In compliance with the private companies’ regulations 2016, all FZLLCs and branch offices are required to prepare and submit their Audited Financial Statement and Annual Return each financial year. Before all companies registered with DDA were required to prepare the report but not to submit it.
Now companies are expected to submit their most recent Audited Financial Statement by or before 30th November 2022. Thereafter, all Companies are required to submit their Audit Financial Statement within six months from the financial year end.
The Company is required to submit the duly filled Financial Statements Report Summary Sheet along with the Audited Financial Statement via the AXS portal to the DDA.
Newly registered Companies
Newly registered companies which didn’t complete its first financial year is required to provide the Audited Financial Statement within six months from its first financial yearend.
Companies who are subject to the Economic Substance Regulations and who have submitted the Audited Financial Statement via the ESR portal are still required to provide it via the AXS Portal.
Deadline for the Submission
The deadline given to the submission is 30th November 2022 and thereafter for every year within 6 months from the financial year-end. The submission of the Audited Financial Statement will be carefully monitored by the Authority and failure to comply may lead to the implementation of Decision No (2) of 2017 at the sole discretion of the Authority. This is an essential requirement to achieve compliance with the applicable Federal and Local laws, in particular the laws regarding Anti-Money Laundering and Combatting Financing of Terrorism, Economic Substance, and tax laws.