There are many Free Zones available to a budding entrepreneur and businessman in the United Arab Emirates. These Free Zones help in providing various benefits to the company of the entrepreneur, which allow the company to flourish. Some of these benefits are given below:
- No requirement of corporate taxes.
- Excellent support services.
- No personal income or capital gain taxes.
- Complete foreign ownership of the enterprise is allowed in free zone business.
- There are no currency restrictions.
- Effective and Efficient communications.
- No import or export duties in the Free Zone.
- 100% repatriation of capital and profits.
These are only some of the benefits of a free zone, to know more about the benefits of Free Zone it is necessary to know which Free Zone we are talking about as each of the Free Zone is devoted to a specific kind of business sector.
In this blog, we will be talking about the Dubai Industrial City Free Zone.
The Dubai Industrial City Free Zone (DIC)
The Dubai Industrial City Free Zone is also known as the Dubai Industrial Park, and this Free Zone comes under the jurisdiction of the Dubai Technology and Media Free Zone (DTMFZ). This Free Zone is located near the Jebel Ali International Airport and is spread over an area of almost 560 million square feet. The Free Zone was formed in the year 2004, and the work was finished in the year 2015. Presently, over 200 companies, both national and international, are present in the Free Zone. These companies have been established in the designated zones in the Free Zone such as the Food and Beverage Zone, Transport Equipment and Part Zone, Machinery and Equipment Zone, Mineral Products Zone, Healthcare Zone, Chemical Zone etc. and also consists of many educational, infrastructure-related and communication-related facilities.
The Dubai Industrial Park is a member of TECOM Investments, which is one of the most critical Information and Communications Technology (ICT) giant in the Middle East and North Africa (MENA) Region. This allows the companies which are established in the Free zone to interact and learn from foreign business bodies. Many Multi-National Companies (MNC's) and Fortune 500 companies have considered this Free Zone as a base for their operations which include companies such as LinkedIn and Facebook.
This Free zone aims to provide all the various amenities and services that a growing company may require. Its strategic location and the various incentives and benefits provided in the Free Zone ensure that there is a free growth of the company. The Free Zone is also prepared in case of any future expansion needs of a company. With the presence of office spaces, open storage yards, and various onsite assistance such as construction-based and help in conducting logistics and operations of the company, this Free Zone strives to offer everything which a company can want.
Benefits of Dubai Industrial City
There are various benefits of setting up a company in the Dubai Industrial City Free Zone. These benefits are given below:
- Complete Foreign Ownership.
- Complete repatriation of all the Profits and the Capital of the company.
- No Personal Income Tax or any Corporate Tax is levied.
- No tariffs are levied when the markets of the Gulf Cooperation Council countries or the Middle East and North Africa region countries are accessed.
- The increasing importance of the Industrial Sector in the Free Zone.
- The perfect business environment and the presence of industry giants in the Free Zone.
- Flexible business laws and reduced red tape.
- Availability of skilled and technologically aware labour.
- All-round security facility.
Need for Accounting in Dubai Industrial City
The benefits as mentioned above are too good to pass, which makes this Free Zone is one of the best places to establish your company, but the registering and establishment is only the beginning of a long journey. It is required of the management to be constantly vigilant about the condition of the business and the changes in the business environment. One excellent method of keeping track of the company is by conducting proper accounting of the company.
There are various benefits which can be availed by a company by conducting the accounting function. These benefits are mentioned below:
- Keeping track of the Company
- Properly utilizing the resources of a Company
- Guessing and preparing for the future trend in the business
- Helps in Decision Making
- Helps in Conducting an Audit
These are only some of the benefits that can be availed by accounting. Accounting is one of the fundamental activities that should be performed after setting up your business. The very next step after accounting should be to conduct an audit of the company.
If you are searching for an auditing services and accounting firm which will take care of all the accounting requirements of your company, you must take a look at the services provided by JAXA Chartered Accountants. JAXA is a licenced auditor in Dubai and will take care of all your accounting and auditing requirements. For more details, Contact Us. We will be happy to help.