Meydan Free Zone companies must maintain accurate accounting records and prepare financial statements that properly explain their transactions and financial position. Audited financial statements may be required by Meydan Free Zone, for UAE Corporate Tax compliance, during licence-related procedures or for banking and investor requirements.
VAT Accounting UAE helps Meydan Free Zone companies prepare for an external audit by reviewing bookkeeping records, preparing financial information, organising supporting documents and coordinating with a properly licensed auditor.
Our services are suitable for startups, consultancies, e-commerce companies, holding companies, service providers and other businesses licensed by Meydan Free Zone.
Need assistance preparing for your Meydan audit?
Call +971 52 406 3000 or email info@vataccountinguae.com.
What Is an Approved Auditor for Meydan Free Zone?
An approved or eligible auditor is an audit professional or firm authorised to conduct statutory audits and sign audit reports for regulatory purposes in the UAE.
Meydan Free Zone’s financial audit guidance states that a financial audit report must be prepared and signed by a licensed auditor registered with the relevant UAE authority. Professional accounting qualifications alone do not automatically give an individual or consultancy the right to sign statutory audit reports.
Before appointing an auditor, the company should confirm that the audit professional has the necessary UAE registration, licence and authority to accept the engagement.
VAT Accounting UAE can assist with audit preparation and coordination. The audit procedures, independent opinion and signed statutory report must be completed by the appointed licensed auditor.
Meydan Free Zone Financial Statement Requirements
Meydan Free Zone’s Companies and Licensing Regulations require a company to prepare financial statements. When the Authority requests audited financial statements, the company must submit them within 30 days of the request.
The company must also maintain accounting records that:
- Explain the company’s transactions
- Show its financial position with reasonable accuracy
- Allow compliant financial statements to be prepared
- Provide evidence supporting assets, liabilities, revenue and expenses
Companies should not wait until an audit request is received before organising their accounting records. Complete monthly bookkeeping and reconciliations make it easier to prepare financial statements and meet short submission timeframes.
Documents Required for a Meydan Financial Audit
Meydan Free Zone’s financial audit service identifies the following core financial documents:
- Profit and loss statement
- Balance sheet
- Trial balance
- Cash flow statement
The appointed auditor may request additional records depending on the company’s size, activities and transactions. These can include:
- Trade licence and incorporation documents
- Memorandum and Articles of Association
- Shareholder and Ultimate Beneficial Owner information
- General ledger
- Bank statements and reconciliations
- Sales invoices and customer contracts
- Supplier invoices and expense documents
- Receivable and payable schedules
- Fixed-asset register
- Inventory records
- Loan and financing agreements
- Payroll records
- Related-party transaction information
- VAT returns and reconciliations
- Corporate Tax records
- Previous financial statements
Incomplete or inconsistent records can delay the audit and increase the number of questions raised by the auditor.
Our Meydan Audit Preparation Services
VAT Accounting UAE provides accounting and audit-readiness support to help businesses prepare organised, consistent financial information.
Our services can include:
- Bookkeeping review and correction
- Trial-balance review
- Bank reconciliation
- Accounts receivable reconciliation
- Accounts payable reconciliation
- Fixed-asset schedule preparation
- Inventory-record review
- VAT reconciliation
- Corporate Tax accounting support
- Related-party balance review
- Financial-statement preparation support
- Audit-document organisation
- Licensed-auditor coordination
- Assistance with accounting-related audit queries
Preparing the records before the external audit begins can reduce delays and give management time to resolve missing documents or accounting differences.
Our Meydan Audit Process
1. Review the Company Information
We review the Meydan Free Zone licence, legal structure, business activities, financial year and current accounting position.
2. Assess Audit Readiness
The trial balance, general ledger, bank records and supporting documents are reviewed to identify missing information and unreconciled balances.
3. Correct the Accounting Records
Where necessary, bookkeeping entries and schedules are updated based on valid supporting evidence and management confirmation.
4. Prepare Financial Statements and Schedules
The profit and loss statement, balance sheet, cash flow information and audit schedules are prepared for the appointed auditor’s review.
5. Coordinate With the Licensed Auditor
The eligible auditor performs the independent audit procedures, requests evidence and raises questions regarding material balances or transactions.
6. Finalise the Financial Audit Report
After completing the required procedures, the auditor evaluates the financial statements and issues the appropriate signed report.
7. Support the Submission Process
The final documents can be submitted through the applicable Meydan Free Zone portal or process when required.
Meydan Audit and UAE Corporate Tax
Financial statements are important for UAE Corporate Tax because accounting income generally forms the starting point for calculating taxable income, subject to applicable tax adjustments.
A Meydan Free Zone business seeking Qualifying Free Zone Person status must separately assess the Corporate Tax conditions. These include adequate substance, Qualifying Income, transfer pricing compliance and audited financial statements.
An audit does not automatically guarantee that the business qualifies for a 0% Corporate Tax rate. The company’s income, activities, transactions and compliance with all relevant conditions must be reviewed separately.
Businesses should coordinate their bookkeeping, external audit and Corporate Tax return to reduce inconsistencies between financial and tax information.
Benefits of Audit-Ready Accounting Records
Maintaining audit-ready records throughout the year can help a Meydan company respond quickly when audited statements are requested.
Reliable accounting records also support:
- Corporate Tax return preparation
- VAT return reconciliation
- Banking and financing applications
- Investor due diligence
- Business valuations
- Management reporting
- Licence and regulatory procedures
- Company liquidation or restructuring
Regular bookkeeping reviews are generally more efficient than reconstructing an entire financial year shortly before an audit or submission deadline.
Why Choose VAT Accounting UAE?
VAT Accounting UAE combines bookkeeping, financial reporting, VAT and Corporate Tax support. This enables our team to identify accounting issues that may affect multiple compliance requirements.
Our Dubai-based team provides clear communication, confidential document handling and structured preparation based on the company’s activities and financial records.
We help management organise the accounts and supporting evidence before the external auditor begins the independent audit.
Frequently Asked Questions
Do Meydan Free Zone companies need financial statements?
Yes. Meydan Free Zone’s Companies and Licensing Regulations require companies to prepare financial statements and maintain accounting records that explain their transactions and financial position.
When must audited financial statements be submitted?
When Meydan Free Zone requests audited financial statements, the company must submit them within 30 days of the request under the published Companies and Licensing Regulations.
Who can sign a Meydan financial audit report?
A statutory financial audit report must be prepared and signed by a properly licensed auditor authorised to conduct audit work in the UAE.
What documents are needed for a Meydan audit?
Core financial information includes the profit and loss statement, balance sheet, trial balance and cash flow statement. The auditor may also request bank statements, invoices, contracts, tax records and supporting schedules.
Do Qualifying Free Zone Persons need audited financial statements?
A company seeking Qualifying Free Zone Person treatment must comply with the applicable audited-financial-statement requirements, along with the other Corporate Tax conditions.
How can VAT Accounting UAE help?
VAT Accounting UAE can review bookkeeping records, prepare financial statements and schedules, organise supporting documents and coordinate with a licensed auditor. The statutory audit opinion must be issued by the appointed auditor.
Prepare for Your Meydan Free Zone Audit
Do not wait until audited financial statements are requested to organise your company’s accounts. Contact VAT Accounting UAE for bookkeeping reviews, financial-statement preparation, audit schedules and licensed-auditor coordination.
Phone: +971 52 406 3000
Email: info@vataccountinguae.com
Address: Office No. 520, Al Nasr Plaza, Oud Metha Road, next to Oud Metha Metro Station, Dubai, United Arab Emirates