Frequently Asked Questions
Frequently Asked Questions
• Q: How much does it cost to set up a company in DMCC?
A: The cost of company setup in DMCC (or any free zone) depends on several factors, including the legal structure, license type, and additional services required. We provide customized quotes after understanding your specific needs. Please contact us for a detailed cost estimate.
• Q: What are the steps involved in setting up a company in the UAE?
A: The steps typically involve choosing a legal structure, obtaining necessary licenses and approvals, registering the company with the relevant authorities, and opening a corporate bank account. We guide you through each step of the process.
• Q: What are the differences between mainland, free zone, and offshore company formations in the UAE?
A: Mainland companies offer full UAE market access but are subject to corporate tax, while free zone companies enjoy tax benefits but have limited market access, and offshore companies primarily operate internationally with minimal UAE market access; the best choice depends on your business needs and goals.
• Q: How long does it take to set up a company in the UAE?
A: The time required for company setup varies depending on factors such as document preparation, regulatory processing times, and chosen jurisdiction. We strive to expedite the process, providing regular updates along the way. Contact us for an estimated timeframe.
• Q: How can I obtain a residence visa in the UAE?
A: The process involves obtaining a visa sponsorship, typically tied to employment or business ownership. We assist with obtaining the necessary documentation and navigating the application process.
• Q: What are the requirements for a UAE residence visa?
A: Requirements include valid passport, photograph, educational certificate, medical check-up results, biometrics and other supporting documents, specific to your visa type and sponsorship. We guide you through the required documentation.
• Q: What are the costs associated with obtaining a residence visa?
A: Costs vary depending on the type of visa and may include government fees, medical examination costs, and other processing fees. We can provide a detailed breakdown of the associated costs.
• Q: What is VAT registration and filing process?
A: VAT registration involves formally registering your business with the UAE's Federal Tax Authority (FTA) to collect and remit Value Added Tax (VAT). The filing process then requires you to submit VAT returns (typically quarterly) detailing your sales, purchases, and the calculated VAT amount due to the FTA.
• Q: What are bookkeeping services?
A: Bookkeeping services encompass the systematic recording and organization of a business's financial transactions. This includes recording sales, purchases, expenses, tax computation, and other financial activities to maintain accurate and up-to-date financial records. These services ensure compliance with accounting standards and provide essential data for financial reporting, tax preparation, and informed business decision-making.
• Q: What type of financial audits is necessary for submission in the UAE?
A: In the UAE, financial statement audits can result in two main types of opinions: an unqualified opinion (also known as a clean report), indicating the financial statements fairly present the company's financial position and performance in accordance with accounting standards, and a qualified opinion, signifying that the auditor found some limitations or exceptions to the financial statements' accuracy or compliance, requiring further clarification or adjustments. Generally, there is no strict requirement for a specific type of financial audit for submission in the UAE.
• Q: How much does a company license renewal cost?
A: The cost of a license renewal varies depending on the type of license and jurisdiction. We provide accurate cost estimates after understanding specific needs.
• Q: How much does it cost to amend a company license?
A: Costs for license amendments depend on the type of amendment (e.g., change of activity, change of manager). We are providing a quote after assessing the details of the amendment.
• Q: What is the ESR report?
A: The Economic Substance Regulations (ESR) report is required by UAE law for specific business activities. We are guiding our clients through the process and help them prepare compliant reports for their businesses.
• Q: Do you assist with opening corporate bank accounts?
A: Yes, we assist in opening corporate bank accounts in the UAE with various banking institutions.
• Q: What is your contact information?
A: You can contact us on 800-GARANT(427268), + 971 4 421 4335 or +971 52 938 5533.
o Our address is: Office 1707, Tower BB-1, Mazaya Business Avenue, Jumeirah Lake Towers Dubai, UAE
o Our mailbox is info@garant.ae.