Need for Approved Auditors in RAKEZ

Feb 2020

The importance of free-zones in the United Arab Emirates is well known to all. These free zones allow a foreigner or even a local to set up a business in the zone straightforwardly and quickly. These free zones have their administration which will enable them to cater to the businesses in the area an also provide solutions to the problems efficiently faced by the businesses.

The Ras Al Khaimah Economic Zone (RAKEZ) is one of the free zones which constantly works toward providing the best services and opportunities to the businesses that are set up in the free-zone. Here is all you need to know about the Ras Al Khaimah Economic Zone (RAKEZ).

Ras Al Khaimah Economic Zone (RAKEZ)

RAKEZ is an economic zone which currently hosts more than 14,500 companies from over 100 countries. Located in the centre of the emirate of Ras Al Khaimah, it offers comfortable and customised solutions to the problems which zone. RAKEZ currently caters to SMEs, Freelancers and Multi-National Companies from over 50 industries.

RAKEZ is an up and the coming economic zone which provides world-class services and state of the art infrastructure to businesses. The strategic location of the zone helps it to be accessible by people in business and entrepreneur from all over the world. RAKEZ promises to empower all its investors and clients and also acts as a gateway to the markets of the Middle East, North Africa, Europe and South and Central Asia.

RAKEZ aims to create and develop infrastructure which will suit the business and also develop customer-centric business solutions. This can be achieved by RAKEZ by following five key pillars. These are:

1.Cost-Effectiveness

The primary aim of RAKEZ is to provide cost-effective and efficient solutions to the problems which are faced by the business.

2.Efficiency

The administration makes a point of making all the services and transactions very seamless and transparent. Such a business environment will be very conducive for the growth of a business.

3.Customised Business Solutions

Not every business will require the same solution. To provide a solution for a business which will suit the business operations is a fundamental pillar of RAKEZ.

4.Expertise

The experts at RAKEZ will help you understand your business and the business trends and then take decisions according to it.

5.Diversification

RAKEZ comprises of five specialised zones which will cater to businesses on different sectors and from different parts of the world.

Based on these five pillars, RAKEZ aims to attract more business from all around the world.

Change in Auditing

According to the AE laws and the RAKEZ Companies Regulations, since the year 2020, it is required that all the licenced companies in RAKEZ submit their audited financial statements. This change was mentioned on 26 June 2019 and will be implemented in the year 2020. The submission of the financial reports on an annual basis from the year 2020.

Each of the licensed company in RAKEZ must submit a copy of the audited financial statements of the fiscal year 2019 within six months of the end of the financial year of the company. These audited financial statements have to be submitted every year from now on. The audited documents must be submitted to the customer services representative in any of the services centres.

One thing to be kept in mind is this rule does not apply to audit the companies which are registered as a branch company in RAKEZ, provided such company can avail the services of a group auditor.

RAKEZ has a list of approved auditors, and it is the responsibility of the companies that the appointed auditor is registered with RAKEZ as an approved Auditor. You can click on the link provided to visit the list containing the approved auditors in RAKEZ.

Any failure to submit the copy of the audited financial statements can result in a fine of the amount of AED 2,500 and may even result in the suspension of the services to the company. RAKEZ reserves all rights to demand for the original copies of the financial documents.