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Meydan Free Zone Audit Readiness and Compliance
Meydan Free Zone suits consultants, startups, freelancers and small trading companies. We provide proportionate books and review support that fit their scale.
Our preparation process
Check status
We review your Meydan licence type and the tax position you are aiming for. We start with how consultancies, start-ups and small trading companies usually earn their income.
Tidy the ledger
We reconcile accounts and tag each Meydan revenue line to the right income category.
Prepare the file
We assemble the schedules, contracts and substance evidence a reviewer of a Meydan company will ask for.
Plan the year
We set monthly routines suited to consultancies, start-ups and small trading companies, so the next year-end is easier.
Records for freelancers, consultants and start-ups
Meydan Free Zone attracts people who work alone or in very small teams. With no finance department, the risk is that records live in email inboxes and personal phone photos. Pick one folder structure and keep it simple: contracts, invoices issued, invoices received, bank statements and filings, each by month.
Agree a fixed day each month to match invoices to bank movements. Doing this regularly takes less time than rebuilding a year of activity when a bank or reviewer asks. Name files consistently, using date, party and amount, and the folder becomes searchable without any special software.
Early-stage companies and shareholder funding
New companies are usually funded by their owners, and the way that money is recorded matters. Share capital, a shareholder loan and a gift are three different things. Write the intention down in a signed note, record the right account in the ledger and keep the transfer evidence.
Start-ups should also separate costs of getting the business going, such as licence fees, branding and website work, from running costs. A schedule of these items lets you explain early losses and shows how the money was used.
Choosing what to record from day one
Habits formed in the first year stay with a company. These choices cost almost nothing at the start and avoid a clean-up project later.
- Tag each invoice with the customer's country and the type of service sold.
- Keep a time record or deliverables log for consulting work.
- Store every subscription and software invoice, even if it is small.
- Record the home country of any overseas supplier and the currency paid.
- Review the pack of documents every quarter for gaps and duplicates.
More questions
Do start-ups need formal accounting from the first month?
Yes. Starting clean is easier than reconstructing months later, and early records support the later tax position.
How should I record money I put in the company?
Decide whether it is capital or a loan, document it, and post it to the matching account. Do not leave it unexplained.
Can I run payroll through the company with no staff?
Rules differ by licence and visa arrangement. Confirm the current requirement with the authority and keep any salary or owner payment properly recorded.
What is the minimum I should keep?
Contracts, invoices, bank statements, expense receipts and tax filings, kept for at least five years.
What records suit a one-person consultancy?
A simple set is enough. Keep a sales invoice register, a bank reconciliation each month, receipts for expenses with a short purpose note, and a copy of each client contract. Add a year-end schedule of amounts owed to you and by you. Keeping these current takes minutes a month. It removes most of the stress when a bank, a landlord or the tax authority asks for figures.
Paperwork worth keeping tidy
- Licence, lease and shareholder documents
- Revenue analysis split by qualifying and non-qualifying income
- Bank reconciliations at year-end
- Contracts supporting major income and cost items
- Fixed asset register and depreciation workings
- Evidence of staff, premises and decision-making in the UAE
Risks to watch in Meydan company books
Authority rules for Meydan
Meydan Free Zone sets its own licence renewal and reporting requirements, so confirm what your authority asks for and keep records aligned with it.
Qualifying Free Zone Person status
Companies aiming for the 0% corporate tax rate on qualifying income must meet set conditions, including audited financial statements and adequate substance.
Qualifying and non-qualifying income
Revenue must be split by type, because income outside the qualifying list is taxed at 9%.
Dealings with mainland customers
Sales to mainland clients can change the tax treatment, so contracts and invoices need to show who the customer is and what was supplied.
The limits of our service
Numerix Accountants holds licence No. 1360308 for accounting and bookkeeping, tax consulting and cost control and risk management. Statutory audit and audit opinions sit outside that licence.
Set your year-end timetable
Share your year-end date and current accounting set-up, and we will suggest where to start.
Speak to our teamCall +971 50 771 2258 WhatsApp us Email us Numerix Accountants does not issue audit opinions or perform statutory audits, which are outside our licence.
Talk to Numerix Accountants
Pick the way that suits you: phone, WhatsApp or email. One of our advisors will get back to you to discuss your requirements.