The Need of Audits in UAE Free Zones

The Need of Audits in UAE Free Zones: Audit itself connotes a panic among the people because it’s meaning itself is defined in terms of investigation, examination or evaluation. Most of the people don’t intend to be screened, scrutinized, examin...
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DMCC Auditing : Dubai Multi Commodities Centre

DMCC Auditing DMCC Auditing DMCC Auditing - DMCC Auditing service by Saif Chartered Accountants, Dubai. DMCC (Dubai Multi Commodities Centre) is the fastest growing free zone in the UAE. Its mixed use waterfront master development is simplifying both business and Community living by offering commercial, residential and retail property for sale and lease.  Situated in the deep heart of modern Dubai, it  can easily be accessed by two metro stations. The DMCC/JLT free zone is located on Sheikh Zayed Road, the main highway connecting Dubai and Abu Dubai, and in close proximity to Jebel Ali Free Zone and ports, Al Maktoum International Airport, and the Dubai Logistics Corridor. Streamlined processes, dependable customer support, unique services and industry clustering, modern infrastructure, prime location, freehold commercial and residential property are some of the reasons why theDMCC / JLT free zone is the first choice for locating your business in Dubai. DMCC registers a
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Meydan Free zone – Dubai, UAE

Meydan Free zone Dubai, UAE Meydan Free zone Meydan offers international free zone trading status with competitive start up costs for businesses locating to Dubai. Meydan Free Zone companies become part of a thriving, centrally located economic community with the best address in the region. Our flexible office spaces, business parks and bespoke commercial spaces are tailored to business whatever the scale Meydan Free zone : Services Registration of Free zone company Office Space Retail Space Residential Space Land Sales Meydan Free zone Meydan is the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE, Prime Minster and Ruler of Dubai. It is the culmination of his vision to create not just the ultimate venue for horseracing, but an integrated city that is sustainable, environmentally responsible and one that positions Dubai at the centre of the competitive global business stage. Dedicated to the rich equestrian heritage of the region, and the passi
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Meydan Free zone - Dubai, UAE

Meydan Free zone - Dubai, UAE [caption id="attachment_454" align="alignnone" width="168"] Meydan Free zone[/caption] Meydan offers international free zone trading status with competitive start up costs for businesses locating to Dubai. Meydan Fre...
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DMCC Auditing

DMCC Auditing DMCC Auditing - DMCC Auditing service by Saif Chartered Accountants, Dubai. DMCC (Dubai Multi Commodities Centre) is the fastest growing free zone in the UAE. Its mixed use waterfront master development is simplifying both business and Community living by offering commercial, residential and retail property for sale and lease. Situated in the deep heart of modern Dubai, it  can easily be accessed by two metro stations. The DMCC/JLT free zone is located on Sheikh Zayed Road, the main highway connecting Dubai and Abu Dubai, and in close proximity to Jebel Ali Free Zone and ports, Al Maktoum International Airport, and the Dubai Logistics Corridor. Streamlined processes, dependable customer support, unique services and industry clustering, modern infrastructure, prime location, freehold commercial and residential property are some of the reasons why theDMCC / JLT free zone is the first choice for locating your business in Dubai. DMCC registe
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Offshore Company Formation – Dubai, UAE

Offshore Company Formation – Advantages Offshore Company Formation : for most entrepreneurs and businesses owners the benefit of offshore company formation in a Dubai free zone far outweigh the gain of establishing a traditional enterprise in the the city. This is especially true for individuals seeking ready access to the market, at minimal cost. Offshore company formation in Dubai - Benefits. 100 per cent foreign ownership. Zero corporate taxation for up to 50 years. Autonomy to repatriate capital and income in totality No import duties No personal income tax No currency restrictions No bureaucratic red-tape No staff recruitment problems Quick and accessible communication Modern infrastructure Low operating costs Attractive business prospects Amazing work environment Owned premises on leased land can be mortgaged. Offshore Company Formation : The Jebel Ali Free Zone Authority, under Jebel Ali Free Zone Offshore
http://www.dubaibusinessinvest.com/

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DMCC Liquidation 

DMCC Liquidation

The  winding-up  of  a  company in DMCC (Liquidation)  shall  be  made  in  accordance  with  these regulations as if the company were a limited liability company formed pursuant thereto,  with  the  exception  that  all  rights  and  responsibilities  vested  in  the competent authority there under shall instead be vested in the authority and all references to the commercial register shall be to the register maintained by the authority.

DMCC Liquidation - Application of this Regulation

DMCC Liquidation regulation applies to the winding up of a company which has no liabilities or which is able to discharge its liabilities in full within six months after the commencement of the winding up and such a winding up is a summary winding up.

DMCC Liquidation : Procedure

DMCC  liquidation : The  company may be wound up(liquidation) under this Regulation by making a statement of solvency in accordance with Regulation below:

• by passing, within 28 days after the statement has been signed by each of the directors of the company, a Resolution that the company be wound up summarily; and
• by delivering to the Legal Registrar, within 21 days after the Resolution has been passed, a copy of it together with the statement.

