Approved Auditors in Dubai World Trade Centre- DWTC Free Zone
The Dubai World Trade Centre (DWTC) is the epicenter and business heart of Dubai since 1979. It has been hosting various international and local business exhibitions and events. The DWTC Authority is lead and chaired by H.H. Sheikh Hamdan Bin Rashid Al Maktoum.
The Dubai World Trade Centre offers business and exhibition facilities to companies from around the world. The DWTC offers real-estate, Events, and Free Zone services to businesses from around the globe. Many of the leading world events and exhibitions have taken place at the DWTC so far.
The Dubai World Trade Centre is an attractive and strategically important venue for international firms in Dubai. We at AVIAAN Accounting has crafted a starting guideline for you, for your existing or new business set up in the DWTC.
Advantages of Registering Business with Dubai World Trade Centre (DWTC)
The DWTC offers a unique business experience of having a business as regular and a free zone registered in the UAE. The DWTC Authority has established the Free Zone to further facilitate the businesses and take advantage of financial incentives in the free zone.
Some key advantages of having a business in the DWTC free zone are:
- Zero corporate and Income taxes for 50 years (likely to renew).
- 100% foreign ownership of the business without the need for a local partner.
- 100% repatriation of earnings from the DWTC businesses.
- No restrictions on the repatriation of foreign currency and business funds.
- Flexible and multiple business structure options.
Types of Business Entities and Requirements at DWTC
The Dubai World Trade Centre Authority provides a one-window operations and services section for its customers. You can register multiple types of businesses with DWTC including a free zone license.
You can choose one of the following Business Entity types with DWTC.
Free Zone Company (FZCO): Suitable for more than one shareholder, with up to ten shareholding partners. The shareholders can be individuals or corporate entities.
Free Zone Entity (FZE): Suitable for a single shareholder and freelancers. The shareholder can be an individual or a business entity.
Foreign Branch: For International franchises to open a franchise outlet in the DWTC free zone. The franchise should be 100% owned by the parent company.
UAE Branch: All UAE businesses setting up a branch inside the DWTC free zone can use this option. The parent must hold a valid trading license in the UAE.
The general Documents required by the DWTC authority to register a business in the free zone are:
- A Completed DWTC application form
- FZE or FZCO application form
- A brief company profile stating the company set up and business plan, including the industry and license type information
- Passport Copies of the Shareholders and General Manager (if applicable)
- Emirates ID and Residency Visa copies for the shareholders
The authorities at DWTC will require further documents after the initial approval of the business registration. These documents include the Memorandum of Association, bank certificates of share deposits, specimen signatures, etc.
All businesses in the UAE free zones require to comply with the financial regulations also. Inside the free zones, all firms need to comply with auditing standards and provide the Federal Tax Authority of UAE with the annual certification of auditing.
The Role of Approved Auditors in the DWTC
Approved auditing firms in DWTC provide valuable financial and auditing services to businesses. The guidelines from the DWTC authorities require auditing certificates from only approved auditors in DWTC. The list of approved auditing firms in DWTC is updated regularly by the authorities.
Although businesses inside the free zones such as DWTC do not pay corporate taxes, they still need to comply with financial regulations. The most important role of the approved auditing firms in DWTC is to ensure the compliance of businesses with financial regulations issued by the FTA.
Why Partner with Approved Auditors in DWTC?
Businesses inside the free zones may consider non-compliance as a statutory provision in the UAE. As they do not require to pay any taxes or VAT, they might consider the requirements for financial auditing are optional. The Federal Tax Authority of UAE and DWTC authorities provide guidelines for all businesses for transparent financial conduct of businesses in all free zones.
Free Zone authorities including the DWTC authority select a limited number of auditing firms in DWTC to offer auditing services to businesses. Financial integrity and value addition is the foremost benefit of partnering with an approved auditing firm in DWTC for your business.
Here are some benefits for you to partner with one of the approved auditing firms in DWTC:
- Compliance with financial and tax regulations issued by the FTA UAE.
- Compliance with accounting and financial standards.
- Compliance with regulatory requirements from the ministry of finance and the UAE government such as VAT, Economic Substance Requirement, etc.
- Fair and transparent conduct of business with certification from approved auditing firms in DWTC.
- Regulatory and guiding abidance with the Dubai World Trade Centre Authority.
We at Aviaan Auditing are a registered accounting and auditing firm in UAE, Oman, and KSA. We have a team of professionals and experienced auditors that provide the highest quality services to our clients throughout the UAE and in the Middle East region.
We can also partner with you in other areas in Dubai and UAE. Get in touch with us if you’re looking for auditing services at Dubai World Trade Centre (DWTC).
With our professional integrity and standards, we are one of the leading and experienced auditing firms in Dubai. You can expect the best auditing services from us with full trust.
For enquiries, call +971 5679 52590 / E-mail: email@example.com