The Hamriyah Free Zone is a free zone place in the city of Sharjah in the United Arab Emirates. Established by an Emirs decree in November, 1995.Hamriyah Free Zone is fast becoming one of the cornerstones of the United Arab Emirates industrial development.
Total 23 Businesses listed in Hamriyah Free Zone, Sharjah, United Arab Emirates.
The HFZ offers business facilities like offices, warehouses, and world-class factories. The companies operating in HFZ conduct their businesses in various sectors including Heavy industry, logistics, and transportation, Oil & Gas, Petrochemical, Packaging, Steel, Recycling, Food, Textiles, Perfume & Cosmetics, etc. In addition to the above-mentioned sectors, HFZ also allows services like banking and auditing firms, currency exchanges, conference rooms, staff accommodation.
About Hamriyah Free Zone (HFZA)
Located in the emirate of Sharjah, Hamriyah Free Zone (HFZ) is an industrial hub for many manufacturing companies and considered among the top Free Zones in the UAE
Hamriyah Free Zone, UAE’s Second Largest Industrial Free Zone is spread across approx, 26 Million Square Metres.
It is home to over 6,500 businesses from 163 countries. In addition to world-class facilities including offices, warehouses, factories and executive office suites, Hamriyah Free Zone also has over 15 on-site key business services, like banking and auditing firms, currency exchanges, conference rooms, staff accommodation, and more.
Why a Financial Audit is Required in Hamriyah Free Zone?
The HFZA has made it mandatory for the free zone establishments in the Free Zone to get their books of accounts audited from an independent auditor registered with the Authority to makes sure that the business environment within the HFZ is well-regulated and controlled & to report to the shareholders on the financial as well as the operational aspects of the business and state whether the financial statements give a true and fair view and are prepared in accordance with the applicable laws and regulations.
The companies should avail the services of registered audit firms in the UAE, as the HFZA does not accept the audit report from auditors who are not registered with them.
Audit is Mandatory from Approved Auditors in Hamriyah Free Zone
Registered businesses in the HFZ are required to submit the audited financials to the HFZA.
- HFZA requires companies operating in the HFZ to get their books of accounts audited by an independent external auditor to assure that their businesses are running in compliance with the rules and regulations of both the Free Zone Authority and Federal Tax Authority (FTA) and the Anti-Money Laundering (AML) regulation.
- An external audit report provides the company’s stakeholders with all the necessary information they need to assess the company’s business operations as well as its financial position apart from the information provided by the business management.
- The audit report ensures that the company’s accounts are prepared in accordance with the local and international accounting standards and the business is not engaged in any fraud or illegal or financial misconduct.
- External audit performed by an approved and well-known audit firm provides banks and other investor’s confidence to rely on the information presented in the audited financial statements to take decisions concerning their investment in the entity.
Time Limit to Submit Audit Report to Hamriyah Free Zone (HFZA) Authority
Hamriyah Free Zone (HFZA) Companies has to submit the Audited Financial Statements to the Hamriyah Free Zone (HFZA) authorities within 90 days from the end of the financial year. The audit report must be submitted to the authority along with the singed audited financial statements. If a company fails to submit the audited financial statements within the time frame, it will face legal consequences including non-renewal of trade license in Hamriyah Free Zone (HFZA).
We at RVG Chartered Accountants can assist you with all your auditing needs in Hamriyah Free Zone.
- At RVG, we conduct the audit in accordance with the provisions of the international standards of auditing (ISAs) and as per International Financial Reporting Standards (IFRS).
- Our team of RVG chartered accountants goes beyond traditional fundamentals and adds tangible value, seeing to it that auditing assumes a strategic and productive role in today’s corporate governance environment.
- We also identify areas for improvement and suggest means to help you to achieve your organizational objectives and make a positive contribution to the successful operation of your business.
- Getting the books of accounts audited by the best auditing firms in UAE helps the companies comply with the local and international regulations thereby improving the company’s credibility before the stakeholders, government, lenders, and other authorities.