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.
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 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.
With this license, business is allowed to offer as consulting, training, human resources, insurance and catering services.
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.