Meydan Free Zone, established in 2009 under Dubai’s Ruler’s Decree No. 5, is a bold initiative by Sheikh Mohammad bin Rashid Al Maktoum. Meant to be a hub for innovation, international trade, and economic growth, it has quickly become a thriving center for a wide array of commercial activities.
Meydan plays host to over 2,500 business activities across diverse sectors—from e‑commerce, media, and real estate to general trading, manufacturing, and services. Particularly, e‑commerce has flourished here, leveraging Meydan’s modern infrastructure and global connectivity.
Located in the heart of Dubai, adjacent to the Logistics Corridor and near Dubai International Airport and Jebel Ali Port, MFZ offers unmatched access to global markets. Its advanced offices, warehousing facilities, and digital-first platforms (like the Fawri license system) ensure fast, efficient business setup—sometimes in as little as 60 minutes.
MFZ is governed separately from mainland Dubai, with its own compliance and regulatory structure. It demands adherence to beneficial ownership (UBO) rules, VARA licensing for digital assets, and corporate tax frameworks—supported by its digital infrastructure and regulatory regime.
Audit obligations in Meydan are not universal but depend on several factors:
Companies undertaking regulated activities (like financial services) often face mandatory audits, regardless of turnover.
Entities surpassing thresholds (e.g., AED 3 million turnover or AED 2 million share capital) could trigger audit obligations.
Holding companies and complex group structures usually require audited statements—even if thresholds aren't met.
To qualify as a 0% corporate tax-eligible Free Zone Person and enjoy tax benefits, audited financials are mandatory.
Failing to submit audited reports can result in fines (ranging from AED 5,000/month or one‑time penalties), trade license renewal issues, operational delays, and reputational impact. Approved auditor engagement is essential and often a precondition for price incentives or license renewal.
At the heart of Theta 7's audit expertise is AuditCo Times Auditors L.L.C. — a fully licensed and officially approved audit firm under the Theta 7 Group banner. As an integral part of our ecosystem, AuditCo Times brings audit and assurance capabilities that align with both UAE regulatory demands and international standards.
Our firm operates under valid licensing recognized by the Ministry of Economy and the Department of Economic Development (DED), ensuring every audit—from Free Zone to Mainland and Offshore—is compliant at the governmental level.
Our core offering, external audits, meets all legal and licensing requirements set by MFZ and UAE regulators. These reports are essential for license renewal, corporate tax filing, investor reporting, and due diligence processes. Each audit concludes with a clear, well-structured report that includes financial statements, auditor opinion, and explanatory notes in compliance with IFRS.
Our internal audit services help MFZ companies proactively monitor financial operations, uncover inefficiencies, and ensure internal controls are working effectively. These audits are ideal for businesses preparing for scale or handling large transaction volumes. We customize each audit to focus on key risks, departments, or compliance areas based on your needs.
Whether you're going through a merger, acquisition, or business restructuring, our special purpose audits ensure you're making informed decisions with transparent financials. These audits also support legal disputes, asset verification, or contract-bound reporting.
A flexible and targeted solution, AUPs allow you to define specific procedures for us to perform—be it verifying a revenue stream, assessing inventory, or reviewing payroll records. This is useful when a full audit isn’t needed but limited assurance is crucial for stakeholders.
We assess your compliance with VAT laws, ESR regulations, AML frameworks, and UBO filings. These audits are essential in the UAE’s regulatory environment where non-compliance can result in heavy penalties and business suspension.
Planning to buy or invest in a Meydan-based company? Theta 7’s due diligence audits reveal the true financial position and hidden risks of the target company. We help you negotiate better and avoid surprise liabilities.
Facing suspected fraud, accounting errors, or disputes? Our forensic audits go deep into your financial records to uncover facts, trace funds, and support litigation or insurance claims.
