FZCO Closure Audit

[Shibal Loma]

I'm familiar with the company closure process, but I've come across conflicting information about audit requirements.

Is an audit needed for every year, or only for the last five years? I've also read that no audit is required for the first year.

I'm particularly interested in hearing from those who purchased an FZCO with the promise that no audits or bookkeeping would ever be required—essentially, that you could "do whatever you want." Has anyone experienced any issues?

 

[suzy]

following your thread, considering setting up a company in Dubai, it's the same as an FZCO company ?

 

[Aston VIP]

Hey, good question. For most FZCO companies in Dubai, audits are not required for the first year, but from the second year onward, an annual audit is usually mandatory, especially if you're under zones like DMCC or IFZA. The idea that you can "do whatever you want" without bookkeeping or audits is a myth. Even if you're not audited in year one, you still need to keep proper financial records.I’d be careful with anyone saying you’ll never need to audit, it can cause problems later, especially with renewals or banking.