DIFC Approved Auditors

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Farhan Aqil
Audit Partner – NUF Chartered Accountants
Managing Partner – Push Digits

“DIFC (Dubai International Financial Centre) being one of the most financially regulated territories in Dubai require compliance to it’s laws and regulations from every Company operating in the Centre. The best way for a Company to show it’s compliance financially and operationally to the regulations of DIFC is to have an independent audit conducted for the Company annually which is also required to be submitted to DIFC in many instances.
Our Audit Firm, Nadeem and Umendra Chartered Accountants, is one of the approved Audit Firm by DIFC to provide the audit services to Companies registered there. Our Audit Team is qualified and certified to provide excellent audit services aimed at providing transparency to your Company’s Financial Statements.”

CLIENTS

Our expertise and experience in professional accounting and consultancy equips us to provide our services to a wide range of clients ranging from service providers, traders to manufacturers. Our clients have every reason to say that we are the best professionals in the town in terms of our quality work and competitive prices.

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TESTIMONIALS


Outsourcing is not necessarily an external option when Professional Accounting Services are rendered with intimacy and high level of commitment. That truly speaks for our experience with Push Digits.
George Yiasemides
COO – Middle East / UFC Gym
Push Digits has helped Mapto Media professionalize our accounting and have so far been a great choice to outsource this function to. It is a pleasure to work with Push Digits and we can only highly recommend them to anyone else who considers the same.
Anders Kargaard
Managing Director / Mapto Media
Farhan is a very responsive business partner to Climax. No matter when we have questions, he always follows up quickly. This is very important when we operate on time zones that are 11 hours apart. Push Digits use of Xero technology is very helpful, providing immediate visibility into our financial information so that we can work together to ensure the financials are complete and accurate. Push Digits works closely with it’s clients to ensure that they deliver timely and accurate information. While our relationship is only a couple of months old, we have been very pleased thus far with the support we receive from Farhan and his team.
Michael T. Love
Chief Financial Officer, Vice President / CLIMAX Portable Machining & Welding Systems
I have started dealing with Push Digits 3 months ago and I have a startup trading business where it has quite complicated transactions internally and externally e.g. expenses, reimbursements, receivables, cash on hand and many others. Push Digits Team knows how to categorize and deal with each single transaction in a professional way. They are always there to answer my questions (morning to late evening) when I make new transactions or advise on how to do effective accounting for my business. Moreover, they also suggested a brilliant clouds based online accounting software called Xero that turns all our accounting work online in a simple friendly way. I would highly recommend Push Digits and their services.
Musab Allahwany
General Manager / Tamara Foodstuff Trading
Push Digits are very efficient and provide a very high quality accounting service. They are very prompt and organized which keeps us very happy. We would very much recommend their services to anyone looking for top notch accountants.
Steven M Curbelo
Managing Director / Brooklyn General Maintenance
“Push Digits team is very professional and responsive. Their work representation is up to the mark. We wish the team good luck.”
Affan Zuberi
Director / Fruitful
We had assign the Inventory data entry work in Tally.ERP 9 Accounting Software of our Company to the team of Push Digits. We feel that Push Digits is very good and capable enough to deliver the results in decided time frame and cost with accuracy in results.
Shriram Gaud
Finance Manager / GME Aviation Services DWC LLC
Push digits is our first choice to receive diversified management services with pronounced flexibility and eminent expertise.
Atif Abrar
Finance and Accounts Manager / Atlas Foundations Company L.L.C.
Push Digits has been very helpful in getting my bookkeeping processes set-up. The staff is very flexible and have been able to provide me with the exact support that I need. I am very grateful for their contributions to my company.
Husni Al Bayari
Managing Partner / Davie & Bay Real Estate

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Auditors in DIFC for External Audit and DIFC Company Liquidation
If you are looking for an approved Audit Firmin DIFC then look no further as our Audit Firm, Nadeem and Umendra Chartered Accountants, can provide audit servicesto you as an independent external auditing firm. We are licensed and approved in the UAE mainlandas well as registered with DIFC and free zones like DAFZA, JAFZA, DMCC, DSO etc. Wework to provide assurance to shareholders and stakeholders that your business is run efficiently and in full compliance with the applicable laws and regulations.

