DMCC Approved Auditors and Audit Services in Dubai

DMCC's rules ask for more than a standard audit opinion. The audit report must confirm:

• that the accounts are prepared under IFRS and give a true and fair view;
• that the company carried on only the activities its licence permits, with revenue from other activities shown as other income;
• that bank balances are confirmed directly with the banks, and any undisclosed bank account is flagged;
• that salary expenses are disclosed;
• that the financial period and share capital match the company's articles;
• any qualified, adverse or disclaimer opinion.

The accounts must be approved by the board and signed by at least one director before the audit report is issued.

Every DMCC company must register for corporate tax and file a return within nine months of its year end. A company that meets the conditions to be a Qualifying Free Zone Person (QFZP) pays 0% on qualifying income and 9% on other taxable income.

Audited financial statements are a condition of QFZP status, whatever the revenue, and are required for any company with revenue above AED 50 million. For most DMCC companies, one audit covers both DMCC and the Federal Tax Authority.

The de minimis limit for non-qualifying revenue is the lower of 5% of total revenue or AED 5 million. See our QFZP guide and our corporate tax services. Related-party transactions also need to meet the transfer pricing rules.

Timing depends mainly on how complete your records are when we start. For a well-organised company, fieldwork usually takes one to three weeks after the books are closed, so start at least two months before your DMCC deadline.

The fee depends on:

• revenue and transaction volume;
• inventory and whether a stock count is needed;
• the number of bank accounts, currencies and related parties;
• the condition of the books at year end;
• whether a QFZP analysis and corporate tax return are included.

We quote a fixed fee after a short scope call.