Ras Al Khaimah Economic Zone (RAKEZ) is located in the United Arab Emirates and is considered one of the largest financial zones in the United Arab Emirates (UAE) and is a registered free zone and non-registered free zone. RAKEZ's strategic location provides businesses registered in the economic zone with access to markets in many countries in Central and South Asia, Europe, North Africa, and the Middle East. RAKEZ currently hosts more than 14,500 companies from more than 100 countries.
RAKEZ is controlled by the local government responsible for establishing the laws and regulations that a company must comply with when conducting business in both free and non-free zones. At RAKEZ, the authority responsible for managing and regulating the business environment is known as the Ras Al Khaimah Economic Zone Authority (RAKEZ Authority). The agency's great work attracts many companies to set up a company in RAKEZ.
One of the most important requirements for a company registered with RAKEZ is to have an auditor authorized by RAKEZ check the account. Nadeem & Umendra Chartered Accountants are one of the accounting firms approved by RAKEZ for auditing services.
In accordance with the rules and regulations applicable to RAKEZ, companies registered in the Economic Zone are required to submit an annual account audited by RAKEZ. Meeting this requirement is essential for a company to renew its license. This allows companies to continue their business in the economic zone.
RAKEZ authorities report to shareholders on the financial and operational aspects of their business activities to all business units operating in the RAK economic zone and explain whether their annual financial statements reflect actual conditions. It is obligatory to specify. Created compliance with applicable rules and regulations. The auditor is also obliged to report whether the for-profit company is engaged in activities other than those that allow its approval.
The RAKEZ authorities require companies registered with RAKEZ to audit their annual financial statements by auditors on the list of auditing companies approved by RAKEZ.