Whether you are the owner of a Small and Medium Enterprise or are looking to set up a business in the middle east, there is a great need for maintaining and auditing the company records. With the new addition of Value Added Tax and the emphasis of the government of the United Arab Emirates on attracting new investors from all over the world and the presence of a number of free zones, the future looks promising for up and coming businesses in the UAE.
The free zones provide an excellent opportunity for industries of all types. Each free zone comprises of their own rules and regulations which allows them to provide better services to the new business and also helps them to provide the best services possible.
One of the free zones in the UAE is RAKEZ, which is short for Ras Al Khaimah Economic Zone.
All about RAKEZ
Ras Al Khaimah Economic Zone (RAKEZ) covers an area of around 33 million square feet and is home to more than 14,500 companies from 50+ counties around the world. Situated in the heart of the northernmost emirate, RAKEZ is slowly becoming the destination of choice for entrepreneurs and people in business from all over the world. The strategic location of this economic zone helps the business established here to conduct transactions in the markets of the Middle East, Europe, parts of Asia and North Africa.
The main aim of RAKEZ is to become one of the leading destinations for investment on a global scale. This vision of RAKEZ will be achieved by developing better and enhanced infrastructure and also by providing business solutions from a customer point of view enabling the businesses to grow their customer base and also attract diversified investments.
5 Pillars of RAKEZ
RAKEZ has five components which will help the economic zone to achieve its long term vision. These principles are based upon a customer-centric approach. The main pillars are:
1.Cost-Effectiveness
This is the primary aim of RAKEZ. The economic zone intends to provide cost-effective and efficient solutions to the companies regarding the problems which are faced by them.
2.Efficiency
The management of RAKEZ aims to make to provide various services to the businesses, which will assist the business to reach its maximum efficiency.
3.Customised Business Solutions
Every business will have required a different solution as not all business work with the same parameters. The management of the economic zone will provide customised solutions for the problems faced by a business.
4.Expertise
There are a number of employees who will understand your business first and then provide a solution to the problem being faced.
5.Diversification
RAKEZ comprises of six dedicated zones which will create the perfect environment for your business. These zones consist of the latest infrastructure which a business may require to succeed.
RAKEZ aims to attract more business from all around the world by adhering to the five pillars mentioned above.
Auditing in RAKEZ
According to the recent amendments in the RAKEZ Companies Regulations, every company which has procured a RAKEZ license must compulsorily submit a copy of the audited financial statement of the company within six months of the end of the fiscal year of the company. These audited documents are to be submitted every year form the year 2020.
The only exception to this amendment is the companies which are registered as a branch company in RAKEZ, provided such companies avail the services of a group auditor. If the companies fail to submit the audited copy of the financial statement of the company, then they will be charged a fine of AED 2,500 and or suspension of the services from the economic zone.
Also, the management of the economic zone reserves the rights to demand the original copies of all the financial documents of the company.
The Deadline for Submission
From the year 2020, all the clients of the Ras Al Khaimah Economic Zone will be required to submit the audited financial statements of the company. These statements must be filed within six months from the end of the fiscal year of the company. This will be an annual requirement from the year 2020, meaning you need to provide the details of the previous financial year of the company (2019).
Preparing audited statements of the company can be a difficult task for a novice. This is why you may require the help of an approved auditor. This approved auditor will not only help in preparing the audited financial statements of the company but will also provide assistance when the company is in need.
In case you are looking for accounting and auditing services in the UAE, JAXA Chartered Accountants can help you with this matter. JAXA Chartered Accountants is approved by RAKEZ management and is reputed auditing and accounting firm. With the presence of auditing and accounting experts, JAXA will be there to help you in the time of need. For more details on the services provided by JAXA Chartered Accountants, Contact Us. We will be happy to help.