Accounting future looks positive in UAE

ABU DHABI, UNITED ARAB EMIRATES - NOVEMBER 25:...

SHARJAH

The future of accounting profession looks very positive in the UAE and the Middle East, according to industry experts.

The profession is quite important across the world and it will continue to grow in the country and GCC as well, they said at an accounting and auditing event held in Sharjah on Saturday.

Organised by the UAE-based ‘OpenThinking’, it was an open forum of accounting and auditing ethics from basic management to business process improvements and intricate decision-making policies.

The big picture is that the future of accounting profession should be very positive as all of the regional economies experiencing growth, Association of Chartered Certified Accountants (ACCA) Middle East head Stuart Dunlop told Khaleej Times on the sidelines of the event.

“We need to see Gulf nationals coming into the profession,” Dunlop said. “We live in Arab world, so we need to see more boys and girls in this profession from this part of the world,” he added.

via Business – Accounting future looks positive in UAE: Experts.

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Company registrations at JLT jump 38%

This is a photo showing the construction of Ju...

DUBAI — Jumeirah Lake Towers, or JLT, one of the fastest growing mixed-use free zones in the UAE, recorded a 38 per cent growth in company registrations during the first 10 months of 2011 compared to same period last year.

The Dubai Multi Commodities Centre (DMCC) Authority, the licencing authority for JLT, on Saturday announced that it has registered over 1,000 companies in the first ten months of the year, bringing the total number of registered companies to over 3,600. DMCC witnessed 725 company registrations from January to October, 2010.

The centre continues to attract companies to the JLT Free Zone from a wide-range of business sectors, industries and geographies. Of these new companies over 90 per cent are first time entrants to Dubai with registrations equally balanced between well-established multinationals like Diamdel (De Beers Group) and Harley-Davidson, and smal-l and medium- enterprises and entrepreneurs.

“Every year, we challenge ourselves to set new records and this year is no exception. Registering 1,000 new companies in just 10 months is testimony to the success of our business strategy,” DMCC chairman Ahmed bin Sulayem said in a statement.

Solid growth clearly highlights Dubai’s position as the leading business destination in the region, Bin Sulayem said, adding: “Going forward, we will focus on driving company registrations, introducing new and improved services and innovative products, as well as investing in JLT’s infrastructure and so pursuing our mission to enhance trade flows through Dubai.”

JLT-based companies enjoy attractive benefits under the free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure, regulated environment.

via Business : Company registrations at JLT jump 38%

Use an SA company to trade in the free zone

This is a photo showing the construction of Li...

Dubai International Financial Centre (DIFC)-registered companies will have to be located within the free zone or they will lose their registration, a senior government official has reiterated.

“The UAE’s federal law stipulates that any company registered by a free zone has to have a presence in that free zone and, therefore, it has always been mandatory for any DIFC registered company to be located in the centre or it would lose its registration,” Abdulla Mohammed Al Awar, Chief Executive Officer, DIFC Authority, told ‘Emirates24|7’.

“However, we work closely with the registered firms to ensure that their location transition to DIFC is as smooth as possible and would not disturb their business plans.”

A number of DIFC-registered companies were allowed to conduct business outside its premises due to lack of space in 2007 and 2008 with companies also taking advantage of lower rents than the free zone.

Total leasable commercial space in DIFC’s own buildings stood at 1.217 million square feet as of June 2011, while total commercial office space within third party developers was at 769,000 square feet. Earlier this year, DIFC said about two million square feet of commercial office space was likely to be handed over by third-party developers in the next 18 to 24 months.

This website reported earlier that occupancy level in DIFC Gate District has remained at over 95 per cent, while third-party developments within the free zone have leased 58 per cent of their office space.

Realty agents believe that most of the DIFC-listed companies have already moved base to the third party developments within the free zone  where rents are lower than the Gate District.

A senior official of a company, which moved its office to Liberty House, told this website: “We directly negotiated with the owners and managed to get a good deal… just that we had to sign a long-term lease.”

via DIFC firms must be located within the free zone – Emirates 24/7

Indian IT companies will flock to Hamriya Free Zone

The interior of a building in the Technopark, ...

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More Indian IT companies are flocking to the UAE to capture a share of the mobile applications and related IT services  currently booming in the region.

Speaking to Emirates 24/7, Dr Rasheed Al Leem, director general of Sharjah Sea Port, Customs and Hamriya Free Zone, said he expects more Indian IT companies to flock to the UAE as a follow up of a memorandum of understanding signed between the Hamriya Free Zone and Technopark, Thiruvananthapuram, Kerala. “Currently, there are 5,500 companies from 137 countries operating in the Hamriya Free Zone and 1,448 companies are from India.”

Neologix Software Solutions of India has launched their Middle East operations, the first offspring of the Hamriya Free Zone-Technopark  partnership. A memorandum of understanding between the two entities was signed recently for IT cooperation. “India is the second biggest investment destination for the UAE and as per recent announcements, the UAE will be investing several billion dirhams in India.”

via ‘Indian IT companies will flock to Hamriya Free Zone’ – Emirates 24/7

DAFZ promotes e-services

iTunes_Store

Dubai Airport Free Zone (DAFZ) is showcasing its latest e-services for potential and existing companies at GITEX TECHNOLOGY WEEK. The Free Zone is showing off its new iPhone application, available for download now from the iTunes store, which provides companies interested in locating their premises at DAFZ with information on the zone, plus application forms to register online. The service is also available for existing DAFZ resident companies, to deliver a range of online services through the mobile platform.

The new app is part of DAFZ’s continuous programme of development of e-services for its customers, under the overall strategic vision for eGovernment in Dubai. DAFZ offers over 200 e-services for resident companies and others, with no manual transactions.

“All of the services that DAFZ provides to our established companies are online, we don’t really have manual applications forms or procedures, all the services are online for all the clients,” says Buthaina Hamad Bin Fahad, Director, Information and Communication Technology, Dubai Airport Free Zone.

DAFZ is also showing an interactive 360 degree online photo of the Free Zone on its web site, to give prospective residents a more in depth understanding of its facilities and locations.

The Free Zone is also promoting its Business Enabled Offices service at GITEX. The Business Enabled Office is intended to give SMEs, or larger companies looking to establish a regional presence, the ability to set up a complete office in DAFZ, for just AED 7000 per month.

via DAFZ promotes e-services – GITEX 2011 – ITP.net