UAE IFZA requiring full audit from year 2023 and on
- Thread starter bedouin
- Start date
- Status
So far the announcement - I guess to pitch soon - if not already happened some service around it - good upsell from there side.
We launch a service around audit only when everything is clear and confirmed.
We personal hate this announcements with a lot of noise and nothing is clear.
Wait a bit or you can run around and make yourself crazy - the last thing never made sense so far in the UAE.
We launch a service around audit only when everything is clear and confirmed.
We personal hate this announcements with a lot of noise and nothing is clear.
Wait a bit or you can run around and make yourself crazy - the last thing never made sense so far in the UAE.
It would be for 2023, not 2022, which is still bad indeed. I'd still love for someone to actually confirm though. I did call them on the phone and they said no. But in Dubai, no one knows anything. Not knowing is not a bad thing, it's normal, problem is when you categorically reply saying something as if you knew what you're saying, but deep down youre clueless. Thats' where things get dangerous and misguiding.
@Fred seems to︀ know his stuff 😉
@Fred seems to︀ know his stuff 😉
2023 is still late IMO because it's already 2023. It is better to announce that kind of change one︀ year in advance...
IFZA is losing its attraction. You can form a company in Sharjah︁ SHAMS freezone with half of a price. Their customer service is better and they have︂ an online portal. You can do anything without dealing with customer service but IFZA you︃ have to send an e-mail for your requests and they're pretty slow. They don't have︄ an online portal and it's 2023. If you want the best without thinking, it is︅ DMCC and more expensive than IFZA but certainly worth it.
IFZA is losing its attraction. You can form a company in Sharjah︁ SHAMS freezone with half of a price. Their customer service is better and they have︂ an online portal. You can do anything without dealing with customer service but IFZA you︃ have to send an e-mail for your requests and they're pretty slow. They don't have︄ an online portal and it's 2023. If you want the best without thinking, it is︅ DMCC and more expensive than IFZA but certainly worth it.
Alright guy's - here is the heads-up.
(get yourself a Professional Partner otherwise you are left alone with Anouncements and Newsletters)
The 9% Corporate Tax are coming in 2024! For Companies starting with the Financial Year on 01.06.2023 onwards.
Everything else - like you figuered out yourself already - wouldn't make any sense.
We are sure - in fact we even know it - that the Announcement was done in the German way of doing things to be on the safe side.
How to determine if a FZCO has 0% CT and NO Mainland UAE sourced income?
That's the question and some paperwork needs to︀ be done - once this is clear - DLS Dubai is ramping up and at︁ least our clients get a Service around this topic - if even required.
Wrong - IFZA is build 100% on B2B approach.
And what was announced︉ here - is relevant for ALL UAE FREEZONES - they were just First Mover -︊ like with a lot of other stuff in the past - by making an Announcement.︋
DMCC - without thinking - good joke - you have to write a 10 page︌ Business Plan to even get the License Application through.
Hands down once the UAE Bottom︍ Line of Banks stops working for SHAMS Companies - you are screwed - as no︎ ENBD, ADCB, FAB or ADIB is onboarding a SHAMS Company in 2023.
(get yourself a Professional Partner otherwise you are left alone with Anouncements and Newsletters)
The 9% Corporate Tax are coming in 2024! For Companies starting with the Financial Year on 01.06.2023 onwards.
Everything else - like you figuered out yourself already - wouldn't make any sense.
We are sure - in fact we even know it - that the Announcement was done in the German way of doing things to be on the safe side.
How to determine if a FZCO has 0% CT and NO Mainland UAE sourced income?
That's the question and some paperwork needs to︀ be done - once this is clear - DLS Dubai is ramping up and at︁ least our clients get a Service around this topic - if even required.
Wrong - IFZA is build 100% on B2B approach.
And what was announced︉ here - is relevant for ALL UAE FREEZONES - they were just First Mover -︊ like with a lot of other stuff in the past - by making an Announcement.︋
DMCC - without thinking - good joke - you have to write a 10 page︌ Business Plan to even get the License Application through.
Hands down once the UAE Bottom︍ Line of Banks stops working for SHAMS Companies - you are screwed - as no︎ ENBD, ADCB, FAB or ADIB is onboarding a SHAMS Company in 2023.
I have multiple FZ companies in UAE including IFZA and IFZA's customer support is pretty bad. They even don't have an online portal. You can find an online portal in Sharjah based freezones or even Ajman. You have to send an email like in 2010 to IFZA and wait for a reply and send another email and wait for another reply... Their customer service also makes many mistakes. You have to complain sometimes to get your work done. This is how IFZA works. Is it cheap? Yes but you get what you pay for.
