27 Apr 2020
RAKEZ licensed industrial companies to submit their financial statements within 6 months from the end of the financial year to RAKEZ service centers.
RAKEZ on 11 May 2020, provided an update on their previous announcement that only industrial clients must submit their financial statements and subsequent financial statements within 6 months from the end of the financial year to RAKEZ service centres.
The requirement to submit the audited statements has started from 2020. For example, industrial companies having a financial year end of 31 December 2019 will have to submit their audited financial statements by 30 June 2020.
A fine of AED 2,500 will be issued and there might be temporary suspension of services if a company fails to submit their audited financial statements.
As per the RAKEZ Companies Regulations, the auditor must be approved and will listed in the ‘Approved Auditors List’ issued by RAKEZ.
Non-industrial clients are not required to submit annual audit reports to RAKEZ. However they are still required to prepare the audit reports and present them when requested by RAKEZ or the UAE Federal Authorities.
Senat MEA DMCC is a full service platform, founded in 2014, with roots in Dubai that go back as far as 1984. Dedicated to trust and efficiency, at Senat MEA DMCC we ensure that our clients are equipped with leading counsel in navigating the region while taking into account the global nature of business and the importance of developing long lasting relationships.
Senat MEA DMCC’s team of lawyers, accountants and business consultants are highly qualified and come from a variety of backgrounds enabling us to supply you with incomparable expertise and outstanding services.