Dubai has several free zones. Most of these areas are meant specifically for businesses. Unlike other regions of the state, these free zones enjoy some exclusive offers. From taxation to zero duty, businesses in free zones enjoy a number of perks that you may not find in other areas of the city. If you happen to be one of them, chances are that you must be enjoying and making the most of those perks too. However, just because you have some incentives, doesn’t mean you’ve attained freedom from certain requirements. The biggest one of them is not being able to comply with license renewal within the due date. Off course, the consequences of being unable to doing so can be severe and can lead to cancellation of your license as well. Same is the case with accounts and audit firms. Despite being in a tax free zone, you will need their services. Here is more look into hiring company formation consultants in dubai:
No Doesn’t Mean No Audit Firm
Perhaps the first question to pop up in your mind would be this, why I need an audit firm when I am not required to pay taxes? The fact is that the notion of no taxes is not entirely true. For instance, industries like gas and oil, branches of foreign banks are all liable to pay taxes. In the same vein, other industries like hotel businesses and entertainment facilities are also required to pay taxes in some forms like municipality tax etc. As such, though most businesses are not subjected to taxes, some of them still fall under the realm of tax. It is these businesses that need services of an audit firm more than others.
The Future Of Auditors In Free Zones
If you were happy that your business was not taxable, it is time to think again. By early next year (January 2018), all companies shall be required to keep their accounts in order. The reason is the inevitable enforcement of Value Added Tax for the first time in UAE. Once it is in place, businesses shall be required to submit their accounts to auditors to keep them in proper order. So, the future of auditors in free zones is as bright as anywhere. They’ll likely stay employed for a long time.
In case you are looking forward to a top accounting firms in dubai you will still need to hire auditors.