Registered Auditor in Meydan Free Zone

All the companies registered and operating in Meydan Free Zone are required to get their annual financial statements audited by a Meydan approved audit firm in Dubai as part of their regulatory obligations. Why? To verify that they comply with the rules of the Meydan Free Zone and to protect their license from possible penalties (fines or suspension). By using a Meydan approved auditor such as our firm, we will make sure that the operation of your business and credibility in the free zone are maintained at the highest level.

KEY POINTS

• Meydan Free Zone is an economic free trade zone in the heart of downtown Dubai offering businesses 24/7 digital registration, instant licensing and flexible office solutions.
  
• Businesses registered in Meydan Free Zone are able to enjoy digital paperless setup, tax benefits, 100% foreign ownership, access to prime locations, fast track licensing and much more.
  
• All registered companies operating within the free zone must file audited financial reports once per annum through approved auditors in Meydan Free Zone.

What Is Meydan Free Zone?

Meydan Free Zone is one of the most exciting and rapidly growing economic zones in the United Arab Emirates. Located in the center of Dubai, it has been formed by HH Sheikh Mohammed Bin Rashid Al Maktoum, the Ruler of Dubai.

With fantastic licensing options, simple setups and a lively commercial environment, it often attracts new entrepreneurs as well as established brands. It is also unique from the perspective that it is UAE’s, and perhaps the world’s, first 100% digital, 24/7 free zone, facilitating online, paperless company formation in just a few hours. 

In today’s digital era, many businesses do not need a physical office. Meydan fulfills this requirement by offering flexi desks to business not wanting to rent a physical office space.

Why Operate Your Business in Meydan Free Zone?

The Meydan Free Zone has several key advantages for your business that are hard to ignore for a startup, SME, or corporation. Here are some of the main aspects you should consider: 

• Setting up a company in the Meydan Free Zone is fully online, paperless, and 24/7.
• You can set up your business in an optimal location within Dubai’s downtown.
• You can easily run your business from a flexi desk, so no need for physical space.
• You keep 100% ownership of your business, whether you’re an individual or a company.
• You’ll get 100% of your invested capital and profits back.
• You enjoy zero percent personal income tax.
• Meydan Free Zone is one of the Qualifying Free Zones in the UAE. Hence, you pay 0% corporate tax on qualifying income.
• You incur zero customs duty on imported or exported goods from the zone.
• You can conduct business operations in a well-regulated location with modern facilities and luxury amenities.
• Flexible business licenses are available for commercial, consulting, trading, investment, etc.
• You can enjoy dedicated support services and networking opportunities that will serve your business growth and expansion plans.

What is Unique in Meydan Free Zone?

• Meydan Free Zone offers a number of different license types and has simplified the application process by providing all licenses digitally. All license approvals are processed in 48 – 72 hours online, without paperwork or in person meetings.
• Meydan Free Zone also facilitates the formation of Free Zone Limited Liability Companies (FZ-LLC) that have 100% Foreign Ownership, so there is no requirement for a Local UAE Partner and the company is protected with a Limited Liability structure.
• Meydan Free Zone FZ-LLCs can be formed with one shareholder or multiple shareholders and the registration procedure for FZ-LLCs at Meydan Free Zone is easy to complete. 
• Shares issued in Meydan Free Zone FZ-LLCs follow the FZ-LLC structure and provide flexibility in terms of minimum share capital requirements. Shareholders can also benefit from 100% repatriation of profits and capital. 
• This free zone is located in a high profile location with direct access to a 5 star hotel, golf course and horse racing facilities.
• It does not require a minimum paid-up capital, which allows investors to allocate their funds as they see fit. Low barriers to entry and full repatriation of capital and profits makes it easier for global entrepreneurs to establish their companies here.
• Meydan Free Zone also provides comprehensive support for obtaining and renewing 2 year UAE residency visas. This includes submitting the visa applications, renewals, stamping, medical testing, Emirates ID, etc.

What Type of Licenses are Available in Meydan Free Zone?

