The Dubai South Free Zone (previously, Dubai World Central) founded in 2006, is a strategic business hub established by the Government of Dubai. Moment, the Dubai South Free Zone is the largest and leading global business, trade and aviation capital. The Dubai World Central (DWC) was renamed to Dubai South to reflect the strategic position of the free zone.

The Dubai South Free Zone (DWC) headquarters is closely situated to the Al Maktoum International Airport, Business Park, Logistics District, Exhibition District, Aviation District, Residential District, Commercial District, Golf District and Humanitarian District. The Dubai South Free Zone international airport can deliver accessible logistics and payload around the Middle East, GCC and the entire world.

Why is Audit Mandatory for DWC Companies?

It is a mandatory requirement for a DWC registered company to audit their book of accounts by a DWC Registered Auditor to
  • Ensure Trade License Renewal
  • Prevent suspension of the existing trade license
  • Avoid hefty fines

According to the Memorandum of Association of DWC (Dubai South Free Zone), the DWC registered company is required to submit their audited financial reports within 90 days before the end of their respective financial year.

The document requirements should be:
  • submitted 90 before the end of financial year;
  • signed by the authorized signatory
  • audited by an external DWC approved auditors

Appointment of DWC Approved Auditor

Auditing the book of accounts is mandatory for all companies in DWC, audit reports by DWC approved audit firms will only be accepted, the companies in DWC are not allowed to audit their books through firms not listed and approved by the DWC (Dubai South Free Zone) Authority.

The DWC (Dubai South Free Zone) authority states that the audit of book of accounts must only be performed by auditing firms in the DWC approved auditors list.

The DWC Free Zone Authority has excellent procedures and methods in place for providing endorsements to an audit firm to grant benefits to external inside the South Dubai Free Zone. In addition, the relevant guidelines of the DWC Free Zone provide the auditor with the privilege of requesting any reports, records, and data deemed fundamental for the auditor's purposes.

Excellence Auditing covers all your DWC Auditing needs.

Examination of DWC companies should be performed according to International Standards on Auditing (ISA) and International Financial Reporting Standards (IFRS) and also follows audit procedures set by the DWC 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.

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Frequently Asked Questions

External audits of enterprises operating inside the Dubai South free zone can only be performed by audit firms that have a valid audit license in the UAE and are registered with the DWC free zone authority. The DWC free zone maintains a list of DWC Approved Auditors, which includes the names of DWC audit firms that are permitted to conduct external audits of financial statements of DWC free zone companies. All DWC Approved Audit Firms are licensed financial service providers in UAE. The DWC free zone authority has its own processes and procedures in place for giving approval to an audit firm to provide External Audit services within the Dubai South free zone.

Excellence is a registered auditor in Dubai World Central, offering experienced assistance in auditing, accounting, business establishment, legal advice, and tax counseling.

Our skilled team of professionals provides high-quality auditing services in DWC to a variety of corporate sectors and industries. We value your business and offer auditing services that will help you flourish.

Auditors in Dubai World Central shall submit their companies' financial reporting in one calendar year, according to free zone legislation. In the first financial year, the company may choose a different reporting period that begins on the date of incorporation and ends no more than eighteen months later.

Make sure that the audit business you hire provides registered auditing services in Dubai World Central before you hire them.

The benefits that Dubai South Free Zone offers to new business setups are,

dot 100% foreign ownership
dot No personal or corporate tax
dot 100% capital and profit repatriation
dot No import export duty
dot Conditions for commercial lease are flexible
dot Availability of broad range of business activities
dot Easy setup procedure (minimum documentation requirements) for new business
dot No currency restrictions
dot State of the art infrastructure and facilities
dot Flexi desk offices are available who do not require or have limited budget for office space
dot Fewer restrictions on foreign investors in terms of visas and dependent�s sponsorship

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