Are there annual audit requirements for free zone companies?
Yes, with few exceptions, the majority of free zones require the investor to submit an annual audit after the first year of operation in order to get the license renewed. Audit companies are plentiful in the UAE and relatively cheap. What is the time frame for setting up a company in a UAE free zone? This strongly depends on the free zone chosen (Dubai, Abu Dhabi or Northern Emirates) and the company structure. If shareholder is a legal entity such as Ltd., Plc. SA or similar a number of documents from the parent company need notarization and UAE Consulate attestation in the home country. A set up in a Dubai / Abu Dhabi free zone can take anything from 6 weeks to several months. Red tape is considerably high, rules and regulations change frequently and free zone staff is not always trained up to date on their own rules and can give misleading or incomplete information. Usually the costs for hiring a specialized consulting firm to handle the entire set up is advisable. Note: a lot of co