Our audit process is streamlined and designed in a manner that displayscompliance with all the applicable accounting and auditing standards. We are also registered with all the major banks and financial institutions in the UAE.

Dubai International Financial Centre (DIFC):

Dubai International Financial Centre (DIFC) is a financial free zone established within the emirate of Dubai in the year 2004. DIFC is an onshore financial centre, providing financial institutions with a secure economic platform to operate from within the Middle East region and to extend their reach to emerging markets in other parts of the world. The DIFC is seen as a bridge between financial centers/markets in the east and the west.

DIFC is recognized as an autonomous jurisdiction within the UAE. Businesses operating within the DIFC are generally exempt from all the federal laws of the UAE except the ones related to administration and anti-money laundering and criminal offenses. The DIFC has its own set of laws and regulations dealing with civil and commercial issues which businesses operating within the centre are required to show compliance with in order to continue operating from and within the DIFC free zone.

Who Regulates the DIFC Free Zone?

There are three separate independent bodies that are responsible for regulating the environment within the DIFC and these include the DIFC Authority (DIFCA), the Dubai Financial Services Authority (DFSA) and the DIFC Judicial Authority. The DIFCA oversees the operation and administration part of the financial centre in addition to developing laws and regulations that are not related to financial services.

On the other side, the DFSA is responsible for developing laws and regulations related with authorization, licensing and registration of businesses providing financial services and engaging in related activities within the DIFC free zone. Businesses wanting to provide financial services in the DIFC are subject to authorization and approval by the DFSA.

DFSA is responsible for ensuring that businesses and individuals operating within the DIFC comply with the applicable laws and regulations.

DIFC Free Zone – Types of business Entities

The businesses that want to operate from or within the DIFC are first required to obtain a business license subject to approval from the DIFC Authority and the DFSA. Following are the types of businesses that can beformed within the DIFC:

Company Limited by shares: Minimum number of shareholders is one and there is no maximum shareholders requirement. There are no minimum capital requirements except for companies providing specific financial services.

Limited Liability Company (LLC): These are incorporated under Law No. 3 of 2006 – Companies Law. Theformation process is identical to that of a company limited by shares. A LLCis required to add ‘Limited Liability Company’ after the company name.

Limited Liability Partnership (LLP): It is formed under Law No. 5 of 2004 – Limited Liability Partnership Law. Two or more persons are required to form a LP in DIFC. The liability of partners is limited up to partner’s capital contribution.

Limited Partnership (LP): It is formed under Law No. 4 of 2006 – Limited Partnerships Law. Two or more persons are required to form a LP in DIFC. The liability of partners is limited up to partner’s capital contribution.

General Partnership (GP):It is formed under Law No. 11 of 2004 – General Partnership Law. There are no minimum capital requirements for a General Partnership. The liability of the partners in a general partnership is unlimited.

Branch of a Foreign Entity: A branch of a foreign entity can be formed within the DIFC as a recognized entity subject to registration with the Registrar of Companies and approval from DIFC Authority and the DFSA.

Investment Company: It can be incorporated under Law No. 3 of 2006 – Companies Law and part 13 of the Companies Regulations and must also comply with Law No. 1 of 2006 – Collective Investment Law. It can either be registered as an Open Ended Investment Company or a Closed Ended Investment Company.

Types of Business Activities:

Following are the types of business activities under which businesses usually conduct their business operations within the DIFC:

  • Businesses providing products and dealing in services other than the financial, legal and accounting services.
  • Businesses engaged in providing financial services like accepting deposits, dealing in investments, providing Islamic financial services, etc.
  • Businesses providing legal and accounting services in the DIFC and such businesses are called “Ancillary Services Providers”.
  • Business providing services of an exchange or a clearing house. Businesses engaging in such business activities are called “Authorised Market institutions”.

