DMCC Approved Auditors
We are Approved Auditors by DMCC.
DMCC Approved Auditors for Dubai Multi Commodities Centre Companies
Farahat & Co. is an approved auditor on the DMCC Approved Auditors List, authorised to conduct statutory audits for companies registered in the Dubai Multi Commodities Centre.
DMCC is the UAE’s largest free zone by number of member companies, with more than 26,000 businesses operating across commodities trading, precious metals, diamonds and professional services.
Every DMCC company, regardless of size, revenue or activity level, must prepare IFRS-compliant financial statements and have them audited annually by a firm on the DMCC Approved Auditors List.
Talk to a DMCC-Approved AuditorServices We Offer as DMCC Approved Auditors in UAE
As DMCC approved auditors in the UAE, we provide a comprehensive range of financial and compliance services tailored for businesses operating within the Dubai Multi Commodities Centre free zone. Explore our services below to see how we can support your business.
DMCC Audit Requirements and Regulations
Legal basis
DMCC’s audit obligation is set out in the DMCCA Company Regulations 2024 (Amended). Under Article 62.11, every company registered in the free zone must prepare annual financial statements and have them audited by a firm registered on the DMCC Approved Auditors List. The requirement to use an approved auditor specifically is governed by the Approved Auditor Rules, first issued on 12 January 2017 and maintained by the DMCC Approved Auditor Advisory Panel. Financial statements must be prepared in accordance with International Financial Reporting Standards.
Who must comply
The audit requirement applies to all operational DMCC companies, regardless of size, paid-up capital, annual revenue or business activity. This includes companies with zero revenue and companies that were inactive during the financial year. Branch companies are generally included, though a branch covered by a group auditor may receive different treatment depending on the applicable rules. Companies engaged in regulated activities, such as commodities trading, may face additional sector-specific requirements on top of the general audit mandate.
Penalties for non-compliance
Failure to submit audited financial statements within the applicable period is reported to result in an initial fine in the region of AED 5,000, with escalating fines for continued non-compliance. Beyond the direct fine, a company’s DMCC status is marked non-compliant, which blocks trade licence renewal, can delay or freeze visa processing, and may affect a bank’s KYC assessment of the company. Since audited financial statements also support a company’s position as a Qualifying Free Zone Person under UAE Corporate Tax Law (Federal Decree-Law No. 47 of 2022), a missed or incomplete audit can also create complications with corporate tax filings.
Audit Process, Deadline and Documents Required
Filing deadline and submission portal
DMCC company accounts must be prepared, approved by the directors, audited, and laid before a General Meeting within six months of the end of the financial year, unless DMCCA prescribes a different period. A copy of the audited accounts and the auditor’s report must then be filed with the Registrar within five business days of that General Meeting. In practice, this means a company with a 31 December financial year-end should complete its audit and hold its General Meeting by 30 June, then file with the Registrar in the days that follow. DMCCA has, in past years, issued circulars extending this deadline for a given financial year, so companies should confirm the current year’s applicable deadline through the DMCC Member Portal or their approved auditor rather than assuming a fixed date. Submission itself takes place online through the DMCC Member Portal.
Step-by-step audit process
- Maintain financial records — keep ledgers, invoices, contracts, receipts, payroll records and bank statements throughout the year. UAE law generally requires these records to be retained for at least five years.
- Prepare financial statements — at year-end, prepare the statement of financial position, profit and loss statement, cash flow statement and notes, in line with IFRS. Directors must approve these before the audit begins.
- Appoint a DMCC-approved auditor — the auditor must be listed on the DMCC Approved Auditors List. Verify this directly through the DMCC Member Portal rather than relying on the firm’s own claim.
- Complete the audit and prepare submission documents — this includes the audited financial statements, the signed audit report, and the audited financial statements summary sheet in DMCC’s required format.
- Hold the General Meeting and submit to DMCC — accounts are approved at the General Meeting, then the audited financial statements, summary sheet and supporting documents are uploaded through the DMCC Member Portal.
Documents required
Auditors typically request: trade licence or certificate of incorporation, Memorandum and Articles of Association, share certificates, bank statements and bank confirmation letters, VAT registration certificate, lease agreement (where applicable), sales and purchase invoices, customer and supplier listings, trial balance and general ledger, payroll ledger, fixed asset register with depreciation schedules, and management accounts. DMCC may request additional documents at any stage, so records should stay organised and accessible year-round, not just at audit time.
Why Choose Farahat & Co. as Your DMCC-Approved Auditor
Farahat & Co. is listed on the DMCC Approved Auditors List and has supported DMCC-registered companies across commodities trading, precious metals, professional services and holding structures since the panel was introduced. Our audit team works within IFRS and ISA standards and understands DMCC’s specific submission format, including the audited financial statements summary sheet that must accompany every filing.
Beyond DMCC, Farahat & Co. holds approvals across more than 20 UAE free zones, including DIFC, JAFZA and DAFZA, giving multi-entity groups a single audit partner across their full UAE structure rather than a different firm in every jurisdiction.
Our audit work also feeds directly into corporate tax and VAT compliance, since audited financial statements support a company’s Qualifying Free Zone Person position and its FTA filings. Businesses choose us because the same team handling the DMCC audit also understands the tax and regulatory consequences that follow from it, rather than treating the audit as an isolated compliance task.
About DMCC: Free Zone Profile
The Dubai Multi Commodities Centre was established in 2002 to develop Dubai’s commodities trade infrastructure, particularly in gold, diamonds, precious metals, tea and coffee. Based in Jumeirah Lake Towers, DMCC has grown into the UAE’s largest free zone by number of member companies, with more than 26,000 businesses registered across commodities trading, financial and professional services, technology and fintech.
The free zone’s regulatory framework, including its Approved Auditors List and Company Regulations, reflects its position as a hub for trading companies that require credible, IFRS-compliant financial reporting for banking relationships, supplier contracts and cross-border trade finance. For businesses operating in DMCC, an audit is not only a licence renewal requirement but also a practical tool for maintaining banking relationships and supporting trade finance applications, given the trading-intensive nature of many DMCC businesses.
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