July 24, 2023Dated: | ByManish Kumar Manish Kumar | Here are the key points regarding audit submission deadlines and consequences of non-submission in UAE free zones based on the search results: In DMCC, DWC, and JAFZA, companies must prepare and file annual audited accounts within 90 days from the end of the financial year or within the extended deadline. The deadline for submitting the audited financial statements to DDA is November 30, 2022. In some free zones Companies that fail to submit audited financial reports may be subject to a financial penalty of AED 5,000 (approximately $1,400) for every month that the report is outstanding. In some free zones the principal risk that companies bear for failing to submit audited financial reports is the non-renewal of their trade license. The annual external audit is mandatory for all DMCC registered companies, and the DMCC authorities have published a list of approved auditors. In some free zones the consequences of not submitting the audited financial statements by the deadline can be severe, including the non-renewal of the trade license. Companies have to take note that the deadline for submitting the audited financial statements cannot be extended beyond the given deadline. Therefore, it is crucial for companies to comply with the audit requirements and submit the audited financial statements within the given deadline to avoid any penalties or non-renewal of their trade license. Get in touch with J N J Auditing now to get a comprehensive advisory about your Audit compliance and avoid hefty fines from the UAE authorities.