Dubai Science Park Approved Auditors
We are Approved Auditors by DSP
Audit Services for Dubai Science Park Companies
Farahat & Co. is an approved auditor for companies registered in Dubai Science Park (DSP), a business district regulated under the Dubai Development Authority (DDA).
Originally established in 2005 as Dubai Biotechnology and Research Park (DuBiotech), and merged with the Energy and Environment Park (EnPark) in 2015, DSP is the Middle East’s leading science-focused free zone, home to more than 500 life sciences, energy and environment companies.
Every DSP-registered company must prepare and submit audited financial statements annually through the AXS portal, in line with DDA’s Private Companies Regulations.
Services We Offer as Dubai Science Park Approved Auditors in UAE
As approved auditors for Dubai Science Park, we offer specialised financial and compliance services for science, health, and sustainability businesses in the UAE. Our team understands the unique regulatory needs of DSP-registered companies.
DSP Audit Requirements and Regulations
Legal basis
As a DDA-regulated business district, DSP companies are governed by DDA’s Private Companies Regulations under DDA Circular No. 421. Members must appoint an auditor at each annual general meeting, and the auditor’s report must confirm whether the accounts give a true and fair view of the company’s financial position, prepared using IFRS or another accounting standard approved by the Registrar. Financial statements and the auditor’s report are generally submitted through the AXS portal within six months of the financial year-end.
Who must comply
The requirement applies to all free zone LLCs and branches registered in DSP, across pharmaceutical and biotechnology research, laboratory operations, medical technology, sustainability and environmental services, and energy sector companies. Companies should retain financial statements and supporting records for at least eight years, consistent with DDA’s broader retention requirement.
Penalties for non-compliance
Late or missing submission of audited financial statements can delay trade licence renewal and create broader compliance issues with DDA. Given DSP’s concentration of research-intensive companies, audited financial statements also support In Country Value (ICV) certification applications and intellectual property or investor-facing disclosures, so gaps in audit compliance can have knock-on effects beyond the standard filing requirement.
Audit Process, Documents and Sector-Specific Considerations
Audit process
- Confirm the company’s financial year and organise research, laboratory and accounting records.
- Prepare financial statements in line with IFRS or another approved standard.
- Appoint an auditor and complete the audit.
- Receive the audit report and Financial Statements Report Summary Sheet.
- Submit through the AXS portal within six months of the financial year-end.
Sector-specific audit considerations
- Pharmaceutical and biotechnology companies: research and development cost capitalisation, laboratory equipment depreciation, and regulatory approval-linked revenue recognition.
- Companies seeking ICV certification: audited financial statements covering the required period, since ICV applications depend on verified financial data reflecting Emirati talent employment and local investment.
- Companies with intellectual property assets: clear documentation of IP-related costs and revenue, since audited financials support investor confidence and IPO or fundraising discussions tied to IP value.
- Sustainability and environmental services companies: grant income, recycling or waste-processing revenue, and equipment cost allocation.
- Companies undergoing liquidation or wind-down: audited financial statements supporting the formal investigation into assets, liabilities and creditors required by the authority.
Documents required
Trade licence, Memorandum and Articles of Association, general ledger and trial balance, bank statements and reconciliations, sales invoices and research or grant contracts, laboratory and equipment asset register, payroll and WPS records, VAT returns, corporate tax registration details, and previous audited financial statements where available, typically up to two years for ICV applications.
Why Choose Farahat & Co. as Your DSP-Approved Auditor
Farahat & Co. supports Dubai Science Park companies across pharmaceuticals, biotechnology, laboratory research, sustainability and energy activities. Our audit approach reflects the specific considerations that come with research-intensive businesses, from R&D cost treatment to the audited financial history required for ICV certification and investor-facing intellectual property disclosures, rather than applying a generic commercial audit template.
Beyond DSP, Farahat & Co. holds approvals across more than 20 UAE free zones, including DMCC, JAFZA and DIFC, and supports companies across every other DDA-regulated business district, giving science and research groups with operations spanning DSP, Dubai Healthcare City and other TECOM districts a single, consistent audit partner.
About Dubai Science Park: Free Zone Profile
Dubai Science Park traces its origins to 2005, when it was established as Dubai Biotechnology and Research Park (DuBiotech), the Middle East’s first free zone dedicated to the life sciences industry. In 2015, DuBiotech merged with the Energy and Environment Park (EnPark), founded in 2007, to form Dubai Science Park under a single TECOM Group umbrella spanning life sciences, energy and environmental sectors.
Located in Al Barsha South, DSP is now home to more than 500 companies and 6,500 professionals, including global life sciences names such as AstraZeneca, Pfizer, Boston Scientific and ThermoFisher Scientific, supported by more than 90 laboratories and a LEED-certified laboratory complex. The district also hosts sustainability-focused companies working in recycling and environmental technology, reflecting its EnPark heritage alongside its core life sciences identity.