09 May 2024
Dubai Development Authority (DDA) has achieved remarkable success in fostering a flourishing business environment and providing integrated services for businesses to grow and facilitate urban development. Ever since it was established in 2000, DDA has significantly contributed to enhancing Dubai’s economy. The three main aspects where the Dubai Development Authority is consistently seeking efficiency are real estate planning and development, licensing and regulatory services, and developing new industries for diversification of the economy. When it comes to regulatory compliance in this succeeding free zone, DDA-approved auditors play a crucial role by providing precise DDA Audit Reports, tailored auditing services, and strategic plans.
Audited Financial Statements in DDA
The directors of the companies incorporated in DDA are required to provide the financial statements for each financial year and an auditor’s report before the general meeting. These audited financial statements must be submitted within six months from the end of the financial year.
The financial statements must include:
- Results of operations of the period (Profit and loss account)
- Statement of retained or deficit earning
- Balance sheet at the end of such period
- A statement of changes in financial position
- Notes to financial statements
- Any further information
DDA Audit Reports
As per the private companies regulation of 2016, Registered DDA Auditors Dubai are required to examine the financial statements and make a report to the members of the company. The DDA Audit Reports shall state the generally accepted auditing principles used the auditor’s opinion of their appropriateness and whether the accounts have been prepared in accordance with the regulations.
Mandatory Audit for Dubai Development Authority in UAE
Dubai Development Authority promotes financial transparency and compliance of businesses with international and local financial reporting standards. The Free Zone Liability Companies and branch offices incorporated in DDA are required to prepare and submit their audited financial statements by Registered DDA Auditors Dubai and annual returns each financial year, as per the Private Companies Regulations 2016. A branch office can choose to submit consolidated audited financial statements of its parents or stand-alone financial statements only for the branch office operations.
TECOM Group: Discover Business opportunities in DDA
The TECOM Group is recognized for its influential role in the development of strategic business districts based on the sectors of knowledge and innovation across the Emirate of Dubai. Strengthening Dubai’s position as a global business hub since its establishment in 1999, the TECOM group has 10 business districts dedicated to various economic sectors, including education, design, media, science, and technology.
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Dubai Internet City: This city is a thriving space and tech hub for a range of businesses, including startups and multinational companies. It's driven by innovation and facilities that meet businesses' needs and provide a conducive environment #WhereMindsClick
- Dubai Media City: Launched in 2001, Dubai Media City has established its position as a regional and international media hub that empowers creativity.
- Dubai Knowledge Park: With a motto to make the UAE a source of high-quality education and a knowledge-based economy, Dubai Knowledge Park provides various programs based on consultancy, training, Human Resource Management (HRM), and personal development.
- Dubai Outsource City: Dubai Outsource City has state-of-the-art office space and infrastructure along with various facilities to help outsource businesses provide BPO, HR outsourcing, call center operations, and other services to international markets.
- Dubai Industrial City: With a strategic location and value-added services, Dubai Industrial City supports logistics and manufacturing companies with world-class facilities, including warehouses, industrial land, commercial spaces, and showrooms.
- Dubai International Academic City: This City hosts various internationally and locally credited academic institutions from all over the world, establishing Dubai’s position as an internationally acclaimed academic hub dedicated to higher education.
- Dubai Design District: Dubai Design District is a leading design hub and creative industry that caters to the needs of international brands, artists, and designers.
Elevate your business with the expertise of AMCA
The secret to establishing a credible presence in Dubai Development lies in choosing DDA-approved auditors who are trustworthy, reliable, and experienced while also aligning with your business needs. AMCA, a leading audit firm in Dubai and one of the best Registered DDA Auditors Dubai, has successfully evolved as a benchmark for the highest-quality financial services delivered with integrity. With AMCA, your business will advance through a constant pillar of support and expertise offered by a team of DDA-approved auditors who are competent in complying with the rules and regulations of DDA.
Unlock the door to success & empower your business with AMCA! Call us today!
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