Dubai South Free Zone - Nex Consultants, Business Advisors

Business setup in Dubai South Free Zone

Dubai South free zone formerly known as The Dubai World Central (DWC), is an impressive 140 square kilometer brainchild of the government of Dubai meant to serve as a pivotal business zone that will lead in areas such as global trade and aviation.

Why Dubai South Free Zone
Landmarks that makes this the perfect hub for the trend in free zone company registration for any business includes the Jebel Ali Port which it connects to through a logistics corridor and the Al Maktoum – the world’s largest International airport, whose layout and infrastructure was designed to give the sub-region an airport city status supported by six other districts integrated into DWC’s master plan to cater to a number of activities. They include Aviation, Commercial, Residential, a Golf, Exhibition, and Humanitarian district. Here are a few key reasons why company formation in Dubai South Free Zone – DWC is a worthy investment.
In Dubai, Free Zone company formation has so many advantages and these advantages are what make a business setup here attractive. When you setup a company in Dubai South Free Zone, you have the access to the popular Shiekh Zayed freeway, the Dubai By-Pass and the Emirates Road (now known as the Sheikh Mohammed Bin Zayed Road).
Dubai south presents businesses with the opportunity to tap into the Middle East, South Asia, and African markets. With a Logistics Corridor that connects air, sea, and land that spans 200km sq., Dubai South has surpassed current international standards for goods handling.

Benefits of Business Setup in Dubai South (DWC Free Zone)
Like many of the free zones in the UAE, the advantages were meant to encourage businesses to invest in company formation in any of the UAE’s free zone. If you are trading start-up, an industrial venture, or even an established trading business looking to setup a company in one of Dubai’s Free zones, then Dubai South Free Zone has all you need to make your business expand and be profitable.

World-class facilities
Full Foreign Ownership
Tax-free operations
Foreign owners are allowed 100% repatriation of capital and profits
Import and export duty exemptions
Lease terms for commercial facilities are flexible
Wide Range of business activities and facilities are permitted
Minimum company formation documentation and paper works
Do not need proof of share capital
Currency restrictions do not exist
Directly access Jebel Ali Sea Port and Al Maktoum International Airport

License Options for Company Formation in Dubai South Free Zone
Available License for a Dubai Free Zone business setup are myriad – there are opportunities for different businesses to benefit from the biggest and leading global trade, business, and aviation center.

Logistics License
With a Logistics License holders are allowed to perform designated logistics services. Logistics services that such companies can undertake include storage, transportation, sorting, forwarding, distribution, inventory management and order management. With this license, holders are not allowed to sell products inside the UAE they can only handle them.

Industrial License
Industrial activities allowed with this license include light manufacturing processes such as the assembling of products, blending, mixing, repacking, purifying, wrapping, etc.

Trading/General Trading License
Activities allowed include the storage and distribution of products, import and export and selling as stated in the license. Licensed local agents or distributors are the only businesses allowed to market finished goods or products.

Service License
With this license, business is allowed to offer as consulting, training, human resources, insurance and catering services.
Education License
It is for training and education, educational consultancy and social services.

At NEX Consultants, we take pride in being able to guide companies into making the necessary transition to markets, giving businesses the most important market entry strategies to enable them to thrive. When it comes to company registration and business setup in Dubai’s free zone, NEX Consultant’s team of experts help clients in every aspect, from license acquisition to office space requirements, to required fees to commence business. We don’t just stop there as we also help clients interpret complex financial challenges and suggest business solutions that impact value positively. We are poised to help you enjoy all the benefits of doing business in Dubai South free zone as long as your business ideas meet the requirements for registration.

STEPS TO SETUP COMPANY IN DUBAI SOUTH FREEZONE (DWC FREEZONE COMPANY)

Dubai South Freezone (DWC) is a well-established freezone in UAE and offers various benefits for businesses seeking to set up their operations in the region. The process of setting up a company in DWC Freezone is relatively straightforward and involves the following steps:

1. Choose a business activity: The first step is to choose the business activity that you want to operate in the freezone. This will help determine the type of license that you need to obtain.

2. Determine the company structure: You need to decide on the structure of your company. This can be a Free Zone Establishment (FZE), Free Zone Company (FZCO), or a branch of a foreign company.

