Lately, the United Arab Emirates has taken up different measures to pull in business visionaries and individuals in business from all around the globe. The public authority of the UAE has perceived the way that it can’t exclusively depend on the income from the hydrocarbon area. This is the reason the UAE government has carried out new laws that will upgrade the business climate of the country and eventually help the economy of the country.
These steps incorporate the execution of Value Added Tax, the foundation of different free zones in the nation, giving better freedoms, administrations, and framework to foreign organizations, and so forth these means not just permit the joining of an organization effectively yet in addition assist the country withdrawing in various outsiders to UAE.
As the public authority has made the laws more agreeable for outsiders to come into the country and set up a business, there is additionally a significant expansion in the interest for monetary administrations, for example, Accounting Services and Audit Services, Tax related administrations, and so on the new execution of Value Added Tax has likewise helped the public authority draw from into another wellspring of income.
The Ras Al Khaimah Economic Zone
Ras Al Khaimah Economic Zone or RAKEZ is one of the monetary zones present in the country which will give elite services and framework to organizations and assist them with developing and arrive at their most extreme potential.
RAKEZ was set up in the year 2017 when the choice was taken to combine the Ras Al Khaimah Free Trade Zone (RAK FTZ) and the Ras Al Khaimah Investment Authority (RAKIA). This financial zone covers very nearly 33 million square meters and is considered one of the biggest monetary zones in the district. The monetary zone obliges the requirements of various organizations, and in excess of 15,000 organizations are arranged here.
Need for Auditing in RAKEZ
In recent times, there has been a gigantic convergence of organizations coming in the country for setting up and leading business, and with the expansion in the organizations, there has been a significant expansion deprived for monetary administrations like Auditing and Accounting. These administrations not just assist an organization with understanding the current monetary remaining of the organization yet in addition help in getting ready for what’s coming. Examining is a fundamental cycle that will permit the administration of an organization to comprehend the different bottlenecks of the organization and furthermore give a potential answer for such issues. There are different advantages of directing an audit, for example,
- Discovering any fraudulent activities in the company
- Ease during the winding up of the Business
- Boost the morale of the management
- Attract new potential investors
- Identification of the issues in a company
- Handling taxes of a company in a better way
- Preparing a plan
With such countless advantages, it is valuable to profit Auditing administrations from a presumed and endorsed evaluator in the Ras Al Khaimah Economic Zone (RAKEZ).
Late Warnings Identifying with Audit
As indicated by the new changes in RAKEZ, every one of the organizations which are authorized by RAKEZ should submit audited financial statements of the organization on a yearly premise. This will be pertinent to both modern just as non-mechanical customers. These evaluated organization articulations should be submitted each year.
On the off chance that any organization neglects to give duplicates of the audit reports of the organization, they may confront a fine of AED 2,500. For some situations, the non-accommodation may even bring about the suspension of the relative multitude of administrations given by the financial zone.
It is a direct result of these advantages that it is fundamental to benefit the administrations of the auditor. Each monetary zone has a rundown of Approved Auditors in RAKEZ. This list contains the names and subtleties of the relative multitude of auditors which are endorsed by the administration of the free zone. It is conceivable exclusively by an affirmed auditors in RAEZ to play out the different review elements of an organization in the free zone.
How Can We Help
BSA Auditing & Consultancy offer Audit & Assurance Services in RAKEZ that answers to the needs of any business in RAKEZ. We serve the statutory needs of clients and report on the financial statements in accordance with the company law, International Financial Reporting Standards, International Standards on Auditing and applicable laws and regulations of RAKEZ.
From management decisions to employee trust, there’s a lot to be gained from seeking an audit of your financial statements. If you want to be sure there are no issues with your books, we are happy to help and offer everything you need to keep your business moving forward.
We act as a trusted advisor and business partner to provide independent quality audit and assurance services as approved auditors in RAKEZ, registered auditors in RAKEZ, listed auditors in RAKEZ, RAKEZ approved auditors, RAKEZ registered auditors, and RAKEZ listed auditors.
