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Setting up Business in DMCC Freezone

benefits of setting up business in DMCC freezone in Dubai.

Unlocking Success: 7 Benefits of Setting up Business in DMCC Freezone

The Dubai Multi Commodities Centre (DMCC) Freezone is one of the fastest-growing business hubs in the UAE. It was established in 2002 to facilitate the trade of commodities such as gold, diamonds, and precious metals. Over the years, DMCC has grown to become a multi-sectoral free zone, attracting businesses from various industries. Setting up a business in DMCC has numerous benefits, some of which are outlined below.

Strategic location: DMCC is strategically located at the heart of Dubai, making it an ideal location for businesses that require easy access to global markets. Dubai’s excellent infrastructure, including its ports, airports, and road network, makes it easy for businesses in DMCC to connect with their suppliers and customers worldwide.

Business-friendly environment: DMCC offers a business-friendly environment with a streamlined company setup process, low setup costs, and zero corporate tax for 50 years. This means that businesses in DMCC can enjoy a low cost of doing business, which translates to higher profits.

Wide range of business activities: DMCC offers a wide range of business activities, making it easy for businesses to find a suitable niche. Some of the activities available in DMCC include trading, manufacturing, logistics, and financial services.

Access to world-class infrastructure: DMCC has world-class infrastructure, including modern office spaces, warehousing facilities, and advanced IT and communication systems. This infrastructure provides businesses with a competitive edge, making it easy for them to operate efficiently and effectively.

Networking opportunities: DMCC hosts numerous events throughout the year, providing businesses with ample networking opportunities. These events bring together business leaders, entrepreneurs, and industry experts, creating a platform for businesses to collaborate, share ideas, and forge strategic partnerships.

Visa and residency options: DMCC offers flexible visa and residency options, making it easy for businesses to recruit and retain talent from around the world. Businesses in DMCC can sponsor visas for their employees, making it easy for them to attract top talent.

Easy access to financing: DMCC has a range of financing options available, including venture capital, private equity, and banking services. These options make it easy for businesses to access the capital they need to grow and expand.

To summarize, the establishment of a business at DMCC Freezone offers an abundance of advantages. Beyond its favorable geographical placement and conducive entrepreneurial ambiance, DMCC serves businesses with top-of-the-line infrastructure and ample networking prospects – equipping them with all the necessary tools to prosper. Moreover, including but not limited to their versatile visa and residency options coupled with hassle-free financial accessibilities, DMCC proves as a prime locale for entities seeking an initial regional foothold within UAE territory.

How MS can help you with seeking an initial regional foothold within the UAE territory

1. Help you in every way possible starting from pre-business setup services.

2. Help you design a unique plan and package.

3. Establish the best corporate structure

4. Establish and complete the registration process in dmcc portal

5. We tailor our solutions specifically to your needs.

6. Finalizing required documents from DMCC

7. Add new activities, partners, or shareholders for old licenses

8. Company Trade license / Amending / Renewal

9. Company’s Establishment Card

10. Personalized guidance for each client on UAE regulations

AFTER FORMATION SERVICES :

1. Assist in opening a bank account in UAE

2. Annual audit report

3. Accounting & Bookkeeping

4. DMCC Annual Accounts Filing

5. ESR Notification and Filing

6. License & Data Protection Renewal

7. Tax/ VAT services

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Different types of financial licenses available in the ADGM

financial licenses available in the ADGM

The Abu Dhabi Global Market (ADGM) is a financial-free zone that operates as an international financial center in Abu Dhabi, UAE. In order to carry out financial activities within the ADGM, financial institutions must obtain the appropriate financial license. The ADGM Financial Services Regulatory Authority (FSRA) is responsible for issuing and regulating these licenses. Here are the different types of financial licenses available in the ADGM:

Bank License: This license allows financial institutions to carry out commercial banking activities within the ADGM. This includes accepting deposits, making loans and providing other banking services.

