The Dubai International Financial Centre (DIFC), a well-known financial-free zone in Dubai, mandates that all companies within the zone have their financial statements audited by approved auditors registered with the DIFC. Businesses must complete the audit and submit the audit report to the DIFC authority within four months of the end of their financial year.
The audit ensures companies follow regulations and operate transparently. While the Dubai Financial Services Authority (DFSA) oversees financial and regulated companies, other businesses are regulated by the DIFC Authority. Now Consultant, a registered audit firm in the DIFC, provides comprehensive audit services to businesses in the Free Zone in compliance with the DFSA regulations.
About DIFC
The Dubai International Financial Centre (DIFC) was established in 2004 as a hub for financial businesses to access and grow in emerging markets across the region. Created under UAE Federal Decree No. 35 of 2004, DIFC is part of Dubai’s strategy to diversify its economy and attract more investment.
The DIFC functions as a separate jurisdiction within the UAE, with its own legal and regulatory system. It hosts a range of financial and non-financial businesses, including those in banking, professional services, insurance, wealth management, and capital markets.
DIFC Framework:
DIFC has a unique legal framework that governs civil and commercial laws. The DIFC operates with an independent judicial system based on English Common Law, with DIFC Courts handling all civil and commercial disputes for companies registered in the zone, providing a secure legal framework for businesses.
The DIFC Free Zone is regulated by three key bodies: the DIFC Authority (DIFCA), which manages general operations and non-financial regulations; the Dubai Financial Services Authority (DFSA), responsible for licensing and financial services regulations; and the DIFC Judicial Authority, which ensures compliance with laws for businesses operating in the zone. The DFSA must authorize all financial companies in the DIFC.
Now Consultant As a DIFC Approved Auditor
Now Consultant is a DIFC-approved auditor who provides audit services to companies operating in the Dubai International Financial Centre (DIFC). We help businesses meet the regulatory requirements set by the DIFC and the Dubai Financial Services Authority (DFSA).
Benefits of Working With Approved Auditors:
Businesses operating in the DIFC get several benefits if they choose the DIFC-approved auditor such as Now Consultant making it an ideal environment for growth and success, including:
- No corporate or personal taxes for 50 years from the start of operations
- 100% foreign ownership
- No restrictions on foreigners from sending capital and profits back to their home country
- Access to the UAE’s extensive network of double taxation treaties
- Availability of skilled professionals based in Dubai and the surrounding region
- A transparent business environment that follows global best practices and international laws
- Modern infrastructure with advanced transport and internet facilities
These benefits make the DIFC an attractive choice for companies looking to grow their business in coordination with the approved auditors.
Why Audit Is Mandatory From DIFC Registered Auditors:
Businesses in the Dubai International Financial Centre (DIFC) are required to have their financial records audited by DIFC-approved auditors. This ensures that companies maintain accurate books and reflect their true financial position.
Companies in the DIFC must:
- Keep proper financial records
- Accurately show their monetary status
- Submit an external audit report within four months after their financial year ends
The mandatory audit helps ensure that businesses follow regulations and avoid financial misconduct. Since companies in DIFC are overseen by the Dubai Financial Services Authority (DFSA), working with registered auditors shows a company’s commitment to transparency, compliance, and maintaining trust with stakeholders and authorities.
These are the reasons that audit is mandatory from approved auditors at DIFC.
Why Choose Us as A DIFC Approved Auditor In Dubai:
DIFC companies must follow strict regulations, including the requirement to audit their financial records. These audits help businesses comply with local and international standards, enhancing their reputation with stakeholders, governments, lenders, and other authorities. Only approved auditors are authorized to perform a DIFC audit.
As DIFC approved auditors, Now Consultant provides comprehensive audit services with a focus on client satisfaction. We use advanced technology to simplify the audit process and ensure it meets the needs of both clients and market expectations.
