In recent years, the United Arab Emirates has now considered a breeding ground for businesses from all over the world and has taken up various measures to attract entrepreneurs and people in business from all around the world. The United Arab Emirates is now considered the gateway to the Middle East.
As soon as we think of the UAE, we all picture numerous oil fields, but the government of the UAE has understood the fact that it cannot solely rely on the revenue from the hydrocarbon sector. This is why the UAE government has implemented new laws that will enhance the business environment of the country and ultimately help the economy of the country.
These steps include the implementation of Value Added Tax (VAT), the establishment of various free zones in the country, providing better opportunities, services, and infrastructure to foreign companies, etc. These steps not only allow the incorporation of a company easily but also help the country to attract a number of foreigners to the UAE which in turn helps the economy of the country.
As the government has made the laws more comfortable for foreigners to come into the country and set up a business, there is also a considerable increase in the demand for financial services such as Accounting Services and Audit Services, Tax related services, etc. The recent implementation of Value Added Tax has also helped the government tap into a new source of revenue.
The Ras Al Khaimah Economic Zone
Ras Al Khaimah Economic Zone or RAKEZ is one of the economic zones present in the country which aims to provide world-class services and infrastructure to businesses and help them to grow and reach their maximum potential.
RAKEZ was established in the year 2017 when the decision was taken to consolidate the Ras Al Khaimah Free Trade Zone (RAK FTZ) and the Ras Al Khaimah Investment Authority (RAKIA). This economic zone covers almost 33 million square meters and is considered as one of the largest economic zones in the region. The economic zone caters to the needs of numerous companies, and more than 14,500 companies are situated here.
Need for Auditing in RAKEZ
In recent years, there has been a massive influx of businesses coming into the country for setting up and conducting business, and with the increase in the businesses, there has been a substantial increase in the need for financial services such as Auditing and Accounting. These services not only help a company to understand the current financial standing of the company but also help in planning for the future.
Auditing is an essential process that will allow the management of a company to understand the various bottlenecks of the company and also provide a possible solution for such problems. There are multiple benefits of conducting an audit, such as:
- Identification of the issues in a company
- Managing taxes of a company in a better way
- Discovering any fraudulent activities in the company
- Preparing a plan
- Ease during the winding up of the Business
- Boost the morale of the management
- Attract new potential investors
With so many benefits it is very beneficial to avail Auditing services from a reputed and approved auditor in the Ras AL Khaimah Economic Zone (RAKEZ).