3. Submit an application: Once you have decided on the business activity and company structure, you need to submit an application to the DWC freezone authority, which includes the following documents:

• Completed application form
• Passport copies of shareholders and directors
• Proof of residence of shareholders and directors
• Business plan
• Memorandum and Articles of Association
• Bank reference letter
• Power of Attorney (if applicable)
• Company Name

4. Obtain an initial approval from the authority: After reviewing the application, the DWC freezone authority will issue an initial approval. This usually takes around 2-3 days.

5. Obtain a license: Once the initial approval is obtained, you can proceed with obtaining the required license for your business activity. This includes a trading license, consulting license, or a service license.

6. Obtain other permits and approvals: Depending on your business activity, you may require additional permits and approvals from other regulatory authorities.

7. Set up the company: Once all the licenses, permits, and approvals are obtained, you can set up your company and start your operations in the freezone.

At NEX Consultants, we can provide comprehensive assistance in setting up a company in Dubai South Freezone, including all necessary documentation, legal advice, and other related services. We also provide support for visa applications, accounting, and auditing services, VAT compliance, and tax advisory services. Our team of experts can provide guidance on the most suitable structure for your business and ensure that your company registration and licensing processes are completed efficiently and on time.

Bank Account Opening For Dubai South Freezone Company (Dubai Bank Account – DWC Freezone Company)

Opening a company account for a Dubai South company involves the following steps:

1. Choose a Bank: Select a bank that suits the needs and requirements of your Dubai South company. Consider factors like banking fees, interest rates, services offered, and location.

2. Gather the required documentation: You need to provide the following documents to open a company account:

• A copy of the company’s trade license and articles of association.
• A copy of the shareholders’ and directors’ passports, residence visas, Emirates ID, and proof of address.
• A board resolution approving the opening of the bank account.
• A company profile and business plan
• Bank reference letters for all shareholders and directors.

3. Schedule a meeting with the bank: Once you have gathered the required documentation, you can schedule a meeting with the bank. During the meeting, you will need to present the documents and discuss your company’s banking requirements.

4. Complete the account opening form: You will need to fill out the account opening form provided by the bank. You may need to provide additional information about the company’s business activities and source of funds.

5. Deposit funds: Once the bank approves the account opening, you will need to deposit funds to activate the account. The minimum balance requirement varies depending upon the bank.

At NEX Consultants, we can assist you in opening a company account for your Dubai South company. We can also provide guidance on the selection of a bank. Our team of experienced consultants can help you prepare the necessary documentation, schedule a meeting with the bank, and represent you during the account opening process. We can help you ensure that the account opening process is smooth and completed on time.

ACCOUNTING AND BOOKING SERVICES FOR DUBAI SOUTH FREEZONE COMPANY – DUBAI – UNITED ARAB EMIRATES

Accounting and bookkeeping services are essential for any business, and it becomes even more crucial when it comes to running a company in Dubai South Freezone. Here are the steps involved in obtaining accounting and bookkeeping services for your Dubai South Freezone company:

1. Determine your accounting needs: Depending on the size and complexity of your company, you may need a range of accounting and bookkeeping services. You may require services such as financial statement preparation, accounts receivable and payable management, payroll processing, tax calculations, and compliance reporting.

2. Select a reputable accounting firm: Look for a highly reputed and experienced accounting firm that is familiar with the Dubai South Freezone and the UAE taxation and regulatory laws.

3. Provide complete documentation: To avail of the accounting and bookkeeping services, provide documentation like invoices, receipts, bank statements, employee details with salary information, and any necessary documentation required.

4. Follow up and get timely reports: The accounting firm should provide you with regular financial reports to assist you in making informed business decisions. This could include income statements, balance sheets, cash flow statements, budget reports, and tax compliance reports as related to your company.

At NEX Consultants, our team can provide comprehensive accounting and bookkeeping services for your Dubai South Freezone company. Our accounting experts have extensive knowledge of UAE tax and accounting regulations and the requirements of Dubai South Freezone. We can provide you with regular financial reports to support your business decisions. We can also help you maintain consistency with accounting standards and implement best accounting practices. Contact us to learn more about our accounting and bookkeeping services.

