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Limited Liability Company Registration in twofour54 media zone, Abu Dhabi, UAE. Service offer

The Emirate of Abu Dhabi is located on the Arabian Peninsula, in the south of the Persian Gulf. Among the seven emirates that make up the UAE, it is the largest.

Twofour54 media zone is named after the geographic coordinates of Abu Dhabi. Twofour54 was established in 2008 with the aim of developing Abu Dhabi’s media industry and turning the UAE’s capital into a global media hub. Twofour54 is a dynamic media zone that provides the infrastructure to attract international, regional and local media businesses.

Twofour54 welcomes companies whose main activity is implementing media projects. The media zone offers a wide range of licences for content creators, advertising agencies, media resellers, etc. Twofour54 actively grants licences to companies involved in the gaming industry, including e-sports.

Major advantages of doing business in twofour54

Stable banking system;

Ability to work with US dollars;

Quick company registration;

No registration or licence fees charged for the first 2 years for new companies;

Ability to create substance in the country of registration;

Ability to obtain a residence visa for the company’s shareholders and employees.

Budget for setting up business in twofour54

Services
Fees (USD) [1]
Company registrationin twofour54, including[2]:
- company incorporation (name check; collection, preparation and submission of documents for incorporation; selection of a licence; delivery of original corporate documents);
- liaising with government authorities regarding all matters of the company;
- maintaining the company’s online service portal with the free zone and migration authorities;
- monitoring changes in legislation, informing about changes and the need to revise the activities / structure of the company;
- compliance check;
- postal services (collection / delivery of documents and other correspondence);
- company seal.
The above price also includes the state fees billed by the Free Zone for company registration, issuance of a license for 1 type of activity and flexi desk office.
Other options are available upon request.
Free Zone currently does not charge a registration and license fee for 2 years for new companies
5 500
Obtaining a residence visa
(cost of one visa – investor visa), including:
- Government fees (Entry Permit, Medical Fitness Report & Emirates ID, Visa Stamping on the Passport);
- preparing, executing and agreeing the necessary documentation with the migration authority;
- accompanying the client to a medical clinic for medical examination;
- accompanying the client to the Federal Migration Service for fingerprinting and biometrics;
- submitting to the migration authority documents for issuing and stamping a visa;
- filing an application for and obtaining a residence card;
- selecting an insurance company for medical insurance (if required);
- transport expenses
4 200
Assistance with opening corporate and personal bank accounts[3]
500 (Stage I)
2 000 (Stage II)
750 (Stage III)
Total:
12 950

Company registration

The company registration in twofour54 media zone includes the following steps

1) Selecting:

  • company name to be checked for availability (at least 3 names), which name:
  1. must not be identical or similar to the name of an existing company;
  2. can use Latin letters;
  3. must end with “Free Zone Limited Liability Company” or “FZ-LLC”.
  • company structure (director, shareholders, and manager);
  • type of licence.

Twofour54 media zone has two main types of licences:

General licence – allows the holder to operate in different fields of the media business.
Examples of general licences: animation, streaming service management, social network management, organization of events, etc.

Gaming licence – allows the holder to conduct activities in the field of gaming.
Examples of gaming licences: content development in the gaming industry, organization of e-sport events, provision of cybersecurity services.

2) Paying fees for services

3) Providing documents for directors / members / attorneys (either originals or notarized copies):

  • internal and international passports;
  • legalized proof of address (unless the internal passport contains an address stamp);
  • CV;
  • legalized bank reference letter or statement (not older than 6 months), with a seal;
  • legalized document on education (depending on the chosen licence).

The shareholders need to additionally provide:

  • personal data in the form of a letter: phone, email, residential address, country of residence, mother’s name, marital status, religion, and citizenship;
  • for the founder/shareholder of the company, legalized documents are not required.

The shareholders will need to sign a Client Questionnaire Form and a Contract for administration, for completing the compliance procedure.

Preparation and Submission of Documents for Company Registration

The following documents are prepared for submission to the registration authority:

  • Application for company registration (signed by the shareholder);
  • No Objection Letter (from the sponsor) – where there is a valid UAE visa issued by another company;
  • Memorandum & Articles of Association;
  • Business Plan for the next 3 years;
  • Power of Attorney for a representative (if registration is performed remotely);
  • Copies of passports and CVs of the director, manager, and shareholder.
Before registering a company, the media zone authority must check the shareholders and directors of the company (Security Check). At this stage, the media zone may request additional documents, for example a police clearance certificate. The check normally takes 2 to 5 business days.

