DWC Free Zone (Dubai World Central)
A strategic initiative of the Government of Dubai, Dubai World Central (DWC) is a master-planned aerotropolis propelling the emirate’s economy into the future. Leveraging the emirate’s position as a leading global trade, business and aviation hub, the development’s eight districts form a compelling economic platform for businesses to reach greater heights and expand their horizons.
Dubai is a vital connection point between East and West. Facilitating the global flow of goods, services and ideas, Dubai’s foreign trade amounted to USD 190 billion in 2011. Furthermore, its location positions it as a gateway to the emerging MENASA (Middle East, North Africa and South Asia) markets, which have a cumulative GDP of USD 3.6 trillion (2009) and an estimated one-quarter of the world’s population.
SERVICES in DWC Free Zone
When it comes to aviation considerations, enhanced logistics and convenient trade opportunities, Dubai World Central is the ideal partner to help your business to grow quickly, efficiently and painlessly. DuServe FM – DWC facilities management company and Smartworld – DWC infrastructure and communications technology company, have been established by DWC to facilitate fast, smooth ad hassle-free set up of operations.
How do I start a business in the DWC Free Zone?
All businesses operating in the DWC Free Zone must have a physical presence in the Free Zone. Accordingly, the first step to getting started is to agree on the type, location and size of premises to be leased. All businesses must then be registered and licensed to operate within the DWC Free Zone. There are two registration options: registration as a Branch of an existing entity, or incorporation of a new DWC limited liability company.
What types of licenses are available in DWC Free Zone?
The categories of licenses available within DWC Free Zone are:
- Logistics License – allows the holder to carry out specified logistics services
- Industrial License – allows the holder to carry out specified light manufacturing activities
- General Trading License – allows the holder to import, export and store items specified in the License, and sell these products only in the UAE market through a local distributor
- Service License – allows the holder to carry out services specified in the License within the DWC Free Zone and elsewhere in the UAE
- Education License – allows the holder to carry out educational and social services, educational and training, and educational consultancy services
Every Free Zone Enterprise must keep proper records of account prepared in accordance with International Financial Reporting Standards (IFRS) and be sufficient to show and explain: (i) the assets and liabilities of the Free Zone Enterprise; and (ii) all transactions which show money received and expended by the Free Zone Enterprise on a day to day basis together with information sufficient to identify and explain such receipts and expenditure. The records of account must be kept at the Registered Office and shall be available for inspection. If a Free Zone Enterprise fails to allow for inspection of the records of account the matter may be referred to the Corporation and the Corporation may order the Free Zone Enterprise to immediately arrange for inspection of the records of account.
Auditors – DWC Free Zone
Each Free Zone Enterprise must have one or more independent auditors.The auditor(s) will be granted such access to information, material, documents, records, personnel and officers of the Free Zone Enterprise along with such other things as they might reasonably require in order for the proper performance of the duties of the auditor(s). The auditor(s) will be responsible for, amongst other things, examining the annual accounts of the Free Zone Enterprise and stating by means of a written report whether or not the profit and loss account and balance sheet present an accurate and fair view of the state of affairs of the Free Zone Enterprise at the end of the financial year in question and whether or not all of the information and explanations sought by the auditor(s) has been obtained. Such written report must be annexed to the annual accounts as presented to the shareholders. The auditor(s) of a DWC limited liability company will be entitled to receive notice of and attend any shareholders’ meeting at which the annual accounts of the company are to be presented for discussion.
Courtesy : http://www.dwc.ae
For assisting company formation, accounts and audit services:
Saif Chartered Accountants
P O Box 34927, Dubai, U A E.
Tel: +971 4 4518600, Fax : +971 4 4518599
Mob: +971 50 8550 765, +971 50 675 9158