Ras Al Khaimah Economic Zone (RAKEZ) is an industrial hub that offers customizable solutions to free zone and non-free zone trades. Many multinational companies in over 50 sectors lift the economy of the UAE. Several companies such as Coca-Cola, Ashok Leyland, HRC, Almarai, Dabur, UNIKAI, etc. are situated in RAKEZ. RAKEZ-approved auditors provide financial audit services to a company in the Ras Al Khaimah Economic Zone.
RAKEZ is a cultivation hub for start-ups and home to leading global industrialists. It offers;
- Connectivity to main logistical hubs
- 100% foreign ownership
- Wide-ranging business and industrial services
- Free zone and non-free zone entity
- Self-service customer portal
- Fast and effective business set-up processes
Types of entities in Ras al Khaimah Economic zone
The types of entities that register in RAKEZ are as follows:
A Free Zone entity
It is a limited liability entity or a branch, that registers within the free zone area. Such an entity would be mandatory to get a license from RAKEZ authority to operate within the free zone area.
Non-Free Zone Entity
It can be a limited or unlimited liability entity or a branch that registers in the Non-Free Zone Area. Any entity wanting to activate in the Non-Free Zone Area would not only be required to get a license from the authority. It requires the Department of Economic Development in Ras Al Khaimah (RAK)
What does the Ras al Khaimah Zone offer?
The Ras Al Khaimah Economic Zone tries to provide the best services for audit firms in Dubai. These services include:
- Standard offices are very cheap but still are very isolated. These offices are best for Small and Average Enterprises and start-ups.
- Warehouses include pre-established warehouses and customizable warehouses near the marketsF
- Flexible facilities are perfect solutions for start-ups and financiers. Because they need a definite degree of flexibility.
- Services offices are a new kind of co-working space. It offers world-class facilities and also is known to offer privacy.
- Executive offices are big. They are suitable for companies that are looking to expand their activities as well as their workforce.
- Core and shell offices are available in the free zone. These offices customize according to the needs and requirements of the company.
- Plots of land provide facilities to build infrastructure. It will be used for industrial tasks.
- Labor and staff housing provide apt on-site housing for the workforce of the companies in the working zone.
Why audit is compulsory in Ras al Khaimah Economic Zone?
The companies registered with RAKEZ must appoint auditors. It helps in confirming that audit firms in Dubai present valid financial audit data to the general population. The legal audit inspects data such as;
- Accounting records
- Bank balances
- Economic exchanges
If you are looking to get your company Audited in the Ras Al Khaimah Economic Zone, then you can have a look at the services provided by audit firms in Dubai. The experts at audit firms in Dubai will take care of all the financial requirements of your business. They will also provide quick and comprehensive financial Audit services. That’s why it is on the list of top audit firms in Dubai.
Benefits of having an approved auditor in RAKEZ
There are many benefits of having approved audit services for your firm;
- Approved auditors provide cheap and efficient solutions to the problems which are faced by the business.
- RAKEZ Provides Quick Delivery of Services
- They help to expand Sectors, Industries, and Activities
- RAKEZ-approved auditors ensure efficiency in making all the services and transactions. It will make transactions very smooth and transparent
- RAKEZ has Professional Team to Guide Clients
- Approved auditors describe Marketing Development Opportunities
- They help you to understand your business and the business trends. Then, they make more conversant decisions
- RAKEZ has Top-notch Communications Infrastructure
How should companies prepare and keep financial records for auditing?
To confirm transactions, companies need to maintain accounting records. It may have underlying documents that are suitable to explain the transactions. The records are essential to disclose the financial audit position of the company with balanced accuracy. The accounting records must obey IFRS and show a good view of the profit and loss for the given year.
Reporting requirements for the auditors
- The auditor must state in his report whether the firm is undertaking only activities allowed under its trade license. The consultants rely on the auditor’s report before renewing the trade license.
- The auditor must make sure that the accounts of the company are in contract with the accounting returns and records.
- The auditor’s report must state whether the company’s accounts obey International Financial Reporting Standards (IFRS).
- The auditor will inspect and report on the accounts prepared under local and international rules.
- The auditor has to ensure that the firm is not indulging in money laundering and any financing issues.
- The auditor’s report must provide details on whether the accounts present a correct view of the company’s affairs at the end of the financial year. Also, the accounts are free from factual misstatements.
Essential documents for audit by RAKEZ-approved auditors
To conduct the audit and assurance, the auditors ask the firms to provide the documents corresponding to the relevant year. It facilitates the auditor’s work to draw a view of the financial position by analyzing the financial audit statements at the year’s end. The firms are mandatory to present the following documents:
- Bank Statements
- Credit/ debit validation for all financial transactions
- Copies of invoices and bills
- Memorandum of Association
- Articles of Association
- Latest Trade License (LTL)
- Current registration Details for VAT and Excise Tax (If Applicable)
- Records of bank
How to choose approved auditors in RAKEZ?
Some essential things you must consider while choosing an approved auditor in RAKEZ;
- Specialized auditors can support you to stay on track with rules and regulations. So, always seek Experiences Approved Auditor.
- Top auditors should avail of facilities that meet the customer’s specific requirements. So, Adapted Service plays a vital role.
- It is mandatory to seek specialized advice from trusted auditors. Also, make sure that they have a Verified Track Record of cultivating results.
Final verdicts
Farahat and Co, an auditing firm, is one of the top audit firms in Dubai. We are a registered auditing company in the Ras al Khaimah Economic Zone. With a decade of experience in the industry, commitment to brilliance has helped in establishing ourselves as a pioneer in the field. excellent staff is keen to work with you side by side to begin and conclude your financial audit together.
