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An Intro to Free Zone Company Setup in the UAE
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It is always preferable to set up a business in a free zone owing to the relatable ease in the establishing a company there. It requires minimal paperwork and the approval duration is considerably less.
Free Zone Company Setup in the UAE
The basic steps and pointers to keep in mind before setting up a business are to make sure that you determine the type of legal entity your business would be affiliated with; to choose an appropriate trade name; choose an office space that is conveniently placed; and get pre-approvals to get a license and register your company. We will go over all these steps in brief below.
Type of Legal Identity
In a free zone you can set up the following two types of companies- Free Zone Establishment (FZE) and Free Zone Limited Liability Company (FZ LLC), also known sometimes as Free Zone Company (FZ Co.). It is not necessary that all the free zone areas would register both these types of companies. The two types of companies differ on the criteria of shareholders: both the number of shareholders, and the nationality of the shareholders, whether he is a natural person, or a legal person. Both local and foreign companies can set up their branches at the free zones.
Choosing a Company Name
When deciding on a trade name, keep in mind to check with the free zone authority or the Department of Economic Development (DED) for the permitted trade names and their availability. The names ‘United Arab Emirates’ and ‘Abu Dhabi’ cannot be used by a FZ LLC. There is a similar list of restricted trade names available with the Dubai Multi Commodities Centre (DMCC).
In general the key considerations to keep in mind when choosing the name are to not violate the public order or morals of the company; to follow the legal form as specified, such asFZE, LLC, DMCC, etc.; to keep in compliance with the type of activity or legal status as registered; and not include the names of any religions and government authority, or the logos of any external bodies. Your company should also not be previously registered as a business.
Applying for a Business License
The prime activity of the business you registered will determine the type of business license you have to apply for. In DMCC there is an option for more than 600 business activities, from energy, technology, jewels to construction, shipping, education, healthcare and more. You can find the complete range of permitted business activities on the DMCC website.
Meanwhile in Dubai International Financial Sector (DIFC), you can conduct both financial and non-financial types of businesses, such as banking, insurance, capital marketing and wealth management. Non-financial services include art galleries, academic institutions, retail shops, restaurants and five-star hotels.
Selecting the Correct Office Space
Leasing and buying are both available to businesses when it comes to setting up an office in a free zone. The specifications of the office space will depend on the number of employees and or the type of business activity. You need to get the necessary approval, pay the registration and license fees, and get the licensing approved, after which your visa processing starts.
The UAE is a major business hub, ideal for setting up a business. There are over 40 different Free Trade Zones. There is a lot of information to consider and review before deciding on the free zone company setup and requires a lot of decision-making on things like location, business type, pricing, auditing and outsourced bookkeeping services, share capital requirements and more.
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The Importance of Accounting for Small Businesses in Dubai
The success of any business is determined by the way they deal with their finances and plan ahead for the future. That is where accounting comes in. There are many accounting firms in Dubai, and the reason why a small business should hire an accounting firm is because, with a proper accounting system, any business can thrive in the economic landscape of Dubai.
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Accounting Services for Your Private Firm in Bahrain
Looking for reliable accounting services for your private firm in Bahrain? Look no further! Our experienced team of accounting professionals is here to provide you with top-notch financial solutions tailored to meet the unique needs of your business. Streamline your financial processes and gain peace of mind knowing that your accounts are in good hands. Contact us today for a free consultation.
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Seven Steps for Creating a Robust Financial Plan for Businesses in 2024
Any business’ success can be defined by the way they handle the accounting, the same goes for business in Dubai and as well as how they create the financial plan of the business. Hence it is important to follow the right plan when setting up the financial plan for your business in 2024; you can get the help of an accounting firm in Dubai like Alchemist who uses smart tools like Zoho or Odoo with us. The planning includes things like finding the right key points in the year to start a project or identifying the financial needs that can come up during the year.
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Accounting Supervision Services in Dubai UAE
Dubai has a growing economic landscape, where economic activities thrive, the need for robust financial oversight has never been more critical. One of the key elements contributing to this oversight is effective accounting. However, the complexity of financial transactions and the dynamic regulatory environment in the UAE make it imperative for businesses to go beyond traditional accounting practices. This is where Accounting Supervision Services play a pivotal role, ensuring that financial processes are not just managed but strategically supervised for optimal outcomes.
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Accounting & Book keeping for Saudi SME’s made easier
It was during the summer of 2017, one of our clients who have companies in Dammam and Dubai asked me whether we can manage his accounting data entry and reporting for Saudi also in addition to what we do for his company in Dubai.
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Audit requirement for Bahrain companies
Commercial companies are required to submit their audited annual reports for review and analysis in accordance with Bahrain’s commercial companies law, decree law no. 21 of 2001 and revised decree law 50 of 2014.
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VAT Summit held at Manama, Bahrain
*Date : 28 April 2019 * Venue: Crown Plaza Hotel, Manama, Bahrain
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Value Added Tax (VAT) – Are you ready?
Value Added Tax in UAE The much awaited Value Added Tax is just a couple of months away. Here is the 3 key elements to check readiness of your business to accept the change. Impact assessment: Every organization needs to have an impact assessment by considering the nature of business and type of industry. Even though