Essential Things that will help you to incorporate a business in Dubai Free zone

 When it comes to Dubai and business set up, the first choice is the Free zone given the various benefits like tax free zone, 100% foreign ownership (which is now possible with the new Commercial Law) and the east of company formation in Dubai.

First and foremost – understand the type 2 types of Free zones:

-          Free Zone Limited Liability Company (FZ LLC) or Free Zone Company (FZ Co)

-          Free Zone Establishment (FZE)

And then the number of free zones. There are 30 free zones as of now.

To ensure a seamless Dubai free zone company setup, be prepared with the following:

-          The name of your business. While it might seem easy, it is quite a complex decision to make. It sets the target and course for your business. The first step is to register the name of your company via the government body or through a company formation expert.

-          Then the next important step is to understand the free zones and make a choice for your business – depending on the type of business. Some free zones only allow certain categories of businesses, so you will have to map business category with free zones and accordingly make a choice.

-          It’s crucial to have all your documentation in one place. You would need the below documents to register your company in a free zone:

1.       Copy of shareholder’s passports and visas

2.       Application form

3.       Business plan

4.       Specimen signature of the company’s shareholder/s and the appointed Manager/Director for the new company

5.       Audited financial reports of 2 years or certificate of reference from a personal bank of the individual shareholder

6.       NOC from current sponsor (for individuals)

7.       Unit title deed

8.       Letter of Intent, and more.

 The free zones have a special tax, customs and imports regime making it a lucrative for businesses. With 100% import and export tax exemptions, it’s a great option for businesses involving the movement of goods. To know more about company formation in Dubai, check out TRC Pamco, one of the best audit firms in Dubai. They have Company Formation experts and can help you ease the process.

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Changing Trends in Internal Auditing

 Internal Audit provides independent assurance that the organization’s risk management, governance and internal controls operate in a seamless manner. It also has to act as the trusted partner of any business.

Internal Audit provides independent assurance that the organization’s risk management, governance and internal controls operate in a seamless manner. It also has to act as the trusted partner of any business.

Any discrepancies in Internal Audit lead to process improvements as well. It basically helps identify any warning signals that could lead to threats for any organization, so you get how important Internal Audit can prove for an organization. Here are a couple of changing trends for Internal Audit firms in Dubai, and how they can implement these changes in their processes:

-          The role of internal audit has evolved than just being a financial audit. It’s more about regulatory compliance and business process optimization. Right from financial reporting to managing risk, from prioritizing goals to eliminating redundancy and streamlining operations – the role of an internal auditor involves this and much more!

-          Given the environment today – businesses call for a strong collaboration between auditors and auditees. It’s all about building a structure that facilitates a healthy environment at workplaces, one that also facilitates accountability. With the free flow of information, every organization can be on the same page.

-          Internal Audit is now meant to deliver continuous assurance across the organization. Centralized Internal Audit solutions will ensure that everyone has a know-how of the organization. Every business must be able to review any control self-assessment of their choice – regardless of where it’s being performed. This will help identify and improve processes to a very large extend. By doing this across business verticals, auditors will help you identify risks, near-misses and many more emerging risks that could hamper the organization.

-          Upgradation of the technology infrastructure for any business is essential, given the various complex assessments and inspections involved.

A web-based integrated audit management system can help overcome the operational difficulties, while also strengthening the Internal Audit function. To know more, get in touch with TRC Pamco, the leading Internal Audit Firm in Dubai.