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Rais Al Khaimah Economic Zone (RAKEZ), one of the UAE's premier financial zones, provides customized solutions for both free zone companies as well as those registered non-free zone. RAKEZ's strategic location allows businesses registered here access to markets throughout Central, Southern Asia, Northern Africa, Europe and Middle Eastern counties - home for over 14,500 companies from 100 different nations!
RAKEZ works tirelessly to bring businesses operating within RAKEZ all the advantageous opportunities and facilities necessary for success, such as free zone and non-free zone areas, to thrive and thrive successfully. RAKEZ Authority oversees these operations on an administrative basis - this body being known as Ras Al Khaimah Economic Zone Authority.
Due to our outstanding services and work, RAKEZ has attracted many businesses looking to establish themselves here. One of RAKEZ's requirements for companies wishing to set up shop here is having their accounts audited by RAKEZ approved auditors in Dubai. Furthermore, its affordable real estate prices and possibility of leasing property lease are key advantages when looking for investment opportunities in Ras Al Khaimah; plus, it does not place restrictions or limitations on currency exchange or labor recruitment.
RAKEZ provides the following services:
RAKEZ accepts two different kinds of legal entities that have registered as entities within its database:
Free Zone Entity
A limited liability company registered within the Free Zone area would need permission from RAKEZ authority to operate in its designated space.
Non-Free Zone Entity
A Non-Free Zone Entity is defined as any limited or unlimited liability company registered within the Non-Free Zone Area of Rais Al Khaimah. Such businesses must obtain permission from both the Department of Economic Development in Rais Al Khaimah as well as local authorities before being allowed to operate legally in Rais Al Khaimah.
RAKEZ offers various kinds of licenses that are appropriate for starting up businesses:
Auditors require firms to submit the appropriate documents to them each year to conduct an audit and ensure compliance. They do this so they can efficiently make assessments by comparing balance sheets against requirements at year's end and quickly assess whether companies meet them. Companies are obliged to present documentation such as:
Account Statements, its every financial transaction need credit or debit confirmation for it to proceed successfully.
Companies registered with RAKEZ must appoint an auditor to examine and provide a report on financial statements prepared in compliance with international and local rules. The audit report must indicate if these financial statements conform with International Financial Reporting Standards (IFRS), whether money laundering is taking place and whether the business has violated any money laundering legislation.
A company's auditor must issue an audit report which verifies whether its accounts provide an accurate and fair view of its financial position at each fiscal year's close, free from major misstatements or errors. They must also indicate in their report whether activities authorized under their trade license have been undertaken - authorities rely heavily on audit reports when renewing trade license.
RAKEZ approved auditors Dubai is required to investigate to ascertain that a company maintains proper records. Furthermore, the auditor must vouch that company financial statements match up with financial records and returns. Failure to submit audited financial statements could incur a fine of AED 2500 as well as lead to suspension of services.
Businesses operating within RAKEZ can select auditing firms approved by RAKEZ according to their track record and reputation.
Audit.ae provides the best RAKEZ approved auditor services in Dubai, UAE that are tailored to the specific requirements and regulations imposed upon companies operating within its jurisdiction. With in-depth knowledge of local business structures and landscape, the Audit.ae team pays meticulous attention to details while adhering to industry accurate methods when carrying out any audit assignment – be it internal, financial, compliance audits etc. Our experience allows us to offer further analysis as well as practical recommendations that help increase accountability, transparency, and overall efficiency within an organization.
Audit.ae is proud to have RAKEZ approved auditors UAE as it allows them to assist companies seeking approval or renewal membership in RAKEZ ecosystem more quickly and efficiently. Our deep knowledge of RAKEZ regulations allows us to assist clients in navigating the complex compliance maze, making sure all requirements are fulfilled quickly and effectively. Furthermore, our proactive auditing services go far beyond compliance. Audit.ae strives to optimize our clients’ business operations by identifying areas for improvement and implementing an effective internal control framework. With us as your trusted auditor and advisor, you will have no hesitation navigating RAKEZ regulations with confidence, knowing your company is safe from harm.
Answers to your most common queries are as follows:
RAKEZ is a prominent business hub in the UAE, offering a favorable environment for company formation and growth. Approved auditors play a crucial role in ensuring compliance and transparency within RAKEZ. They conduct audits to verify financial records, ensuring businesses adhere to regulations and maintain accountability, vital for investor confidence and regulatory compliance.
Becoming a RAKEZ approved auditor involves meeting specific criteria set forth by the RAKEZ authorities. Typically, auditors must hold relevant professional qualifications, such as being a certified public accountant (CPA), chartered accountant (CA), or equivalent. They should also possess experience in auditing and be familiar with UAE regulations. Upon meeting these criteria, auditors can apply to RAKEZ for approval, which involves submitting necessary documentation and undergoing a review process.
Utilizing a RAKEZ approved auditor offers several advantages for businesses. Firstly, it ensures compliance with local regulations, minimizing the risk of penalties or legal issues. Secondly, approved auditors provide assurance to stakeholders, including investors, creditors, and regulatory authorities, enhancing trust and credibility. Additionally, their expertise can help businesses identify areas for improvement, optimize financial processes, and mitigate risks, contributing to long-term sustainability and success.
Businesses operating within RAKEZ are typically required to engage auditors from the list of RAKEZ approved auditors for their auditing needs. This requirement is in place to ensure the competence and adherence of auditors to the specific regulations and standards applicable within RAKEZ. However, businesses may have the option to apply for exemptions or special approvals under certain circumstances, subject to the discretion of RAKEZ authorities and compliance with relevant guidelines.
