DMCC/JLT Audit Services

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Dubai Multi Commodities Centre (DMCC): The Dubai Multi Commodities Centre (DMCC) was established in 2003 as a Free Zone. The goal was to become a big player in the global commodities market. To achieve this purpose, the Centre has a contemporary infrastructure that is tailored to the needs of commodity-based enterprises and service providers who support the commodities markets. The Centre encourages the trade of diamonds, colorful stones, energy, money, precious metals, tea, and even cotton. Finance, logistics, and insurance are examples of support sectors. With a "A" grade from Standard & Poor's, the Free Zone has drawn firms ranging from global behemoths and significant international players to medium-sized organizations and start-ups. Among the appealing advantages for businesses are:

1. Vault facilities with cutting-edge security 
2. Assaying Facilities in the Neighborhood 
3. Services for package delivery 
4. Close proximity to shipping facilities 
5. Preferential prices for bullion freight 6. A Jewelry and Gemplex designed specifically to assist the production of precious metal jewelry 
7. A commercial building that will accommodate wholesaling, trade, and banking operations. 
8. The Centre's completely crime-free atmosphere is an often-overlooked aspect. In a world of rising social instability, the UAE is a stable political and social geographical location.

The following are the advantages that DMCC provides to business owners and corporations: 

The Dubai Multi Commodities Centre is a free trade zone created to facilitate international commodity trading. The DMCC conducts business in the trading of diamonds, gold, tea, and a variety of other precious commodities. The DMCC's entire infrastructure is built around the demands of international trade organizations and the enterprises that supply services to these organizations. In addition to the advantages of a common commodities trading environment, the following free zone advantages are highlighted: 

1. Because the Centre is so close to Jebel Ali Port, commodities shipping and trans-shipment are rapid and straightforward. 
2. The Free Zone allows firms to be owned entirely by foreigners. 
3. There are no individual or corporate income taxes. 
4. Fund transfers are simple since there are no currency limits. 
5. Complete capital repatriation 
6. Shareholders may be single or several.

DMCC Law requiring External Audits: 

External audits are required for all DMCC-registered enterprises. Each year, the External Audit Report must be submitted together with the license renewal application. The standard reporting period is one year, however a corporation can opt to be audited every six months to every eighteen months. The auditor must be licensed by the UAE Ministry of Economy and DMCC registered.

Requirement for DMCC-registered companies to undergo an annual external audit: 

As part of the business license renewal procedure, the DMCC demands an external audit from recognized audit firms. This requirement encourages businesses to follow the guidelines imposed by DMCC. The Annual External Audit will uncover any improper corporate activity and provide the DMCC authorities with a grounds to reject a business license. DMCC owes it to its clients to ensure a secure business environment devoid of corruption and unethical business activities. External auditing is one of the options available to the authorities for this goal. There is also a responsibility to safeguard UAE nationals from unethical corporate practices, and External Audit may help with that as well.

The following are the audit requirements for the DMCC audit:

The following are the audit requirements for a DMCC registered company audit:
The Company's License
Share Certificates Lease Agreement / Tenancy Contract Shareholder Passport Copies Bank Statements
Bank authorization
Balanced Scorecard
Accounts of Management (if prepared such as balance sheet and income statement)
Major accounting chiefs' accounting ledgers
Documents supporting transactions, such as invoices, bills, and so on.
Schedule of gratuities
Schedules for prepayments and accruals
Schedule of depreciation and fixed assets
Customer and supplier list

If the accounting of your business transactions is not done, please contact us to inquire about our professional accounting and bookkeeping services.

Who can do external audits on DMCC-registered companies:
Only Audit Firms possessing a UAE Auditing License and a DMCC registration are permitted to execute the mandatory External Audits of DMCC registered enterprises. The UAE regulations were updated in 2014 to make the standards for registered Auditors much more stringent. Auditors must continue to get training in order to maintain their certification. The new rule also requires corporations registered in the UAE to replace their auditors every four years. Auditing firms must be overseen and operated by Auditors who are certified and competent.