Insurance License: This license enables financial institutions to carry out insurance and reinsurance activities within the ADGM. This includes underwriting insurance policies, managing insurance claims, and providing insurance-related services.

Asset Management License: This license enables financial institutions to carry out asset management activities within the ADGM. This includes managing and investing client funds, providing investment advice, and offering investment products.

Capital Markets License: This license enables financial institutions to carry out capital markets activities within the ADGM. This includes offering investment products such as bonds and equities and providing investment banking services such as underwriting and trading.

Islamic Finance License: This license enables financial institutions to carry out Islamic finance activities within the ADGM. This includes offering Sharia-compliant financial products and services and adhering to Islamic finance principles and regulations.

Each type of financial license has its own set of requirements and regulations that financial institutions must comply with. The ADGM FSRA is committed to maintaining high standards of regulation and ensuring the stability and integrity of the financial sector in the ADGM.

As a risk-based regulator, the ADGM FSRA assesses firms to ensure that they adhere to the standards of conduct and business set by the FSRA following all the market regulations. Financial services entities registered in the ADGM must meet specific obligations outlined by the FSRA in addition to standard obligations required for all ADGM-registered entities.

MS is well-equipped to support firms in navigating the process of setting up a financial company in the ADGM and obtaining FSRA authorization. MS offers a full range of services to help firms meet the regulatory requirements, including:

• Outsourced Accounting and Finance Officer

• VAT advisory, registration, and implementation

•CRS/FATCA assistance and implementation

• Assistance with policies, procedures, and regulatory returns

• Economic Substance Tests

Obtaining FSRA authorization can be a confusing and challenging process, but with MS, you can ensure a smooth setup from start to finish. MS will manage your relationship with the FSRA and ADGM Authority. If you’re interested in setting up a financial company in the ADGM and obtaining FSRA authorization, feel free to contact MS for support.

Disclaimer: MS is not responsible for the approval of licenses by the authority.

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News & Press Releases

Breaking News: MS and MASDAR Freezone Join Forces for a Brighter Future

MS and MASDAR Freezone Join Forces for a Brighter Future

We at MS are proud to announce our partnership with MASDAR Freezone

Are you an aspiring business owner looking to establish your Business in MASDAR Freezone Abu Dhabi, the thriving business hub of the Middle East?

Look no further! We at MS are proud to announce our partnership with MASDAR Freezone, a world-class business ecosystem located in Abu Dhabi, to offer comprehensive business setup assistance to entrepreneurs and businesses of all sizes.

As one of the leading business consultancy firms in the region, we understand the complexities and challenges of setting up a business in a foreign country. With our expertise in finance and business management, coupled with the extensive resources and support offered by MASDAR Freezone, we are well-equipped to guide you through the entire business setup process, from start to finish.

Why Choose MASDAR Freezone?

MASDAR Freezone is a strategic initiative by the Abu Dhabi government to promote sustainable development and innovation in the fields of clean energy, sustainability, and technology. Located in the heart of Abu Dhabi, MASDAR Freezone offers a conducive environment for thriving businesses, with state-of-the-art infrastructure, world-class facilities, and a range of business incentives and benefits.

As a business setup destination, MASDAR Freezone offers several advantages, including 100% foreign ownership, no corporate or personal income tax, no customs duties, and streamlined business processes. Additionally, businesses in MASDAR Freezone have access to a pool of talent from diverse industries, a strong support network, and excellent connectivity to global markets, making it an ideal location for startups and established businesses alike.

How we MS help you set up your business in MASDAR Freezone.

