Submission of annual audit report in the UAE is a prerequisite for virtually all of onshore companies registered in the UAE free trade zones. On the basis of such report annual renewal of commercial license is made. Submission of report usually occurs as follows – report is submitted to one of the licensed accounting firms in the UAE, this company prepares the report and submits it to the auditor.
Companies registered in the form of offshore companies on the territory of free trade zones are not required to submit annual report; however, they have every right to do so, for example, to obtain loans from banking institutions or reports within the group. In this case, if reports are not submitted, there is a legal requirement for keeping financial records by the company.
For companies registered on the main territory of the UAE, and which do not fall under the category of companies that require filing of financial statements, reports shall not be submitted.
