The presence of various free zones in the United Arab Emirates along with various other essential factors such as proximity to markets, smooth transportation of goods and raw materials, stable government and a very cooperative business environment is a significant factor due to which the companies from all over the world flock to the country. Each of the free zones focuses on a specific type of industry — this way, an entrepreneur can choose the free zone, which will best suit the needs of the business.
The benefits that a free zone provides to the company along with the proper accounting procedure will allow a business to grow further and achieve great success. This blog will focus on the Dubai Silicon Oasis Free Zone and how accounting can help a company that has been incorporated in the free zone.
Dubai Silicon Oasis Free Zone (DSO FZ)
The Dubai Silicon Oasis Free Zone (DSO FZ) has established itself as one of the leading centres of the development of technological and electronic innovation. This free zone focuses more on supporting the business which is in the field of developing and manufacturing various technical parts such as especially optoelectronic technology, nanotechnology and photovoltaic technology.
This free zone was established in the year 2004 by the government of Dubai with the aim of promoting the technologies of the future. The establishment of such free zone will bring in companies of technological nature from all over the world and will also bring in new and advanced technologies from different countries to the UAE. This will help in increasing the employment opportunities in the country and will also strengthen the economy of the country.
They are built over 7.2 sq. Kilometres of land, the Dubai Silicon Oasis Free Zone is located at a very strategic position as it can be accessed by air, water and land. With access to the Jebel Ali Port and the Dubai International Airport, the goods and raw materials will face no problem in their transfer from one place to another. The free zone is also interconnected to the other emirates such via a network of roads facilitating easy logistics.
Benefits of Setting a Company in DSO
The Dubai Silicon Oasis has many advantages which a growing company may require in the future. Some of these advantages are:
- Advantageous location
- State of the art infrastructure and advanced technology
- Easy access to Asian, European and African markets
- No income and corporate tax
- 100% foreign ownership and repatriation available
- One-stop shop for business licenses and the other necessary paperwork.
The above mentioned are only some of the benefits mentioned and in no way forms a comprehensive list of the benefits that can be availed by a company when established in the free zone.
Importance of Accounting in DSO
We all know the importance of accounting for a business organization. The accounting will provide us with a way of monitoring the workings and the financial health of the company. Every company established in the Dubai Silicon Oasis Free Zone must prepare their accounts and all the necessary financial statements so that the management can understand how they can increase the productivity and efficiency of the company.
Performing accounting services provides many benefits to a company. From streamlining the various processes to increase the confidence of the different potential investors, accounting can help the company in many ways. The accounting will also help in the preparation of all the financial records so that these records can be audited. The accounting will also make sure that the business is following the mentioned procedure and is compliant to the various rules and regulations as stipulated by the concerned authority such as International Financial Reporting Standards (IFRS).
If you are in search of an accounting firm which is approved by the DSO FZ, then look no further as JAXA Chartered Accountants can serve all the requirements of your company. JAXA will not only help you in the incorporation of a company in the free zone but will also provide various other services such as auditing, tax-related services and Vat related services etc. To know more about the many services offered by us, do contact us, we will be happy to help you.