When you set up or renew a Meydan Free Zone company, you sign an Audited Financial Statement (AFS) Declaration committing the company and its manager to submit audited financial statements for the previous financial year within 30 days of a request from Meydan. "Audited" means signed off by a UAE Ministry of Economy–licensed auditor under IFRS — not just your own bookkeeping. If your records aren't audit-ready when the request lands, 30 days is tight. A Meydan audit can be done by any UAE-licensed audit firm (there's no closed panel), and Fastlane's annual audit is AED 1,499 + VAT.
It's a single page, it's easy to miss, and most owners sign it without a second thought during company formation or renewal. The Audited Financial Statement Declaration is Meydan's way of putting the obligation in writing: the company and its manager formally accept that, if Meydan asks, audited accounts for the previous financial year will be produced within 30 days. The clock doesn't start when you feel ready — it starts the day the request arrives.
What the AFS Declaration actually commits you to
The declaration is short, but it is binding. It does two things. First, it fixes a 30-day deadline — measured from the moment Meydan requests your accounts — to submit audited financial statements for the previous financial year. Second, it defines what "audited" means: financial statements that have been audited and certified by an authorised, certified accountant, following recognised accounting principles (IFRS in practice) and auditing standards.
In other words, an internal management account or a tidy spreadsheet doesn't satisfy it. The declaration specifically calls for an independent auditor's sign-off — and it is your manager's signature on the form that turns this from a general expectation into a personal undertaking on behalf of the company.
The Meydan declaration captures exactly these four fields. The manager's signature is what converts the 30-day commitment into a formal obligation — which is why it's worth knowing what stands behind it before a request ever arrives.
"Within 30 days of a request" is shorter than it sounds
A clean audit is not a same-week job. Before an auditor can sign anything, they need a finalised trial balance, bank reconciliations that tie to your statements, supporting invoices and contracts, fixed-asset and depreciation records, and detail on any related-party transactions. If the books are behind — and for a quiet or fast-moving company they often are — the bookkeeping has to be brought current first, and only then does the audit run on top of it. Thirty days disappears quickly.
Owners read the declaration as "we'll get an audit done eventually." But once Meydan issues the request, you're inside a fixed 30-day window with your signature already on file. The time to get audit-ready is before the request, not after it — a late or missing submission can hold up your licence renewal, visa services and bank standing all at once.
It isn't only Meydan asking anymore — Corporate Tax now requires the audit too
Even setting the Meydan declaration aside, UAE Corporate Tax has made audited financial statements unavoidable for most active free-zone companies. To claim the headline 0% rate as a Qualifying Free Zone Person (QFZP), a company must prepare and maintain audited financial statements — regardless of how small its revenue is. That requirement sits in Ministerial Decision No. 84 of 2025 (which replaced Ministerial Decision No. 82 of 2023 for tax periods starting on or after 1 January 2025). Separately, any taxable person with revenue above AED 50 million must also be audited.
So for an active Meydan company that wants the 0% free-zone rate, the audit is no longer a box-ticking exercise for the free zone — it's a Corporate Tax condition. Skip it, and the company risks being taxed at 9% on income that would otherwise have qualified for 0%.
| Your situation | Audit needed? | Why |
|---|---|---|
| Claiming the 0% free-zone rate (QFZP) | Yes — regardless of revenue | Required to qualify under Ministerial Decision No. 84 of 2025 |
| Revenue over AED 50 million | Yes | Mandatory under UAE Corporate Tax law |
| Active trading company at renewal | Effectively yes | Meydan requests audited accounts as part of licence renewal |
| Dormant / no activity | Often still expected | Confirm your position with Meydan; simplified financials may apply for a clean close |
Who can actually sign a Meydan audit (and who can't)
A common worry is that Meydan keeps a closed list of "approved auditors" you're forced to use. It doesn't. Unlike DMCC, DIFC, DAFZA and JAFZA — which maintain panels and reject submissions from off-list firms — Meydan accepts any audit firm licensed by the UAE Ministry of Economy, and the auditor doesn't have to be physically located in Meydan. What matters is a valid MoE audit licence and an IFRS-compliant report that's properly signed and stamped.
