Today’s corporate world is transforming at a rapid speed, way beyond imagination. Backed by technology, every business domain is evolving at a rampant speed and can now establish a separate identity in the competitive market. When it comes to Dubai, business owners and investors have got numerous options to invest in. One of the locations which present a very lucrative option for investment is The Dubai Airport Free Zone Authority, also known as DAFZA.
Let us give an in-depth look at what this Free Zone has to offer.
DAFZA Free Zone
Established in 1996, DAFZA has gradually become one of the fastest developing free zones and now is home to over 1600 companies from different domains. These companies are required to present audit reports to the relevant authorities. It provides a number of opportunities to the businesses which are set up in the free zone.
DAFZA has become pivotal for the development of the UAE economy. It has slowly turned into one of the most important places of investment platforms in Dubai for businesses all over the world. The Free Zone has turned itself into a gateway for multiple companies seeking to explore business opportunities in the region. The region offers numerous benefits like 100% tax exemption and foreign ownership that attracts the attention of international investors. Not only that, it provides world-class infrastructure to the investors dealing in different business industries to carry out their business operations. Now, let’s focus on why a business needs to conduct the audit in DAFZA.
Why Business Organizations in DAFZA Requires Audit?
As one of the famous free zone in Dubai, the Government Authority of DAFZA requires the business entities to perform a financial audit of the company and submit an audit report to the relevant authority. As per the regulations, all the Free Zone Enterprises (FZE) and Free Zone Company (FZCO) registered in DAFZA have to conduct an audit of their financial statements from approved auditors in the UAE.
Auditing – Why is it Necessary?
A financial Audit can be understood as an investigation process of all the financial statements of the business. This investigative process is required to be followed by every registered business entity. There are many benefits to conducting an audit for a company. It helps a business owner to identify the loopholes prevailing in the business premises. Moreover, it streamlines the company’s internal proceedings and paves out new ways for business owners to flourish and accelerate their business growth. There are two different types of audit which the business management can choose from. These are internal audit and external audit.
At the same time, it is to be kept in mind that carrying out the audit processes is not an easy task. Minute details are taken into consideration by the audit experts, which may not be possible by an in-house team. Professional techniques and methods are applied by these professionals at every point to bring out the best result, and that’s the reason business investors prefer to choose subject-matter experts to carry out the audit task in their organization. Businesses can also outsource the Audit function of the business to a third party.
There are multiple parameters that need to be looked into before outsourcing the audit services to an outsider. In order to get better clarity, let’s have a look at the benefits that you can derive by outsourcing your audit services.
Benefits of Availing Audit Services in DAFZA
Once you outsource the audit services to Abu Dhabi VAT Consultants, you can avail of the following benefits:
- The management will be having access to deeper and better insights which will help in the better understanding of the business.
- The management will be able to gain knowledge of any wrong or fraudulent business activity and will also be able to take quick remedial actions.
- A better audit score is an indicator of the goodwill of the business. This will instil a sense of confidence in the investors of the company.
- The financial audit of the company plays a crucial role in streamlining the business processes of the company.
- It is easier to fo file for taxes after the financial audit of a company is conducted.
- Streamlines the Accounting and Bookkeeping records of the company.
- Carrying out an audit process will help you to identify the revenue sources.
- Audit plays a significant role to grab a stronghold in understanding financial stability and business expansion.
- They will help you to understand the business valuation
By now, you have got a clear idea of how an audit expert can help your business to grow. By focusing on different aspects, customized solutions can be provided according to the needs of the company. JAXA Chartered Accountant, one of the top ten Abu Dhabi auditors, is here to help you in simplifying your audit process. Our audit experts are keen on providing you with the best solutions and can guide you at every step. Moreover, they will also cater to you to increase your business profits accordingly. If you hold any query or want to speak to our experts, do Contact Us today-we’d be glad to assist.