Sharjah Airport Foreign Free Zone (SAIF Zone) is one of many free zones in the United Arab Emirates that provide international firms with business-friendly settings. SAIF was founded in 1995 and now houses over 5,500 businesses in areas such as manufacturing, commerce, information technology, media, and many more. SAIF Zone provides a wide range of resources and supporting legislation, making it an appealing alternative for new business creation and branches of multinational corporations seeking access to the Middle East and other global markets.
Sharjah Airport Free Zone, like most UAE free zones, is self-governing. This implies that enterprises operating within the SAIF Zone only have to comply with local rules and agencies. These administrative entities are purposefully designed to make the regulatory environment as business-friendly as feasible. Within the free zone, there are little limitations on corporate operations.
Setting up a business in SAIF is simple, with little red tape and interaction with a small number of government organizations. There are various companies that provide business services to new businesses in order to make the process smoother and faster. Once the business is up and running, the license must be renewed annually. The renewal process is simple, involving only basic documentation and a renewal cost. Most UAE Free Zones, including SAIF Zone, need an external audit of a company's financial reporting in order to renew the company's license. The external audit must be carried out by a UAE-based audit firm that has been approved by SAIF Zone.
Dubai South Free Zone / Dubai World Central (DWC)
Dubai World Central is a strategic project initiated by the Dubai government in 2006. It is also known as the Dubai South free zone. It was created with the intention of providing an economic platform for all sorts of enterprises and creating around 500,000 employment in the emirate of Dubai.
It is close to the Jebel Ali Sea Port as well as the Al Maktoum International Airport. DWC is the leading center for global commerce and logistics in the Middle East area due to its position. It strengthens Dubai's status as the Middle East's main aviation and commerce center. The DWC free zone's strategic location placed it in a perfect position to allow quick shipment throughout Gulf Cooperation Council member nations, the Middle East, and the rest of the globe. The DWC free zone also serves as a venue for major events such as World Expo 2020 and the Dubai Air Show.
DWC's External Audit Requirement
Renewal of a business license is one of the obligatory requirements for enterprises in the DWC free zone at the conclusion of each fiscal year. As part of the procedure for renewing a business license in the DWC, a firm must perform an external audit of its financial statements and submit the External Audit report to the free zone authorities.
The External Audit requirement supports the free zone authority in ensuring that the firm is functioning ethically, lawfully, and in accordance with the free zone authority's and the UAE's norms and regulations (if applicable).
The Purposes of the External Audit Requirement
External Audits done by independent auditors give the authorities with information they need to verify that the business climate within the free zone is adequately controlled, which is one of the reasons for the necessity.
The External Audit report ensures that the financial statements are complete and produced in line with applicable accounting rules and laws. The audit report also informs the authorities whether the firm has engaged in any wrongdoing or misconduct.