Once the check is done, the company is registered. Upon registration, the media zone authority issues the following documents:

  • Certificate of Incorporation indicating the registration number and date, type of licence, details of the shareholder and share capital of the company;
  • Register of shareholders;
  • Licence for the company’s declared type of business (valid for 1 year);
  • Office lease agreement (for 1 year);
  • Share Certificate;
  • Memorandum & Articles of Association.

A company seal is also issued.

The total time to register a company in twofour54 media zone is 15 business days, on average.

After the registration of a company, you can proceed with visas and bank account opening.

A company can open a business account both at a UAE bank and a foreign bank or payment system.

For more information about the possibilities of opening an account, please contact your GSL consultant.
IMPORTANT: Since the UAE is not party to the Hague Convention of 5 October 1961, which abolishes the requirement for legalization of foreign official documents, and does not apostille documents, it is necessary to submit the documents of a local company for legalization to the consulate of a country where they will be used.

The fees for translation, notarization, legalization and apostille are charged additionally.

Visa application

The UAE does not have such a concept as a residence permit. The UAE migration rules require the issuance of residence visas which in practice are similar to a residence permit.

A residence visa can be obtained on the following grounds:

  • based on owning a UAE onshore company – investor visa;
  • by making an employment contract with a UAE onshore company – work visa.

The number of residence visas depends on the business package chosen during the registration of a company.

An investor visa and a work visa are normally issued for 2 years. Upon expiration, a visa can be renewed.

The application for residence visas includes the following steps (a visa can only be applied for after the registration of a company):

1. Opening an Establishment Card (the migration file of the company) – 3-5 days. This document is necessary for the company to be able to apply for residence visas in the future.

2. Submitting documents for a residence visa and obtaining an Entry Permit (permission to enter the country) – 5-7 days.

To obtain a residence visa, an individual must enter the UAE with an Entry Permit.

If at the time of issuing of Entry Permit the applicant is already in the UAE, then in order to complete the issuance of a residence visa without leaving and re-entering the country, it is necessary to change the status of the visa. The service of changing the status of a visa is provided upon request and is subject to additional charges.

3. Visiting the UAE to obtain a residence visa – in most cases, a visa can be obtained within 5 business days.

The applicant needs to:

  • undergo a medical examination (blood test and chest X-ray);
  • submit biometric data (retina and fingerprints scan).

After receiving a passport with a residence visa inserted into it, one can leave the country.

4. Obtaining a resident’s ID card – ID Emirates

The card is issued a few days after the issuance of a visa. Personal presence is not required to receive it.

IMPORTANT: One is not required to reside in the UAE permanently, but a residence visa will be cancelled if one stays outside the UAE for more than 6 months.
The fees for obtaining a residence visa in twofour54 media zone are USD 2 500. Please contact your consultant for more details on the application.

Company structure

Directors

The director can be an individual only. There are no requirements as to the residence of the director.

The minimum number of directors is 2.

The details of directors are not accessible to public.

One of the directors can be appointed as the chairman of the company.

Manager

The manager can be an individual only. There are no requirements as to the residence of the manager.

The minimum number of managers is 1.

It can be the same person as director / shareholder.

The details of managers are not accessible to public.

Secretary

The secretary can be an individual.

The minimum number of secretaries is 1.

The details of the secretary are not accessible to public.

Members

Both individuals and legal entities can be shareholders. There are no residence requirements.

The minimum age of a shareholder is 18 years, the maximum is 60 years.

The minimum number of shareholders is 1, the maximum number is 50.

Twofour54 media zone does not require a company to necessarily have a local shareholder in its structure.

The details of shareholders are not accessible to public.

Share Capital

There is no minimum share capital requirement.

A company may issue different classes of shares.

There is no requirement to provide confirmation of payment of the share capital for company registration.

Registered Office

Upon registration, the company and the media zone authority sign an office lease agreement; the address of such office is considered the official registered office address of the company.

