Audit and Assurance

All You Need to Know about Audit in Dubai Studio City Free Zone

September 16, 2019 Comments Off on All You Need to Know about Audit in Dubai Studio City Free Zone

A free zone in the United Arab Emirates focuses on a particular business sector. With the presence of numerous free zones in the country, the government of UAE targets all the business sectors possible, which in turn will enable the diversification of the economy. One such free zone is the Dubai Studio City free zone, better known as DSC Free Zone. This free zone walks in the footsteps of Dubai Media City and focuses on the developing entertainment sector.

DSC Free Zone

The Dubai Studio City is a free zone which provides a platform to all the companies but especially to those companies which are into the entertainment business. This free zone is spread in over 22 million square feet which provides for spacious offices and other shooting locations. This free zone was an initiative by the Dubai Holding Subsidiary named TECOM Investments and was launched in the year 2005.

This free zone provides the correct proportion of state-of-the-art infrastructure, the proper amount of government intervention and allows for quick and easy company incorporation facility. Apart from the amenities mentioned, it offers exceptional production and broadcasting services, some of the most significant sound stages in the area, and all the necessary shooting spaces, recording studios, and spacious office spaces.

Types of Activities Allowed in Dubai Studio City

There are several business activities permitted in the free zone, such as:

  • Production of movies, TV shows, short movies, etc.
  • Recreational activities based on specific themes
  • Auxiliary services which support the production of movies
  • Animation
  • Broadcasting services (TV, radio, etc.)
  • 3-D animation and rendering

Apart from this, any business activity, which is a part of the entertainment sector, is allowed in the free zone.

Benefits of Setting Up a Company in Dubai Studio City

There are many benefits offered by Dubai Studio City:

  • 0% corporate and personal tax
  • Complete foreign ownership of the company
  • Total repatriation of capital and profits
  • No restriction on any currency
  • Exemption from any import or export tax
  • Quick and easy business set up process
  • Work alongside the industry giants
  • NOC requirement depends on various factors and is not required in many cases
  • Simplified auditing process

Apart from these benefits, there are certain unique advantages of setting up a business in DSC free zone. As Dubai Studio City is a part of the Dubai Creative Cluster Authority (DCCA), a company can use an office space or any studio in the free zone but register the company in any other free zone which is overseen by the DCCA.

The free zone also boasts of using advanced and latest technologies in broadcasting and production of media. This, along with the lower operating costs and various business development opportunities, setting up a business in the Dubai Studio City, will be one of the best decision that a business owner makes.

Need for Audit

An audit of the company will not only help provide the information about the current scenario of the company but will also help to reduce any wrongdoings. Audit services will improve the efficiency and profitability of the company in the free zone. The company will be better able to utilize its resources and will be more productive.

In Dubai Studio City, it is necessary for a company which has been registered in the free zone to provide its audited financial report annually. It should also be kept in mind that only an auditor or auditing firm which has been approved by the management of the Dubai Studio City free zone is allowed to conduct any audit in the region. Thus it is recommended that you avail the services of an approved auditor or an approved auditing firm.

If you want to conduct an audit of your company which is established in the free zone, it is recommended that you avail the services which are provided by JAXA Chartered Accountants. JAXA is an accounting and auditing firm which is approved by the management of the Dubai Studio City. This firm aims to solve all the financial problems of our company by understanding the working of the company and then providing a customized solution. For details on the services provided by JAXA, do contact us – we’ll be happy to help!