Full Analysis of Annual Review Process after Registration of Sharjah Company

The successful registration of a company in Sharjah is only the first step in a business journey. To operate legally and continuously in the UAE, companies must strictly adhere to the annual audit system. Annual review is not only a compliance obligation stipulated by law, but also a key link for enterprises to examine their own operation status, maintain good reputation and ensure business continuity.

Annual review process

1. Preparation of basic documents

copy of business license: the latest valid version is required. If the name and address change is involved, the filing must be completed first.

Proof of identity of shareholders and directors: copies of passports must be double authenticated by the embassy of the country of origin and the Ministry of Foreign Affairs of the United Arab Emirates.

Office lease agreement: users of virtual offices in the free trade zone are required to provide service agreements, and entity office enterprises are required to submit registered lease contracts.

Audit Report: Only regulated industries such as financial services and cross-border payments are required to submit audit reports certified by the UAE Securities Regulatory Commission, and ordinary trading enterprises are exempt.

ESG reports (optional): Companies that complete environmental, social and governance reports can enjoy a fast track to annual audits, reducing audit time by 50%.

2. Operation of online declaration system

login SFZA electronic service platform: use the mailbox or digital certificate bound when the enterprise is registered to log in, and support the Chinese interface.

Fill in the annual information declaration form: the system automatically prefills 60% of the basic information, and the enterprise needs to check and supplement the business data, employee size and other fields.

Upload supporting documents: supports PDF and JPEG formats, and the single file size does not exceed 10MB.

Pay the annual renewal fee: the fee fluctuates according to the type of enterprise.

3. Handling of special matters

registration of equity change: in case of increase or decrease of shareholders or adjustment of shareholding ratio, the change filing shall be completed before the annual review, otherwise the system will automatically reject the declaration.

Business scope update: new regulated business (such as medical, education) need to submit a copy of the industry license.

Amendment of director information: the resignation or replacement of a director shall be submitted to the resolution of the board of directors and the identity certificate of the new director.

4. Audit and publicity

intelligent preliminary examination: the system automatically checks the integrity of the file, if found missing or format errors, will send a rectification notice within 24 hours.

Manual review: Declarations that pass the preliminary review will be assigned to the Commissioner for review, focusing on verification of business data and industry compliance, with a period of 3-5 working days.

Results Publicity: After passing the examination, enterprises can download the annual examination certificate from the electronic service platform, and the information will be synchronized to the UAE Federal Business Registration System.

risk aversion

1. Overdue declaration

risks: 500 dirhams late in the first month, suspension of business license for more than 3 months, mandatory cancellation for more than 6 months.

Solution: Set calendar reminder, or entrust professional institutions to handle annual audit.

2. Inconsistent information

risk: The list of shareholders, the registered capital and the actual discrepancy may lead to the rejection of the annual review, or even be identified as a "shell company".

Solution: Check the internal documents such as the articles of association and the resolutions of the shareholders' meeting before the annual audit to ensure that the declaration information is consistent with the registration records.

3. Missing documents

risk: The lack of key documents such as audit reports and industry licenses will directly lead to audit failure.

Solution: Organize the documents 3 months in advance and use SFZA "Document List Self-examination Tool" to check item by item.

4. Falsification of operating data

risk: False reporting of operating income and employee size may trigger tax audits and face fines or even criminal liability.

Solution: truthfully fill in the data, if the enterprise is in a loss or zero operating state, need to submit a statement of the situation and bank flow certificate.

Zhuoxin Enterprise provides agency services such as domestic and foreign company registration, bank account opening, annual tax return, agency bookkeeping, trademark registration, ODI Overseas Investment Filing, etc. If you have any business needs in this area, please feel free to consult our online customer service!