Setting up a business in a foreign country can be overwhelming, with numerous legal, financial, and operational considerations. Our team of experienced finance and business consultants can provide you with end-to-end business setup assistance, tailored to your unique requirements. Here are some of the services we offer:

  1. Business Planning and Feasibility Analysis: We can help you develop a comprehensive business plan and conduct a feasibility analysis to assess the viability of your business idea in the local market. This includes market research, competitor analysis, financial projections, and risk assessment.
  2. Company Registration and Licensing: We can guide you through the company registration and licensing process, ensuring compliance with local laws and regulations. This includes assistance with selecting the appropriate legal structure, preparing the necessary documentation, and liaising with government authorities.
  3. Financial Management and Accounting: We can provide you with expert financial management and accounting services, including budgeting, financial forecasting, bookkeeping, payroll management, and tax planning, to help you maintain accurate financial records and comply with local financial regulations.
  4. Human Resources and Talent Management: We can assist you with human resources and talent management, including recruitment, employee onboarding, performance management, and compliance with local labor laws. This ensures that you have the right talent in place to drive your business success.
  5. Business Advisory and Support: We can provide ongoing business advisory and support services to help you navigate the challenges of operating a business in a foreign country. This includes strategic planning, risk management, business process optimization, and performance monitoring, to help you achieve your business goals.

Partner with Us for a Successful Business Setup in Abu Dhabi

With our partnership with MASDAR Freezone, we are committed to helping business owners and entrepreneurs establish their ventures in Abu Dhabi with confidence and ease. Our team of experienced finance and business consultants will work closely with you to understand your business requirements, provide personalized advice, and guide you through every step of the business setup process.

Whether you are a startup or an established business, our comprehensive business setup assistance will ensure that you are well-prepared to capitalize on the lucrative opportunities offered by Abu Dhabi’s dynamic business landscape.

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Blogs

The signing ceremony of MIDFIELD Community Cup 2023.

The signing ceremony of MIDFIELD Community Cup 2023.
MS Group Official Sponsors of MIDFIELD Community Cup 2023

MS Group Becomes Official Sponsors of MIDFIELD Community Cup 2023

Excited to announce that MS Group has partnered with the MIDFIELD Community Cup 2023 as the Title Sponsor! Pledged as part of our efforts to promote Active Lifestyle and Community Development in the UAE, we invite your attention to this massive football event.
Join us as we revamp football and celebrate the values of reflection, redemption, and good health.

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SIX YEARS OF SCALING & SOARING

6 years of scaling and soaring

For the past six years, MS Team has been committed to helping businesses steer, scale, and soar to new heights of success. With our expertise in guiding businesses and assisting entrepreneurs across industries, MS Team has become a trusted partner for businesses looking to achieve growth and reach their full potential. From startups to established enterprises to fortune 500 companies, MS Team has helped firms of all sizes navigate the complexities by providing customized solutions to meet each business’s unique needs.
Our focus on partnering with businesses in the vicinity of the UAE’s mainland and free zones of Abu Dhabi and Dubai to achieve growth sets us apart from the competition. We understand that starting, scaling, and setting up a business requires more than just implementing a generic set of strategies; it requires a tailored approach that takes into account the specific goals, challenges, and opportunities of each business. With our vast experience in expanding businesses and our commitment to working closely with clients, MS Team has become a go-to partner for you in achieving sustainable growth.
The theme of this anniversary “Six years of scaling and soaring – MS Group: your partner in growth” captures the essence of MS Team’s mission and expertise. It communicates our focus on startup, scaling, growth, commitment to partnering with clients, and our proven track record of success. With MS as your partner, your business can be confident that you have the support and expertise you need to start or restart, structure or restructure and soar to new heights of success.

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MS is now at Abu Dhabi Global Market- ADGM !

Image of sharing our greatest achievement of partnering with ADGM - Abu Dhabi Global Market.

After breathing in the energy of the booming business ecosystem in Abu Dhabi and the UAE day and night, we are all geared up to play a bigger part in the most crucial phase of Abu Dhabi’s growth story.

MS opens its new office this week at Abu Dhabi Global Market following our successful run of serving of our clients in the mainland. Our expansion into ADGM follows a growing demand for our services from various ADGM based entities. Now being part of one of the fastest growing and award-winning international financial center MS will serve a larger section offering our niche expertise to help achieve business and growth objectives.