Twofour54 media zone offers various office packages: from hot desk facility (analogue of coworking) to a proper office. The choice of office space affects the number of visas to be applied for and the types of licences to be issued.

Subsequent administration of the company

The company must annually renew the licence, by paying a relevant fee, and the lease agreement.

Companies registered in UAE free zones are exempt from capital gains tax, property tax and other taxes, except corporate tax and VAT.

Corporate Tax

A federal corporate tax was introduced in the UAE on 1 June 2023. Free zone companies may be subject to both the standard rate of corporate tax (9%) and a zero rate. The application of a particular rate depends on a number of factors such as the company’s income, the types of its activities (whether they are excluded or qualifying, or not), counterparties, whether the company maintains adequate economic substance in the UAE, and other aspects.

In order to understand which corporate tax rate (9% or 0%) applies to your company, we recommend that you seek advice from our specialists.

VAT

From 1 January 2018, the UAE introduced a Value Added Tax.

VAT as a general consumption tax applies to all transactions with goods and services, unless such transaction is exempted or taxed at 0% rate.

The standard VAT rate in the UAE is 5%.

There is no obligation to register for VAT unless the sales turnover within the country exceeds the registration threshold, which is AED 375 000 (~ USD 100 000) in the UAE.

Registration for VAT is required in the following cases:

  • there is reason to believe that the taxable turnover in the next 30 days will exceed the registration threshold (for example, a contract has been made);
  • at the end of the month, the taxable turnover for the previous 12 months actually exceeded the registration threshold;
  • the company receives services to be included in the return using the reverse charge method, in excess of the registration threshold.
It is possible to initiate a voluntary registration after exceeding the threshold of taxable transactions in the amount of AED 187 500 (~ USD 50 000).

Registration with the UAE Federal Tax Administration and allocation of the company’s Tax Reference Number (TRN) takes 20 business days, on average.

Upon registration with the Federal Tax Administration and allocation of the VAT number, a company must prepare and file a quarterly (or monthly in the case of an annual turnover exceeding AED 150 000 000 (~ USD 40 830 900)) VAT return and pay the resulting VAT within 28 days of the VAT period end.

Before registering a company, we recommend that you consult a specialist of the non-resident audit department and a tax adviser to assess the company’s tax burden and discuss subsequent administration of the company.

Financial Statements and Audit

Every company registered in twofour54 media must keep accounting records sufficient to confirm its financial position and reflecting up-to-date information about the assets and liabilities of the company. It is also necessary to prepare annual financial statements of the company and have them audited.

The company’s first accounting period begins on the date of incorporation and lasts not more than 18 months. Every subsequent accounting period lasts exactly 12 months from the end-date of the previous period.

At each reporting date, the company directors must prepare financial statements of the company, including the auditor’s report, and present them to the annual general meeting within six months of the financial year-end.

A copy of the financial statements and of the auditor’s report must be submitted to the Registrar within seven days of the annual general meeting.

Before registering a company, we recommend that you consult a specialist of the non-resident audit department and a tax adviser to assess the company’s tax burden and discuss subsequent administration of the company.

Renewal

A company must annually renew its licence, by paying a relevant fee, and its lease agreement.

The company’s renewal date is the anniversary of the issue of the licence. In the case of late payment, the media zone authority reserves the right to charge fines, as well as suspend the licence.

The company renewal costs include renewal of the office lease agreement and of the licence. Upon renewal, an updated licence is issued.

Fees[4]

