shares. ‘Limited Liability Company’ is added after the company name for an LLC.
Company Limited by Shares: limited by shares has minimum of one shareholder and no limit for shareholders. The companies have no minimum capital requirement except for companies with specific financial services.
Limited Partnership (LLP): Limited Liability Partnership Law forms the company under LAW No 5 OF 2004. . Two or more persons can join to form a LP in DIFC. Liability of partners is limited to the partner’s capital contribution.
Limited Partnership (LP): Limited Partnerships Law of Law No-4 2006 forms the companies under limited partnership. More than two persons form a LP in DIFC. Liability of partners is limited to the partner’s capital contribution.
General Partnership (GP): General Partnership Law is formed under the law no.11 of 2004. General Partnership has no minimum capital requirements. The liability of a partner in general partnership is unlimited.
Branch of a Foreign Entity: foreign entity can be formed as a recognized entity by registering with the registrar of companies and approval from concerned DIFC authority as well as DFSA.
Investment Company: these companies are incorporated under law of Law No-3 of 2006 companies Law and part 13 of companies’ regulations. These companies must comply with the collective investment law. The companies can be registered as open-ended investment company or close ended investment company.
Looking for an approved audit firm in DIFC, then consider A & A associate as an independent external auditing firm with a team of expert chartered accountants providing excellent audit services at affordable rates. Our team of qualified professionals assures shareholders that your business is running quiet efficiently in compliance with the applicable laws and regulations.
What is the need for audit in DIFC?
DIFC caters most of the finance-based business and so, the need for audit service is evident. The free zone has its own rules and regulations that go in compliance with every company.
- External audit ensures that the company is complying with all the rules and regulations of the free zone
- Only a DIFC auditor can perform audit in the free zone and the audited financial statements should be submitted within four months of the fiscal year ending.
- Our audit process streamlines with the applicable accounting and auditing standards.
Companies looking for an approved audit firm in free zones and the UAE, consider A & A associate for your auditing needs. We are licensed service providers in UAE and also, registered with free zones. Our audit process is streamlined and in compliance with applicable accounting and auditing standards. Our company is registered with all the major banks and financial institutions in UAE.
Apart from providing external audit services, our team provides expert services on company liquidation, business, accounting, and tax consultancy services in the UAE.
Contact us for streamlined auditing services that assure better ROI and increased profits!