Audit Services in Umm Al Quwain Free Zone
Umm Al Quwain Free Zone (UAQFZ) is located in the least-populated emirate of Umm Al Quwain. It was founded in 1987 but came into public knowledge only after 2014 when it went under some restructuring and started marketing its facilities and services. The emirate of Umm Al Quwain (UAQ) is located just 45 km away from the emirate of Dubai. UAQFZ is only an hour’s drive away from the Dubai Airport and in close proximity to essential seaports in the United Arab Emirates (UAE).
UAQFZ is administered and regulated by Umm Al Quwain Authority (UAQA) with the support of UAQ government. Businesses in UAQFZ have easy access to all means of transportation, making the free zone as one of the best suited places for developing businesses
Benefits of Conducting Operations in UAQ Free Zone
UAQFZ offer businesses operating in the free zone with following benefits:
- Full company ownership
- 100% tax free environment
- Cost-effective leasing options for warehouse and office space
- cheap licenses for various activities
- Repatriation of capital and profits without any restrictions
- Hire foreigners as employees with no restrictions
- 100% exception in import and export tax working within the freezone
- No share Capital Requirements
- Fast, easy, and straight forward registration process
- Investor-friendly laws and regulations
- Low cost of the resident visas
- No health insurance required for resident visa
- Special concessions for your business via Umm Al Quwain free zone sea port
- The location of the free zone is Ideal for SMEs and micro-businesses
Types of Businesses in UAQFZ
Types of businesses that can be established/ opened in UAQFZ are listed as follows:
- Free Zone Establishment (FZE)
- Free Zone Company (FZC)
- Branch of an existing company
Types of Business License
Businesses that want to register in UAQFZ are required to first obtain a license issued by the UAQFZ Authority. Types of license available in UAQFZ are as follows:
- General Trading License
- Commercial Trading License
- Industrial License
- Micro Business License
- Consultancy License
- Premium Consultancy License
- Service License
- Freelance License
Why Businesses in UAQFZ Should Get their Operations and Accounts Audited?
Businesses operating within the UAQFZ should get their books and operations audited for the following reasons:
- An external audit report provides an entity’s stakeholders with all the details and information necessary for assuring them that the entity is conducting its business operations in compliance with all the related rules and regulations.
- An external audit provides an entity’s shareholders and other stakeholders with assurance that the entity’s financial statements have been prepared in compliance with all the applicable accounting standards.
- An audit report also provides assurance to UAQFZ and the entity’s shareholders that financial statements are free from material misstatements and can be relied upon when making important business decisions.
- An audit report also helps an entity’s ownership by identifying control weaknesses, fraud and errors.
Documents Needed for External Audit
At Push Digits Chartered Accountants, we require the following documents for carrying out external audits of businesses conducting operations in UAQFZ:
- General Ledgers of your company
- Trial Balance of your company
- Bank Statements
- Statement of financial position
- Statement of Profit and Loss
- Details of fixed asset disposals, additions and depreciation
- Details of inventory at the year-end i.e. closing stock
- Any bad debt provision
- Any accruals
- Registration Details for Excise Tax and VAT
- Supporting documents of revenue and expenses e.g. invoices and bills
- Articles of Association and Memorandum of Association as part of legal documents
- Latest License that permits a business entity to conduct operations within the UAQFZ
Why Push Digits Chartered Accountants?
Push Digits Chartered Accountants is well-known audit and accounting company in the UAE. We provide quality audit services to one of the biggest companies operating in various free zones as well as the mainland UAE. Our aim is to provide our clients with quality audit services at reasonable prices.
Push Digits Chartered Accountants is known for delivering quality accounting, audit and tax services all across the world. We at Push Digits have a team of highly experienced and qualified accounting, audit, and VAT consultants with exceptional knowledge of rules and regulations relating to UAQFZ as well as the rest of the UAE.
We also provide below services along with auditing of accounts to our existing as well as new clients:
- Bookkeeping and accounting services
- Company formation services across the UAE
- VAT consultancy services
- Internal audit services
- ERP Implementation e.g. SAP implementation services