DMCC /JLT is one of the fastest-growing free zones among the UAE free zones having more than 6000 registered companies. The free zone situated in the heart of the city the number of investors interested in more especially European clients.
Since the annual audit is compulsory for the trade license renewal of companies the Audit firms in Dubai can exploit those opportunities.
Recently the free zone Authority issued a fine policy for all the clients who have not submitted the audited financials on time. Audit in DMCC/ JLT is compulsory for all registered companies in the free zone.
As per the DMCC guidelines, all its registered members need to submit audited financials for each year within three months from the date of the financial year ended.
Those clients who failed to submit audited financials on time are being penalized for a minimum of Aed 5000 for each financial year. DMCC has already implemented and started to issue fines for the clients who have not submitted audited financials.
If any registered member in DMCC has not prepared and submitted the financials to free zone authority then you will be experiencing financial penalties and service termination also.
DMCC /JLT is one of the fastest-growing free zones among the Dubai free zones. As of December 2012, the number of registered clients in DMCC is more than 7000. By mid-2013 it will be reaching around 10,000 clients in the free zone.
Since DMCC is a free zone the number of foreign investors is attracted more especially to European clients.
When more foreign entrepreneurs are setting up business in DMCC/ JLT the number of job opportunities also will increase. Audit in DMCC/ JLT is made compulsory for the registered companies.
The free zone authority is imposing fines and other legal actions to those clients who failed to submit the audited financials in time. Emirates Chartered Accountants Group Dubai is an authorized auditor in DMCC/ JLT.
We, Emirates Chartered Accountants Group is present in the market for the last many years with the highest professional quality, real-time service, and maintaining ethical values. Our qualified chartered accountants at various levels of execution of assignments ensure that requirements as per International Financial Reporting Standards (IFRSs), auditing standards, and relevant legal provisions are properly complied with.
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Pradeep Sai | Partner
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