When applying for a license in Meydan Free Zone, you should determine which license category best suits your industry. Popular options that are available include:

• Commercial License: This can be used for a wide variety of industries, including but not limited to; trading, general trading, import/export, distribution, wholesale/retail e-commerce.
• Professional License: For businesses and/or professionals that offer consulting and/or professional services such as medicine, management consultancy, IT services, marketing, HR, training/education, technical support and/or any other services that rely on expertise.
• Media License: For businesses and/or individuals involved in advertising, digital marketing, content creation, branding, communications, media production, web/app development and creative/digital services.
• E-commerce License: A license for businesses engaged in the sale of physical and digital goods on-line, drop shipping and all other forms of e-commerce.
• Holding Company/Investment License: A license to manage investments, perform an investment function and own subsidiaries/minority interests/investments.

How Can a Meydan Free Zone Approved Auditor Help?

Meydan Free Zone approved auditors are officially authorized specialists who conduct mandatory financial audits for companies registered in the free zone. They ensure that your financial statements comply with IFRS and the specific requirements of the free zone.

Experienced audit firms in Meydan Free Zone can identify qualifying vs non-qualifying activities, ensure appropriate licensing, decrease the risk of a higher tax exposure, help review your e-invoicing setup, identify internal control weaknesses, and much more. Audited accounts that are in compliance with International Financial Reporting Standards (IFRS) and International Standards on Auditing (IASs) instill confidence in banks, investors, customers, and also enhance business credibility.

Tips on Choosing the Right Meydan-Approved Auditor

If you’re setting up your company in the Meydan Free Zone, then you need the right audit firm as your auditing partner.  So, how do you go about choosing a firm that is credible, experienced, and meets your specific needs? Here are some tips:

1. Search for auditors who frequently work on Meydan companies’ audits. They are generally well-versed with the rules applicable to the free zone. For example, QFZP assessment, determining qualifying and non-qualifying income, timeframe to submit audited accounts, how to deal with the free zone and prevent you from fines in case audit is delayed, etc.
2. Limit your search to companies that have experience in auditing within your specific business domain, like consulting, trading, tech, etc.
3. Check for auditors with long active Meydan-approval status, have a long track record with licensing renewals and have strong references from other Meydan companies.
4. Besides auditing services, they should be able to offer you extras like bookkeeping, AML, how to file corporate tax in UAE, vat tax, compliance planning, assistance with banking/investor reports, etc.
5. Go for an auditor who is able to meet all the required deadlines. Especially as a remote/international business where quick communication and smooth virtual processes are needed.
6. Consider the type of audit service you require. While larger firms have greater expertise in complex matters, small firms are better focused.

Why Choose Vertix as Your Registered Auditor in Meydan

We are an experienced audit company based in Dubai that offers a wide range of audit services to all free zones throughout the United Arab Emirates (UAE) which includes Meydan Free Zone. Our team has performed audits for a large number of clients from multiple sectors including; consultancy, trading, tech, e-commerce, media, etc. The combination of our professional audit skills along with our focus on quality will ensure time completion of your financial statements audit.

We are efficient, we are transparent, we are remote and are able to cater to the needs of any international entrepreneur who may be looking to set up a new business or manage their existing one in the Meydan Free Zone.

Allow us to help you maintain financial compliance, make it easy for you to renew your licenses, and help you grow your business at Meydan Free Zone.

Get in touch with us today for a FREE consultation!

Frequently Asked Questions

Can I hire any auditor in Dubai for my Meydan company? 

Ideally, you must hire one of the registered auditors in Meydan. Otherwise, your audit report may get rejected. Once you select an audit firm, it is recommended to confirm with Meydan if you can hire that auditor to audit your accounts.

Are there lists of Meydan-approved auditors? 

You can request the free zone to provide you the Meydan approved auditors list. They regularly update this list and those listed are typically the most qualified audit firms to audit your company’s accounts.

What much does the audit cost?

The audit fee generally depends on your company’s size and complexity, as well as your transactions. Audit fee usually falls in the range of AED 5,000 to AED 25,000 depending on your business and the audit firm you select. You may use our FREE AUDIT FEE CALCULATOR to get a reliable estimate of your audit fee.

How long does a financial audit in the Meydan Free Zone take?

For small companies, this can be anywhere from 1-2 weeks. For larger companies, this can extend up to between 3-4 weeks or more.

When should I file my financial reports in Meydan? 

Your financial reports should be filed within a few months after the close of your financial year. You may also be required to file them when renewing your business license. If you are unsure of filing requirements, please ask your account manager in the free zone or your appointed audit firm to assist you further.