Dubai is one of the biggest emirates in the United Arab Emirates and comprises of several free zones which cater to various sectors. Setting up a company in one of the free zones will be a perfect and profitable option for a businessman, foreigner and locals alike. Each of the free zones is dedicated to a specific industry and consist of various benefits which are mentioned below:
- No Implementation of Taxes (Corporate or Personal)
- Availability of supplementary services
- No restriction on currency
- Complete repatriation of the capital as well as profit
- No import or export duties
There are various other benefits that are available in a free zone that will play a significant role in enhancing the profitability of the business. One of the lucrative free zones in the UAE is the Dubai Silicon Oasis.
Dubai Silicon Oasis (DSC)
The Dubai Silicon Oasis is situated near the Emirate road and is spread over 7.2 square kilometres of land. The free zone also comprises many residential towers and various office places. It also boasts of being one of the most popular neighbourhoods for the renting of residential sites in Dubai According to Bayut’s 2019 Property Market Report. The free zone is governed by the Dubai Silicon Oasis Authority or DSOA.
The free zone is very strategically located at the heart of Dubai. It aims to attract businesses and companies which are in the field of Semiconductor Manufacturing, Microelectronics, the manufacturing of electronic devices and other precision devices, Optoelectronics and various other related businesses.
The free zone focuses on the technology sector. It boasts of the presence of industry giants such as AMD, Henkel, Fujitsu, Nortel Networks, Philips, Synopsys, Wavetec, Schneider Electric and Western Digital, among others. The free zone also provides a business with various benefits such as very advanced communication services, a very conducive environment for the businesses and complete ownership of the foreign corporation.
Benefits of setting up a Company in the Dubai Silicon Oasis
Setting up a company in the Dubai Silicon Oasis is one of the best decision which a person in a business can take. The various benefits that a company can avail by setting a business in the free zone are:
- Sophisticated and state of the art Infrastructure complete with an onsite data centre, access to high-speed internet, Wi-Fi coverage all across the free zone and numerous tier 3 data centres.
- Plug and play, ready to move into office structures
- Strict laws related to Cyber Security and Piracy
- A number of business Support service at the same place.
- The provision of E-services will help every person to reach the business in the free zone.
- Access to more than 6 billion people of the markets of three continents.
Need for Audit and Accounting in Dubai Silicon Oasis
Setting up a business is only the first part of a tremendous journey. It is required that the management of the company is continually looking up the necessary information generated by the company and acts according to it. The easiest way of keeping an eye on the health of the company is by availing the service of an auditor or an accountant.
By hiring an approved auditor, the business can increase the chances of profit and keep track of how the business is performing. The benefits of availing the services of an approved auditor are:
- Gather accounting data of the business
- Assists in the Proper Utilization of the resources of the company
- Allows easy and informed decision making
- Allow the business to track and understand the future trend in the industry
- Having approved auditors will increase the confidence of the potential investors
The above mentioned are only some of the benefits that a business can avail of by hiring approved auditors. Proper accounting and auditing of the company are significant factors that will later shape the future of the company.