Under Commercial Companies Federal Decree-Law No. 32 of 2021, all UAE mainland companies must have their financial statements audited annually by a licensed auditor registered with the Ministry of Economy.
Financial statements must be submitted to relevant authorities within 4 months after the end of the financial year, prepared in accordance with International Financial Reporting Standards (IFRS).
| Entity Type | Audit Requirement |
|---|---|
| UAE Mainland Companies (LLC, etc.) | Mandatory (Federal Law No. 32/2021) |
| Free Zone Companies (FZCO, FZE) | Mandatory for license renewal |
| Branches of Foreign Companies | Mandatory annually |
| Revenue > AED 50 Million | Mandatory audited statements (CT purposes) |
| Qualifying Free Zone Persons | Mandatory (for 0% CT rate) |
| Companies Under Liquidation | Mandatory (Liquidator's report) |
Per Ministerial Decision No. 82 of 2023: Entities with revenue exceeding AED 50 million must maintain audited financial statements for Corporate Tax purposes.
Most UAE Free Zones require annual audited financial statements for license renewal. Key Free Zones with mandatory audit:
DMCC
Dubai Multi Commodities Centre
DAFZA
Dubai Airport Free Zone
JAFZA
Jebel Ali Free Zone
DSO
Dubai Silicon Oasis
| Requirement | Details |
|---|---|
| Record Retention | Minimum 5 years (Commercial Law) / 7 years (CT Law) |
| Financial Statement Deadline | Within 4 months of financial year-end |
| Accounting Standards | IFRS (International Financial Reporting Standards) |
| Auditor License | Must be registered with Ministry of Economy |