TAX FILING AND CONSULTING FOR DUBAI SOUTH FREEZONE COMPANY- DUBAI – UAE

As a Dubai South Freezone company, you are required to comply with certain tax regulations. Here is an outline of the process involved in obtaining tax filing and consulting services for your Dubai South Freezone company:

1. Determine the type of taxes applicable: As a company operating in the UAE, you may be subject to corporate income tax, VAT, excise tax, and other taxes. You must determine the applicable taxes for your company and comply with the related regulations.

2. Submit necessary documents to the tax authority: Submit the necessary documentation to the tax authority in accordance with the deadlines prescribed. This may include monthly and annual tax returns, tax payments, and reports.

3. Consult with a tax advisor: Consulting with a tax advisor can help you understand the tax regulations applicable to your business and prevent costly mistakes. A tax advisor can guide you through the tax planning, structuring, and compliance requirements to minimize tax liabilities.

4. Maintain records and documents: It is essential to maintain accurate records and documents related to your company’s finances to avoid any penalties or legal issues. You should keep proper documentation like invoices, receipts, bank statements, payroll registers, and tax returns.

At NEX Consultants, we provide expert tax filing and consulting services for Dubai South Freezone companies. Our experienced tax advisors can assist you in complying with the applicable tax regulations and provide guidance on tax planning and optimization. We can also assist you in preparing and submitting tax returns and maintaining proper documentation. Our team can help you navigate the complexities of the UAE tax system and ensure that your company complies with all the relevant tax laws and regulations. Contact us to learn more about our tax filing and consulting services.

AUDITING FOR DUBAI SOUTH FREEZONE COMPANY ( DWC FREEZONE COMPANY AUDITING )

As a Dubai South Freezone company, it is mandatory to undergo an annual audit as per the regulations of the Dubai South Freezone Authority. The purpose of an annual audit is to ensure that your company’s financial statements accurately reflect the financial position of your company. Here are the steps involved in obtaining auditing services for your Dubai South Freezone company:

1. Plan the audit: The auditing firm will plan the audit process and schedule an audit date. This involves an initial discussion with the management team to understand the company’s accounting systems and procedures.

2. Conduct the audit: The auditor will conduct a thorough review of your company’s financial statements, accounts, and records during the audit process. The auditor also examines the company’s compliance with regulatory requirements, accounting standards and principles, and internal controls.

3. Issue the audit report: The auditor will issue a comprehensive report outlining the findings of the audit. The auditor’s report is a critical document that provides an independent and objective assessment of your company’s financial position and compliance with regulations.

4. Follow up on recommendations: The auditor may make recommendations on improving your company’s accounting systems and procedures and assist you in implementing these recommendations.

At NEX Consultants, we provide reliable auditing services for Dubai South Freezone companies. Our auditors have extensive knowledge and experience in auditing companies of all types and sizes in compliance with the relevant regulations of Dubai South Freezone Authority. We can help ensure that your company’s financial statements accurately reflect your financial position. We also provide valuable insights into your company’s internal controls and accounting systems to help you improve your financial management processes. Contact us to learn more about our auditing services.

FREQUENTLY ASKED QUESTIONS (FAQ) ON DUBAI SOUTH FREEZONE COMPANY SETUP

What are the benefits of setting up a company in Dubai South Freezone?

Dubai South Freezone offers many benefits such as 100% foreign ownership, 100% repatriation of capital and profits, no corporate or personal income taxes, full exemption from import and export duties, and more.

What types of companies can be set up in Dubai South Freezone?

Dubai South Freezone offers different types of licenses, including commercial, service, industrial, and trading licenses.

What are the requirements for setting up a company in Dubai South Freezone?

The requirements for setting up a company in Dubai South Freezone include submitting the necessary documentation, obtaining a business license, having a physical office space, and employing a minimum number of staff.

How long does it take to set up a company in Dubai South Freezone?

The length of time required to set up a company in Dubai South Freezone depends on the type of company being established, the approval time for the necessary documentation, and other factors. It can take anywhere from a few weeks to a few months to complete the company setup process.

Is it necessary to have a local sponsor to set up a company in Dubai South Freezone?

No, you do not need a local sponsor to set up a company in Dubai South Freezone. The Dubai South Freezone allows 100% foreign ownership and the company can be fully owned and managed by foreign nationals.

Can companies conduct business in the local UAE market if they are set up in Dubai South Freezone?

