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Importance of having a company setup in free zone of UAE.
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Do you work remotely from home, or do you have a business that is not registered in your home country? If so, setting up a free zone company in the UAE can help you keep your expenses low while providing you a great opportunity to have a new geographical location office.When you think of free zones,The idea behind free zones is to provide entrepreneurs with an opportunity to grow without any restrictions. These zones are provided free of cost or at a reduced price. If you are looking for an additional venture, for example, you still have the freedom to choose the project that provides the most profit. Although the zone will prioritize certain areas of your business, it will allow for you to operate as normal and consultants of Alchemist can guide at each step of process to setup the company in free zone of UAE.
Objective of setting a company in free zone of UAE
The objective of opening a free zone in the country is to provide a business environment which will attract investment, create employment opportunities and improve living conditions for its residents. The process includes identifying industries which can be developed within the specified zone boundaries and guiding their initial phase through feasibility assessments, community outreach and stakeholder engagement before final investment decisions are taken.
Investment and other opportunities
Business development, including attracting foreign direct investors and manufacturing, can be pursued in the newly established International Free Zones (IFZs) located in various UAE cities and regions. These zones are designed to attract investment through the promotion of newly invented products, enhanced business services and high quality marketing environment, among other things. International Free Zones are not opened by government agencies or any central organization, so they are free from political and other influences. Most importantly, they ensure that the businesses established in the IFZs can generate profits regardless of their location and Alchemist helps your business in UAE with all accounting and taxation needs to get you through company setup process.
International Free Zone Authority (IFZA) for Arabian Gulf countries. The mission of this Association is to encourage business development and achieve greater prosperity by encouraging private sector participation and ongoing cooperation between members through initiatives. The purpose of the Regional Business Corridors (RBC) is to utilize services and programs that facilitate the free flow of people, ideas, capital, goods, services and technology across locations while promoting an atmosphere of mutually beneficial cooperation.
The economic development of Dubai is providing various business opportunities for various companies based here. These include several international companies setting up headquarters here and establishing manufacturing units to manufacture products for export to their home markets.
One such Zone is Ras Al Khaimah
The Ras Al Khaimah Economic Free Zone (RAKEZ) is the biggest economic zone in the world, consisting of eight economic communities and covering an area of 22,000 square kilometers on the Arabian Peninsula. It covers areas of industry, commerce, services, energy, communications and tourism. It has been established by an Economic Planning Council headed by the Prime Minister of the State of Saudi Arabia, Herve Gaspar Al Makkudi, with participation from senior officials from both countries' Development Agencies as well as representatives of civil society groups
The purpose of Ras Al Khaimah Economic Free Zone (RAKEZ) is to support economic diversification and raise the living standards of its residents through targeted investment in infrastructure, industry, technology and services, while also attracting foreign direct investment to improve its competitiveness. Economic diversification will improve the living standard of society by increasing opportunities for employment, further lowering prices and thereby encouraging private investment.
What makes Ras Al Khaimah a great place to start a business is its flexibility. This freedom creates an atmosphere where creativity thrives, as innovations are often the result of brainstorming with colleagues rather than being attached to a specific product line.The idea behind Ras Al Khaimah Economic Free Zone (RAKEZ) is that it will attract investors, businesses and professionals wishing to establish or operating a company in Ras Al Khaimah with the aim to promote economic development, encourage investment and improve living conditions for its residents.
If you are looking to setup your company in free zone, Feel free to connect with top accounting & bookkeeping services availabe at Alchemist.
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Financial Records Required for Corporate Tax Registration and Filing Returns
The UAE government in its effort to raise the standards of economy to global standards has introduced corporate tax and the economic landscape of the country is about to undergo several changes. As businesses in UAE understand and adapt to this new tax regime, it is crucial for them to understand the documents and financial records required for corporate tax registration and filing returns.
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Determination Of The Corporate Tax Period And Its Deadline For Submission
Corporate tax has been introduced in the UAE economic landscape, and it is crucial for any business operating in the UAE to have a good idea about the procedures related to corporate tax. Today, we're delving into one of those crucial subjects: the corporate tax period and the all-important deadlines for submission.
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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