Registered Auditors in HFZ

Registered Auditors in Hamriyah Free Zone (HFZ)

Hamriyah Free Zone (HFZ), located in the emirate of Sharjah, is an industrial hub for many manufacturing companies and is regarded as one of the top Free Zones in the UAE due to favorable business policies, connectivity with the other six emirates, and efficient regulatory measures such as financial audit requirements for companies from registered auditors with Hamriyah Free Zone Authority (HFZA).

The Hamriyah Free Zone (HFZ) continues to attract more than USD 3 billion in foreign investments, demonstrating the effectiveness of the free zone authority's regulatory measures. In accordance with these regulations, the HFZA has mandated that free zone establishments in the Free Zone have their books of accounts audited by an independent auditor registered with the Authority, ensuring that the market environment within the HFZ is tightly controlled and controlled. The HFZA's successful regulatory measures have resulted in the smooth operation of the Free Zone's companies.

The Hamriyah Free Zone (HFZ)

The third-largest emirate in the United Arab Emirates, after Abu Dhabi and Dubai, is Sharjah, where the HFZ is ideally situated. As the UNESCO-designated Cultural Capital of the Arab World, Sharjah is renowned for its educational institutions and vibrant history. Business facilities like offices, warehouses, and top-notch factories are available in the HFZ. Businesses in the HFZ operate in a variety of industries, such as heavy industry, logistics and transportation, oil & gas, petrochemical, packaging, steel, recycling, food, textiles, perfume & cosmetics, and others. The HFZ also permits services like banking and auditing firms, currency exchanges, conference rooms, staff housing, etc. in addition to the above-mentioned industries.

Why Is an Audit from Approved Auditors Required in HFZ?

Because of the following reasons, the HFZA requires companies operating in the HFZ to have their books of accounts audited by an independent external auditor:

• Companies licensed by the HFZA must ensure that their operations comply with the rules and regulations of both the Free Zone Authority and the Federal Tax Authority (FTA), as well as the Anti-Money Laundering (AML) regulation.
• Having the books of accounts audited by an external auditor in the UAE assures the company's top management that no financial wrongdoing is being concealed from the authorities. The audited books of accounts submitted by an external auditor in the UAE are extremely important to the HFZ Authority.
• The audit report ensures that the company's accounts are prepared in accordance with local and international accounting standards and that no fraud, illegal or financial misconduct has occurred.

Companies can hire reputable external auditing firms in the UAE to have their books of accounts audited.

Documents Required by the HFZ Approved Auditors to Conduct the Audits Trial Balance, Balance Sheet, Profit and Loss Statements 
 

• Audit schedules, including details on depreciation, accruals, and provisions for credit losses (or bad debts).
• Having closed stock and work in progress at the end of the fiscal year
• Details of fixed asset additions and disposals during the fiscal year, along with supporting documentation
• Bills and invoices copies
• Memorandum of Association (MoA)
• Articles of Association (AOA)
• Latest VAT and Excise Tax Trade License Registration Information (If Applicable)
• Accounts books

HFZA Audit Submission Deadline: A Crucial Compliance Requirement

Compliance with the Hamriyah Free Zone Authority (HFZA) regulations includes strict deadlines for submitting your annual financial audit report.

Companies operating within the Hamriyah Free Zone must submit their audited financial statements to the HFZA within three months (90 days) of the end of their financial year.

Consequences of Non-Compliance:

Failure to adhere to this mandatory deadline can lead to serious administrative and financial consequences, including:

• Monetary fines imposed by the HFZA.
• Suspension or non-renewal of your company's trade license.

Our dedicated team ensures your audit is completed accurately and submitted well within this deadline, safeguarding your legal status and business continuity in the HFZ.

Why should you hire Reyson Badger as your Hamriyah Free Zone external auditor?

Reyson Badger has been in the business since 2015, providing efficient and cost-effective audit, assurance, and accounting services throughout the region.

Apart from being an approved auditor in Hamriyah Free Zone, we are also dedicated to providing our clients with services that not only assist but also identify and resolve issues that keep them from realizing their greatest potential.

The audit is carried out by our team of highly skilled auditors in accordance with international financial reporting standards. In a country with stringent regulations like the UAE, our study helps businesses win the respect of the free zone administration, stakeholders, and customers.

Book a free consultation today!!!