DLS Dubai Free Zone company renewal and audits

[Jbb1]

When we register for Corporate Tax (CT), we uploaded the trade license and emirates id and filled in the expire date.

What do we do if the expire date ends in a couple of months?

Does it mean we have to do this every year? Or only edit the trade license date and emirates id, and upload it again.

They will ask you to upload the new trade license every year.

 

[uranium]

They will ask you to upload the new trade license every year.

It makes sense because you have to renew it on yearly basis with IFZA

 

[Kid Point]

Most of us that are on this forum are clever enough to discuss and find a way together. Right?

Do you know how much a proffesional IFZA partner asked for renewing a IFZA license fee?

2500 AED. That’s around 680 USD.

I asked IFZA to send me the invoice directly and I paid that. Without the 2500 AED extra costs.

2500 AED for what? To forward an invoice from IFZA to me? It’s crazy how professional partners want to earn 2500 AED by doing nothing. And it’s more crazy that people go running to them every time.

This needs to stop.

Did you manage to renew directly with IFZA. I’m in the same boat and my license expires this May.

 

[John Doe GOLDEN STAMP]

Did you manage to renew directly with IFZA. I’m in the same boat and my license expires this May.

Colleagues, IFZA will never give direct invoices for services (new license, renewal, new visa, audit, and so on). This is why there are a huge number of business partners. It's as old as the world. There is no point in trying to change something, the VM will not be given.

How it works: The Free Zone provides a piece of paper (license) and a place to work (usually only on a piece of paper), and professional partners take over ALL the rest of the work and communication with the clents. Free Zones are the best slackers))

Example: I started the company through a professional partner X. But in a year I want to work with another partner Y. Partner Y, who is interested in a new client, tells me: Dude, ask partner X for a NOC and we will work together. According to the law, this is possible. But your first partner X will never "give up" on you and will continue to receive a commission for you. Accordingly, new partners will simply be forced to give a higher price in order to receive at least some commission from omimo. And you, in turn, will be unhappy. And you will have no choice but to stay with partner X.

 

[hanoib]

Did you manage to renew directly with IFZA. I’m in the same boat and my license expires this May.

Yes, IFZA sent me an invoice (with my company name details) and I paid them.

So you should do the same. Unless the professional partner gives you the same price as IFZA… But I doubt that. They put extra charges on it.

Wait till the professionals want to charge you for bookkeeping!

 

[JohnLocke]

So you should do the same. Unless the professional partner gives you the same price as IFZA… But I doubt that. They put extra charges on it.

When they do that, isn't it because they provide an extra service that entitles them to charge more for their services? In your opinion, wouldn't it be worth it to have a professional help you with such documents if you're not so adept at it?

 

[hanoib]

When they do that, isn't it because they provide an extra service that entitles them to charge more for their services? In your opinion, wouldn't it be worth it to have a professional help you with such documents if you're not so adept at it?

There is nothing that they can help you with. It’s just a renewal of a license.

You get an invoice and you pay it.

Perhaps they can assist us how to transfer money. But I think most of us know how to do that…

 

[Kid Point]

There is nothing that they can help you with. It’s just a renewal of a license.

You get an invoice and you pay it.

Perhaps they can assist us how to transfer money. But I think most of us know how to do that…

thanks for your insight brother.

I will email them and ask for the renewal invoice.

This will help me save a ton of money

 

[hanoib]

thanks for your insight brother.

I will email them and ask for the renewal invoice.

This will help me save a ton of money

You’re welcome. That’s why this is offshorecorptalk, so we can talk and discuss!

I don’t know how much of a fee your professional partner asked. This is ofcourse different as they make those prices up.

In my case they asked 2500 AED. That’s around 680 USD. Well, that’s easy money.

I don’t have anything against solid professional partners in general. However the most are taking extreme advantage of us.

If a professional partner asks you something in the future, always ask on the internet before you reply with a “yes I will pay”.

 

[RickWolf]

I am also in this boat after being abandoned by Fred at DLS.

My company and ID expire in August.

So to confirm the process is:
1. Register for Corporate Tax (did that already) & VAT (haven't done that yet)
2. Contact IFZA asking to renew trade license, pay invoice directly
3. Apply to renew UAE ID, seems like it requires another physical visit in Dubai for biometrics, and provide documents
4. Wait for physical ID card to be issued
5. Sometime early 2025 do an audit for 2024 financial year?

Thank you

 

[John Doe GOLDEN STAMP]

I am also in this boat after being abandoned by Fred at DLS.

My company and ID expire in August.

So to confirm the process is:
1. Register for Corporate Tax (did that already) & VAT (haven't done that yet)
2. Contact IFZA asking to renew trade license, pay invoice directly
3. Apply to renew UAE ID, seems like it requires another physical visit in Dubai for biometrics, and provide documents
4. Wait for physical ID card to be issued
5. Sometime early 2025 do an audit for 2024 financial year?

Thank you

The IFZA agreement stipulates: We accept payments for final recipients (customers) only from business partners. So, find the right one. Just before the final selection, check its adequacy and qualifications 100 times. Then it will be almost impossible to abandon it, as a result, problems will snowball. You can check this by asking for an example of an agreement with a partner (if given).

If you are interested, I can give you the contact of my business partner and good friend Salman. The man has been in this business for more than 10 years, the prices are low.

 

[TRGali]

IFZA now does direct relationship with ex DLS clients.

 

[RickWolf]

IFZA now does direct relationship with ex DLS clients.

Do you know how to confirm this? Contact them directly? I tried the phone number listed on the website and it asks you to enter the extension, then hangs up the call.

 

[TRGali]

Yeah IFZA is not really a model of quality and efficiency in their way of dealing with things and practices. But they tend to be decently reactive per email [email protected]

 

[RickWolf]

Yes, IFZA sent me an invoice (with my company name details) and I paid them.

So you should do the same. Unless the professional partner gives you the same price as IFZA… But I doubt that. They put extra charges on it.

Wait till the professionals want to charge you for bookkeeping!

What services did they send an invoice for, and how much did they charge? Thank you.

 

[Sigma]

We set up in Silicone Oasis using DLS in late 2022 and after a brief panic getting everything in order upon the CIT announcement last year, we got an accountant. Through them we registered for CIT and VAT - were fined for late registration on the VAT front - and received some advisory services. Fast forward to Feb this year, we received an audit request from DIEZ with audited financial statements. I tried to negotiate the requirement for audited financial reports as it seemed to conflict with the official rules - WTF do I know - but managed to get a 60-day extension for audited financial statements (over the initial two-week deadline). IFZA were unable to provide audited statements but were helpful in providing some other documents we required, we then went to another company to produce the audited statements - took about 10 days (75-ish transacations) for FY23 - which really wasn't that much hassle.

Hey Mankoe
Interested as to what you said to them to get the extension?
Got the first audit message from DIEZ today and also think this 2 week deadline is a bit tight

 

[JackAlabama]

Hey Mankoe
Interested as to what you said to them to get the extension?
Got the first audit message from DIEZ today and also think this 2 week deadline is a bit tight

maybe time to start a thread for this?

There has been a lot of people getting these audit requests (with obscure requirements which have never been communicated along the way).

 

[JohnLocke]

maybe time to start a thread for this?

There has been a lot of people getting these audit requests (with obscure requirements which have never been communicated along the way).

That's a good idea and you could be the first to do so