Yes, they can conduct business in the local UAE market if they are set up in Dubai South Freezone, but they need to adhere to the local regulations and obtain the necessary licenses and permits.

Is it possible to change the business activity or company structure after setting up a company in Dubai South Freezone?

Yes, it is possible to change the business activity or company structure after setting up a company in Dubai South Freezone, but it requires obtaining the necessary approvals and fulfilling any requirements.

How can I get help setting up a company in Dubai South Freezone?

NEX Consultants provides expert assistance in setting up a company in Dubai South Freezone. Our team can help you navigate the regulatory requirements, obtain the necessary licenses and permits, and complete the company setup process quickly and efficiently.

FAQ ON ANNUAL FINANCIAL AUDITING FOR DUBAI SOUTH FREEZONE COMPANY ( DWC FREEZONE COMPANY AUDIT)

Is it mandatory to conduct an annual financial audit for Dubai South Freezone companies?

Yes, it is mandatory to conduct an annual financial audit for Dubai South Freezone companies as per the regulations of the Dubai South Freezone Authority.

What is the purpose of an annual financial audit for a Dubai South Freezone company?

The purpose of an annual financial audit is to ensure that the financial statements accurately reflect the financial position of a company in compliance with the relevant regulations, standards, and principles.

Who can conduct the annual financial audit for a Dubai South Freezone company?

The annual financial audit must be conducted by a certified and licensed auditor approved by the Dubai South Freezone Authority.

What documents and records are required for an annual financial audit of a Dubai South Freezone company?

The auditor will require access to the company’s financial statements, accounts, books, records, and any other relevant financial documents and information.

What is included in the auditor's report for a Dubai South Freezone company?

The auditor’s report includes an independent and objective assessment of the company’s financial position, compliance with regulations and standards, and recommendations for improving the accounting systems and procedures.

How long does an annual financial audit take for a Dubai South Freezone company?

The length of time required for the annual financial audit of a Dubai South Freezone company depends on the size and complexity of the company’s financial statements, the scope of the audit, and other factors. It can take several days to several weeks to complete the audit process.

What are the consequences for not conducting an annual financial audit for a Dubai South Freezone company?

Non-compliance with the mandatory annual financial audit regulations can result in fines or penalties by the Dubai South Freezone Authority.

How can NEX Consultants assist with annual financial auditing for Dubai South Freezone companies?

NEX Consultants provides reliable and professional auditing services for Dubai South Freezone companies. Our team of certified auditors has extensive knowledge and experience in auditing companies of all sizes and types, ensuring compliance with the relevant regulations and standards. We also provide valuable insights to improve the accounting systems and procedures.

FAQ ON VAT REGISTRATION FOR DUBAI SOUTH FREEZONE COMPANY ( DWC FREEZONE COMPANY VAT COMPLIANCE )

Is it mandatory for a company registered in Dubai South Freezone to register for VAT in Dubai?

Yes, it is mandatory for a company registered in Dubai South Freezone to register for VAT in Dubai if their annual taxable supplies exceed the mandatory threshold set by the Federal Tax Authority (FTA).

What is the VAT threshold for mandatory registration in Dubai?

The VAT threshold for mandatory registration in Dubai is AED 375,000 of taxable supplies per year.

What is the process for registering for VAT in Dubai?

The process for registering for VAT in Dubai involves submitting an application to the FTA, providing the necessary documents, and completing the registration process online.

What documents and information are required for VAT registration in Dubai?

The required documents and information for VAT registration in Dubai include trade license, passport copies of owners and managers, shareholders’ register, memorandum of association, financial statements, and other relevant documents.

What are the consequences of not registering for VAT in Dubai?

Non-registration for VAT in Dubai can result in penalties, fines, or legal action by the FTA.

What are the VAT rates in Dubai?

The standard VAT rate in Dubai is 5%, but some goods and services are exempted or zero-rated.

How often do companies need to submit VAT returns in Dubai?

Companies need to submit VAT returns in Dubai on a quarterly basis.

How can NEX Consultants assist with VAT registration for Dubai South Freezone companies?

NEX Consultants provides reliable and professional VAT registration services for Dubai South Freezone companies. Our team of experts has extensive knowledge and experience in VAT registration and compliance to ensure that your company is fully compliant with the relevant regulations and standards. We can also assist with VAT return submissions and provide valuable insights to improve your company’s accounting systems and procedures.

