Costs of a regular audit for Free Zone entity in Dubai

[sergeylim88]

yes you can get an office from freezone for the price of 20k aed or more (5k eur or more)
so the conclusion is you need the office
do you agree?

 

[lacomaco]

yes you can get an office from freezone for the price of 20k aed or more (5k eur or more)
so the conclusion is you need the office
do you agree?

Agree with what? End of no or minimum subtance companies is getting very near, time to accept this fact - as Robert Maxwell said cheap lawyers bring cheap results

 

[sergeylim88]

i am stating that the office is need
asked if he is agreeing with my statement

 

[lacomaco]

i am stating that the office is need
asked if he is agreeing with my statement

Yes you need substance, a flexi desk is not a substance

 

[sergeylim88]

@Fred
i see that we can do a virtual office with ejari for bank inspection, a lot of business centres offer this service
can you recommend a business centre?
not sure if all of them are legit
any comment would be useful
you can pm me if you don't want to write it public

 

[Fred]

I don't get it - virtual office with Ejari?

What should this be - the Ejari is a proof that it's a proper office dedicated under lock key which is not elsewhere rented out so exactly the opposite of a virtual office.

RE Audit:

It all depends on your service provider and the access you have to specific service - in case it will be really required we can provide a cost neutral audit for our clients till a certain amount of bookings each months using a back to back solution through the Authority as this is a business for them as well.

I mean the big issue we have in Dubai is that the whole setup is crazy overpowered compared to the competition so they still can make things much more unattractive and still Du ai would be the best solution out there providing Residence and a 0% Tax Setup.

 

[sergeylim88]

i probably miss said
it is an office which comes with ejari, but you can not use it
you use it for bank inspections, and to have a proof of office
example Open BANK ACCOUNT with VIRTUAL OFFICE | UNLIMITED Inspections Included | MAINLAND - FREEZONE License | Bayut.com

 

[Fred]

i probably miss said
it is an office which comes with ejari, but you can not use it
you use it for bank inspections, and to have a proof of office
example Open BANK ACCOUNT with VIRTUAL OFFICE | UNLIMITED Inspections Included | MAINLAND - FREEZONE License | Bayut.com

Yes that's a fake one so they recycle the office all the time - Ejari is the proof that the Office tenancy contract for 1 years is officially registered with Dubai Land department and not 100x rented out - so the Ejari is exactly the document which protect such abuse like they advertise.

Further that particular Office space looks quite small and very unique equiped so it's for sure already flagged from every major bank compliance.

I'm always liberal and say try your luck but here I wouldn't as you can land on the central bank blacklist when the Bank you apply with reports this.

Can be even a honey pot from the GoV this advertising - it's like selling fake passports on eBay.

 

[sergeylim88]

i understand
can you recommend a better business centre for same purpose?

 

[lacomaco]

i understand
can you recommend a better business centre for same purpose?

What if you try to change your way of thinking Sergey and put substance behind what earns you the money? Cheap solutions bring cheap results

 

[sergeylim88]

ok Fred can tell me what is the expected amount to pay

 

[Fred]

ok Fred can tell me what is the expected amount to pay

Wondering why your service provider doesn't provide you this as it's essential for banking.

Anyway the average market price is 25.000 AED for something legit or around 17.500 - 20.000 AED directly from the responsible Authority. For this it need to be a reputable one as most Authority has only Flexi Desk and no real office - we can't help currently external clients either - everything occupied.

 

[sergeylim88]

as i said i am gathering info for my buddy
i don't know why his service provider doesn't help that is a good question

 

[sergeylim88]

@JimBeam can you share your contact for accounting and audit?
@Fred do you have any recommendation for someone to do accounting and audit.
apx. 30 transactions per month

 

[Fred]

@JimBeam can you share your contact for accounting and audit?
@Fred do you have any recommendation for someone to do accounting and audit.
apx. 30 transactions per month

If your buddy is using a good Corporate Service Provider he should get a Soft Audit which is not stamped by a Chartered Accountant but accepted from FTA for the upcoming CT returns - this should be free of charge as the commerical leverage is on the Trade License Renewal.

If it's required to be stamped by a Chartered Accountant - for whatever reason - his Corporate Service Proivder should have an hired Chartered Accountant in-house.

If he doesn't have any leverage with a Corporate Service Provider with a Trade License Renewal Margin - average Market Price for the Audit and "VAT evaluation" is 1000 AED / month.

Most of the time only monthly packages are provided and no stand alone services - only to gather new clients initial.

 

[sergeylim88]

he is registered directly through freezone
according to my knowledge his service provider(freezone) doesn't offer that
what would be the options now to avoid paying 12k AED per year?

 

[JimBeam]

@JimBeam can you share your contact for accounting and audit?

Just PM me and I'll give you their contact.
They are chartered accountants.
We needed audits for use outside of UAE.

Also, Fred shared some good information.

 

[sergeylim88]

i have no PM option