14 Sep 2022
As part of Dubai's efforts to develop its economy, Dubai Development Authority (DDA), previously Dubai Creative Clusters Authority (DCCA), was established. By providing a stimulating and attractive business environment that fosters growth, the organization aims to improve economic competitiveness and standard-setting. Moreover, it provides a comprehensive range of integrated urban development and strategic services.
A company registered with the Dubai Creative Clusters Private Companies Authority must keep its books and accounting records for at least eight years following the date they relate to them or for such other period as the Registrar may prescribe under the DCCA regulations. As part of the regulations, the accounts must conform to generally accepted accounting principles or standards that the Registrar has approved from time to time.
Earlier, all companies registered with DDA were required to prepare the report; however, they were not required to submit it to the DDA.
Nevertheless, from 12th August 2022, all companies registered with the Dubai Development Authority received a notification on their online portal from DDA to mandatorily submit the Audit Reports by 30th November 2022.
An audit report is a set of financial statements prepared by auditors or accountants qualified in the jurisdiction of the audit. In the absence of independent auditors or accountants, financial statements prepared by a company under Regulations 63 and 64 of the PCR and financial records maintained by a branch office under Regulation 95 of the PCR are equivalent to Audit Report and will be counted as such.
Based on the DDA regulations, companies within its zone must submit the most recent audit report, along with a summary sheet, by 30th November 2022, as well as every year after that, within six months of the end of the financial year.
Business groups throughout the UAE will be closely monitored with the implementation of corporate tax laws and other laws that will require audited financial statement filings on an annual basis by mainland licensing authorities and free zones.
An audit Report must be prepared and retained by each Licensee. Furthermore, a Licensee must provide it on request by the Authority. In the event that a licensee fails to prepare and retain the Audit Report as stipulated in this Article 2.8 or fails to provide the Audit Report to the Authority upon request by the Authority as specified in this Article 2.8, the Licensing Regulations will apply.
In accordance with DDA's recent decision “DECISION NO (1) OF 2021,” licensing is issued to major TECOM Group business communities, including Dubai Internet City, Dubai Media City, Dubai Knowledge Park, Dubai International Academic City, Dubai Production City, Dubai Outsource City, Dubai Studio City, Dubai Science Park and Dubai Design District segments for their respective license segments.
As an approved auditor for all the significant free zones, including DDA, AMCA analyzes the client's model and develops a business plan based on that understanding. In conformity with the Auditing Standards, our professionals further perform the required tasks in accordance with these standards.