Audit in Ras Al Khaimah Freezones, the annual financial statements of companies registered under the Ras Al Khaimah Freezones are recommended to be audited annually and presented at the time of the renewal of their commercial licence.
Although the standard reporting period shall be one calendar year, a company may specify another reporting period, the first reporting period shall begin on the date of incorporation and shall not be less than six months or more than eighteen months.
As they are central to the preparation of management reports, the value of managing accounts should not be overlooked. For a variety of reasons, ensuring that the accounts are 100 percent correct and always up to date is beneficial. It allows the company’s management to get the accounts audited on time, among other items.
We advise our customers to keep accounts of all transactions, documents, and information that can give them a true picture of their business success on a periodic basis soon after the formation of business in the RAK Economic Freezones, UAE.
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- Compliance to International standards & applicable rules and regulations.
Requirement of Audit for companies registered under RAK Economic Zone (RAKEZ)
RAKEZ is an authority established in the Ras Al Khaimah Emirate to supervise and consolidate specialised parks and companies registered under both the Ras Al Khaimah Free Trade Zone (RAK FTZ) and the RAK Investment Authority (RAKIA).
- Under the RAK Economic Zone Implementing Regulations, a company registered in the RAK Economic Zone is expected to file a financial statement and undergo the same audit and send it to the RAK Economic Zone within six months of the end of the company’s financial year in question.
- For the FZE, FZCO and Offshore companies registered under the RAK Economic Zone, the audit provision applies.
- It is important to send audit reports to the RAK Economic Zone.