Financial Reporting Update - Meydan FZ

Mandatory Submission of Audited Financial Statements

As per the Meydan Free Zone Companies and Licensing Regulations 2022, all companies are required to prepare and maintain financial statements. In line with these regulations, the Meydan Free Zone Authority (MFZA) will require the submission of audited financial statements as a mandatory part of the annual license renewal process.

Key Requirements:

Annual Submission: Companies must prepare and submit audited financial statements annually.

Approved Auditors: The audit must be conducted by an auditor registered and approved. This ensures that the financial reports meet the required standards and are compliant with local regulations.

Submission Deadline: The audited financial statements must be submitted in a timely manner as requested by the authority. It is best practice to have these documents prepared well in advance of your license renewal date to avoid any delays.

Why is this a key requirement?

This measure is crucial for promoting financial transparency, strengthening corporate governance, and ensuring that our business ecosystem remains compliant with both local and international financial standards. Furthermore, maintaining audited financial statements is a prerequisite for companies to benefit from the 0% corporate tax rate for "Qualifying Free Zone Persons" under the UAE's Corporate Tax Law.

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