Dubai World Central (DWC)
Dubai World Central (DWC), close to the fast-growing areas of “new Dubai”, lies at the heart of an entire airport city. Once completed, this airport will be the world’s largest global gateway with capacity for more than 160 million passengers per year. It will also serve as a multi-modal logistics hub for 12 million tons of freight. DWC comprises eight integrated districts – The Al Maktoum International Airport, Logistics, Aviation, Exhibition, Residential, Commercial, Humanitarian, and Golf districts.
DWC offers 100% tax-free operations and 0% corporate taxation, 100% foreign ownership, cost-effective office solutions, eligibility for 2 residence visas, 100% repatriation of capital and profits, the total exception of all import and export duties and strategic location on Sheikh Zayed Road connecting Abu Dhabi and Dubai
LICENSING AND BUSINESS ACTIVITIES
DWC offers a very wide range of business activities falling under 5 types of licenses: Services, Trading, Logistics, Industrial and Education. A DWC Company can have up to 3 business activities from the same category in one license and allows to carry out services in the UAE and sell products in the UAE market through a local agent.
Getting Started 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 meet with the DWC Sales team and agree on the type, location, and size of the 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 (DWC-LLC).
To establish a new DWC-LLC, the following must be submitted:
- A completed form – Registration & Licensing Application (Dubai World Central LLC);
- Clear and valid passport copies (preferably in colored) of any individual listed as a Shareholder, Director, General Manager and Company Secretary in the application form;
- A notarized attested and a legalized copy of the certificate of incorporation, valid certificate of good standing or trade license (for foreign companies, should be notarized, attested and legalized) of any Shareholder that is a corporate entity;
- If the person handling the application and signing the declaration at the end of the Registration & Licensing Application form is not named as a Shareholder, Director, General Manager or Company Secretary in the application, then a notarized Power of Attorney or signed Board Resolution (if the Shareholder is a corporate entity) will be required from each Shareholder, confirming that the person handling the application is properly authorized to act on behalf of the Shareholders;
- Two (2) copies of the Memorandum of Association and the Articles of Association of the DWC-LLC on this site under COMMERCIAL BUSINESS, bearing the name of the company to be incorporated and signed by all Shareholders, noting their names, addresses, and respective shareholding; and
- The applicable fee.
For branch registration, the following documents are needed:
- A completed form – Registration & Licensing Application (Branch);
- Either a copy of a signed Board Resolution or a notarized Power of Attorney from the existing entity, confirming the intent to establish the Branch and nominating a representative to handle the filing;
- Notarized attested and legalized Memorandum and Articles of Association or similar constitutional documents of the existing entity;
- Notarized, attested and legalized certificate of incorporation, certificate of good standing or valid trade license of the existing entity; and
- The applicable fee
The categories of license available within the DWC Free Zone are as follow:
- Commercial License
- Service License
- Industrial License
- Education License
For the registration and licensing process, it can be completed at least one (1) day provided that security checks have been cleared and all the supporting documentation for the application are complete and correct.
Fees and Charge
The cost of first registration is included in the license fee. The fees for all licenses (except General Trading) are currently AED 10,000 per annum, per license, payable in advance. The fees for a General Trading license are currently AED 20,000 per annum, also payable in advance.
If any business (FZ-LLC or Branch) registered wishes to cancel their License and De-register the company, the following are the procedures to follow:
- Cancel all existing employees, if any
- Resolution of Director Board for dissolution and appointment of a liquidator and it has to be attested from Notary Public.
- Letter from the Liquidator along with their License Copy, Auditor registration certificate, Authorized signature certificate attested by Notary Public
- Payment of the fees at the Department of Economic Development to issue company liquidation certificate
- Liquidation advertisement in two local Arabic newspapers for one day and wait for 45 days to check whether any client has a financial claim against the company
- Present original newspaper Ad and final audit report of the company to the Department of Economic Development
- Confirmation of the Liquidator and Partners that there is no any objection/claim from the third party during the Ad period
- Cancel visa of partners, if any, and get a clearance letter from Ministry of Labour and Immigration, DEWA, Etisalat
- Copy of Director Board resolution and a copy of liquidation certificate
- Pay fees at the Department of Economic Development
Why need BMS Auditing Chartered Accountants?
BMS is an organization with expert professionals who can help you with the registration and formation as well as liquidation and de-registration of your business in any of the UAE Free Zones.
Our market experience and the solid personal relationships which we constantly maintain with the major finance providers and business communities, we behold specialist advisory skills to support you both in the local and global market place.
With BMS, we can help you identify the needs of your business by:
- Providing Guidance & Support in strategizing your business plan and providing business advisory.
- Assisting you in making the best decision in favor of the business by assessing the risk along with the management techniques of the same.
- Assisting you in preparing the application form to be submitted to the regulatory department
- Providing proper guidance while selecting the strategic locations of warehouse/s and/or offices.
- Providing VAT Compliance and Advisory support for VAT Registration, VAT Implementation, VAT Return Filing
- Tax restructuring
- Provisions for Accounting & Book Keeping services
- Provisions for Accounting & Financial Reporting
- Provisions for Audit & Assurance Services
- Preparation of liquidation report and PRO service support for liquidation
With the continuous support from our Chartered Accountants, you will get core business advice, qualitative solutions and unique experience that are specifically catered with your business needs.