LICENSED EXTERNAL AUDITING & AUDITORS IN DIFC (DUBAI INTERNATIONAL FINANCIAL CENTRE) UAE
If your company is in search of an approved Audit Firm in the free zones and the mainland UAE then look A & A Associate can work for you as an independent external auditing firm as we are Licensed Service Providers in the UAE and are also registered with free zones .
Our audit process is streamlined and designed in a manner that displays compliance with all the applicable accounting and auditing standards and we are also registered with all the major banks and financial institutions in the UAE.
Dubai International Financial Centre (DIFC)
Dubai International Financial Centre (DIFC) is a financial free zone established within the emirate of Dubai in the year 2004. DIFC is an onshore financial centre, providing financial institutions with a secure economic platform to operate from within the Middle East region and to extend their reach to emerging markets in other parts of the world. The DIFC is seen as a bridge between financial centers/markets in the east and the west.
The DIFC has its own set of laws and regulations dealing with civil and commercial issues which businesses operating within the centre are required to show compliance with in order to continue operating from and within the DIFC free zone.
Who Regulates the DIFC Free Zone?
There are three separate independent bodies that are responsible for regulating the environment within the DIFC and these include the DIFC Authority (DIFCA), the Dubai Financial Services Authority (DFSA) and the DIFC Judicial Authority
On the other side, the DFSA is responsible for developing laws and regulations related with authorization, licensing and registration of businesses providing financial services and engaging in related activities within the DIFC free zone. Businesses wanting to provide financial services in the DIFC are subject to authorization and approval by the DFSA.
DFSA is responsible for ensuring that businesses and individuals operating within the DIFC comply with the applicable laws and regulations.
DIFC Free Zone – Types of Business Entities
The businesses that want to operate from or within the DIFC are first required to obtain a business license subject to approval from the DIFC Authority and the DFSA. Following are the types of businesses that can be formed within the DIFC:
Company Limited by Shares: Minimum number of shareholders is one and there is no maximum shareholders requirement. There are no minimum capital requirements except for companies providing specific financial services.
Limited Liability Company (LLC): These are incorporated under Law No. 3 of 2006 – Companies Law. The formation process is identical to that of a company limited by shares. A LLC is required to add ‘Limited Liability Company’ after the company name.
Limited Partnership (LLP): It is formed under Law No. 5 of 2004 – Limited Liability Partnership Law. Two or more persons are required to form a LP in DIFC. The liability of partners is limited up to partner’s capital contribution.
Limited Partnership (LP): It is formed under Law No. 4 of 2006 – Limited Partnerships Law. Two or more persons are required to form a LP in DIFC. The liability of partners is limited up to partner’s capital contribution.
General Partnership (GP): It is formed under Law No. 11 of 2004 – General Partnership Law. There are no minimum capital requirements for a General Partnership. The liability of the partners in a general partnership is unlimited.
Branch of a Foreign Entity: A branch of a foreign entity can be formed within the DIFC as a recognized entity subject to registration with the Registrar of Companies and approval from DIFC Authority and the DFSA.
Investment Company: It can be incorporated under Law No. 3 of 2006 – Companies Law and part 13 of the Companies Regulations and must also comply with Law No. 1 of 2006 – Collective Investment Law. It can either be registered as an Open Ended Investment Company or a Closed Ended Investment Company.
How can A & A Associate Help You?
In addition to providing external audit services we also provide a variety of other services including accounting, company liquidation, business and tax consultancy services in the UAE. Our objective is to provide our clients with services that are not only of high quality but also add value to the client’s business operations.
A & A Associate also provide: