The GCC or Gulf Cooperation council has timely understood the importance of Foreign Direct Investments (FDIs) and has taken historic legal steps in an erstwhile tax-free regime to welcome and authorize foreign businesses in the country. 

Now every company in the United Arab Emirates must prepare an annual audit report. Although many jurisdictions defer compulsory submissions to the concerned authority, nevertheless it is recommended that every business should prepare an annual audit report of the business. 

The team of professional auditors conducts periodic audits of a business. In a company incorporated in the Mainland, the management may choose any random individual auditor but in the free zones, only an approved auditor or audit firm can officially conduct an authorized financial audit. 

Audit requirements for a company are different in different jurisdictions. According to the size and nature of the business, its management should well plan and conduct the business audit. Advisably companies should conduct audits via our dedicated professionals which will help you understand your business better. 

According to Commercial Companies Law, all companies which have been established in the Mainland must maintain the financial records of the company for at least the past five (5) years and get the financial records of the company annually audited 

For a Free Zone company, an annual audit may not be a mandatory requirement. It solely depends upon the regulations of the free zone in which the company has been established.