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At a glance
Key takeaways
- DMCC companies must prepare annual audited financial statements and submit them within the applicable deadline.
- The audit must be completed by an auditor approved for DMCC engagements.
- Early preparation of accounting records and supporting documents reduces filing and compliance risk.
DMCC member companies are generally required to prepare annual financial statements and submit the prescribed audited-financial-statement documents through the DMCC member portal. The auditor and the submission route should be confirmed against the latest DMCC requirements for the company.
Who must submit audited financial statements?
DMCC’s published submission guideline states that audited-financial-statement submission applies to DMCC companies, including subsidiaries and branch companies. Dormant or low-activity status should not be treated as an automatic exemption.
DMCC audit submission deadline
DMCC’s published guideline requires the signed and stamped Audited Financial Statements Summary Sheet and the Audited Financial Statements Report to be uploaded within 180 days after the end of each financial year. A company with a 31 December year end should therefore work from the 180-day period, subject to any later instruction shown in its member portal or an official DMCC communication.
Businesses should not assume that a general or historical extension applies. Start the audit early and verify the live deadline for the relevant company and financial year.
Does the auditor need to be DMCC approved?
Each member company is responsible for checking that its appointed auditor is registered with DMCC and appears on the current Approved Auditors List. DMCC’s published guideline notes a branch-company exception where the branch has a group auditor; the company should confirm that the exception applies to its facts before appointment.
Documents commonly required for the audit
- trade licence, constitutional documents and current ownership information;
- trial balance, general ledger and final management accounts;
- bank statements, confirmations and reconciliations;
- sales, purchases, expenses, payroll and material contracts;
- fixed-asset, inventory, receivable, payable and related-party schedules;
- VAT and Corporate tax registrations, returns and reconciliations where applicable; and
- evidence supporting estimates, provisions, commitments and subsequent events.
Submission process
- Agree the scope and timetable with the eligible auditor.
- Close and reconcile the accounting records and provide audit evidence.
- Resolve audit findings and approve the final financial statements.
- Have the auditor complete, sign and stamp the DMCC summary sheet.
- Upload the summary sheet and audited report through the designated member-portal service request.
- Retain the originals and submission evidence for inspection and future compliance.
Relationship with UAE Corporate tax
A DMCC audit and a UAE Corporate tax Return are separate obligations, but the figures should reconcile. A QFZP must also satisfy the Corporate tax conditions relevant to audited financial statements, qualifying income, substance and transfer pricing. Differences between the audited accounts, VAT records and Corporate tax schedules should be explained before filing.
How SAIF Chartered Accountants can help
SAIF Chartered Accountants is listed for DMCC audit engagements under account number 148497. Our team can coordinate the year-end close, statutory audit, DMCC submission support and the related Corporate tax and transfer pricing work.
Authority and verification
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Clear answers
Frequently asked questions
What is the published DMCC audit submission period?
DMCC’s published guideline states that the prescribed audited-financial-statement documents must be uploaded within 180 days after the end of each financial year.
Does a DMCC company need an approved auditor?
The member company is responsible for appointing an auditor registered with DMCC and shown on the current Approved Auditors List. DMCC’s guideline notes an exception for a branch company that has a group auditor.
What must be uploaded to DMCC?
The published guideline requires the signed and stamped Audited Financial Statements Summary Sheet and the Audited Financial Statements Report through the designated member-portal service request.
Do dormant DMCC companies need audited financial statements?
DMCC’s published guideline says submission applies to all DMCC companies, including subsidiaries and branch companies. A company should verify any entity-specific position directly in its portal.
Is the DMCC audit the same as the Corporate tax Return?
No. They are separate obligations, although the audited accounts and Corporate tax figures should reconcile.