Services
Fees (USD)
Company registrationin twofour54 media zone, including[5]:
- company incorporation (name check; collection, preparation and submission of documents for incorporation; selection of a licence; delivery of original corporate documents – please see pages 4 to 5 for details);
- liaising with government authorities regarding all matters of the company;
- maintaining the company’s online service portal with the free zone and migration authorities;
- monitoring changes in legislation, informing about changes and the need to revise the activities / structure of the company;
- compliance check;
- postal services (collection / delivery of documents and other correspondence);
- company seal.
The above price also includes the state fees billed by the Free Zone for company registration, issuance of a license for 1 type of activity and flexi desk office.
Other options are available upon request.
Free Zone currently does not charge a registration and license fee for 2 years for new companies
­­­­­5 500
Annual renewal of the company, including:
- liaising with government authorities regarding all matters of the company;
- maintaining the company’s online service portal with the free zone and migration authorities;
- monitoring changes in legislation, informing about changes and the need to revise the activities / structure of the company;
- keeping track of the deadlines and making payments for the company renewal and the office lease agreement;
- postal services (collection / delivery of documents and other correspondence).
The above price also includes the state fees billed by the Free Zone for the renewal of the license.
Other options are available upon request.
Free Zone currently does not charge a registration and license fee for 2 years for new companies
4 500
Obtaining a residence visa
(cost of one visa – investor visa), including:
- Government fees (Entry Permit, Medical Fitness Report & Emirates ID, Visa Stamping on the Passport);
- preparing, executing and agreeing the necessary documentation with the migration authority;
- accompanying the client to a medical clinic for medical examination;
- accompanying the client to the Federal Migration Service for fingerprinting and biometrics;
- submitting to the migration authority documents for issuing and stamping a visa;
- filing an application for and obtaining a residence card;
- selecting an insurance company for medical insurance (if required);
- transport expenses
4 200
Renewal of a residence visa
(this is the cost of one visa – investor visa)
Renewal of a residence visa (an investor visa is issued for 2 years) requires taking the same actions and paying the same fees as upon initial application
4 200

Assistance with opening corporate and personal bank accounts, including[6]:

== services of:
- analysing the company’s structure, its activities / business model / turnover OR, in the case of a personal account, information on the individual’s sources of funds / residence / account balance;
- selecting banks individually for you – up to 3 options;
- preparing descriptions of banks indicating the criteria by which they were selected;
- preparing a description of further steps in the account opening procedure;
500 (Stage I)
== services of:
- collecting and analysing the corporate and other documents required to be submitted to the selected bank;
- putting together a detailed account opening application, including complete information on the company, its owners and counterparties;
- sending the application to one of the banks of your choice;
- preparing a detailed description of all further steps in the account opening procedure;
- preparing for an interview;
- accompanying you to a personal / online meeting with a banker if necessary;
- interacting with the bank at ALL stages;
2 000 (Stage II)
== payment of the remainder of the full fee – after receiving notification from the bank that the application is under final review by the bank’s compliance team;
750 (Stage III)
== an additional success fee is charged if the account is opened faster than the average standard procedure time, which is:
- for corporate accounts – 3 months,
- for personal accounts – 1 month.
+ 10% to the fee
for the service
Compliance fee
Payable in the cases of:
- renewal of a company,
- liquidation of a company,
- transfer out of a company,
- issue of a power of attorney to a new attorney,
- change of director / shareholder / beneficial owner, except the change to a nominee director / shareholder),
- signing of documents.
350 (standard rate, includes the check of 1 individual)
+ 150 for each additional individual (director, shareholder, or beneficial owner) or legal entity (director or shareholder) if such legal entity is administered by GSL
+ 200 for each additional legal entity (director or shareholder) if such legal entity is not administered by GSL
450 (rate for high-risk companies, includes the check of 1 individual)
100 (signing of documents)
Keeping the company’s accounting records.
Maintaining a systematic archive of company documents and providing them to the client upon request
200 / hour
Preparing financial statements, conducting an audit and submitting financial statements to the free zone authorities
400 / hour[7]
Tax advice on VAT and other matters
from 400 / hour
VAT registration
1 500
Preparing and submitting VAT returns
200 / hour

[1] 5% VAT applies.

[2] The cost of the package may vary depending on the number of shareholders, type of licence, and size of office (the office size dictates how many residence visas a company can have).

[3]The description of the account opening stages and the conditions for charging an additional success fee can be found below, in the Fees section.

[4] 5% VAT applies.

[5] The cost of the package may vary depending on the number of shareholders, type of licence, and size of office (the office size dictates how many residence visas a company can have).

[6] For more details on how fees for account opening assistance are charged, please contact your GSL consultant.

[7] The fees for preparing financial statements and conducting an audit are charged based on the time spent at hourly rates ranging from USD 100 to USD 400, depending on the type of work and qualification of a specialist involved, but are not less than USD 2 200 – fees for audited financial statements with a minimum number of transactions.

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5500 USD
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