Created with
Meydan Free Zone requires every company to submit audited financial statements — or a declaration form — as part of the annual license renewal process. This guide explains exactly what the requirement means, which option applies to your company, who can prepare the audit, and how it connects to your UAE Corporate Tax obligations.
Meydan gives you two paths to satisfy the audit requirement. Which one applies depends on whether your company has completed its first financial year.
Who: Companies that have completed at least one financial year
What: Complete IFRS/UAE FRS-compliant financial statements — balance sheet, profit & loss, cash flow statement, statement of changes in equity, and notes to the accounts — accompanied by an independent auditor's report
Prepared by: A Meydan-approved auditor who is also registered with the UAE Ministry of Economy
Also needed for: QFZP status, banking requirements, VAT/CT filing support
Who: Companies that have not yet completed their first financial year
What: The Meydan Audited Financial Statement declaration form — a signed document confirming the company is compliant and will submit full audited financials once the financial year is complete
Template: Provided by Meydan as an attachment with your renewal notice email
Limitation: Does not satisfy the QFZP audit requirement under Corporate Tax Law
Meydan requires the audit report to follow International Financial Reporting Standards (IFRS) or UAE FRS for Small & Medium Entities. At a minimum, the report must contain the following components:
The balance sheet (statement of financial position) showing the company's assets, liabilities, and equity at the financial year-end. The profit and loss statement (income statement) covering revenue, cost of goods sold, operating expenses, and net profit or loss for the period. The cash flow statement classifying cash movements into operating, investing, and financing activities. The statement of changes in equity showing movements in share capital, retained earnings, and any other equity components. And the notes to the financial statements disclosing significant accounting policies, related party transactions, contingent liabilities, and any other material items.
The independent auditor's report must include the auditor's opinion (unqualified, qualified, adverse, or disclaimer), the basis for the opinion, key audit matters if applicable, and the auditor's name, MoE registration number, firm name, and official stamp.
Unlike some free zones (such as IFZA, which accepts any UAE-licensed auditor), Meydan maintains a specific approved auditor panel. Only auditors on this panel can prepare audit reports for Meydan Free Zone companies. The auditor must hold both a valid Ministry of Economy registration and Meydan Free Zone approval.
Fastlane Management Consultancy is on the Meydan approved auditor panel and is registered with the UAE Ministry of Economy (TRN: 104218042400003). We prepare IFRS-compliant audit reports in the exact format required by Meydan, ensuring smooth acceptance during the renewal process.
| Company Type | Starting Price | Typical Turnaround |
|---|---|---|
| Dormant / nil-activity company | AED 1,499 | 3–5 working days |
| Low-activity (under 100 transactions) | AED 1,499–2,499 | 5–7 working days |
| Actively trading company | Custom quote | 7–14 working days |
All Fastlane audit reports include the independent auditor's opinion, full IFRS-compliant financial statements, VAT and Corporate Tax compliance checks, and preparation in the exact format Meydan accepts for renewal. No hidden fees — the price quoted is the price paid.
Since the introduction of UAE Corporate Tax in June 2023, the Meydan audit requirement has taken on additional significance. Here is how the two interact:
Audited financial statements are one of the nine mandatory conditions for qualifying as a QFZP under the Corporate Tax Law. If your Meydan company earns qualifying income from B2B free zone transactions, holding activities, or headquarters services, you must have a Meydan-approved auditor prepare your annual financials. Without the audit, the FTA will deny QFZP status and tax all income at 9%, regardless of whether every other condition is met. Fastlane's Meydan QFZP self-assessment guide covers all nine conditions in detail.
Under the Corporate Tax Law, any taxable person with revenue exceeding AED 50 million in a tax period must have audited financial statements — regardless of free zone status. This is in addition to the Meydan free zone audit requirement.
Even if your company does not claim QFZP status and has revenue below AED 50 million, the Meydan free zone authority still requires the audit for license renewal. The Meydan audit requirement exists independently of the Corporate Tax Law — it is a free zone regulatory requirement, not just a tax obligation.
To prepare your Meydan audit efficiently, have these documents ready before engaging your auditor: your company's bank statements for the full financial year, sales and purchase invoices, a trial balance or general ledger export from your accounting software, employee records and payroll details (if applicable), loan agreements and related party transaction records, the previous year's audit report (if available), your company's Memorandum of Association and trade license, and any VAT return filings for the period.
If your company is dormant or has had no transactions, a much simpler documentation set is required — typically just the bank statement showing no activity and the company registration documents.
Prepared by the audit and compliance team at Fastlane Management Consultancy, a Ministry of Economy-registered audit firm (TRN: 104218042400003) and Meydan-approved auditor. Content reflects Meydan Free Zone audit requirements and UAE Corporate Tax obligations as at Q1 2026. This guide references Federal Decree-Law No. 47 of 2022 (Corporate Tax), Federal Decree-Law No. 41 of 2023 (Auditing Profession), and Meydan Free Zone license renewal regulations.