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Dubai Airport Free Zone (DAFZA) is one of the free zones which was established with the assistance of the government of the jurisdiction. It was formed in the year 1996 and since then has contributed a big share in the economy of the country.
DAFZA become mounted with the aim of accomplishing the UAE authorities’ investment-pushed economic system policy. It now homes over 1600 companies from the world in a number of industries, which include aviation, engineering, and telecommunications. DAFZA makes a large contribution to Dubai's $272 billion in international trade. In the primary 9 months of 2019, DAFZA accounted for 12% of Dubai's worldwide commerce. DAFZA's closeness to Dubai International Airport makes it an attractive choice for worldwide traders because the airport connects over 220 locations throughout six continents with over one hundred fifty airways.
This requirement has been set in place to ensure that registered companies comply with local and international regulations such as the International Financial Reporting Standards (IFRS), Anti-Money Laundering (AML) & Combating Financing of Terrorism (CFT).
It is also important to note that an audit is mandatory for both Free Zone Establishment (FZE) as well as Free Zone Companies (FZCO).
The audit of companies in the Dubai Airport free Zone Authority can only be performed by an Auditor in the DAFZA approved auditors list, the registered auditor in DAFZA must ensure that all books of accounts and transactions are well maintained without any inconsistencies proving their adherence to the international and local laws. Additionally they must also ensure that the company has not indulged in any other activity besides as permitted in the trade license.
Audit firms not registered with the Dubai Airport free Zone Authority (DAFZA) are not allowed to undertake audit and liquidation for companies and establishments in DAFZA.
We at Excellence are DAFZA Approved Auditors under the name of MANSOOR MULLA AUDITING OF ACCOUNTS and also provide other business services.
Excellence Auditing conducts final audits in accordance with International Standards on Auditing (ISA) and International Financial Reporting Standards (IFRS) and also follows audit guidelines set by the DAFZA Free Zone.
We also identify areas for improvement and suggest steps to achieve organizational goals actively contributing to business success. An audit of business books by the best UAE accounting firm helps companies comply with local and international regulations, and strengthens the company's credibility with stakeholders, governments, lenders, and other authorities.
DIRECTOR, AUTHORIZED SIGNATORY
MANAGER - TAX & ADVISORY
MANAGER - AUDIT & ASSURANCE
MANAGER - ACCOUNTING & BOOKKEEPING
MANAGER - BUSINESS CONSULTANT
MANAGER - BUSINESS DEVELOPMENT
MANAGER - BUSINESS DEVELOPMENT
ASST. MANAGER-BUSINESS CONSULTANT
SR. BUSINESS CONSULTANT
BUSINESS DEVELOPMENT EXECUTIVE
CLIENT SERVICE EXECUTIVE
SR. CLIENT SERVICE EXECUTIVE
SR. CLIENT RELATIONS EXECUTIVE
SR. ADMIN EXECUTIVE
Business Development Executive
Companies registered with DAFZA must appoint an approved auditor to investigate and report accounts created in accordance with national and international regulations. The audit report should state whether the company's accounting complies with International Financial Reporting Standards (IFRS) and ensure that the company is not content with money laundering.
Accounts maintenance in UAE is compulsory. It is mandatory for the businesses to take care of the books of accounts for a minimum of 5 years in accordance with the Federal Law No 2 of 2015 on Commercial Companies and therefore the UAE VAT law and relevant free port laws. Additionally, the authority invites documents like annual accounts, ledger, purchase day book, invoices issued, invoices received, credit notes, debit notes, VAT Ledger etc.
The auditor shall analyze the financial statements at the end of the year by requesting the company to submit the documents corresponding to the relevant year in order to audit and guarantee, and give an opinion on the financial condition by complying with the regulations. The Company must present the following documents:
Credit/ debit confirmation for all financial transactions
Copies of bills and invoices
Memorandum of Association (MoA)
Articles of Association (AOA)
Latest Trade License
Registration Details for VAT and Excise Tax (If Applicable)
Books of Accounts
Auditing is a very crucial service for any business and considering its importance, the government of the United Arab Emirates has made it mandatory to have auditing in the Dubai Airport Free Zone. A company that is established in the Dubai Airport Free zone must avail of auditing services only from Auditors which have been approved by the management of the Dubai Airport Free Zone. Have a company established in the Dubai Airport Free Zone or are planning to set up a company in the Free Zone then you should look into the services provided by Excellence. Excellence is a reputed Accounting and Auditing firm and will assist you in all ways possible.