Audit in Dubai South | Audit in Dubai World Central | United Auditing a Division of Emirates Chartered Accountants Group
Dubai South previously known as Dubai World Central is a city that visions to make Dubai a city of happiness, creativity and empowerment. It aims to become one of the ideal places for living, working and investing. This growing city anticipates accommodating population in Million. It is structured in such a way that it will be able to support every kind of business and industries in open 500,000 jobs.
Benefits of having company in Dubai South / Dubai World Central?
- 100% ownership for the investor
- 100% tax free
- Minimal license cost
- Most of the transactions are out of scope from VAT
- No customs Duty
Why auditing is important for companies registered in Dubai South or Dubai World Central?
The rules and regulations of Dubai World Central or Dubai South demands to do auditing of books of accounts of the companies registered under the authority. The companies can appoint the approved auditor in the UAE. The financial year of the companies start from 1st January till 31st December of every year. However, the case of companies registered in UAE, the financial year starts from the date of registration till 31st December of the same year or subsequent year provided the total period doesn’t exceed 18 months. In most of the cases the authority demands the audited financial statements before proceeding for renewing the trade license. It is always recommended to do the auditing of the books of accounts in order to understand that the financial position of the company for the management.
How United Auditing conducts an Audit?
United Auditing is an approved auditor in Dubai South / Dubai World Central. Once we are appointed as the auditor of a company registered in Dubai South / Dubai World Central, we shall pay client visits. Auditing is to express an opinion on the financial statements of the company. In order to express an opinion audit evidence has to be collected through audit procedure. During the audit procedure we execute many techniques which include not limited to vouching, balance confirmation, reconciliation, physical verification, testing, analysis of transaction, etc.
Responsibility of the company registered in Dubai South / Dubai World Central with regard to auditing of books of accounts.
- Companies have to maintain proper books of accounts as per the requirement of IFRS.
- Supporting documents for the transaction should be made available for verification.
- Management / accountant should provide necessary information and explanation to the auditor in order to express independent opinion.
Applicability of VAT for transactions in the Dubai South / Dubai World Central.
All GCC Countries agreed to implement Vat and sign the GCC Framework in the year 2016. UAE & KSA implemented VAT from 1st January 2018, however Bahrain implemented VAT from 1st January 2019. As far as free zones in the UAE is concerned, there are special treatment of VAT for designated zones. In most of the cases supplies of goods in the designated zones are out of scope for VAT. Wherever the goods are supplied for consumption, it will be taxable at an applicable rate. All the services done in the designated zone are 5%/ 0% taxable. Tax treatment for Free zones which are not considered as designated zones are taxable at par with the transactions in the mainland.
What are the documents to be maintained for Audit in Dubai South / Dubai World Central?
The following are the list of documents to be maintained and submitted for auditors.
- Legal documents – Memorandum Of Association (MOA), Articles Of Association (AOA), Trade license copy, Share certificate, certificate of incorporation Tenancy contract etc.
- Bank statements and confirmations from banks
- Balance confirmation from debtors, creditors and third parties (as per the samples given by the auditors).
- Statement of deposits from the Dubai South / Dubai World Central portal, copies of Ledgers, sales invoices, purchase bills, expenses bills etc.
- Complete set of books of accounts, trail balance etc.
- Such other information as the auditor may consider necessary.
Why Choose United Auditing for Audit in Dubai South / Dubai World Central?
We United Auditing, a Group Company of Emirates Chartered Accountants Group, Head Quartered in Dubai is a
- Conduct audit in accordance with the provisions of International Standards on Auditing (ISA).
- Focusing to provide quality service on a time-bound manner to our clients.
- Members firm in the IECNet, an international association of accountants, auditors and tax professionals
- Our vision is to ensure clients progress financially and socially.
- ISO Certified Chartered Accountants Firm
- Listed with all major banks and free zones in the UAE.
Audit in Dubai South / Dubai World Central
+971 50 887 3115 | +971 4 2500290
+971 55 653 0001 | +971 4 2500290