The Impact of technology on how businesses are now conducted are huge, and the various developments in the technology sector allow people to make their business more efficient and profitable. Understanding the importance of technology and the scope of its growth and implementations in business, Dubai Silicon Oasis was formed in the year 2004.
Established in the year 2004, this free zone provides a safe haven for technology-based sectors. It comprises of world-class innovations, fully functional infrastructure, secure transportation of goods and people, and a very favorable business environment. This free zone is one of the leading authority on the production of electronics and technologically advanced products which are used in the field of nanotechnology, optoelectronics, and other supporting industries.
The Dubai Silicon Oasis was set up with the aim to promote the technology-based industries in the country and to make Dubai a haven for such industries. The main objective of the Free Zone was to tap into the rapidly growing electronics market worldwide. The Free Zone covers an area of 7.2 square km, and there are separate office, residential, and public places which a business can take advantage of. It can be easily accessed via Dubai International Airport, making it the number one choice of people in business and entrepreneurs looking for an opportunity in the tech world.
The various products and services which are offered by the management of the Dubai Silicon Oasis are:
1. In House Government Services
The In-House Government Services, which are provided to the registered businesses in the free zone, are affiliated with the government of the United Arab Emirates, specifically DNRD (Dubai Naturalization & Residency Department. These in-House Services will help the company to reach its maximum potential.
2. IT Services
The Dubai Silicon Oasis comprises of state of the art IT infrastructure, which consists of a number of data centers so that there is no load on the business. The companies can also take advantage of the robust communication system in the free zone. These IT services help the companies to fast track setup and provides a conducive operating environment.
3. The HALA Initiative (Client Support)
The Dubai Silicon Oasis Authority has launched the HALA initiative under which the Customer Happiness centers have been converted into a reception suite. An e-wallet payment facility, along with a number of information kiosks, has also been set up to provide online services for payment.
4. Plug and Play Offices
The plug and play offices offered by the Dubai Silicon Oasis range from 4000 to 6000-meter square, which will provide fully integrated smart services. There are two spate buildings which will provide an office space which will suit the requirements of the business.
5. Signature Boutique Buildings
Eight signature Boutique Buildings can be used to set up the headquarters of the companies. These signature buildings provide an option of Core, Shell, or Fitted Space, which can be availed as per the requirement of the business.
6. Retail Space
The retail space in the Free Zone comprises of the favorite brands and eateries of both international and local brands. The area also consists of a dedicated space that can be used to host concerts, festivals, or any kind of promotional activity.
7. Residential Space
The free zone comprises apartments that are built to a specific standard of sustainability. This allows the residents to have quick access to the place they work in and reduces the time to commute. The area also consists of charging stations for smart devices and electrical charging points for smart cars.
There are many different types of businesses available such as:
In the Year 2014, the concerned authority decided to revise the laws relating to the Approved Auditors in the Free Zone. The rules were made more stringent and will ensure that all the auditors are compliant with the various rules and regulations of the Free Zone.
The main changes which were made are:
It is now necessary to availing the services of an auditor to ensure that enough independence is provided by changing the auditing firm every four years. The hired auditing firm now needs to present proof that the employees of the firm will receive opportunities to upgrade themselves via various training and development programs.
It is suggested that you avail the services of an auditing firm so that the management can appropriately handle the financial aspect of the company. Conducting an Audit of the business will help the company in many ways, and this is why you should avail the services of a reputed financial consulting firm.
All companies registered in DSO are required to submit their audited financial statements within 4 months of the financial year end of DSO registered company. Financial statements should be audited by the DSO approved auditors or DSO approved audit firms in Dubai. DSO has its own procedure to approve chartered accountants firms in DSO. Not all chartered accountant firms and accounting firms in UAE are allowed to audit DSO companies and have to go through registration process. DSO list of approved auditors and liquidators can be found on DSO website. Audit of DSO companies should be conducted according to International standards on Auditing (ISA).
EXCELLENCE will provide quality services at competent prices. EXCELLENCE has garnered trust among the companies in the UAE since 2015 and is an ISO 9001:2005 certified firm. An Auditing firm will help keep track of all the finances of the business and will assist the management of the business in achieving its maximum potential.
Business entities operating within the DSO are required by the DSOA to submit to them their annual financial statements audited by a DSO approved audit firm within four months of the end of their financial year. External Audit is an important requirement for companies operating in the DSO with regards to renewing their business license if they wish to continue as a licensed business entity in the DSO free zone.
Excellence is a licensed service provider in UAE and is in a strategic partnership with a recognized and reputed Audit Firm of the UAE, which is also listed on the DSO approved auditors list and is approved to perform Audit of Companies registered in other free zones. Excellence is also registered with all the leading banks and financial institutions in the UAE.
Companies should provide the following papers pertaining to the relevant year in order to undertake accounting and auditing, this examines the financial statements and indicates the company's financial status. The companies should present the following documents,
Bills and invoices
Debit and credit information of all financial transactions
Book of accounts
Registration details of excise tax and VAT
Designed as a hi-tech ecosystem in Dubai, DSO offers a wide range of benefits. It is considered to be the only technology park in the region that provides both a living and working integrated community. As a free zone authority, we provide an attractive package of incentives which include:
100% foreign ownership
100% repatriation of capital
Zero income tax
Zero corporate tax
No import or export tax
Low cost of operation