Accounting Services in Dubai Media City
11

Jan 2021

Dubai Media City is located under the jurisdiction of Dubai Technology and Media Free Zone (DTMFZ) and is a member of TECOM Investments. It was established in the year 2000 and is now a base for global operations of the world-famous media giants like Forbes, CNN, Reuters etc. This free zone of Dubai Media City was built to boost the UAE’s media foothold, and now it has become a global hub for all the prestigious media organisations.

The Dubai Media City Free Zone is supervised by an entity called Dubai Technology and Media Free Zone Authority (DTMFZA) that helps companies to conduct business activities in a premium environment based on global standards.

In Dubai Media City, licenses are issued for freezone limited liability companies, for branch offices and entrepreneurs according to the Dubai Media Free Zone Authority regulations. All permissions are granted by the Registration and Licensing Department within the DTMFZA. The permits have annual validity, and they need to be renewed annually. However, it is essential to know that delay in the renewal of these commercial licenses will lead to penalties.

Any investor or entrepreneur who wants to invest in Dubai gives preference to the free zones as a company set up in any of the Dubai free zones comes with numerous advantages. Dubai Media City Freezone offers a considerable benefit to the media and advertising firms in Dubai by providing the companies with an environment where they can showcase and harness their product and services and interact with the leading marketing companies in the UAE.

Benefits of Dubai Media City

  1. 100% tax exemptions on profits and capital gains
  2. Forming a company in DMC will benefit you with 50 years of tax-free income
  3. Tax-free custom duties
  4. Extremely elementary level of business set up process
  5. Simple company regulations
  6. Residential and work permits
  7. Fast immigration process
  8. Numerous Networking opportunities
  9. World Class Infrastructure
  10. No minimum capital investment required
  11. 24-hour visa service

Facilities at Dubai Media City

  1. World-Class Business Centers - These are fully equipped and serviced office with a business environment. These Business Centres have space for meetings or conference rooms, admin staff and wireless internet and common areas
  2. DMC Media Business Centre - DMC has a one-stop-shop for all company setup services such as visas, sponsorships, registration of companies, licensing etc.
  3. DMC Commercial offices - DMC Commercial Offices is the state of the art office facility with every possible utility like electricity, Air Conditioner, water, etc. It also provides furnishings and fittings according to your taste and requirement.
  4. Car Parking System - Reserved parking and road metered car parking is also available because of the tremendous demand for car parking space in Dubai Media City.

Business Sectors of Dubai Media City

The sectors from which businesses can be a part of the Dubai Media City free zone are listed below:

  1. Advertising and Communication
  2. Media Consultancy or agency
  3. Event Management
  4. Event Support Services
  5. Media and Marketing Services
  6. Media Support Services
  7. Freelancers and Associations (mostly Non Profit organisations)

Types of Permissible Companies

  1. Free Zone Establishment (FZE or FZ-LLC) - A Free Zone Establishment is a business entity with just one shareholder.
  2. Free Zone Company (FZC/FZCO) - A FZC or FZCO is a business entity with two to five shareholders.
  3. Branch of a Foreign Company - Application for foreign entity or nationality
  4. A subsidiary of a Local Company - Mostly for a UAE registered company or person
  5. Freelancer

License for Companies in Dubai Media City

Once you have decided your business and type of legal entity you are going to choose for your business idea, here are the business licenses that you can avail:

  1. Business Information Services License
  2. Consultancy and Retail License
  3. Event Leisure License
  4. Media Marketing Services License
  5. New Media Media Support Service License

How to Set Up a Business in Dubai Media City?

  1. The first step is to set up a company in Dubai Media City is to fill and submit the application form to DTMFZ. The local authorities evaluate the application. The maximum time required by the administration to revert is five working days.
  2. The next step is to submit all of the legal documents once you have received the approval of the application. The DMC authority will issue a customer confirmation letter once all the materials are evaluated. That is a 2-day time period to go through the documents.
  3. Later, you have to sign and return the customer confirmation letter, and at this stage, the payment has to be initiated.
  4. Sign the Memorandum of Association (MoA) in the presence of the company shareholders.
  5. Deposit the total share capital after which your license and lease will be prepared and will be delivered to you.
  6. Now you need to sign the lease and personal sponsorship agreements. You can go to TECOM Leasing Department to sign the lease and personal sponsorship agreement and collect the license.

Documents Required to Set Up a Company in Dubai Media City

  1. Application form to register your company
  2. Application for license
  3. Business plan
  4. Coloured copy of the passport of the legal representative
  5. Original MOA and AOA
  6. Board Resolution and Amendments
  7. NOC from residency visa sponsor
  8. Proof of share capital
  9. Managers specimen signature
  10. Registration and License fee

Why You Need Accounting Services in Dubai Media City

The role of Accounting and bookkeeping in achieving success is known to every business. However, you can say a routine audit is a key to success in any business. The audit will not only keep a record of all the transactions in the company but will also help your company to grow exponentially. You will be able to understand the working of the business and take decisions accordingly.

  1. Track your company’s growth through internal audit
  2. Keep your papers and terms in order
  3. Always be ready for Value Added Charges
  4. Find cost-effective ways to fill the gaps in your venture
  5. Rectify your procedural errors and mistakes

Jaxa is a platform that provides financial services like audit and bookkeeping to individuals and companies across the globe. Our team of expert consultants can guide you through the process to make it easy. If you have any doubts regarding the services provided by JAXA, feel free to Contact Us. We will be happy to answer all you questions.