In line with the new regulations announced by Ras Al Khaimah Economic Zone (RAKEZ) in 2020, all companies operating within RAKEZ are required to submit audited financial statements. These statements must be submitted within six months following the end of the financial year, beginning with the financial year 2019. Only RAKEZ-approved auditors are authorized to conduct audits, provide liquidation services, or offer other financial services to RAKEZ-licensed companies. This regulation aims to ensure compliance with both local and international standards, including the International Financial Reporting Standards (IFRS) and Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) laws.
RAKEZ, located in Ras Al Khaimah, one of the northernmost emirates in the UAE, is among the largest economic zones in the region. It is home to over 14,500 companies across diverse industries. The zone’s strategic location grants access to key markets in South Africa, Europe, Southern and Central Asia, and the broader Middle East. Additionally, Ras Al Khaimah’s competitive real estate prices and flexible lease agreements provide significant advantages for investors. The emirate’s lack of currency exchange restrictions and labor recruitment flexibility further enhance its appeal.
RAKEZ-registered companies must maintain comprehensive accounting records that explain all transactions clearly and accurately reflect the company's financial position. These records must comply with IFRS and provide a detailed view of the company’s profits and losses for the financial year.
As a registered audit firm with the Ras Al Khaimah Economic Zone (RAKEZ), AARMAK offers expert auditing services to ensure that businesses comply with all regulatory requirements. AARMAK’s highly skilled auditors conduct thorough reviews of financial records, ensuring that the financial statements accurately reflect the company’s financial health. Our team guarantees that your company’s audit report complies with IFRS and other local regulations, such as Anti-Money Laundering (AML) and Combatting Financing of Terrorism (CFT) laws, providing a reliable foundation for trade license renewal.
To facilitate a comprehensive audit, RAKEZ-registered companies must submit the following documents for the relevant financial year:
AARMAK ensures that all audits are conducted with precision, delivering accurate and timely financial reports that meet RAKEZ’s standards, helping companies maintain compliance and streamline their license renewal process.
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