|
Services
|
Fees (USD)
|
|
Company registration in KIZAD Free Zone, 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. |
9 500
|
|
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:
|
USD 16 950
|
[1] VAT of 5% is applied.
[2] The cost of package may vary depending on the number of shareholders, type of licence, and size of office (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.
Company registration in KIZAD includes the following steps:
KIZAD Free Zone has three types of licence:
Service licence – allows the holder to provide the type of services specified in the licence.
Examples of service licences: business consulting, marketing consulting, project consulting, IT consulting, etc.
Trading licence – allows the holder to import, export, sell, distribute and store goods specified in the licence.
Examples of trading licences: general trading, e-commerce, trading in certain types of goods: 3 to 5 types.
Industrial licence – allows the holder to import raw materials for production, processing and/or assembly of specified products. Finished products can be exported outside the UAE.
Examples of industrial licences: processing licence, assembly licence, packaging licence, production licence.
Some licences require approval from the relevant regulator: for example, a number of production licences require approval by the UAE Environment and Protected Areas Authority or a specific ministry. A licence for consulting services will require providing a legalized diploma that confirms the relevant qualifications.
(either originals or notarized copies):
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 Compliance purposes, the shareholders will also need to sign a Client Questionnaire Form and a Contract for administration.
The following documents are prepared for submission to the registration authority:
Once the check is done, the company is registered. Upon registration, the Free Zone authority issues the following documents:
A company seal is also issued.
The total time to register a company in KIZAD is 15 days, on average.
Upon registration of the company, you can proceed with visas and bank account opening. A company can open a bank account both at a UAE bank and at a foreign bank – please contact your GSL consultant for details.
The fees for translation, notarization, legalization and apostille are charged additionally.
The UAE does not have such concept as a residence permit. 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:
The number of residence visas depends on the business package chosen during registration of the company.
A residence visa is normally issued for 2 years. Upon expiration, a visa can be renewed.
Application for residence visas includes the following steps (a visa can only be applied for after registration of the 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 working days.
The applicant needs to:
After receiving a passport with a residence visa inserted into it, one can leave the country.
4. Obtaining a resident 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.
The fees for obtaining a residence visa in KIZAD Free Zone start from USD 4 200. Please contact your consultant for more details on the application.
The director can be an individual only. There are no requirements as to the residence of the director.
The secretary can be an individual only. There are no requirements as to the residence of the secretary.
The manager can be an individual only. There are no requirements as to the residence of the manager.
Both individuals and legal entities can be shareholders. There are no residence requirements.
The standard minimum share capital of a KIZAD company is AED 150 000. The capital can be denominated in UAE Dirhams (AED) only.
Upon registration the company and the Free Zone authority sign an office lease agreement; the address of such office is considered the official registered office address of the company.
KIZAD offers various office packages depending on the needs of clients in terms of type and number of licences, number of visas, the need for substance and placement in the Free Zone: from flexi desk (a separate room or workstation in first-class business centres) to warehouses.
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.
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.
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 sales turnover within the country exceeds the registration threshold, which is AED 375 000 (~ USD 100 000) in the UAE.
Registration as a VAT taxpayer is required in the following cases:
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 quarterly (or monthly in the case of annual turnover exceeding AED 150 000 000 (~ USD 40 830 900)) prepare and file a 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.
Every company registered in KIZAD Free Zone 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, company directors must prepare financial statements of the company, including 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.
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 Free 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.
|
Services
|
Fees (USD)
|
|
Company registrationin KIZAD Free Zone, including[5]:
- 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. |
9 500
|
|
E-channel deposit (refundable, returned in the case of licence revocation).
|
1 000 AED (~272 USD)
|
|
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. |
8 200
|
|
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 (cost of one visa – investor visa).
Renewal of a residence visa (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 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 audit, and submitting financial statements to the Free Zone authorities.
|
400 / hour[7]
|
|
Tax advice on VAT and other matters.
|
400 / hour
|
|
VAT registration.
|
1 500
|
|
Preparing and submitting VAT returns.
|
200 / hour
|
[4] VAT of 5% is applied.
[5] The cost of package may vary depending on the number of shareholders, type of licence, and size of office (office size dictates how many residence visas a company can have).
[6]The description of the account opening stages and the conditions for charging an additional success fee can be found below, in the Fees section.
[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 400, depending on the type of work and qualification of a specialist involved, but not less than USD 2 200 – fees for audited financial statements with a minimum number of transactions.