Frequently Asked Questions
No, liquidation of Company outside Free Zone and in some Free Zone is time consuming and also expensive.
Audit report is mainly required by the banks to get the bank facilities also to renew the license, some Free Zone has made it compulsory to submit bathe audit report, in some other case it is statutory requirements.
No, there is no income tax or corporate tax as such, however 5% custom duty has to levied on import, if the Company is outside Free Zone also the same can be claimed refund upon the re-export.
Cash being your personal saving can be deposited in any bank in the U.A.E. as a capital on Issue of letter from the Free Zone.
Out side Free Zone following are the most popular form of companies:
- Limited Liability Company(L.L.C Partnership) Establishment (Owned by local) and branch In
- Free Zone Following are the most popular form of companies:
- FZC (Free Zone Company, this is proprietorship company)
- FZE(Free Zone Establishment. This is proprietorship company)
- Branch (branch of a Local Company or Foreign Company )
- After setting up of Company ( after getting trade license ), Bank Account has to be opened
- Visa of investor / staff has to processed ( Six months validity of the passport required)
- P.O.Box has to be obtained
- Rubber stamp has to be made
- Telephone connection has to be applied
- For Import & Export from Dubai Port , exporter’s code (custom code) has to obtained.
Yes, you can operate business from Dubai and open a bank account also in Dubai , but the Certificate of Origin, if required has to be obtained from the Chamber of Commerce where the company is set up for export proposes.
Reply to above depends upon following factors:
- Nature & Size of the operations.
- Budget ( cost to set up the Company)
- Visa required ( depending upon the rent and size of the office)
- Requirements of the business ( customer / suppliers wants to visit to the office or retail business)
In Free Zone, you will be 100% owner and outside Free Zone Local Partner will hold 51% share & Foreign Partner will hold 49% share in the capital.
A-Normally you cannot, You can sell through a dealer or agent in order to sell the goods in the local market.
A-Some business like Shipping, Insurance & Money exchange cannot be started directly in the Free Zones, it requires local license (outside free zone) as well.
A-All Financial Companies including Consultants & Banking are subject to approval from UAE Central Bank.
A- As setting up industry in the Free Zones or outside free zone requires the permission of the government, we suggest to provide us small project report(with technical aspects) to guide you properly in this regard,
For setting up Industry outside free zones require permission from the Ministry of Finance & Industry.NOC & Permission also requires from Municipality & Civil & Defense departments. Most recommended areas for setting up industries are Al-Quos & Aweer in Dubai & Sharjah Industrial Area in Sharjah & Ajman Industrial Area In Ajman. Care should be taken, that Raw material items to be imported, should be mentioned with customer codes to get the duty exemption.
A-Dubai Government has started giving the land to foreigner on lease (35 years to 99 years). Also property can be developed on land in Dubai Silicon City , Dubai Land etc and, marketing company can be set up in the free zone or outside free zone etc.
Most popular free zones are Jebel Ali, Hamariya, Ajman , and Fujairah & Ras Al Khaimah Free Zone & Dubai Investment Park. Land can buy on lease for long term depends upon free zone to free zone.
Let a professional do a professional’s job. If you are like most business owners and CEOs, you take full pride in the services or products your company provides. You want to focus your time and energy on business strategy and goals. Outsourcing the accounting department to a dedicated, highly skilled professional services firm allows you to do exactly that. By outsourcing your accounting, you’ll save valuable time in your day, reduce operating costs and gain peace of mind.
By outsourcing your accounting, your company doesn’t have to endure the hiring process and lose valuable time and money training bookkeepers, accountants or financial controllers. If you have been doing the bookkeeping yourself, you finally free up your time to focus on other aspects of growing your business. You’ll be able to make informed decisions based on more than just your cash balance at the bank.
An outsourced accounting department gives your company accurate financial data so you can determine what customers and/or products are the most profitable. You can concentrate more time on the most successful aspects of your company. This capability allows a business owner to become truly savvy in investing energy and resources in the right places. The door is left open for you to do the tasks that are most important to your company’s financial success. Using accounting services of RAS International, you maintain full, round-the-clock control of and access to your information, while we perform all of your bookkeeping tasks and update your accounting records. Truly the best of both worlds.
Accounting is recording of business transactions of financial nature and preparation of summarized financial statements which arewidely used among managers, investors, tax authorities, executives, and many others to see how the company is performing.
Whereas management accounting is to supply relevant, accurate, timely information to the internal management in a format that will aid them in making decisions.
The purpose of financial accounting is to provide information that helps with the assessment of a firm’s financial history and current performance.
Internal Audit is a verification process of various documents, systems & procedures to provide an independent assurance that an Organization’s risk management, governance and internal control processes are operating effectively. It helps company management of early detection of errors, system flaw and business risks.
Every business is associated with various types of risk due to future uncertainty.Businesses face all kinds of risks i.e. Strategic Risk, Compliance Risk, Financial Risk, Operational Risk, Good will or Reputational Risk. Some of which can cause serious loss of profits or even bankruptcy. But while all large companies have extensive “risk management” departments, smaller businesses tend not to look at the issue in such a systematic way.
Risk Management is the identification, analysis, assessment, control and minimization of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer or combination of all to manage its business risk.
Auditing is the on-site verification activity, such as inspection or examination, of a process or quality system, to ensure compliance to requirements. An audit can apply to an entire organization or might be specific to a function, process, or production step.
Audit is necessary to have accountability & reliability of financial statements which are certified by an independent professionally qualified auditor. Audited statements are accepted by all external agencies i.e. Taxation authorities, financial institutions, banks, Investors etc.