Financial reports have become mandatory over the years to allow for smooth functioning and operation businesses. As per Federal Law No. (2) of 2015 on Commercial Companies in the United Arab Emirates, every company is required to prepare its annual financial accounts using International Accounting Standards and Practices, i.e. IFRS to give an accurate view of the profits gained and lost.

It is important to know that keeping records and preparing annual financial statements is mandatory. Having your accounts audited is also an important process.

An increasing number of Free Zone Authorities have made it mandatory to submit the audited financial statements to the authority for renewing the trade licenses. Some of these free zones are:

• Dubai Airport Free Zone (DAFZA),
• Dubai Multi Commodity Center (DMCC),
• Ras Al Khaimah Economic Zone (RAKEZ),
• Jebel Ali Free Zone (JAFZA),
• Meydan Free Zone and etc.

Although we acknowledge the fact that no one knows the business better than the business owner, there are intricacies in financial reporting that the business owner may not be aware of.

Garant Business Consultancy has a team of qualified accountants with a wide variety of experience in numerous industries. We also work in close association with a number of partner auditors, thus it is guaranteed that our clients have the best of all services in one package.

All of our services are cheap and time-effective, while also serving the highest standard of quality.