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Which Dubai free zone Does not required to file audit ?
- Thread starter troubled soul
- Start date
DMCC is a special case. The rest of the Freezones no audit but for your own sake do some bookeeping.
I email the Dubai Silicon Oasis Authority Website. They said it is required. I attach the screenshot below.
What is the catch?
What I am missing?
Can somebody put some light on this ?
What is the catch?
What I am missing?
Can somebody put some light on this ?
I totally agree, it won't make sense to run a company in some sort of tax free zone if you don't live there and have no audit or accounting, you will be asking for troubles.
They merged just recently with IFZA - they don't require it.
What can we conclude from this, create the company in Dubai, setup your bank account after you visited, then don't worry about the accounting and auditing of your company? So it is similar to a Seychelles company, no worries at all in regards to paperwork?
That's correct.
The only things you have to effort is travel to Dubai, Setup Cost and a good service provider that does some magic when it comes to the banking and the result will be a Company with same remarks like Seychelles IBC but with residence that leads to no CRS reporting and decent retail Business & Personal Bank Account.
What about licensing requirements for corporate crypto trading?
Doesn't crypto trading require a crypto-commodities license with the DMCC when company is based in the UAE?
Are you referring to offering crypto exchange services to clients or trading one crypto of your own for another? I didn’t think that was for the latter.
Yes - the physical visit and onboarding only residents makes the difference - otherwise UAE would be just another Cayman Islands or BVI with high monitoring and always on the edge being grey/black listed.
@Fred With 100% foreign ownership of UAE companies being allowed now (except for some strategic industries), does it even still make sense to register a freezone company? Especially since most freezone entities don't offer limited liability?
Wouldn't it be better to just register a mainland LLC instead?
Wouldn't it be better to just register a mainland LLC instead?
This is a too General Question.
At least the Onshore Freezone Companies in Dubai we setup are Limited Liability Companies - NO FZE.
The requirements, setup and running costs are still significantly higher as well as the Audit requirements, Accountings etc.
So whenever it's possible from Business point of view we stick to a Onshore Dubai Freezone Company due to 30-40% lower setup cost and 50%+ lower running costs.
Still having a lot of people switching from Mainland after a year as they see the costs and how things are handled - Generally speaking the Freezone we work with has much more commercial interest so you deal with a Private Company like Attitude and not with a GoV Attitude who nobody cares - we setup a Onshore Freezone Company in 2 days.
So you have the choice of paying more, having more bureaucracy and liabilities with a Mainland Company without having any advantage.
Yes, there are some banks that open for Mainland Companies only like ADCB but the majority of the interesting Banks FAB, ENBD and ADIB are all still open for Onshore Freezone Dubai Company.
So what's really important is to stick to Dubai and not to Ajman or other small Emirates as you then only get small Banks like Ajman Bank etc where banking is a pain the a**.
So our Statement is don't overpay or get ripped off but in the same time don't save on the wrong ending like going with Ajman, Sharjah etc.
The right balance is key.
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