It is mandatory for onshore companies registered in the Emirate of Ras Al Khaimah to prepare and submit annual audit report.
The preparation and submission of audit report is mandatory for the annual renewal of the company and its license.
The license of an onshore company in Ras Al Khaimah cannot be renewed without the submission of audit report.
It should be noted, that submission of audit report does not entail any consequences in terms of taxes.
An audit report must be prepared accordingly by an accredited auditing firm. The auditors will require providing all necessary documentation for financial report such as bank statements, invoices, contracts and other core documents.
Since the audit submission takes place at the time of company’s license renewal, the fiscal period for the first year end is taken a couple of days before the license expiry.
In case a company delays its audit report, in some cases we are in the capacity to come to an agreement with a Free Zone for a late submission, whereby the license still can be renewed.
We register and support all types of companies in Ras Al Khaimah as well as all necessary issues related to its administration including preparation and submission of audit reports – write us.
