RAKEZ Approved Auditors

Services We Offer as RAKEZ Approved Auditors

As approved auditors of RAKEZ free zone, we provide specialised financial and compliance services for technology and innovation-driven businesses in the RAKEZ free zone. Our experts ensure your company meets all RAKEZ Authority requirements.

RAKEZ Audit Requirements and Regulations

Legal basis

The requirement to submit audited financial statements is set out in RAKEZ’s Companies Regulations and implementing regulations, which took effect for the 2019 financial year onward. Every RAKEZ company must appoint an auditor from RAKEZ’s own approved auditors list, which is maintained separately from the approved lists used by other UAE free zones such as JAFZA or DMCC. Financial statements must be prepared in accordance with IFRS, and the auditor’s report must confirm whether the accounts present a true and fair view of the company’s financial position and whether the company is complying with Anti-Money Laundering and Counter-Terrorist Financing regulations.

Who must comply

The audit requirement applies to all RAKEZ-licensed companies, both free zone and non-free zone entities, regardless of size, activity or revenue. This includes Free Zone Establishments (FZEs) and Free Zone Companies (FZCs). Under the standard RAKEZ Memorandum of Association, a company’s financial year runs from January to December, though the first financial year can range from six to eighteen months depending on the incorporation date, which affects when the first audit becomes due. Branch offices may, in some circumstances, submit consolidated accounts from their parent entity instead of standalone accounts, provided the parent’s financials are IFRS-compliant and clearly reflect the branch’s operations, but this requires written confirmation from RAKEZ in advance.

Penalties for non-compliance

Failure to submit audited financial statements within the required period results in a fine reported at AED 2,500, with continued non-compliance risking suspension of the company’s licence or access to RAKEZ services. Using an auditor not on RAKEZ’s approved list results in outright rejection of the submission rather than a delay, requiring the audit to be redone by a listed firm.

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Audit Process, Deadline and Documents Required

Filing deadline and submission process

Audited financial statements must be submitted within six months of the end of the company’s financial year. For a 31 December year-end, this places the deadline at 30 June of the following year. Extensions can be requested from RAKEZ, but must be submitted in writing at least 30 days before the original deadline, not after it has passed. Companies should confirm their auditor’s current RAKEZ approval status at the start of each financial year, since RAKEZ updates its approved list periodically and a firm’s approval from a prior year is not guaranteed to carry over.

Step-by-step audit process

1. Confirm the financial year set out in the company’s Memorandum of Association.
2. Maintain accounting records — invoices, bank statements and supporting documents throughout the year.
3. Appoint an auditor currently listed on the RAKEZ approved auditors list.
4. Complete the audit, including a review of AML/CFT compliance and confirmation that company activity matches the trade licence.
5. Submit the audited financial statements to RAKEZ within six months of the financial year-end.

Documents required

Registers of accounts, banking records, confirmation of credit and debit for all financial transactions, copies of invoices and bills, Articles of Association, Memorandum of Association, current trade licence and VAT or excise tax registration details where applicable, lease agreements, and any relevant No Objection Certificates from sector-specific authorities.

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Why Choose Farahat & Co. as Your RAKEZ-Approved Auditor

Farahat & Co. is a registered auditor for the Ras Al Khaimah Economic Zone and supports companies across trading, manufacturing, media and professional services licensed in the zone. Because RAKEZ maintains its own approved auditors list, separate from other UAE free zones, we confirm our current approval status each year and flag to clients early if a change in auditor requires reconfirming that status before engagement begins.

Beyond RAKEZ, Farahat & Co. holds approvals across more than 20 UAE free zones, including DMCC, JAFZA and DIFC, giving businesses with entities in both Dubai and Ras Al Khaimah a single audit partner. We also help RAKEZ companies plan around the six-month deadline, RAKEZ’s most generous compliance window among the major UAE free zones, so the audit lines up with Corporate Tax filing rather than becoming a separate, last-minute exercise.

About RAKEZ: Free Zone Profile

The Ras Al Khaimah Economic Zone was established in 2017 through the merger of the RAK Free Trade Zone, itself dating back to 2000, and the RAK Investment Authority, established in 2005. Now one of the UAE’s largest free zones by number of registered companies, RAKEZ is home to more than 14,000 businesses from over 100 countries across more than 50 industries, spanning trading, manufacturing, media, education and professional services.

RAKEZ operates several specialised zones across the emirate, including a general Business Zone for trading and services, industrial zones at Al Hamra, Al Ghail and Al Hulaila, an Academic Zone for educational institutions, and a Media Zone for content and production companies. The zone benefits from proximity to Saqr Port and Ras Al Khaimah International Airport, giving manufacturing and logistics-focused licensees direct access to regional shipping and air freight routes.

Frequently Asked Questions