Auditing
Registered Auditors in Fujairah
We are approved auditors for companies located in Fujairah.
World Class Auditing & Registered Services for Businesses Registered in Fujairah Free Zone
Fujairah Free Zone (FFZ) is one of the two major free zones located in the Fujairah Emirate. The said free zone is located next to the Fujairah port. Businesses established and operating within the FFZ also have access to the Red Sea, all Arabian gulf ports, Pakistan, India and Iran on weekly feeder vessels. FFZ is also close to the only International Airport located in the emirate of Fujairah.
Types of Business Formations/Entities
1. New Business Entities
- Free Zone Establishment (FZE) is an entity with a single shareholder/ owner
- Free Zone Company (FZC) is a legal entity with two or more shareholders
2. Branches
Any international or local firm can open its branch in the Fujairah Free zone subject to certain conditions/ requirements being fulfilled. The branch is allowed to conduct only those business operations that are similar to that of its parent company. In order for a company to open a branch in the Fujairah Free zone:
- Board Resolution of the Parent Company
- Valid operating license of the parent company
- Memorandum and Articles attested by the UAE embassy of the parent company
- Passport copies along with two photographs of all the Shareholders and directors of the entity.
Types of Business License
- Industrial License
- Service License
- Trading License
Who is responsible for Regulating the Fujairah Free Zone?
Benefits Associated with Businesses Operating within the FFZ
Businesses operating within the FFZ are provided with the following benefits:
- Total exemption from personal tax
- Total exemption from corporate tax
- No restriction on repatriation of capital
- 100 percent foreign ownership
- No restriction on hiring foreign employees
- Cost-effective workforce
Reasons for External Audit Service in FFZ
- The external audit report provides the free zone authority with the information they need to ensure that businesses operating within the Fujairah Free Zone are showcasing compliance with the laws and regulations established by both the UAE government and the free zone authority.
- An external audit aids the authority by providing it with assurance that the company’s financial statements are compiled, prepared and presented in accordance with the relevant accounting standards and that the company is not involved in any type of fraudulent or illegal activity.
- An external audit report also provides the company’s stakeholders with assurance that information presented and disclosed in the company’s annual financial statements can be relied upon to make strategic business decisions.
- An external audit also provides assurance to the authority as well as the company’s stakeholders with regards to the completeness and authenticity of the information disclosed in the entity’s financial statements.
Approved Auditors in Fujairah Free Zone
The Fujairah Free Zone Authority has its own standards and processes in place for approving or giving license to audit firms for performing external audits of companies registered in the FFZ. In order for the audit firms to remain in the list of approved auditors in FFZ they must provide evidence to the authority with regards to their staff members updating their knowledge and skills with the changing auditing and accounting standards
How A&A Associate LLC can help you?
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