UAE is renowned for the great business opportunities it deals and the innumerable facilities the place offers to the businesses. Several free zones in the UAE offer diverse opportunities for business entrepreneurs to begin their company and business. All free zones are operated and directed by specific rules and regulations for the companies that are established in specific zones. As Dubai is the fastest-growing economies, setting up a business or company is the dream of entrepreneurs around the nook and corner of the world. The presence of free zones allows the various business to begin themselves in the nation. Almost 30 free zones avail in Dubai, out of that Dubai International Financial Centre (DIFC) is the most significant one.
DIFC was established in 2004 and is one of the fastest-growing free zones in the UAE. It is mainly developed for the promotion and management of financial companies in the UAE. Now it becomes the most important hub for the Middle East, African and South Asian countries. DIFC consists of three regulatory authorities, which handle the companies established in the free zone and have their own specific rules and regulations. They are:
Dubai International Financial Centre Authority (DIFCA) – It is a regulatory body, manages the growth of the different companies that are established in the DIFC free zone. It helps in forming the rules, regulations and the laws that would apply to all financial services companies.
Dubai Financial Services Authority (DFSA) – It is also a regulatory body, which takes care that the rules, regulations and the laws that oversee the companies established in the free zone are complied with. It also has the authority to create rules, which will affect the economic market and at the same time beneficial to the firms established in the DIFC.
DIFC Courts – It acts like a judiciary body, which keenly takes part and is in control for solving all kinds of commercial and civil differences that may arise in the firms that function in the free zone. It also ensures that all the standards for solving the dispute and legal proceedings are followed.
Setting up a business in the DIFC has its own various benefits. These benefits are provided by DIFC makes the business run in UAE more smoothly. There are a couple of benefits in setting up a business in DIFC and there are listed below:
Presence of an International Stock Exchange.
DIFC is controlled by International accepted laws and compliance procedures.
The security and data privacy measures are sufficient and there is no gap of information. It is confirmed that there is a free flow of information and the transparency is sustained.
No personal or corporate income tax applies to the firms that are established in the free zone.
DIFC free zone offers advanced infrastructure facilities to the business, transportation facilities for easy travel and the free zone are controlled by the advanced technologies.
DIFC lets the businesses set up in the free zone to function and manage the business in Dollars, which makes it easier for the foreign enterprises to handle their funds.
The firms that established within the DIFC free zone have to comply with certain rules that make the financial audit mandatory for the businesses. The DFSA controls the audit of the businesses established within the DIFC and is necessary for all the businesses to induce their audit done. The financial audit has to be done at the end of every year and will be submitted to the authorities within 4 months of the end of the financial year. The audit of the financial statements is mandatory because it helps within the improvement of the management of the corporate and is a test to make sure that each one the principles and rules are complied with.
If you are looking for any auditing services in the DIFC, you can avail the services of ARC Associates. We are one of the approved auditors by DIFC who are licensed to perform the audit the financial statements of the businesses established within the DIFC. We have a team of expert professionals who have their expertise in performing financial audit of the firms registered under DIFC. ARC Associates have established themselves as one among the best auditors in UAE and are authorized to perform the auditing of the companies registered under DIFC within a stipulated timeframe. And also help in providing an actual and fair image of the financial position of the companies under the DIFC. For more details on the services provided by us, do contact – we’d be happy to help you…