MS will now be operating at ADGM square, Al Maryah Island to cater to our ADGM based client apart from continued operation in the mainland base office at the heart of the capital city.

MS ‘s philosophy of helping unleash the business potential in the region through our financial services while placing sustainability at the fore front closely resonates with ADGM’s commitment to establishing Abu Dhabi as a global leader in business development across industries.

This expansion of MS into ADGM is testimony to the result of determination, vision, and endurance. Our strong footing in the mainland, years of serving our diverse and growing clientele has instilled the confidence in us to best leverage this symbiotic relationship with ADGM.

Speaking about the new incorporation our founder and CEO Mr. Mohammed Shafeek said:

“MS is proud to receive ADGM license, which will allow us to conduct multiple services offerings for business in ADGM. The ADGM is a leading global hub that drives innovation and is at the forefront of business development. We believe our presence in ADGM will enable us to strengthen our position in the UAE and the region. We are also growing our team to meet the diverse needs of clients. We’ll be offering a broader range of services, including technology and compliance-related work in addition to what we currently offer: advisory accounting & taxes! I am confident that we can better serve our existing clientele as well as grow into something even bigger and exciting-  taking off like wildfire.”

While at ADGM, in addition to offering our various financial services, team MS focuses on:
– Enlightening the international community with the local financial compliance & free-zone specific Tax regulations.

-Adding immense value through financial literacy to budding firms and contribute refreshing sessions of financial & tax advisory, with a keen focus on young entrepreneurs.

– MS also strives to promote women entrepreneurs and add vital value to their growth in the region.

-Educating and assisting businesses to navigate the changing tax landscape in the country in light of the introduction of the new Corporate Tax regime.

Continuing our legacy in the mainland, MS is now ready for exponential growth at ADGM and as promised will leave a deep footprint in this exciting financial center.

Mr. Mohammed Rizwan will be the point of contact of our ADGM operations, his expertise and knowledge of the dynamic market, makes him an ideal confidante. Mr. Mohammed  would be happy to receive your queries at +97156 3997841, and alternatively you can also reach the team at info@ms-ca.com for further information or assistance.

About ADGM

ADGM is an international financial center and economic free-zone has played and continues to play a pivotal role in the exponential growth of Abu Dhabi. It is a dynamic space that represents the business attractiveness of the UAE, attracting major international players to set up at ADGM. It truly represents the potential this nation holds in terms of innovation and importantly also sustainability. It will set a global example and create history in various domain. We’re beyond thrilled to be part of this brilliant initiative.

 

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Say hello to our new identity, we are now MS!

MS new logo

Your trusted partner MSATC will now be under our parent brand MS. In the last 5 years, through the support of our clients we were able to truly tap into our potential. Even as we started off, we were certain that our journey would expand beyond MSATC, it was just our starting point. But the immense growth that MSATC experienced let us move on to our bigger plans in a short span of 5 years and we’re much obliged to everyone who has been a part of this journey so far.

The benchmark we have set for ourselves through our commitment to our clients and the quality of our services will be spearheading our transformation. Innovation has always been at the core of what we do, and with MS we will be combining the best of our brains with powerful technology to establish ourselves in new terrains.

We at MSATC earned the trust of our clients and other stake holders by committing to their success. We’ve always been customer centric and designed tailored solutions in the domains of advisory, accounting and bookkeeping, startup growth VAT, evaluation and many others. In our time serving our clients we recognized gaps in terms of affordable financial services that understands and caters the unique requirements of each business. In the same course of time, we’ve developed our expertise to fill this very gap. We’re all set to serve the growing demands of the dynamic business ecosystem in MENA.