FAQ ON UBO DECLARATION FOR DUBAI SOUTH FREEZONE COMPANY ( DWC FREEZONE COMPANY UBO COMPLIANCE )

What is UBO declaration, and why is it required for companies in Dubai South Freezone?

UBO (Ultimate Beneficial Owner) declaration is a regulatory requirement aimed at identifying and verifying the ownership structure of companies operating in Dubai South Freezone. It is required to prevent money laundering and terrorist financing activities and ensure transparency in business operations.

Who is considered the Ultimate Beneficial Owner of a company in Dubai South Freezone?

The Ultimate Beneficial Owner (UBO) is a legal entity or person who owns or controls at least 25% of the company’s shares, voting rights, or capital, directly or indirectly.

What information is required for UBO declaration in Dubai South Freezone?

The required information for UBO declaration in Dubai South Freezone includes the full name, nationality, passport number, residential address, and ownership percentage of the Ultimate Beneficial Owner.

How often is UBO declaration required in Dubai South Freezone?

UBO declaration is required when a company is incorporated, and then at least once a year thereafter.

What are the consequences of not complying with UBO declaration requirements in Dubai South Freezone?

Non-compliance with UBO declaration requirements may lead to penalties, fines, or legal action by the Dubai South Freezone Authority.

How can NEX Consultants assist with UBO declaration for Dubai South Freezone companies?

NEX Consultants provides reliable and professional UBO declaration services for Dubai South Freezone companies. Our team of experts has extensive knowledge and experience in UBO declaration and compliance to ensure that your company is fully compliant with the relevant regulations and standards. We can also assist with other compliance-related matters, including financial audits, VAT registration, and more.

FAQ ON INVESTOR VISA AND EMPLOYMENT VISA FOR DUBAI SOUTH FREEZONE COMPANY (DWC FREEZONE COMPANY VISA )

What is an investor visa, and how can it be obtained for Dubai South Freezone?

An investor visa is a type of residency visa that is granted to investors or business owners who wish to reside in the UAE to manage their business operations. To obtain an investor visa for Dubai South Freezone, the applicant must meet certain eligibility criteria and submit the necessary documents through the appropriate channels.

What is the process for obtaining an investor visa in Dubai South Freezone?

The process for obtaining an investor visa in Dubai South Freezone involves submitting an application to the Dubai South Freezone Authority, providing the necessary documents, and completing any required medical or security checks.

What are the eligibility requirements for obtaining an investor visa in Dubai South Freezone?

The eligibility requirements for obtaining an investor visa in Dubai South Freezone include owning a company in the freezone, having a valid trade license, having a minimum share capital investment, and meeting specific visa application criteria.

What is an employment visa, and how can it be obtained for Dubai South Freezone?

An employment visa is a type of residency visa that is granted to employees of companies registered in Dubai South Freezone who wish to reside in the UAE. To obtain an employment visa, the applicant must meet certain eligibility criteria and submit the necessary documents through the appropriate channels.

What is the process for obtaining an employment visa in Dubai South Freezone?

The process for obtaining an employment visa in Dubai South Freezone involves submitting an application to the Dubai South Freezone Authority, providing the necessary documents, and obtaining a work permit from the UAE Ministry of Human Resources and Emiratisation.

What are the eligibility requirements for obtaining an employment visa in Dubai South Freezone?

The eligibility requirements for obtaining an employment visa in Dubai South Freezone include having a valid employment contract, a minimum salary threshold, and a valid residence permit.

How can NEX Consultants assist with investor and employment visa applications for Dubai South Freezone companies?

NEX Consultants provides reliable and professional visa application services for Dubai South Freezone companies. Our team of experts has extensive knowledge and experience in visa application and compliance to ensure that your company and its employees are fully compliant with the relevant regulations and standards. We can also provide assistance with other immigration-related matters, including visa extensions and renewals.

FAQ ON CORPORATE TAX FOR DUBAI SOUTH FREEZONE COMPANY (DWC FREEZONE CORPORATE TAX)

Is there corporate tax in Dubai South Freezone, and if so, what is the rate?

