In recent times, there has been a rise in the media related sectors all over the world and to cash into this, the government of the United Arab Emirates has taken various steps. It has helped in the establishment of different free zones, media cities and creative cities such as Dubai Media City and the Twofour54. In competition, the emirate of Fujairah has established a creative city.
Let’s know about the Fujairah Creative City and how can accounting help a business.
Fujairah Creative City
The Fujairah Creative City is a free zone that targets the media related sector and the small upcoming companies in the media related sector. Launched in the year 2007, this free zone has 40,000 square meters of dedicated land, which will allow the United Arab Emirates to become a leading hub for companies related to the creative arts. The Free Zone allows the various media-related companies to conduct their operations without any hassle and also aims to provide amenities and other services which will help such companies grow further.
This free zone was established under the chairmanship of the Esteemed His Highness Sheikh Bin Hamad Al Sharqi and allowed for many different types of businesses. These businesses include consulting, media, music, entertainment, communications, marketing, education and any company which will help the media sector to grow. The Free Zone offers various amenities along with high-end infrastructures which comprise Training Institutions, Office spaces, Studios, etc.
This Free Zone offers to provide help in obtaining the necessary licenses in the Free Zone and also helps in creating a suitable business environment for the various creative companies that are comping in the Free Zone. The Fujairah Creative City Free Zone strives to provide a one-stop solution for all licenses and permits and also ensures that professional assistance is provided to a client. They will also take care of being with you at every step of the company formation process.
Benefits of Setting up a Company in Fujairah Creative City
There are a lot many benefits that can be availed by a company in the Fujairah Creative City. Some of the benefits are mentioned below:
● No Paid-up Share Capital
There is no requirement of having paid-up share capital for a company.
● No need for physical presence
It is not required for a company to be physically present to establish a company in the Free Zone.
● No Annual Audit
Many of the Free Zones require an annual audit report of the companies in the Free Zone. This annual audit report is not needed for the companies in the Fujairah Creative City.
● Complete ownership
It is possible for a foreign businessperson to own the business entirely without any assistance from the local sponsor.
● Flexible Business Package
The Free Zone provides services to the companies after understanding all about the company. The company can customise the service according to their requirements.
● International reach
With the presence of state of the art infrastructure and sound communication system, the companies can get a global platform.
● Complete Assistance
The management of the Free Zone will be with you at each step of the business incorporation and will ensure that the company faces no hindrances.
● No Tax
This is one of the biggest reason for the United Arab Emirates to become a hub for businesses. There are almost no taxes levied upon the company. His means that there is no corporate tax or personal income tax.
These are some pretty good reasons and benefits of the Fujairah Creative City, but only the incorporation of a company is not the final step of the journey. Instead, it is the beginning of it. Once incorporated, there are many other functions that you have to take care of, such as bookkeeping and accounting.
Need for Accounting in The Fujairah Creative City
Setting up a business is comparatively easy but maintaining the company is a more laborious task. In order to properly maintain the market, the management must keep a record of the various transactions of the company. After holding a record, the analysis of the records will provide us with a decision and multiple alternatives which can be taken.
As the companies get a global platform to conduct business, it is highly recommended to track every move of the company. A single mistake can cause the company to liquidate itself, and it is always better to figure out what the error was and to never repeat it.