I understand that you're an IFZA partner and you're promoting them but︀ they're facts. I'm not saying IFZA is a bad choice if you literally need to︁ save $2-3k USD per year. It is cheap but don't expect good service.
DMCC is more︄ expensive than other freezones in UAE but at the same time, it is the most︅ popular. There should be a reason, right? There are more than 100K people who live,︆ work in DMCC.
Their pricing also is not significantly higher than other freezones. They have︇ 3 year package and it is only 8700 USD per year with a flexi desk︈ and visa or 1 year package is for 10600 USD.
Wrong. As long as you have Ejari and non-high risk business, you︌ can easily open a Mashreq Bank account with MashreqNeoBiz or Wio or SIB. Mashreq is︍ SHAMS's official banking partner. That's how I opened Mashreq bank account to my SHAMS company.︎
I understand that you're an IFZA partner and you're promoting them but︀ they're facts. I'm not saying IFZA is a bad choice if you literally need to︁ save $2-3k USD per year. It is cheap but don't expect good service.
DMCC is more︄ expensive than other freezones in UAE but at the same time, it is the most︅ popular. There should be a reason, right? There are more than 100K people who live,︆ work in DMCC.
Their pricing also is not significantly higher than other freezones. They have︇ 3 year package and it is only 8700 USD per year with a flexi desk︈ and visa or 1 year package is for 10600 USD.
Wrong. As long as you have Ejari and non-high risk business, you︌ can easily open a Mashreq Bank account with MashreqNeoBiz or Wio or SIB. Mashreq is︍ SHAMS's official banking partner. That's how I opened Mashreq bank account to my SHAMS company.︎
Like mentioned earlier - IFZA is build B2B - so it's︃ a difference if you as one of 30.000 Clients approach them or if you come︄ through a recognized Professional Partner like DLS.
That's the point.
Again - like︈ mentioned earlier - bottomline Banks - WIO has signed an AED Correspondence Bank Agreement with︉ Citibank and is processing outgoing Transfers at 1% through Wise - an EMI.
So if︊ you are running a 100k$/month turnover Business you gonna pay 500-1000$ - but good you︋ saved initially 2000-3000$ with your SHAMS Company.
That's not true︍ - keep your postion - if this is your position - no issue for us︎ but we feel sorry for the guys following something like this and then ending in️ the nowhere.
That's the point.
Again - like︈ mentioned earlier - bottomline Banks - WIO has signed an AED Correspondence Bank Agreement with︉ Citibank and is processing outgoing Transfers at 1% through Wise - an EMI.
So if︊ you are running a 100k$/month turnover Business you gonna pay 500-1000$ - but good you︋ saved initially 2000-3000$ with your SHAMS Company.
That's not true︍ - keep your postion - if this is your position - no issue for us︎ but we feel sorry for the guys following something like this and then ending in️ the nowhere.
Consultants told me its already mandatory, not in the sense that you have to publish it every year, but in the sense that for liquidating your fz you would need audits anyways on all past years ?
For the corporate tax, to be exempted, you will need audit for activity june 2023 right ?
And only revenue which match exactly the license activity would be exempted ?
For the corporate tax, to be exempted, you will need audit for activity june 2023 right ?
And only revenue which match exactly the license activity would be exempted ?
WIO is the easiest way. You can open with Mashreqneo Biz or SIB. Rakbank is also another alternative but as far as I know, their service quality is very bad.
As long as you have proper documentation, you can open a bank account in a︀ short time without any problems. If you don't have the correct documents then it doesn't︁ matter if you have DMCC or IFZA or SHAMS based license.
If IFZA is build B2B then they should︅ focus on B2B. They run marketing campaigns to attract clients but the service quality is︆ bad. I remember your previous responses about business in Dubai. I'm pretty sure you offer︇ good all in one packages(which is very important) to your customers but IFZA should invest︈ their business to increase service quality.
As long as you have proper documentation, you can open a bank account in a︀ short time without any problems. If you don't have the correct documents then it doesn't︁ matter if you have DMCC or IFZA or SHAMS based license.
If IFZA is build B2B then they should︅ focus on B2B. They run marketing campaigns to attract clients but the service quality is︆ bad. I remember your previous responses about business in Dubai. I'm pretty sure you offer︇ good all in one packages(which is very important) to your customers but IFZA should invest︈ their business to increase service quality.
- Status