The United Arab Emirates is considered one of the top business destinations for investors. It is owing to the reason because business setup policies are incredibly friendly along with the facility of free zones. The free zones for business in UAE have certain rules and regulations that every company has to comply with must. The compliance is ensured through annual audits. Dubai Multi Commodity Centre widely known at DMCC is one of the main free zones with essential business audits.
Are you running a business in DMCC but don’t know about audit compliance? Don’t worry; the article is aimed at helping you with the updated audit regulations of DMCC and reasons why you should hire experienced auditors for compliance.
Brief Overview of DMCC
Dubai Multi Commodity Centre was established on the state initiative for business progress. The free zone comprised the land around 200 hectares, including the 180,000 meters square land for retail stores and commercial, residential areas. DMCC is considered one of the best free zones for setting up businesses owing to its strategic location.
Presently, the zone accommodates 15,000 companies dealing in a wide variety of international commodities such as retail, food, and other raw materials. The businesspeople operating in the DMCC usually prefer hiring one of the top audit firms in Dubai to ensure accuracy in records and audit compliance.
However, many people overlook the importance of acquiring professional auditors owing to a lack of awareness, so, let’s move further to understand why you should look for experienced auditing services while doing business in DMCC.
Top Reasons companies should hire DMCC approved auditors
Nevertheless, the auditors enable the companies to look into the vulnerabilities of their accounting journals and financial statements to improve accuracy. It is essential for compliance with the regulations of the Dubai Multi Commodity Centre. So, here are given the potential reasons for getting the services of experienced auditors!
Comprehensive understanding of regulations
The auditors working in a particular free zone have extensive knowledge about the regulations required for businesses. For example, the auditors specialized in dealing with the DMCC based businesses can help the companies operating in this free zone more comprehensively. Not only this, the DMCC approved auditors possess the required experience to facilitate business companies. So, you can take help from such professionals to get your audit reports scrutinized under the defined regulations for avoiding penalties.
Foolproof financial statements for audit
Although every business ensures management of financial documents required for audit with the help of in-house accountants, the expert examination is a must! It is owing to the reason that third-party services always consider the financial data in the realm of transparency and accuracy without any biasedness. In this way, companies can ensure the authenticity of their financial statements to prepare for annual audits in the DMCC.
Tax estimation and compliance
The professional auditing services approved by the DMCC authorizes can considerably help in estimating the tax to be paid by the company. The factor is considered important because most of the people who establish a business in DMCC are expatriates having a little knowledge of taxation. Therefore, companies can take advantage of acquiring experienced auditing professionals.
VAT filling and return assistance
Value Added Tax is recently imposed on the businesses operating in the UAE. There are certain guidelines that the businesspeople have to go through for complying with VAT requirements. However, the business companies have limited knowledge of VAT owing to novelty and complications. Therefore, the businesses should better take assistance from top audit firms in Dubai to ensure the accuracy of records while filling the VAT return.
Need Help for businesses in DMCC?
Cutting a long story short, professional auditing services have enormous benefits for the businesses in DMCC. It is owing to the reason because approved auditors understand the requirements, standards and other regulations comprehensively based on your business needs.
Therefore, it is always suggested to get services of third-party audit firms for the elimination of errors in the financial record to enhance accuracy. Don’t forget to select the best auditors near you to nail the complex financial management effectively!