Fastlane is a Ministry of Economy–approved auditor, so we can audit and sign your Meydan financial statements directly. A compliant submission needs:
- Audited financial statements — Balance Sheet, Profit & Loss, and Cash Flow statement
- An auditor's report, signed and stamped by an MoE-licensed audit firm
- Figures that reconcile with your bank statements, invoices and accounting records
What a Meydan audit costs — and why AED 1,499 changes the maths
Across the market, a small-company Meydan audit is typically quoted at AED 5,000–12,000, and more for larger or more complex entities. Fastlane's annual audit is AED 1,499 + VAT — a fraction of the usual figure, with the same Ministry of Economy–licensed sign-off that Meydan and the FTA require.
Full IFRS audited financial statements, signed and stamped by a Ministry of Economy–approved auditor, accepted by Meydan Free Zone and ready to support your Corporate Tax return.
That price assumes your books are in reasonable order. If the bookkeeping is behind, we can bring it current first through our accounting service (from AED 499/month) so the audit runs cleanly and on time — rather than stalling halfway through a 30-day window.
How to stay ahead of the 30-day clock
The way to make the declaration a non-event is simple: keep your monthly books current through the year, finalise the trial balance shortly after year-end, and get the audit done ahead of renewal rather than waiting for a request to land. Do that, and when Meydan does ask, the audited report already exists — you simply submit it. As a bonus, the same audited statements feed straight into your Corporate Tax return, so one piece of work covers two obligations.
Signed the declaration and not sure your books would survive an audit?
We prepare and sign IFRS audited financial statements your Meydan company can submit — and we handle the bookkeeping clean-up first if you need it. Annual audit AED 1,499 + VAT, by a Ministry of Economy–approved auditor.
What is the Meydan AFS Declaration?
It's a one-page declaration you and your company manager sign when setting up or renewing a Meydan Free Zone company. By signing it, you formally commit to submit audited financial statements for the previous financial year within 30 days of a request from Meydan. "Audited" means certified by an authorised, certified accountant under recognised accounting principles (IFRS in practice) and auditing standards — not internal management accounts.
How long do I have to submit audited financial statements to Meydan?
Under the AFS Declaration, 30 days from the date Meydan requests them. The window runs from the request, not from when your books are ready — so if your records aren't audit-ready, 30 days can be very tight once the bookkeeping clean-up and the audit are both factored in. The practical answer is to have the audit completed ahead of renewal rather than waiting for a request.
Does my Meydan company need an audit if it's small or already on the 0% tax rate?
Yes. To claim the 0% rate as a Qualifying Free Zone Person, a company must prepare and maintain audited financial statements regardless of its revenue — this is required to qualify under Ministerial Decision No. 84 of 2025. A small turnover does not exempt you; in fact, it's the QFZP status that makes the audit mandatory. Companies with revenue above AED 50 million must also be audited.
Does Meydan have a list of approved auditors I must use?
No closed panel. Meydan accepts any audit firm licensed by the UAE Ministry of Economy, and the auditor does not need to be located in Meydan — what matters is a valid MoE licence and an IFRS-compliant report that's signed and stamped. This is different from zones like DMCC, DIFC, DAFZA and JAFZA, which keep approved-auditor lists. Fastlane is a Ministry of Economy–approved auditor and can sign your Meydan statements directly.
How much does a Meydan audit cost?
Market quotes for a small-company Meydan audit are typically AED 5,000–12,000, and higher for larger or more complex entities. Fastlane's annual audit is AED 1,499 + VAT, with the same Ministry of Economy–licensed sign-off Meydan and the FTA require. If the bookkeeping is behind, we can bring it current first (accounting from AED 499/month) so the audit runs cleanly; the exact figure depends on the state of your records.