Audit & Assurance
With a flexible government, the UAE provides business opportunities for new businesses. The UAE is a hugely profitable location for entrepreneurs from all over the world. The establishment of free zones helps companies to set up shops in the country.
The DIFC, or Dubai International Finance Centre, is an exclusive free zone that was established in 2004. DIFC is a sophisticated financial centre that serves as a financial powerhouse for the MEASA countries. The free zone was created with the objective of managing the country's financial companies. DIFC is one of the country's fastest-growing free zones.
DIFC is a finance-based free zone that allows for the establishment of profitable businesses. Some of the advantages of establishing a company in the DIFC are as follows:
DIFC has three regulatory authorities, each with its own set of responsibilities.
It is a regulatory body that oversees the development of various companies in the DIFC. The authority was created under Dubai Law No. 9 of 2004. It is essential in the creation and advancement of laws governing financial service firms.
The DFSA is a self-governing authority that regulates financial services conducted both within and outside of the free zone. The DFSA ensures that companies follow the rules and regulations of the free zone. The term DFSA is derived from Dubai Law No. 1 of 2004. This law allows individuals to make decisions that affect the financial market while also serving the needs of businesses.
DIFC Courts are established by Dubai Law No.9 of 2004, which allows for self-government in the free zone. The DIFC court has jurisdiction over all commercial and civil disputes in the free zone. This court upholds the highest standards for legal proceedings and dispute resolution.
All businesses functioning from or within the DIFC must first obtain a business licence, which is subject to approval from the DFSA and the DIFC authority.
Within the DIFC free zone, the following types of businesses are formed:
Company with Limited Liability (LLC): These businesses are formed under Companies Law No. 3 of 2006. The formation process is identical and comparable to that of a company limited by shares. For an LLC, the words 'Limited Liability Company are added after the company name.
Company Limited by Shares: A company limited by shares has a minimum of one shareholder and no shareholder limit. Except for companies that provide specific financial services, there is no minimum capital requirement.
Limited Liability Partnership (LLP): The company is formed under LAW No 5 OF 2004 as a Limited Liability Partnership. A limited partnership (LP) in DIFC can be formed by two or more people. Partners' liability is limited to their capital contribution.
Limited Partnership (LP): The companies formed under the Limited Partnerships Law of Law No-4 2006 are known as limited partnerships. An LP in DIFC is made up of more than two people. Partners' liability is limited to their capital contribution.
General Partnership (GP): General Partnership Law No.11 of 2004 establishes General Partnership Law. There are no capital requirement requirements for a general partnership. A general partnership partner's liability is unlimited.
Foreign Entity Branch: A foreign entity can be formed as a recognised entity by having to register with the registrar of companies and obtain approval from the relevant DIFC authority as well as the DFSA.
Investment companies are formed under the provisions of Law No. 3 of the Companies Act of 2006 and Part 13 of the Companies Regulations. These businesses must follow the Collective Investment Act. The companies can be registered as either open-ended or closed-ended investment companies.
Because DIFC serves the majority of finance-related businesses, the need for audit services is obvious. The free zone has its own set of policies and guidelines that must be followed by every company.
External audits ensure that the company is following all of the free zone's rules and regulations.
Only a DIFC auditor is authorised to conduct audits in the free zone, and audited financial statements must be decided to submit within four months of the fiscal year's end.
Our audit process is in accordance with accounting and auditing regulations.
Consider Reyson Badger for your auditing needs if you are looking for an approved audit firm in free zones and the UAE. We are licenced service providers in the UAE and have free zone registration. Our audit process is efficient and in accordance with accounting and auditing standards. All of the major financial institutions and banks in the UAE have registered our company.
In addition to external auditing, our team offers expert services in company insolvency, company financial reporting, and tax consultancy in the UAE.