Companies operating in DMCC Free Zones are required to undergo annual audits in compliance with the DMCC Authority Company Regulations. As per Regulation 71 of DMCCA, company directors must prepare and approve yearly financial statements by International Financial Reporting Standards (IFRS).
Maintaining transparent and accurate financial records that reflect a true and fair view of the company’s profit, loss, and financial standing is mandatory.
DMCC Audit Deadline 2025
| Requirement | Details |
|---|---|
| DMCC Audit Submission Deadline | June 30, 2025 |
| Applicable To | All companies registered with DMCC |
| Financial Year End | December 31, 2024 |
| Submission Requirement | Audited financial statements must be submitted to DMCC Authority |
The DMCC audit submission deadline for 2025 is June 30, 2025. All companies registered with the Dubai Multi Commodities Centre (DMCC) must submit their audited financial statements for the financial year ending December 31, 2024, by this date.
Companies registered in the DMCC Free Zone must submit audited accounts within 180 days of the end of their financial year. The reports should be submitted through the DMCC member portal, including both the financial statements and summary sheet.
DMCC Audit Submission Requirements
To remain compliant, DMCC-registered companies must:
- Prepare financial statements based on International Financial Reporting Standards (IFRS).
- Appoint an approved auditor listed by DMCC.
- Complete the audit for the 2024 financial year.
- Submit the following through the DMCC Member Portal by June 30, 2025: i) Signed audit report, ii) Audited Financial Statement Summary Sheet.
Who is Required to Submit an Audit?
- All DMCC-licensed entities, including branches and subsidiaries.
- Dormant companies are also obligated to file a nil audit showing no activity.
What Happens if You Miss the DMCC Audit Deadline?
Failure to submit by June 30, 2025, can result in:
- Fines or penalties.
- Account restrictions on the DMCC portal.
- Delays in license renewal or other services.
Essential Documents Required During a DMCC Audit
During the audit process, auditors may request the following documents to assess the company’s financial health:
- Bank statements
- Credit/debit confirmation slips for financial transactions
- Copies of bills and invoices
- Statement of deposits from the DMCC portal
- Memorandum of Association (MoA)
- Articles of Association (AoA)
- Latest trade license
- VAT and Excise Tax registration details
What Should the Auditor’s Report Include?
According to Regulation 77, audit firms must submit a report to the company with the following key declarations:
- Confirmation that financial statements are prepared as per IFRS.
- A true and fair view of the company’s profit and loss.
- A true and fair view of the company’s financial position at year-end.
- Confirmation that the company is performing only licensed activities.
- Any additional matters required by the DMCC Authority.
Importance of Submitting Audited Financial Statements to DMCC
Complying with the DMCC audit requirements serves multiple purposes:
- Trade License Renewal: Failure to submit audited accounts may prevent license renewal, disrupting operations.
- Financial Transparency: Audited statements boost transparency for shareholders, investors, and authorities.
- Legal Compliance: Ensures adherence to UAE laws and DMCC company regulations.
- Enhanced Credibility: Builds trust among stakeholders and improves the company’s financial image.
Penalties for Non-Compliance with DMCC Audit Rules
As outlined in Section 22 of the DMCCA Company Regulations, companies that:
- Fail to submit audit reports on time.
- Submit inaccurate or incomplete reports.
- Monetary fines or penalties.
- Suspension or termination of the trade license.
- Rejection of trade license renewal by the DMCC Authority.
Hire DMCC-Approved Audit Firms in UAE
Hiring a DMCC-approved audit firm in the UAE is essential to ensure regulatory compliance and maintain stakeholder confidence. Professional audit firms can simplify the audit process and help companies avoid costly penalties.
As per Regulation 76 of DMCCA, every DMCC-registered company must appoint an audit firm in the UAE to examine its financial statements. These auditors must be registered and approved by the DMCC Authority and follow the latest approved auditor rules issued by the DMCC.
Need assistance? Our expert auditors are here to support your business. Contact us today to schedule your consultation and ensure a smooth audit process.
