Licensed External Audit Firm & Auditors in DWC, Dubai UAE
If your company is in need of External Auditor, look no further. Nadeem & Umendra (NUF) Chartered accountants is a DWC approved auditor that can work for you as an independent external auditing firm to provide shareholders, stakeholders and the free zone authority confidence that your business is being run efficiently and in full compliance with laws and regulations.
Our audit process is streamlined and prepared in a manner that complies with all applicable accounting standards and we are licensed by the UAE government and registered in the DWC free zone in order to provide independent external audit reports.
Dubai World Central
The Dubai World Central (DWC) also known as Dubai South is one of the fastest growing free zones in Dubai and the UAE. It is a strategic initiative that was launched by the Dubai government in 2006. The plan was to design a free zone to provide an economic platform to all industries and to create approximately 500,000 jobs in the process.
It is located right next to the Jebel Ali Sea Port and is home to the Al Maktoum International Airport. Due to its strategic location DWC is considered to be the leading global trade and aviation hub in the Middle East. The location of DWC also makes it a suitable destination for convenient shipping around the Gulf Cooperation Council (GCC) as well as globally.
Dubai World Center takes advantage of its location and seamlessly connects the Jebel Ali Sea Port to the Al Maktoum International Airport by using Dubai Logistics Corridor. By doing so DWC is able to provide a multi model logistics platform showcasing unparalleled levels of connectivity, speed and efficiency.
The Dubai World Central like other free zones in the UAE has specific rules and regulations for businesses within the free zone. The purpose of these specific rules and regulations is to make sure that the free zone environment is well regulated and properly controlled.
Types of Companies in Dubai World Central
In the DWC a Limited Liability Company or branch of a local or international company can be setup.
Types of Business License in Dubai World Center
Industrial License – allows the holder to perform specified light manufacturing activities.
Service License – permits the holder to provide specified services in the license within the DWC and in other parts of the UAE.
General Trading License – permits the holder to import, export, and store specific items mentioned in the license as well as sell these products in the UAE through a local distributor
Logistics License – permits the holder to perform specific logistic services mentioned on the license.
Education License – permits the holder to provide services relating to education in Dubai World Central and in other parts of the UAE.
Benefits Associated with setting up business operations in DWC
• Corporate tax exemption
• Personal income tax exemption
• 100% foreign ownership
• No restrictions on repatriation of capital and profits
• Secure and regulated environment
• Exemption from all types of import and export duties
• Excellent infrastructure and services
External Audit Requirements in DWC
One of the compulsory requirements for companies registered in DWC is to submit their external audit report to the free zone authority at the end of their respective financial year. The External audit requirement is an important part of the process for renewing business licenses by companies operating within the Dubai World Central free zone.
External Audits performed by an independent approved audit firm helps to provide assurance to the free zone authority that the information presented in the financial statements is true and accurate and that the financial statements are prepared in compliance with applicable accounting standards. It also provides the authority with information regarding a companies conduct regarding their business operations in accordance with the applicable DWC regulations.
Who can perform External Audit of Companies operating in DWC?
Only Audit firms that hold a valid auditing license from the UAE government and are also registered with the DWC free zone authority are authorized to provide external audit services to companies operating in DWC. The DWC maintains a DWC approved auditors list which contains a list of DWC approved audit firms that are approved to conduct external audits of financial statements and business operations.
The regulations applicable in DWC permit the auditors to have access to any document, record and information they need during the normal course of the external audit process.
In order to remain certified an audit firm in the UAE is required to provide evidence with regards to providing its employees with opportunities to participate in continuous development and training programs. The purpose of this is to ensure that professionals working in audit firms remain up-to-date with changes taking place in the world of audit and accountancy.
Additional Requirements for DWC Approved Auditors
• The Auditor must be impartial and independent.
• The Auditor must have no personal stake or interest in the outcome of the external audit.
• The Audit firm must not have any relationship with the company being audited other than that of an independent service provider.
• The auditor must perform the audit of company’s financial statements in compliance with the applicable auditing standards.
Benefits of External Audit Services in DWC
One of the key benefits associated with an external audit engagement is that it helps businesses operating within Dubai World Central to renew their DWC business license. Another benefit of an independent external audit report is that it provides the entity’s shareholders and other stakeholders with information as to whether the financial statements reflect a true and fair view of the company’s financial position and are prepared in compliance with applicable accounting standards and regulations.
The external audit report from an approved audit firm in DWC or Dubai also provides the free zone authority with information as to whether the company is complying with the rules and regulations applicable in the DWC free zone. The external audit report also helps in providing banks, investors and financial institutions with necessary information they need in order to assess the risk and impact of investing in a specific company in the Dubai south free zone.
How Nadeem & Umendra Chartered Accountants can assist your Company?
Nadeem & Umendra (NUF) Chartered accountants is an approved audit firm that provides external audit services in Dubai World Central, mainland Dubai as well as other free zones in the UAE. We have a team of qualified professionals who have extensive auditing experience of companies in diverse business sectors and industries. Our objective is to provide our clients with audit services that are not only of exceptional quality but also adds value with in relation to their business operations.
Should you need the help of an external audit firm in DSO (Dubai South), other free zones, or mainland please give us a call at +971 50 3958931 so we can let you know how we can help!