Speaking about this new identity and rebranding our Chief growth officer Mr. Munawar Salih said “Today we are MS, leaping towards new horizons and its limitless possibilities. We’re still the same dedicated bunch who you’ve known and engaged with, MSians , who are now embracing a transformation that will facilitate delivering a lot more. With our rebranding we embark on this new journey to break ceilings and set new standards with your continued support. We look forward to the same love and support for MS as MSATC has received over the last 5 years. Challenges and opportunities are awaiting, and MS is ready.”

Get to know all about our new identity!

Since the beginning of the MS brand, the brand mark was constructed using 8 pillar that held up the V representing Victory at the centre. These pillars were teamwork, integrity, passion, humility and trust. These core elements were kept intact even during the rebranding of the identity. In the event of transforming MS into a parent company, building extended logo versions for the company also becomes relevant and is an integral part of brand identity.

By maintaining the consistency and integrity of the brand mark, a leaf shaped (Round diagonal corner) container is created around the brand mark to make it stand out in any placement. The shapes and cuts defined in the newly designed brand mark constructed brand mark was also followed while creating the word mark which makes their bonding stronger than before when placed together.

As MS becomes the parent company, defining extended versions  of logo while maintaining the core elements of the first logo  is also essential throughout the entire journey, hence we developed a well- balanced logo versions for representing the child companies and various sectors that come under MS.

Thank you for being part of our journey so far. We are delighted to be sharing this exciting news with you, and we have more excited news lined up in the coming days. Stay tuned for more!

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NEW! FTA introduces the “Raqeeb” Whistleblower Program

UAE FTA introduces a new mechanism, the RAQEEB Whistleblower Program for tackling tax violations and evasions.

  • The new programme will provide a framework for the FTA to review, and process leads relating to tax non-compliances. It includes monetary rewards for informants to encourage members of society to report tax non-compliance.
  • The FTA has released a guide to better understand the programme and procedures.

 

SCOPE

The leads covered under the Raqeeb Programme include suspected tax evasion (VAT and EXCISE TAX) and suspected non-compliances with tax procedures such as invalid tax invoices incorrect amounts mentioned on tax invoices. The programme does NOT cover Economic Substance Regulation (ESR) non-compliance.

The whistleblowing form cannot be submitted anonymously to ensure validation of the authenticity of the information received. However, confidentiality provisions have been put in place and the identity of the informant will remain confidential and protected by the FTA.

CONDITIONS FOR MONETARY REWARDS

  • The information provided is credible and not obtained by FTA previously;
  • The whistleblowing form is filled accurately and completely;
  • The tax amounts collected from the reported business exceed AED 50,000;
  • The reported person has exhausted all forms of objections and appeals.

It is pertinent to note that FTA employees and their relatives up to forth degree of consanguinity will not be eligible for monetary rewards. However, they will still be able to report non-compliances under this programme.

IMPACT OF THE NEW PROGRAMME

  • The introduction of the Whistleblower program has a significant impact on businesses in UAE. Businesses should rectify any identified errors or omissions at the earliest voluntarily before any stakeholder reports the non-compliance to the FTA.
  • Further, the businesses should have regular checks and reviews to ensure that they are in compliance with the VAT and Excise Tax laws.
  • An inspection/ audit from FTA under the Whistleblower program may increase the possibility that any errors by the business will be treated as tax evasion, potentially resulting in higher penalties and imprisonment.
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10 Essential Things To Know Before Filing Your VAT Returns!

HERE ARE THE 10 ESSENTIALS TO KEEP IN MIND BEFORE FILING YOUR VAT RETURNS IN THE UAE !

Confusion or lack of knowledge when dealing with the United Arab Emirates’ Value Added Tax may result in incorrect filings and potentially expose your business to penalties.

As a business leader or entrepreneur, you must ensure your business is aligned with local regulations at all times.

To avoid facing any issues with the Federal Tax Authority (FTA), here are 10 key tips to take note of, as you present your VAT Returns

1. Three Calendar Months as the Standard Tax Period.

The standard tax period applicable to a taxable person shall be a period of three calendar months ending on the date that the Federal Tax Authority (FTA) determines. Such a period would be different for each entity.

