yes, too many people on this forum is getting audited. This means that the percentage of auditing is quite high, I wonder if they are focusing in a specific freezone or how are they choosing
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Dubai - First Audit Request From DIEZ
- Thread starter MankouJoe
- Start date
thats hard to say.
For sure some license types are a prime target as it looks to me.
It looks like its everyone who set up with IFZA/DSO (me included) as the DIEZ managed that freezone.
I have Internet Content, Marketing Management and Management consultancy licenses, and provide these services legitimately to US companies. Would be interested to hear what licenses others have that are getting the audit.
I can add CSP and Accounting to this list (from several service providers) but under ifza.
The official response has been the audit requests are purely random.
the thing is: it comes out all of a sudden. Would be nice to get a binding email at the beginning of the year regarding changes.
Yes, and the agents usually waits until after you have paid the renewal fees before mentioning the new required documents.
Just received my audit request this morning and yes, it came all of a sudden. Especially since IFZA had informed me earlier in the year that there would be no audit for 2023-2024. My company's year is May to April.
And of course nothing was mentioned at the time of renewal, except that I may need to present unaudited financial statement within 90 days of the renewal date.
Financial statements are ok, but the audit will be a time crunch to get sorted especially before their deadline.
Quite insane to ask for audited financial statements before the end of May when the company's year-end is April 30... and my accounts for April won't be ready before mid-May and then an audit needs to be done...
And of course nothing was mentioned at the time of renewal, except that I may need to present unaudited financial statement within 90 days of the renewal date.
Financial statements are ok, but the audit will be a time crunch to get sorted especially before their deadline.
Quite insane to ask for audited financial statements before the end of May when the company's year-end is April 30... and my accounts for April won't be ready before mid-May and then an audit needs to be done...
Can someone confirm that has also received the audit request if the audit was mandatory?
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I'm working through the inspection requirements and have a few questions so if anyone who has already completed the process can jump in that would be great.
1. Signed UBO declaration submitted to the registered Authority.
What document did you submit? As part of the trade license renewal, you need to sign that the UBO information listed is corrected. Is that sufficient? Or did you write a statement?
2. Purpose of establishing the company (Please fill).
How much detail did you provide here?
In general, any other pointers or things to consider? Thanks.
1. Signed UBO declaration submitted to the registered Authority.
What document did you submit? As part of the trade license renewal, you need to sign that the UBO information listed is corrected. Is that sufficient? Or did you write a statement?
2. Purpose of establishing the company (Please fill).
How much detail did you provide here?
In general, any other pointers or things to consider? Thanks.
In my experience, they don't really care what you write.
And that is simply bad business practice; we've experienced this many other places as well.
Attached is the full message from DIEZ for everyones reference.
I recommend getting your books in order if you incorporated with IFZA or DSO for that matter - these letters can come in a moments notice with a two week deadline.
Also to add, the auditors I've hired are asking me to provide "DSO Free Zone Statement of Account (SOA), and transaction records related to the Free Zone"....
Completely new to me, so asking IFZA about this.
Its quite a mess to be honest, and with the tight deadlines and god knows whats to come when CT is introduced, I've decided that I will not be partaking in all of this shaky ground and broken promises by the Freezones and the UAE government.
(Remember 50 years guaranteed there will be no tax on freezones?
)
Will be closing up shop, and setting up in another country - hopefully before my Tax Registration Deadline at the end of June.
To those who are staying, Godspeed gentlemen - keep your books squeaky clean and up to date, mandatory audits for everyone upon license renewal are coming.
EDIT: I run a marketing agency only dealing with US clients, all above-board stuff and no funny business.
1. The auditors told me just turn the "Signed UBO Declaration" excel sheet into a pdf and sign it - but not sure how legit that is, so would like to know what others have done.
2. Auditors told me that I should put that I wanted to expand the business globally, so thats why I have chosen Dubai or something like that - also would like to hear what others put down..@mankjoe? You've been through this and haven't heard anything back from DIEZ, so would like to know what you put down since it seems like yours went through without issues.
I recommend getting your books in order if you incorporated with IFZA or DSO for that matter - these letters can come in a moments notice with a two week deadline.
Also to add, the auditors I've hired are asking me to provide "DSO Free Zone Statement of Account (SOA), and transaction records related to the Free Zone"....
Completely new to me, so asking IFZA about this.
Its quite a mess to be honest, and with the tight deadlines and god knows whats to come when CT is introduced, I've decided that I will not be partaking in all of this shaky ground and broken promises by the Freezones and the UAE government.
(Remember 50 years guaranteed there will be no tax on freezones?
)Will be closing up shop, and setting up in another country - hopefully before my Tax Registration Deadline at the end of June.
To those who are staying, Godspeed gentlemen - keep your books squeaky clean and up to date, mandatory audits for everyone upon license renewal are coming.
EDIT: I run a marketing agency only dealing with US clients, all above-board stuff and no funny business.
Second this - would also like to know what you guys put here.
1. The auditors told me just turn the "Signed UBO Declaration" excel sheet into a pdf and sign it - but not sure how legit that is, so would like to know what others have done.
2. Auditors told me that I should put that I wanted to expand the business globally, so thats why I have chosen Dubai or something like that - also would like to hear what others put down..@mankjoe? You've been through this and haven't heard anything back from DIEZ, so would like to know what you put down since it seems like yours went through without issues.
Attached is the full message from DIEZ for everyones reference.
I recommend getting your books in order if you incorporated with IFZA or DSO for that matter - these letters can come in a moments notice with a two week deadline.
Also to add, the auditors I've hired are asking me to provide "DSO Free Zone Statement of Account (SOA), and transaction records related to the Free Zone"....
Completely new to me, so asking IFZA about this.
Its quite a mess to be honest, and with the tight deadlines and god knows whats to come when CT is introduced, I've decided that I will not be partaking in all of this shaky ground and broken promises by the Freezones and the UAE government.
(Remember 50 years guaranteed there will be no tax on freezones?
Will be closing up shop, and setting up in another country - hopefully before my Tax Registration Deadline at the end of June.
To those who are staying, Godspeed gentlemen - keep your books squeaky clean and up to date, mandatory audits for everyone upon license renewal are coming.
EDIT: I run a marketing agency only dealing with US clients, all above-board stuff and no funny business.
Second this - would also like to know what you guys put here.
1. The auditors told me just turn the "Signed UBO Declaration" excel sheet into a pdf and sign it - but not sure how legit that is, so would like to know what others have done.
2. Auditors told me that I should put that I wanted to expand the business globally, so thats why I have chosen Dubai or something like that - also would like to hear what others put down.....@MankouJoe? You've been through this and haven't heard anything back from DIEZ, so would like to know what you put down since it seems like yours went through without issues.
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According to the email I got from them, it looks like the audit is mandatory.
Point no.13 on their email specifically states "Audited financial reports for 2022 and 2023", the only interpretation of this is....well...an audited financial report.
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