The Dubai Integrated Economic Zones Authority (DIEZA) is a governmental body within the United Arab Emirates (UAE) responsible for the supervision and governance of economic zones situated in Dubai. Its establishment aims to streamline business expansion, entice foreign investments, and foster economic diversification, making it a vital player in the UAE’s economic framework. DIEZA undertakes a range of functions, with a focus on delivering essential services associated with auditing and liquidation. In this page, we will explore the audit and liquidation services in compliance with DIEZA.
Dubai Integrated Economic Zones Authority
DIEZA, short for the Dubai Integrated Economic Zones Authority, was established in 2021 with the aim of consolidating and harmonizing the offerings of Dubai Airport Free Zone (DAFZ), Dubai Silicon Oasis (DSO), and Dubai CommerCity (DCC).
DIEZA plays a pivotal role in supporting the growth and development of Dubai’s economy by providing tailored solutions, incentives, digital connectivity, and comprehensive business support services to more than 5,000 global companies spanning across 20 diverse industries.
DIEZA is vested with legal standing, financial independence, and administrative autonomy, enabling it to carry out all necessary actions and transactions to fulfill its objectives. It operates under the complete ownership of the Investment Corporation of Dubai (ICD), overseeing both the Free Zone and the Administrative Zone while governing them in accordance with its regulatory framework.
Freezones Regulated by DIEZA
Audit Services in DIEZA
DDA provides audit services to companies undergoing liquidation. These services involve an independent and objective assessment of the company’s financial records, transactions, and operations. The key objectives of audit services in the context of liquidation are:
- Financial Audits: Financial audits are a fundamental aspect of business operations. They involve a comprehensive examination of a company’s financial statements, records, and transactions to ensure accuracy, completeness, and compliance with accounting standards and regulations. DIEZA’s audit services cover various financial aspects, including income statements, balance sheets, cash flow statements, and more.
- Compliance Audits: Regulatory compliance is essential for businesses in Dubai. DIEZA conducts compliance audits to ensure that companies adhere to local laws, regulations, and industry-specific guidelines. These audits help identify any deviations from the legal framework and recommend corrective actions to ensure compliance.
- Internal Audits: DIEZA assists businesses in establishing and maintaining robust internal control systems. Internal audits help organizations identify potential risks, weaknesses in their control mechanisms, and opportunities for improvement. These audits enhance corporate governance and mitigate internal threats.
- Special Audits:In addition to routine financial and compliance audits, DIEZA offers special audit services tailored to specific needs. These may include fraud investigations, due diligence for mergers and acquisitions, and forensic audits. Special audits are essential for uncovering irregularities and ensuring the integrity of business operations.
- Supervision of Integrated Economic Zones: As part of its audit services, DIEZA will supervise the Integrated Economic Zones to facilitate the realization of their objectives. This includes overseeing Licensed Establishments and their activities to verify compliance with the provisions of the Law, resolutions issued, and other legislation in force within the Emirate.
Liquidation Services in DIEZA
DDA oversees the liquidation processes of companies registered within its jurisdiction. Liquidation services involve a systematic winding up of the company’s operations and distribution of assets. DDA’s liquidation services encompass various stages, including:
- Regulatory Framework: DIEZA establishes and maintains the legal and regulatory framework governing businesses operating within Dubai’s economic zones. This framework includes rules and procedures for company liquidation, ensuring that businesses follow specific guidelines when winding up their operations.
- Information and Guidance: DIEZA provides information and guidance to companies operating within its economic zones on the procedures and requirements for company liquidation. This includes the documentation needed, the relevant authorities to contact, and the timeline for completing the process.
- Supervision and Compliance: DIEZA oversees the liquidation process to ensure that it complies with UAE laws and regulations. This includes verifying that all outstanding obligations, such as visa cancellations, permit closures, and the settlement of debts, are properly addressed during the liquidation.
- Record KeepingDIEZA maintains records of companies that have undergone the liquidation process within its economic zones to keep its regulatory framework up to date and ensure that companies are formally and legally dissolved.
- Resolution of Disputes:In cases of disputes or complications during the liquidation process, DIEZA may provide a platform for mediation or arbitration to resolve issues between the company and relevant stakeholders.
At Farahat & Co., we are committed to helping businesses in the economic zone prosper while ensuring they remain compliant with all relevant regulations. Whether you require an audit to enhance transparency or need assistance with business liquidation, our team is ready to assist you.
Contact us today to learn more about our Audit and Liquidation services and how we can support your business’s success in the economic zone.