Benefits Associated with Conducting Business Operations in the DIFC

Business Entities operating within the DIFC get the following benefits by operating from or within the DIFC:

  • No corporate and personal taxes for a period of 50 years from inception
  • 100% foreign ownership
  • No restriction on repatriation of capital and profits
  • Access to UAE’s wide network of double taxation treaties
  • Access to a pool of skilled professionals living in Dubai and the region
  • A transparent operating environment, complying with global best practices and internationally accepted laws and regulations.
  • A modern transport and internet infrastructure.

What is an External Audit?

External Audit is a process which is used as a tool to examine whether a business has prepared its financial statements in compliance with the international financial reporting standards and whether the entity is conducting its business operations in accordance with thelaws and regulations applicable in the jurisdiction in which the business entity is conducting its business operations. An External Audit is carried out by audit firms approved by the authority responsible for regulating the business environment in the related jurisdiction. The External Audit report provides all the necessary information regarding the business entity’s financial position and other business related operations.

Responsibilities of an Auditor

The primary responsibility of an auditor is to be independent of the client entity being audited. In order to preserve independence it is important that the auditor along with the audit firm must not have any personal benefits associated with the results and findings of the external audit engagement. The Auditor must perform the external audit of client entities in accordance with the International standards on Auditing and applicable other laws and regulations.

External Audit Requirement in DIFC:

Companies in DIFC are required to submit their audited financial statements within four months of the end of their respective financial year. Submission of the External Audit report to the regulating authorities in the DIFC is an important requirement for businesses to comply with as this requirement is directly connected with the process of renewing business license in the DIFC.

The reason behind the External Audit requirement is to ensure that business entities operating within the DIFC are complying with the laws and regulations established by the DIFCA, DIFC Judicial Authority and the DFSA. The External Audit requirement also provides assurance to the regulating authorities in DIFC that the business entities have prepared their financial statements in compliance with the applicable accounting standards and that business entities are not involved in any kind of misconduct and illegal activity.

Approved Auditors in DIFC

Only the audit firms that are registered with the DFSA are allowed to perform external audit of business entities operating within the DIFC. The DFSA maintains a list of approved auditors in DIFC which contains names of audit firms that are approved to provide external audit services to companies operating within the DIFC.

To remain a licensed audit firm in the free zones and the mainland, the audit firms must provide proof of their employees participating in development and training programme with regards to maintaining and updating their knowledge in accordance with the changing auditing and accounting standards.

Benefits Associated with External Audit services in DIFC

There are many benefits of the External Audit requirement in addition to the benefit of assisting in the process of business license renewal. The External Audit with favorable opinion provides assurance to the company’s shareholders and stakeholders that the company’s financial reports are accurate and reflects the true and fair view of the company’s financial position. A favorable Audit report also assists in the process of obtaining loan approval from banks and financial institutions. The External Audit report with unfavorable opinion helps in highlighting the areas of weaknesses which are needed to be addressed by the company in order to improve efficiency and effectiveness of its operations.

How can we help you in Complying with the External Audit Requirement?

Nadeem andUmendra Chartered Accountantsis a licensed audit firm in the UAE providing external audit services in DIFC and free zones as well as the mainland UAE. Nadeem andUmendra Chartered Accountants is registered with all the leading banks and financial institutions in the emirate of Dubai as well as the other emirates of the UAE.

In addition to providing external audit services we also provide a variety of other services including accounting, company liquidation, business and tax consultancy services in the UAE. Our objective is to provide our clients with services that are not only of high quality but also add value to the client’s business operations. In order to meet this objective of ours we have a team of qualified professionals having extensive experience in the field of accountancy, audit, business consultancy and tax.