All IFZA FZCOs and Branches must submit Financial Statements annually during trade license renewal. Simplified FS if turnover ≤ AED 3M and ≤8 employees; otherwise full Audited Financial Statements.
Turnover ≤ AED 3M: cash basis. AED 3M–50M: IFRS for SMEs. Over AED 50M: full IFRS. Standard applies to both IFZA submissions and CT filings.
Defined in Section 75 of your Articles of Association. Confirm your year-end — financial statements must cover the most recently completed financial year as at your renewal date.
The financial statement form must be electronically signed by the Authorised Signatory, Director, or Shareholder. Missing or wrong signatory = renewal blocked.
Regardless of free zone, all UAE businesses must comply with the UAE Corporate Tax Law record keeping decision. These are the mandatory records under Article 2:
Complete financial statements every accounting period. The foundation of your CT return and IFZA renewal submission.
All payroll — salaries, WPS transfers, EOSB provisions. Every person on payroll, every period.
Equipment, furniture, vehicles — cost, depreciation schedule, net book value at each period end.
If your IFZA company holds stock: quantities and values at every Tax Period end, with stock count records.
Every invoice issued to clients and received from suppliers. VAT invoices especially critical.
Client agreements, supplier contracts, business-relevant emails, licences, and regulatory approvals.
Documentation of any SBR election, QFZP assessment, or realisation basis — with the underlying calculations.
All bank statements for every account, with reconciliations confirming book balances match bank records at period end.
5 years following the end of the Tax Period. Applies to CT-registered IFZA companies for all accounting records.
7 years from the end of the calendar year in which the document was created. Relevant to IFZA companies that own property.
Additional 4 years added to the base period. Runs until dispute is finally settled or audit completed.
Extra 1 year from the date of VD submission if a Voluntary Disclosure is filed in the fifth year.
Records can be kept as original physical documents or as electronic copies — provided electronic records are identical to the original, remain readable throughout the retention period, and can be produced promptly if the FTA requests them. Cloud accounting software, scanned invoices, and digital bank statements all qualify.
The FTA accepts records in English. The FTA may at its discretion request Arabic translation of some or all documents, which must be certified under UAE translation law.
IFZA companies effectively run two parallel compliance streams: UAE CT Law record keeping (federal, ongoing, 5-year retention) and IFZA renewal financial statement submission (annual, uses the same records). Good accounting throughout the year means the renewal submission becomes straightforward — not a last-minute scramble.
Fastlane handles monthly accounting, financial statements, audit reports, and CT compliance for IFZA companies from AED 499/month. All records maintained in cloud accounting software with full retention period tracking.
Fastlane handles your IFZA accounting, financial statements, audit report, and CT filing. Registered IFZA Professional Partner.
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