A statement of solvency shall be signed by each of the directors and state that, having made full inquiry into the company's affairs, each of them is satisfied:-

• that the company has no assets and no liabilities; or
•  that the company has assets and no liabilities; or
• that the company will be able to discharge its liabilities in full within six months after the commencement of the winding up, as the case may be.

Commencement of summary winding up - DMCC liquidation

• A summary winding up under which assets of the company are to be distributed commences on the passing of the Resolution for summary winding up.

Effect on status of company 

• After the commencement of a summary winding up of a company which has assets the corporate state and capacity of the company continue until the company is dissolved but, from the commencement of the winding up, its powers shall be exercised only so far as may be required for the realization of the assets of the company, the discharge of any liabilities of the company and the distribution of its assets in accordance with Regulation

 Appointment of liquidator for DMCC liquidation

•  The creditors and the company at their respective meetings mentioned in Regulation 81.1.2.1. may nominate a person to be Liquidator for the purpose of the winding up. 
• Where a creditors’ meeting is called in accordance with Regulation (H), the person nominated to be liquidator in the notice calling the meeting shall be deemed, for the purposes of this Regulation, to have been nominated as aforesaid by the company.
• The person nominated by the creditors, or if no person is nominated by the creditors, the person nominated, or deemed to have been nominated, by the company is appointed liquidator with effect from the conclusion of the creditors’ meeting.
•  In the case of different persons being nominated, a director, member or shareholder or creditor of the company may, within seven days after the date on which the nomination was made by the Creditors, apply to the legal Registrar for an order either:-
• directing that the person nominated as liquidator by the company shall be liquidator instead of or jointly with the person nominated by the creditors; or
• appointing some other person to be liquidator instead of the person nominated by the creditors.
• A liquidator appointed under this Regulation shall within 14 days after his appointment give notice thereof signed by him to the Legal Registrar and to the creditors.
• A liquidator who fails to comply with Regulation  omits an offence and may be liable to pay a fine in accordance with the Fines Tariff set out in the Free Zone Rules and Regulations.

for more details visit DMCC site 
Looking for a DMCC liqudation? Contact us:

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

 e-mail: info@saifaudit.com Web: www.saifaudit.com 

Office Location: 1106, The Prism, Near Business Bay Metro Station, Business Bay, Sheikh Zayed Road, Dubai.

Location Map: CLICK HERE FOR LOCATION MAP

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DMCC Auditing

DMCC Auditing

DMCC Auditing

DMCC Auditing - DMCC Auditing service by Saif Chartered Accountants, Dubai.
DMCC (Dubai Multi Commodities Centre) is the fastest growing free zone in the UAE. Its mixed use waterfront master development is simplifying both business and Community living by offering commercial, residential and retail property for sale and lease.  Situated in the deep heart of modern Dubai, it  can easily be accessed by two metro stations. The DMCC/JLT free zone is located on Sheikh Zayed Road, the main highway connecting Dubai and Abu Dubai, and in close proximity to Jebel Ali Free Zone and ports, Al Maktoum International Airport, and the Dubai Logistics Corridor. Streamlined processes, dependable customer support, unique services and industry clustering, modern infrastructure, prime location, freehold commercial and residential property are some of the reasons why theDMCC / JLT free zone is the first choice for locating your business in Dubai. DMCC registers and licenses companies, provides visa and other related government services and also supports new companies in obtaining the services required to establish their businesses in Dubai.

DMCC Auditing : is audit is mandatory?

Audit in DMCC/JLT registered companies are made compulsory

DMCC Auditing : Penalties for Non compliance of Audit for companies in DMCC/ JLT

Recently the free zone Authority issued a fine policy for all the clients who have not submitted the audited financials on time. Audit in DMCC/ JLT is compulsory for all registered companies in the free zone. As per DMCC guide lines all its registered members need to submit audited financials for each year within three month from the date of financial year ended. Those clients failed to submit audited financials on time are being penalized for a minimum of Aed 5000 for each financial year. DMCC has already implemented and started to issue fines for the clients who have not submitted audited financials. If any registered member in DMCC has not prepared and submitted the financials to free zone authority then you will be experiencing financial penalties and service termination also.

DMCC - An over view

Dubai Multi Commodities Centre
مركز دبي للسلع المتعددة

The Dubai Multi Commodities Centre is a free zone authority for the JLT Free Zone. It was established in 2002 as a strategic initiative of the government of Dubai with a mandate to provide the physical, market and financial infrastructure required to set up a commodity market place in Dubai. As of June 2013, it had over 6,800 registered members including both commodities and other businesses.

DMCC comprises modern infrastructure, free-hold property and trade networking platforms as well as industry including secure vaults and purpose-built storage facilities. The Centre attracts key players throughout the entire value chain of a wide range of commodities sectors, together with relevant support industries such as finance, logistics and insurance. Ahmed Bin Sulayem is the Executive Chairman of DMCC.

Saif Chartered Accountants
1106, The Prism,
P O Box 34927,
Near Business Bay Metro Station,
Business Bay, Sheikh Zayed Road, Dubai, UAE.

Tel: +971 4 4518600, Fax : +971 4 4518599
Mob: +971 50 8550 765, +971 50 675 9158

Mail: info@saifaudit.com

http://www.saifaudit.com

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