Free Trade Zones are special economic zones established to provide tax breaks and customs duty advantages to foreign investors. Free Zones, often referred to as free trade zones, free economic zones, or tax-free zones, are intended to provide easy single-window administration and 100% foreign ownership to expand international trade.
A company's audited financial statement must be submitted annually or at the time of license renewal to the UAE Free Zone license issuing authority. The yearly audit report must be submitted if the business is registered with free zone authorities. A registered business may be subject to hefty fines if they fail to submit an audit report. The audit in the free zone must be carried out effectively to prevent fines and penalties.
Free Zone companies can choose their own Financial year according to their requirement. The only constrain is that, the financial year must start from date of incorporation of the company and should not be less than 6 months and not greater than 18 months.
As approved auditors for all of the major free zones in the UAE, GAAP Associates can assist you in preparing audit reports in these free zones. Below is a list of the free zones where we have approval.
Companies require auditors that are familiar with their sector, region, political and economic policy issues, long-term strategy, and any risks that need to be evaluated and handled. We, at GAAP Associates, tailor audit procedures to the specific operations and reporting requirements of each client.
The three categories of visas offered by DMCC are the employment visa, the dependents residence visa, and business visit visa.
You can trade both domestically and abroad, but only in accordance with the free zone's Rules and Regulations.
Free zone businesses are 100% owned by foreign corporations, have 100% of their capital and earnings repatriated, are exempt from all import and export tariffs, pay no corporate tax, and pay no dividend tax.
No, as free zone businesses allow for 100% foreign ownership, the owner is not necessary to have to reside in the UAE. However, the general manager of the business is often required to be a UAE resident.