There are various free zones in the United Arab Emirates that provide a variety of opportunities for business entrepreneurs to establish their businesses and company. The free zones are operated and governed by special rules and regulations for the businesses that are established in the specific zones. As Dubai is one of the fastest-growing economies, many business professionals wish to establish their business in the UAE. Free Zones in the UAE has gained a lot of momentum and attraction over years due to their special and business-friendly rules and regulations which attract businesses to set up and operate in the free zone.
DIFC stands for Dubai International Financial Centre was established in the year 2004. It is an economic zone that has been established for the promotion and management of financial companies in the UAE. DIFC is one of the fastest-growing free zones in the UAE and covers an area of 110 Hectares. Over the period of time, the DIFC has become a very important hub for the Middle East, African, and South Asian countries.
DIFC consists of three regulatory authorities that manage the companies established in the free zone and have their own rules and regulations. All the regulatory bodies in the DIFC ensure that the companies established in the free zone face no issues or problems while running and managing their business in the DIFC.
The three regulatory authorities are:-
Dubai International Financial Centre Authority (DIFCA): â€“ It is a regulatory body that manages the development of the various companies that are established in the DIFC free zone. It helps in forming and establishing the rules, regulations, and laws that would apply to all financial service firms.
Dubai Financial Services Authority (DFSA): â€“ It is also a regulatory body that takes care of the rules, regulations, and the laws that govern the companies established in the free zone are complied with. The DFSA also has the authority to make rules that will affect the financial market and will also be beneficial to the companies that are established in the DIFC.
DIFC Courts: â€“ It acts like a judiciary body that is responsible and actively takes part in resolving all types of civil and commercial disputes which may arise in the companies that operate in the free zone. DIFC Courts ensure that all the standards for resolving the dispute and legal proceedings are followed.
Setting up a business in the DIFC comes with its own benefits and the businesses set up in this free zone enjoy the below benefits provided by the Dubai International Financial Centre (DIFC).
The companies that are established in the DIFC free zone, need to comply with certain regulations that make the financial audit compulsory for the companies. The DFSA (Dubai Financial Services Authority) regulates the audit of the companies established in the DIFC and it is compulsory and mandatory for all the companies to get their audit done.
The financial audit needs to be done at the end of each financial year and should be submitted to the authorities within four months of the financial year closing. The audit of the financial statements is compulsory as it helps in the improvement of the management of the company and is also a test to ensure that all the rules and regulations have been complied with.
ARC Associates are one of the approved auditors by DIFC who are authorized to perform the audit of the financial statements of the companies established in the DIFC. ARC Associates has a team of well-qualified professionals who have their expertise in the performance of the financial audit of the companies registered in DIFC and have successfully completed the audit of the financial companies.
ARC Associates have established themselves as one of the best auditors in the UAE and are authorized by the DIFC to perform the audit of the companies established in their free zone within the time frame and help in providing the true and fair image of the financial position of the companies set up in the DIFC.