I heard some Freezone like DMCC required to file audit.
I want to know which Dubai Freezone does not require to file an Audit.
Thanks
I want to know which Dubai Freezone does not require to file an Audit.
Thanks
Which Dubai free zone Does not required to file audit ?
- Thread starter troubled soul
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I email the Dubai Silicon Oasis Authority Website. They said it is required. I attach the screenshot below.
What is the catch?
What I am missing?
Can somebody put some light on this ?
What is the catch?
What I am missing?
Can somebody put some light on this ?
What can we conclude from this, create the company in Dubai, setup your bank account after you visited, then don't worry about the accounting and auditing of your company? So it is similar to a Seychelles company, no worries at all in regards to paperwork?
That's correct.
The only things you have to effort is travel to Dubai, Setup Cost and a good service provider that does some magic when it comes to the banking and the result will be a Company with same remarks like Seychelles IBC but with residence that leads to no CRS reporting and decent retail︀ Business & Personal Bank Account.
The only things you have to effort is travel to Dubai, Setup Cost and a good service provider that does some magic when it comes to the banking and the result will be a Company with same remarks like Seychelles IBC but with residence that leads to no CRS reporting and decent retail︀ Business & Personal Bank Account.
What about licensing requirements for corporate crypto trading?
Doesn't crypto trading require a crypto-commodities license with the DMCC when company is based in the UAE?
Doesn't crypto trading require a crypto-commodities license with the DMCC when company is based in the UAE?
Are you referring to offering crypto exchange services to clients or trading one crypto of your own for another? I didn’t think that was for the latter.
@Fred With 100% foreign ownership of UAE companies being allowed now (except for some strategic industries), does it even still make sense to register a freezone company? Especially since most freezone entities don't offer limited liability?
Wouldn't it be better to just register a mainland LLC instead?
Wouldn't it be better to just register a mainland LLC instead?
This is a too General Question.
At least the Onshore Freezone Companies in Dubai we setup are Limited Liability Companies - NO FZE.
The requirements, setup and running costs are still significantly higher as well as the Audit requirements, Accountings etc.
So whenever it's possible from Business point of view we stick to︀ a Onshore Dubai Freezone Company due to 30-40% lower setup cost and 50%+ lower running︁ costs.
Still having a lot of people switching from Mainland after a year as they︂ see the costs and how things are handled - Generally speaking the Freezone we work︃ with has much more commercial interest so you deal with a Private Company like Attitude︄ and not with a GoV Attitude who nobody cares - we setup a Onshore Freezone︅ Company in 2 days.
So you have the choice of paying more, having more bureaucracy︆ and liabilities with a Mainland Company without having any advantage.
Yes, there are some banks︇ that open for Mainland Companies only like ADCB but the majority of the interesting Banks︈ FAB, ENBD and ADIB are all still open for Onshore Freezone Dubai Company.
So what's︉ really important is to stick to Dubai and not to Ajman or other small Emirates︊ as you then only get small Banks like Ajman Bank etc where banking is a︋ pain the a**.
So our Statement is don't overpay or get ripped off but in︌ the same time don't save on the wrong ending like going with Ajman, Sharjah etc.︍
The right balance is key.
At least the Onshore Freezone Companies in Dubai we setup are Limited Liability Companies - NO FZE.
The requirements, setup and running costs are still significantly higher as well as the Audit requirements, Accountings etc.
So whenever it's possible from Business point of view we stick to︀ a Onshore Dubai Freezone Company due to 30-40% lower setup cost and 50%+ lower running︁ costs.
Still having a lot of people switching from Mainland after a year as they︂ see the costs and how things are handled - Generally speaking the Freezone we work︃ with has much more commercial interest so you deal with a Private Company like Attitude︄ and not with a GoV Attitude who nobody cares - we setup a Onshore Freezone︅ Company in 2 days.
So you have the choice of paying more, having more bureaucracy︆ and liabilities with a Mainland Company without having any advantage.
Yes, there are some banks︇ that open for Mainland Companies only like ADCB but the majority of the interesting Banks︈ FAB, ENBD and ADIB are all still open for Onshore Freezone Dubai Company.
So what's︉ really important is to stick to Dubai and not to Ajman or other small Emirates︊ as you then only get small Banks like Ajman Bank etc where banking is a︋ pain the a**.
So our Statement is don't overpay or get ripped off but in︌ the same time don't save on the wrong ending like going with Ajman, Sharjah etc.︍
The right balance is key.
Isn't setting up a mainland branch essentially the same thing as registering a mainland company to begin with? Or is it a much simpler setup?
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