There is no corporate tax in Dubai South Freezone. The UAE operates a tax-free regime, which means that companies operating in Dubai South Freezone are not subject to corporate tax.

Are there any exceptions to the corporate tax regime in Dubai South Freezone?

No, there are no exceptions to the corporate tax regime in Dubai South Freezone.

Are companies operating in Dubai South Freezone required to file tax returns?

No, companies operating in Dubai South Freezone are not required to file tax returns, as there is no corporate tax in the UAE.

Are companies operating in Dubai South Freezone subject to any other taxes?

Companies operating in Dubai South Freezone may be subject to other taxes, such as excise tax or value-added tax (VAT), depending on the nature of their business activities.

What is value-added tax (VAT), and how does it affect Dubai South Freezone companies?

VAT is a consumption tax that is applied to most goods and services sold in the UAE. Dubai South Freezone companies may be required to register for VAT if their annual taxable supplies exceed the mandatory threshold of AED 375,000.

How can NEX Consultants assist with corporate tax and VAT compliance for Dubai South Freezone companies?

NEX Consultants provides reliable and professional tax and VAT compliance services for Dubai South Freezone companies. Our team of experts has extensive knowledge and experience in tax regulations and compliance to ensure that your company is fully compliant with the relevant regulations and standards. We can also provide assistance with other compliance-related matters, including financial audits, accounting, and more.

FAQ ON GO AML FOR DUBAI SOUTH FREEZONE COMPANY (DWC FREEZONE AML COMPLIANCE)

What is AML, and why is it important for Dubai South Freezone companies?

AML, or anti-money laundering, refers to a set of policies and procedures designed to prevent and detect money laundering and other financial crimes. It is important for Dubai South Freezone companies to follow the AML regulations to maintain their credibility and reputation as a legitimate and trustworthy business.

What are the AML regulations that Dubai South Freezone companies should know?

Dubai South Freezone companies must comply with the UAE’s AML regulations, which require them to conduct customer due diligence, maintain proper records, and comply with reporting requirements.

What are the penalties for non-compliance with AML regulations in Dubai South Freezone?

Non-compliance with AML regulations in Dubai South Freezone can result in significant penalties, including fines, suspension or revocation of business licenses, and reputational damage.

How can Dubai South Freezone companies ensure AML compliance?

To ensure AML compliance, Dubai South Freezone companies should implement and maintain robust AML policies and procedures, conduct regular risk assessments, and provide proper training and education to employees.

How can NEX Consultants assist with AML compliance for Dubai South Freezone companies?

NEX Consultants provides reliable and professional AML compliance services for Dubai South Freezone companies. Our team of experts has extensive knowledge and experience in AML regulations and compliance to ensure that your company is fully compliant with the relevant regulations and standards. We can provide assistance with developing and implementing AML policies and procedures, conducting AML risk assessments, and providing employee training and education.

FAQ ON WPS AND PAYROLL SERVICES FOR DUBAI SOUTH FREEZONE COMPANY (DWC FREEZONE WPS & PAYROLL COMPLIANCE)

What is WPS, and is it mandatory for Dubai South Freezone companies?

WPS, or the Wage Protection System, is a system implemented by the UAE government to ensure that companies pay their employees in a timely and secure manner. It is mandatory for all Dubai South Freezone companies to be registered with the WPS.

What are the benefits of using WPS for Dubai South Freezone companies?

Using WPS can help Dubai South Freezone companies to comply with the local laws and regulations, reduce the risk of penalties and fines, and improve their overall payroll management efficiency.

How does WPS work, and what are the requirements for Dubai South Freezone companies?

Under WPS, Dubai South Freezone companies must register their employees and provide their payroll information to a WPS-approved bank or financial institution. The bank then transfers the employees’ wages to their bank accounts on a regular basis. Companies must also maintain proper records of their payroll transactions.

How can NEX Consultants assist with WPS and payroll management for Dubai South Freezone companies?

NEX Consultants provides reliable and professional WPS and payroll management services for Dubai South Freezone companies. Our team of experts has extensive knowledge and experience in UAE payroll regulations and compliance to ensure that your company is fully compliant with the relevant regulations and standards. We can provide assistance with setting up and registering for WPS, managing payroll transactions, and maintaining proper records. Additionally, we can provide guidance on employee benefits, social security contributions, and other related matters.