2. Tax Returns Submission Date

A Tax Return must be submitted online to the FTA no later than the 28th day following the end of the Tax Period concerned (or by such other date as directed by the FTA). VAT payment must also be reflected in the FTA portal no later than the 28th day following the end of the Tax Period concerned. If the 28th of the month falls on a weekend or a national holiday, the deadline for filing the VAT Return or making a payment is extended to the next business day.

3. Emirate-specific VAT on Sales

The VAT on sales must be reported emirates-wise. That is, the standard-rated supplies are reported separately for Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah.

4. Zero-rated Supplies & Exempt Supplies

The zero-rated supplies and exempt supplies do not have any effect on the VAT Amount; they must both be reported to the authority through the periodical return submissions.

5. Maintaining Documentation for Exports Goods

Though the exports of goods get reported as zero-rated, the UAE VAT regulations stipulate that a business must maintain export documents issued by the local Emirate Customs Department in respect of Goods leaving the state. The commercial evidence shall include airway bill, bill of lading, consignment note, certificate of shipment, etc.

6. Import of Services Reporting

Import of services must also be reported under the reverse charge mechanism. This implies the VAT amount must be shown as both liability and an asset. The input VAT could be claimed as a credit only when all the compliance requirements set by the FTA are fulfilled.

7. Foreign Currency Transactions Reporting

The foreign currency transactions are to be reported in AED as per the UAE Central Bank Rate. The official website of the central bank of UAE provides the exchange rates against UAE Dirham for VAT-related obligations.

8. Recovering VAT on Input Expenses

VAT on input expenses can be rightfully recovered only if the invoice is fully compliant according to the requirements set by the regulations and the clarifications from the authorities. The compliance requirements are separately clarified for a simple tax invoice and a full tax invoice.

9. Recovering Input Tax & Conditions

Input tax must be recovered in the first tax period, provided two conditions satisfied:

  • a) The tax invoice is received; and
  • b) Consideration is paid or an intention to make the payment of consideration of the supply before the expiration of six months after the agreed date of payment.

If the input tax is not recovered in the tax period under which both conditions are satisfied, the taxable person can only recover the input tax in the immediate next tax period. If tax input isn’t recovered during any of the first two taxation periods, then taxable entities are required in submitting a voluntary disclosure.

10. Keeping Records for 5 Years

The VAT Registered individual or business must keep the required records for a minimum of 5 years (15 years in case of real estate owners) after the end of the tax period to which those records relate. However, there could be specific cases where the FTA may require the person to retain the records for a further period.

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5 years of MS, more to go!

This year marks a very special year for MS as we celebrate our 5th anniversary.

Celebrating the Past

There are lessons to be learned from the past and I think for MS Group, it comes down to two things. First, dream big! We had big dreams when we started. We made the dreams come true by turning them into goals and actionable strategies. What we have achieved is far beyond the wildest dreams we had at the start of this journey. Second, believe in your dreams passionately, show resilience, learn from your mistakes, and get back up when you get knocked down: the power of passion and perseverance!

It’s about the People

To our clients: Thank you for trusting us for many years. We are honored to have your trust and will work tirelessly to continue to deserve it.

To our #MSians: I am grateful for the opportunity to work with talented, dedicated and passionate people every day. Your commitment to put our client first and to live our corporate values have been integral to M S Groups progress and success.

To our partners: To be in business for 5 years, we recognize the importance of establishing collaborative partnerships that bring extraordinary value to both MS Group and our customers. We thank our partners for their commitment, expertise and skills in helping us in our journey of making a better world.

Shaping the Future

This year, we are entering a new phase as a group. We are creating new services, transforming our operations, improving customer experience and continuing to deliver value to our customers.

The journey hasn’t been easy. It takes courage, passion, boldness and perseverance. As MS Group celebrates its 5th anniversary, let’s toast our employees, customers and partners who have helped us. Let’s continue to shape the future together.