Meydan Free Zone (MFZ) Approved Auditors
We are Approved Auditors by Meydan Free Zone.
Approved Auditors for Meydan Free Zone Companies
Farahat & Co. is an approved auditor for Meydan Free Zone (MFZ), authorised to conduct statutory audits for companies registered in the free zone.
Established in 2009 near Meydan Racecourse, MFZ is a popular choice for startups, SMEs, consultants, e-commerce businesses and foreign entrepreneurs, largely due to its flexi-desk licensing option and fully digital application process.
Under the Meydan Free Zone Companies and Licensing Regulations 2022, MFZ companies are generally required to prepare and submit audited financial statements annually as part of licence renewal.
Book an MFZ Audit ConsultationServices We Offer as Meydan Free Zone Approved Auditors in UAE
As approved auditors for Meydan Free Zone in the UAE, we offer a full range of audit, accounting, and compliance services for businesses registered in MFZ. Our team is dedicated to keeping your company financially sound and fully compliant.
MFZ Audit Requirements and Regulations
Legal basis
The Meydan Free Zone Companies and Licensing Regulations 2022 require every company registered in MFZ to prepare and maintain financial statements, and the Meydan Free Zone Authority (MFZA) requires submission of audited financial statements as a mandatory part of the annual licence renewal process. Separately, under federal Ministerial Decision No. 84 of 2025, audited financial statements are unambiguously required if a company’s revenue exceeds AED 50 million in a tax period, or if the company is a Qualifying Free Zone Person under UAE Corporate Tax Law, regardless of revenue. This federal rule applies on top of any free zone-specific requirement and cannot be avoided through free zone rules alone.
Who must comply
Given the overlap between MFZA’s licensing regulations and the federal Corporate Tax rule, most active MFZ companies should expect to prepare audited financial statements annually rather than assume an exemption. This is particularly true for companies seeking Qualifying Free Zone Person status and the associated 0% corporate tax rate on qualifying income, since audited financial statements are a condition of that status regardless of the company’s size. New businesses and low-activity companies should confirm their specific obligation with MFZA directly rather than assuming they fall outside the requirement, since incorrectly assuming exemption is one of the more common compliance mistakes in the zone.
Penalties for non-compliance
Late submission of audited financial statements is reported to attract fines starting in the region of AED 5,000 per month of delay. Beyond the direct fine, non-compliance can prevent trade licence renewal and create complications with UAE Corporate Tax filings, since audited financial statements support both the licence renewal process and a company’s Qualifying Free Zone Person position.
Audit Process, Deadline and Documents Required
Filing deadline and submission process
Audited financial statements are typically required within 90 days of the end of the company’s financial year, submitted through the Meydan+ portal alongside the signed auditor’s report. Because submission is tied to licence renewal, companies should treat the audit as part of their renewal preparation rather than a separate filing, and should confirm the exact date the Authority expects for a given financial year before assuming a fixed deadline.
Step-by-step audit process
- Maintain financial records — keep ledgers, invoices, bank statements and payroll records for at least five years, in line with UAE record-keeping requirements.
- Prepare financial statements — at year-end, prepare the balance sheet, profit and loss statement and cash flow statement in line with IFRS.
- Appoint an MFZA-approved auditor — confirm the firm’s current approval status before engagement.
- Complete the audit — the auditor reviews the accounting records and issues a signed audit report.
- Submit through the Meydan+ portal within 90 days of the financial year-end, aligned with the licence renewal timeline.
Documents required
Trade licence or certificate of incorporation, Memorandum and Articles of Association, bank statements for the financial year, trial balance and general ledger, sales, purchase, expense and payroll ledgers, fixed asset register, management accounts, VAT and corporate tax records where applicable, and supporting invoices and contracts.
Why Choose Farahat & Co. as Your MFZ-Approved Auditor
Farahat & Co. is an approved auditor for Meydan Free Zone and works with the wide range of business types the zone attracts, from solo consultants and e-commerce operators to holding companies and multi-entity groups. Because MFZ’s audit obligation intersects with both licence renewal rules and the federal Qualifying Free Zone Person requirement, our audit approach confirms which trigger applies to a given company before assuming a standard timeline, since the correct deadline and documentation can differ depending on which basis the audit is required under.
Beyond MFZ, Farahat & Co. holds approvals across more than 20 UAE free zones, including DMCC, JAFZA and DIFC, giving businesses with multiple UAE entities a single audit partner. We also help MFZ companies confirm, rather than assume, whether a specific audit exemption applies, since incorrectly assuming exemption is one of the more common compliance issues we see in this particular free zone.
About Meydan Free Zone: Free Zone Profile
Meydan Free Zone was established in 2009 and is located near Meydan Racecourse, with convenient access to Downtown Dubai, Business Bay and Dubai International Airport. It is a popular destination for startups, small and medium businesses, consultants, digital service providers, e-commerce operators and foreign entrepreneurs, largely due to its flexible flexi-desk licensing option, which does not require a dedicated physical office, and its fully digital application process.
This flexibility has made MFZ one of the more accessible free zones for solo founders and lean businesses, but it comes with the same underlying compliance responsibilities as more established free zones. Companies should not equate MFZ’s low-cost, digital-first setup process with reduced financial reporting obligations, particularly given the federal Corporate Tax rules that apply regardless of which free zone a company is registered in.