Reminder to submit audited financial statements by RAKEZ licensed Companies (only industrial clients)

By Joanne Vaz

  • RAKEZ on 11 May 2020, provided an update on their previous announcement that only industrial clients must submit their financial statements and subsequent financial statements within 6 months from the end of the financial year to RAKEZ service centres.
  • The requirement to submit the audited statements has started from 2020. For example, industrial companies having a financial year end of 31 December 2019 will have to submit their audited financial statements by 30 June 2020.
  • A fine of AED 2,500 will be issued and there might be temporary suspension of services if a company fails to submit their audited financial statements.
  • As per the RAKEZ Companies Regulations, the auditor must be approved and will listed in the ‘Approved Auditors List’ issued by RAKEZ.
  • Non-industrial clients are not required to submit annual audit reports to RAKEZ. However they are still required to prepare the audit reports and present them when requested by RAKEZ or the UAE Federal Authorities.
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