Tips for Swift Business Setup in DWC Free Zone
DWC, acronym for Dubai World Central is the former name of Dubai South Free Zone and in many business circles, is still referred to by its previous name. Conveniently located near the iconic Jebel Ali Port and Al Maktoum, Dubai South Free Zone or DWC is a magnet that attracts organizations desirous of setting up business in Dubai. The integrated and well planned infrastructure of the region is responsible for the huge demand among investors for a footprint in the zone. Access to major road, air and port gateways have made DWC one among the most popular destinations for organizations. Before diving into the nitty gritty of setting up business in Dubai World Central, it is time to take a look at the standout benefits of business setup in DWC free zone.
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Standout benefits of Business Setup in DWC Free Zone
Tax concessions are a major draw for businesses, which find the prospect of capital repatriation very attractive. The ability to send back profits and capital from the investments makes it appealing. Duty exemptions for important and export help businesses to leverage the absence of duty to earn more profits. Perhaps the biggest advantage of Business Setup in DWC Free Zone is the business holding pattern. Entities can have full foreign ownership of establishments in the DWC, giving greater control to investors and owners. The lifting of currency restrictions and many other concessions make Dubai South Free Zone a great prospect for businesses.
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Different types of licenses in DWC
Business setup in DWC Free Zone involves licensing requirements. Various business activities are classified into five distinct types of licenses – logistics, trading, services, education and industrial. Your business should offer services or be involved in one of the five business activities to be granted a license. A licensed business entity can carry out business activities though the Emirates and is at liberty to sell products from the DWC in the whole of UAE by enlisting the services of an agent from the UAE. An entity can carry on business activities in three verticals in one category for a single license. In other words, a business can use a single license to carry out three different business activities of the same classification.
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Pre-requisites that need to be fulfilled
Pre-requisites for Business setup in DWC Free Zone include the need for opening a corporate bank account, and processing of formalities for a residence visa. In addition to the setting up formalities, there is also a need for entities to use the services of an accredited Auditor. This mandatory for the purpose of filing of financial statements, and the date by which an auditor needs to be appointed is within a period of 30 days from the date of receipt of trade license.
The various formalities and processes that are required to process and successfully receive a license, may sometimes be a bit too much to handle for entities. The best choice is to use the services of renowned agencies for the purpose of concluding the formalities. A business setup service provider with the experience and the resources to handle the registration and related formalities will offer solutions that actually help to save time, money and effort, in addition to ensuring that the license is granted.
