IFZA : New Financial Statement Requirements for License Renewal
Important Update for IFZA Companies: New Financial Statement Requirements for License Renewal
Effective September 30, 2025, all IFZA licensees—whether operating as an FZCO or a Branch—must comply with new financial reporting requirements as part of their annual trade license renewal.
️Key Dates
- Companies renewing before September 30, 2025 are NOT required to submit Financial Statements this cycle.
- However, submission will be mandatory for all subsequent renewals.
What You Need to Submit
- Financial Statements covering the most recently completed financial year.
- These must be submitted electronically during the renewal process.
Accounting Standards Based on Turnover
- AED ≤ 3 million: Cash Basis Accounting
- AED > 3 million and < 50 million: IFRS for SMEs
- AED ≥ 50 million: Full IFRS
Format Requirements
- Companies with ≤ AED 3 million turnover and ≤ 9 employees may submit a Simplified Financial Statement using the official IFZA template.
- All others must submit Audited Financial Statements prepared by a registered UAE auditor.
Definitions
- Employee: Anyone working under an executed employment contract, regardless of sponsorship, contributing to company operations.
- Turnover: Total gross income from all business activities, determined using market-related principles aligned with UAE Corporate Tax Law.
Submission Guidelines
- Financial Statements must be electronically signed by an authorized signatory (Manager, Director, or Shareholder).
- Submission will be done via an electronic form provided during the renewal process.