Not every business in MFZ is mandated to get audited—but most would benefit. Here’s who must or should consider auditing:
Mandatory Audits:
Companies applying for MFZ’s 0% tax status
Firms with high annual revenue (typically AED 3 million+)
Holding companies with multiple entities
Regulated sectors (finance, crypto, legal services)
Foreign-owned businesses required to report back home
Recommended Audits:
Startups seeking investment
Businesses looking to scale or sell
Firms applying for bank loans or trade finance
Entities wishing to build credibility and transparency
Visit Who Needs an Audit? for a deeper breakdown.
Theta 7, through AuditCo Times Auditors L.L.C., operates with all necessary regulatory approvals. Being listed as an approved auditor for Meydan Free Zone (MFZ) means we’re trusted to deliver financial assessments that meet zone-specific compliance standards. Our authorization is not a formality—it's a guarantee of our deep understanding of the intricacies of MFZ’s audit requirements, especially when it comes to license renewals, VAT compliance, and tax obligations under the UAE’s Corporate Tax Law.
MFZ businesses need auditors who understand both the rules and the regional nuances. At Theta 7, we’re not just licensed—we’re embedded in the Meydan ecosystem. Our audit reports are automatically accepted by the MFZ Authority, expediting license renewals and freeing clients from unnecessary rework or rejection risks. This local advantage sets us apart from generalist auditors unfamiliar with MFZ protocols.
Theta 7 employs a highly experienced team of Chartered Accountants, ACCA professionals, and CMA-certified auditors with regional and international experience. This professional pedigree means that your audit isn’t just a compliance box checked—it's a comprehensive, insightful financial assessment backed by global best practices.
Whether you’re a fintech startup, a logistics firm, or a holding company operating from Meydan, our team is trained to identify financial misalignments, optimization opportunities, and internal control gaps that might otherwise go unnoticed.
Our audits follow the International Financial Reporting Standards (IFRS), ensuring your books are globally recognized and locally accepted. IFRS alignment is crucial in MFZ due to the international scope of many of its licensed businesses. It also ensures your financial reports are credible when dealing with banks, investors, tax authorities, and regulators—not just in the UAE, but globally.
IFRS compliance is also crucial when applying for MFZ’s 0% corporate tax exemptions under the “Qualifying Free Zone Person” criteria. This makes Theta 7’s audit reports a double win: they satisfy local rules and enhance global financial appeal.
While we specialize in Free Zones like MFZ, our audit scope extends to mainland and offshore entities as well. This is ideal for clients with group structures or subsidiaries in different UAE jurisdictions. You benefit from consistent audit quality across your entire entity ecosystem.
We understand the interplay between zones and can provide group consolidation services, intercompany reconciliations, and inter-zone financial insights—all within a single engagement.
Unlike many firms that take a one-size-fits-all approach, Theta 7 adapts its audit process based on the size, industry, and complexity of your business. Whether you’re a solo entrepreneur, a VC-backed SME, or a cross-border corporate group, we tailor the engagement to fit your structure and risk profile.
Need guidance on setting up internal controls? Require monthly audit tracking instead of just year-end analysis? Looking for risk-based auditing that focuses on specific departments? We do it all—with custom solutions aligned to your operational goals.
Compliance is mandatory—but we go beyond. Theta 7’s audits offer strategic business insights that help improve your operations, reduce financial inefficiencies, and attract investment. We identify risks, recommend internal control improvements, and provide meaningful ratios and commentary you can actually use to steer your company better.
That’s why businesses don’t just hire us for compliance—they keep us as financial advisors, even post-audit.
Choosing the right auditor in Meydan Free Zone isn’t just about ticking regulatory boxes—it’s about empowering your business with clarity, confidence, and control. Whether you’re a solo entrepreneur or a multi-entity enterprise, compliance with MFZ's audit requirements is crucial—not only to stay operational but to unlock long-term financial growth.
Ready to make your Meydan Free Zone audit effortless and insightful? Contact Theta 7 today for a consultation, and let our certified auditors guide your business toward compliance, clarity, and growth. Book your audit assessment now and take the first step toward smarter financial decisions.
