8 September 2022
Dubai Development Authority Mandates the Submission of Financial Statement
 
The Dubai Development Authority (DDA), with effect from 12 August 2022, has enabled its AXS Services Portal for online submission of audited financial accounts electronically by all registered entities. The Free Zone Limited Liability Companies (FZLLCs) and Branch entities registered with DDA are required to submit their most recent Audited Financial Statement along with the summary sheet by or before 31 October 2022.

And after the above submission, all registered companies under DDA must submit their Audit Financial Statement within six months from the financial year-end.

The registered entity can see the below-mentioned notification on the AXS services portal:

"In compliance with the Private Companies Regulations of 2016, FZLLCs and branch offices are required to submit their most recent Audited Financial Statement along with the summary sheet (as per DDA template) by or before 31st October 2022."

* Below are the regulations to be referred to and the name of the free zone regulated by DDA.
Related regulations: The regulations 63 to 68 of the DDA Private Companies Regulations 2016 provide for the requirement for audited financial statements:
  • 63. Maintenance of Accounting Records
  • 64. Duty to Prepare Company Financial Statements
  • 65. Financial Statements to be laid Before General Meeting
  • 66. Right to Receive Copies of Financial Statements
  • 67. Appointment of Auditor
  • 68. Audit
The DDA regulates below mentioned nine Free Zone clusters:
  • Dubai Internet City
  • Dubai Media City
  • Dubai Knowledge Park
  • Dubai International Academic City
  • Dubai Outsource City
  • Dubai Production City
  • Dubai Studio City
  • Dubai Science Park
  • Dubai Design District
Our Comments
With the implementation of Corporate Tax, most of the free zone plans to get records of the financial statements of the entities registered with them. Therefore, the entities registered with DDA now also need to add this requirement to their compliance list, as submission of financial statements would be regular annual compliance.
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