Audit in Mainland
HLB HAMT Management Consultancy (HHMC) is an approved audit firm for all mainland entities registered with various government authorities throughout the UAE. We cater to clients across diverse industries, including Real Estate, Construction, Hospitality, Healthcare, Telecommunications, Financial Services, and Retail.
Our audit in mainland processes ensure compliance with Federal Law, Central Bank regulations, and SCA guidelines. We adhere strictly to the International Standards on Auditing (ISA) established by IFAC and IAASB. This comprehensive approach enables us to identify any discrepancies with International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSAS), and we provide our clients with recommendations to ensure their financial statements are fully compliant.
Approved Auditing Firm in UAE
According to Article 27 of the UAE Commercial Companies Law, all mainland companies must have their financial accounts audited. Directors and business owners are required to appoint licensed auditors registered with the UAE Ministry of Economy to perform these audits.
Moreover, the law mandates that financial statements be prepared in accordance with IFRS, while government entities are required to comply with IPSAS. As a government-approved auditing firm in the UAE, HLB HAMT Management Consultancy (HHMC) is qualified to conduct audits for all entities registered with various government agencies and departments on the mainland of the UAE.
Our Clientele Includes
- Financial Institutions: We are an approved audit firm for banks, exchange houses, and investment companies, authorized by the Central Bank of the UAE to perform bank audits as well as audits for exchange companies in the region.
- Listed Entities: This includes private joint-stock companies and foreign-listed corporations.
- Government Companies: We provide audit services to government entities that must comply with IPSAS.
- Limited Liability Companies (LLCs): These are businesses registered under the Department of Economic Development and Municipality across the Emirates.
- Non-Profit Organizations: We extend our services to non-profit entities as well.
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Popular Business Structures in UAE
The Limited Liability Company (LLC) and branches of foreign companies are among the most common business structures chosen by foreign investors in UAE.
- Limited Liability Company (LLC): Under the UAE Commercial Companies Law (UAE Federal Law No. 2 of 2015), foreign investors can initially own up to 49% of a company’s share capital. However, due to the UAE government’s proactive policies to attract foreign direct investment (FDI), there have been amendments allowing 100% foreign ownership in specific sectors. Generally, there is no minimum capital requirement for LLCs, although the Department of Economic Development may impose one.
- Branch of a Foreign Company: Foreign businesses can establish a branch on the UAE mainland without the need for a local shareholder, although they must appoint a local service agent (LSA), who is either a UAE national or a UAE-controlled firm.
A mainland business in the UAE can operate throughout the country and even conduct international transactions. A minimum office space of 140 square feet is required for a UAE mainland entity. Additionally, businesses must secure approvals from various governmental bodies, including the Department of Economic Development, Dubai Municipality, and the Ministry of Labor.
Our Audit Services
- Financial Statement Audit
- In-Country Value Program (ICV)
- IFRS Advisory Services
- Audit Assistance
- Homeowners Association Audits
- Management Information Systems (MIS) Reporting
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