Dubai Development Authority (DDA)
Dubai Development Authority (DDA)
A Dubai government organization known as the Dubai Development Authority was created and given its name under Law No. 15 of 2014 and Law No. 10 of 2018. Previously it was known as Dubai Creative Clusters Authority.
From 2016, Under DCCA regulations, organizations that have been granted power must maintain their accounting records and books for a minimum of eight years or any other time frame that the registrar may prescribe. If you need Businesses registered with the Dubai Development Authority must submit their most recent audited financial statements and a summary sheet by October 31, 2022. These entities are required to submit their accounts through the AXS platform. “All FZ LLCs operating under DDA supervision must maintain audited financial statements. However, new financial statements for foreign subsidiaries are not required if the parent company’s financial statements already contain the accounts.” Recording and maintaining financial statements is risky and time-consuming because a person should know all the regulations, such as IFRS, IAS and DDA, to record any transaction. Hence, you need an experienced person to carry out accounting services; therefore, hire accounting firms in Dubai Development Authority to carry out accounting tasks.
The Authority concentrates on three key service streams:
- Industrial Growth
- Management and regulation of real estate development.
- Regulatory and licensing services to govern all strategic projects and industries within its jurisdiction.
There are different types of free zones that deals with a specific industry.
Different Types Of Entities
Free Zone Limited Liability Company
Any region governed by the DDA allows for establishing a Free Zone Limited Liability Company (FZ-LLC) by overseas investors. The stockholders of an FZ-LLC, a distinct legal entity, may be both people and corporations. According to the company’s activity, the minimum capital requirement for incorporation is established.
Freelancer
Branch of a Foreign/UAE Company
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Requirements Of DDA Audit Report & Audit Financial Statement
In less than six months of the end of each year, the board of directors of each company is required to present audited financial statements to the annual general meeting that include:
- An interpretation of operating performance for the relevant period (i.e., a loss and profit statement);
- The retained earnings statement or the equity and deficient statement.
- The most recent balance sheet
- Notes to the financial accounts that have been audited
The corporation must deliver a copy of its financial statements and auditor’s report within seven days of its annual general meeting.
Compliance Requirements In DDA
Businesses that operate in DDA-regulated free zones must assess their compliance with rules such as the Economic Substance Regulations (ESR), the Ultimate Beneficial Ownership (UBO), and the Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) regulations (AML-CFT). Penalties for violating these compliance rules will be severe enough to harm a company’s profits and reputation, and in the worst-case license can be canceled.
How BSA Can Help You?
BSA has an experienced team with knowledge and expertise about each free zone. Based on the main activity, our team will advise you on the based free zone suiting your needs. Moreover, they will assist you with the company’s incorporation by completing all legal documents. Furthermore, they can also provide you with assistance in auditing.
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