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CDA Services

ACCOUNTING SERVICES FOR FREE ZONE/DESIGNATED ZONE COMPANIES

Accounting refers to scientific and systematic recording and summarizing of transactions based on accounting standards. Preparing financial statements and submitting it to the management for decision making is an inevitable part of accounting. Our experts are professionally certified in accounting works and tax services. Accounting plays a dynamic role to run your business successfully. But as a business owner, you may not have enough time to accomplish your accounting work as you have to concentrate on other things or you may not be a maven in the accounting field. So, for the sake, the success of your business, hiring a professional accounting service provider is the best option.

Free Zone, denotes free trade areas which promote foreign enterprise ownership. The businesses in free zones must comply with the rules and regulations of the free zone authority for conducting any business in this region. As per UAE Law, free zones are called a Designated zone. The following conditions meet up the definition for designated zones as per the criteria of Article 51 of the Executive Regulations:

  • It is a specific fenced geographic area
  • It has security measures and Customs controls in place to monitor the entry and exit of individuals and the movement of goods to and from the area
  • It has internal procedures regarding the method of keeping, storing and processing of goods within the area
  • The operator of the Designated Zone must comply with the procedures set out by the FTA.

Therefore, any free zone which fulfils the above conditions and is in the list of the cabinet will be treated and considered as Designated zones.

Importance of Accounting for Free Zone Companies

A reputed accounting firm can focus on the accounting tasks and make you free when you focus on the core areas. They ensure that your accounts are fully compliant. They also save your time by preparing your tax filing and payroll. The reasons for adopting the accounting system by free zone company is:

  • To meet VAT regulations and mandatory financial requirements implemented by FTA
  • To renew the trade license a good track of financial records is required
  • To conduct regular internal audits
  • To track import and export finance
  • To deal with the sales outside designated zones

How CDA helps you?

As an accounting and auditing team, We offer quality accounting services for free zone companies in UAE. Our experts can help you in data management, analysis and financial statement preparation in a timely manner. Our expert can help you to choose the right accounting software and a cloud-based system for easy access. Our services include:

Accounting & Bookkeeping Services

To set a right accounting system for your business you need to maintain the following information in a systematic manner. We help you to sort the data under:

  • Assets and liabilities: Assets and liabilities are to be clearly maintained for preparing financial statements. All the receivables and payables are to be settled on time.
  • Expenses and revenues: The expenses for the production process and the income earned from the sales are to be maintained in separate ledgers.
  • Cash: Frequent reconciliations of bank and cash balances are to be done for financial stability.

Business advisory services

Business advisory services emphasis on making strategies for the success and growth of a business. The advisors are a collection of business coaches, mentors and accountants. They examine the previous trends and combine them with forecasts, ask questions to understand the whole picture of the clients’ businesses. The advisors correct and prevent mistakes in businesses, and help to bring success to the business.

Internal Audit Services

CDA team recognizes that an effective internal audit service can make a very positive contribution to the management of risk and the smooth operation of the business. CDA provides the following services in Internal Audit to its clients: calculating risks, implementation of tests of controls, monitoring the functioning and suggesting corrective decisions on reviewing.

CFO Services

As a part of accounting services, it is a necessary better understanding of the cash flow of your business. We provide professional guidance for your business planning and forecasting and Assist in preparation of MIS reports along with providing training and support to your accounting staff

VAT Consultancy Services

Tax payment is compulsory for any business in UAE as this revenue is used for the development of the country. Tax accounting services ensure that companies and individuals comply with tax laws by filing their tax returns. CDA provides advice on Tax Accounting and prepares balance sheets and reporting documents on the basis of tax. We deal with tax risks and filing tax returns

CDA client portfolio

As a team of certified professionals, we hand on free zone companies with accounting services irrespective of their industry. The team delivers a comprehensive range of accounting services, expertise and advice to achieve their most daring goals. Our client portfolio is evidence of our excellent accounting services for free zone companies.

“It’s the right office to start your business. I would like to thank you for making such an effort, I can say that we are so satisfied with the services. working with CDA was a real pleasure.”

Amin Elhadi

Managing Director, MOS 5 Tel Trading LLC

Frequently Asked Questions [FAQ]

1. What are the accounting records required by a company?

As prescribed in the Commercial Companies Law and the Commercial Transactions Law businesses must maintain a daily journal and general ledgers according to their specific business requirements. The Commercial Companies Law made it mandatory that all businesses must maintain an original copy of all correspondences, letters and invoices issued or received. All evidencing documents are to be retained for a period of five years.

2. How skilled is your team?

CDA experts are professionally qualified with ACCA and CMA certifications for providing services. Our tax experts can provide excellent consultancy services on your tax filings.

3. What is the pricing structure for your accounting service?

Our prices are in competitive nature, we charge 50% advance payment for all our services. Our monthly rates are based on the following factors:

  • Accounting software used
  • Company type
  • Contract term
  • Skill, experience and frequency of visits

4. What are the merits of forming a company in free zone areas?

The merits are:

  • Zero tax imposition 
  • 100% Foreign ownership 
  • No customs duty on imported and exported goods from outside UAE

5. What is the duration for filing financial statements in economic authority?

As per the UAE Commercial Companies Law public and private shareholding companies, and free zone establishments need to file their financial statements within 120 days of year-end. Filing is done with the Economic Department. Free zone companies in the Jebel Ali Free Zone are required to submit their annual audited financial statements to the Jebel Ali Free Zone authority within 90 days from the financial year-end.

6. What happens if you fail to submit an audited financial report on time?

A. Free Zone Companies need to pay AED 5,000 as a financial penalty for every month that an audited financial report is outstanding. Companies can request for an extension of the deadline for the submission of these reports. 

7. What does the monthly accounting process in free zones look like?

Accounting process starts with receiving your financial source documents. Our experts will compile the financial information and reports back to you with a profit and loss statement, balance sheet, and general ledger. These monthly financial reports are presented in digitalized or hardcopy format to your management for scrutiny.

8. Is the Audit Report Mandatory to renew the Trade License?

Yes, it is mandatory to submit audit reports in most of the Free zone in UAE.

9. Do you have experience in dealing with customs and export companies?

Yes, we provide a wide range of services to customs and export companies across the UAE


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