When an audit is legally required
My mainland company has AED 2 million revenue. Do I need audited accounts?
The situation
For Corporate Tax, audited statements are required for taxable persons with revenue above AED 50 million, Qualifying Free Zone Persons and tax groups. A AED 2 million mainland company is not in those groups.
The law
- Ministerial Decision 84 of 2025: Who must prepare audited statements, for periods from 1 January 2025
What it means for you
Other rules can still ask for an audit, such as company law for some company types, bank covenants, or a tender. Example: a mainland LLC with AED 2 million revenue on Small Business Relief needs proper financial statements but no Corporate Tax audit. Ask your bank and licensing authority if they need one.
What to do
- Check your revenue and tax status.
- Check bank or licensing requirements.
- Prepare financial statements anyway.
- Appoint an auditor only where required or useful.
We can do this for youBookkeeping, accounting standards and audited financial statements: what the FTA, free zones and banks require: AED 800