Importance of Accounting in JAFZA
05

Nov 2019

Jebel Ali Free Zone stands as one of the flagship free zones providing numerous business destinations in the UAE. Since 1980, the free zone has resulted in being one of the top choices of business investors. The zone has widened the business opportunities for the investors and entrepreneur, which have resulted in high business incorporations in the UAE. However, there are specific criteria’s that needs to be followed accordingly. One such criteria stand to be the implementation of professional accounting in the business entities. This blog will take you through the importance of accounting in JAFZA, which you should be having an idea of if you are planning to start a business in the UAE. Let’s proceed.

Business Entities Available in JAFZA

Covering an area of almost 140 km2, JAFZA trade free zone offers different office units, warehouses, land sites etc. for business investors to come forward and initiate their business. Located in between the World’s largest seaport, Jebel Ali Port and the Jebel Ali International Airport, the region serves to be an excellent destination for transport and logistics business. When it comes to company incorporation, JAFZA helps to be a perfect destination for the following business entity types:

  • Free Zone Establishment (FZE)
  • Free Zone Company (FZO)
  • Branch Office

Now, each of these business entities needs to follow the accounting proceedings accordingly.

JAFZA Demands Companies to Follow Accounting Rules

The Jebel Ali Authority stands as a remarkable business ground, and thus, it mandates every business entity irrespective of the nature and size of business to follow strict accounting rules. To cater to the needs accordingly, the business owner dealing in JAFZA takes the most profitable decision of hiring an accounting expert to carry out the accounting tasks. This way, it helps the business owners to the burden, and to focus more on the planning processes. Moving forward, you will get an idea as to why joining hands with accountants turns out to be profitable. Before that, let’s focus on the benefits that you will be able to avail by establishing a company in JAFZA.

Benefits of Setting Up a Business in JAFZA

By incorporating a company in JAFZA, you will be able to avail the following benefits:

  • 100% Foreign Ownership
  • 50-year guarantee of zero corporate taxes
  • 100% Repatriation of Capitals invested and profits earned
  • No Recruitment Restrictions
  • No Currency Restrictions

After incorporation, it becomes essential that you join hands with the accounting experts. Doing this turns out to be a beneficial option as your accounting books will be maintained professionally from the very start.

Benefits of Hiring an Accountant

The moment your company’s accounting books gets handover to the professional accountants, you will be able to achieve the following benefits:

  • There exists the minimal chance of error
  • The processes are carried out at a speedy rate
  • The accounting books are maintained professionally
  • An accountant can turn out to be a great help during the audit process
  • It becomes easier to figure out the existing loopholes in the business books
  • An accountant can provide you with the market insights

Thus, you have seen that the business incorporation in JAFZA demands the business books to be handled professionally. Doing them, according to the stated needs helps you to fetch out multiple opportunities for business growth. Are you looking out for a solution? Well, we have your answer.

JAXA Chartered Accountants stands as one of the DMCC Approved Auditors who hold a large number of clients across UAE and has catered them accordingly in carrying out their accounting and auditing services. Our accounting experts are well-versed with the accounting structure and can help your business to carry out the necessary activities. To know more, do contact us today-we’d be glad to assist.