Twofour54 is located in the UAE capital Abu Dhabi. It got its name from geographical coordinates of Abu Dhabi (24° North, 54° East). It was launched in 2008 to accelerate Abu Dhabi’s media industry.They are a unique media and entertainment hub that allows the professionals and like-minded companies to take the utmost advantage of the MENA regions in the media sector.
Its vision is to be the capital for content creators and its mission is to develop a thriving creative ecosystem that inspires world class content and to foster the success of the region’s media industry.
Types of companies available for Business Set up in Twofour54:
Twofour54 approves the following types of entities:
- A Free Zone Limited Liability Company: Entity that allows Individual shareholders or Corporate shareholders or a combination of both
- A branch : It can be either a branch office of an existing free zone entity or a foreign company which follows the activities of its parent company
- Sole Proprietor (Freelancer): An Individual can work in his/her personal capacity as a freelance media professional within the free zone
- Start up: Allows individual entrepreneurs and start-ups to accelerate their growth while minimizing costs.
How to start a company in Twofour54?
Following are a list of documents that are required to set up the business in Twofour54:
- A Certificate of trade name reservation
- An initial approval from Media Zone Authority
- Office leasing contract
- Attested and notarized Power of Attorney for legal representative appointment
- Intent of business
- CV and passport copy of shareholder and manager
- Corporate documents which includes Memorandum of Association
- Certificate of registration
What are the Competitive advantages of setting up business in Twofour54?
- 100% company ownership
- No restrictions on capital movements
- 0% import tariffs
- No security deposit per employee visa required
- Access to Abu Dhabi Film Commission’s 30% cash rebate on production spend
- No corporate tax, income tax
- Fully waived license and registration fees for 2 years.
How to close or liquidate a company in Twofour54?
Entities which are unable to continue the operations of their company in freezones of UAE need to initiate the process of liquidation. Following is the process required for the liquidation process:
- Board resolution: The decision to liquidate the company is taken formally in the form of a board resolution. The shareholders also pass the resolution regarding the appointment of a liquidator who will carry out the entire liquidation process and the resolution must be attested by the Notary Public.
- Official Letter from Liquidator: After the board resolution, the liquidator(A registered audit firm in Dubai – Spectrum Auditing and Accounting is a registered audit firm) has to present a confirmation letter accepting the responsibility of carrying out the liquidation of the company in freezones of UAE.
- Application for Liquidation: An application with required documents as required for liquidation has to be submitted to the free zone authority to initiate the liquidation process. The DAFZA officials will verify the documents and will notify the management.
- Notification of Liquidation: A notification about the liquidation of the company should be published in a local newspaper to announce the company’s liquidation. There will be a 45-day grace period granted by the DAFZA during which any creditors or clients can come up with any claims over the company.
- Vat and Branch Deregistration: The company management should apply for VAT account deregistration with the Federal Tax Authority (FTA). The management should also ensure that they have shut down the branches or subsidiaries if they have any.
- Clearance letter from Service providers and Customs: The company should obtain a no due letter from the utility service providers and also customs clearance letter if applicable.
- Cancellation of Visa, Bank account: The entity must cancel the visas of the employees, and also close the bank account and obtain a closure letter from the bank.
- Liquidation report: The official liquidator will submit the liquidation report to the free zone authority.
Why choose Spectrum Auditing?
Spectrum Auditing is an expert firm in the Company Formation and Company Liquidation process. Our passion and heart lie in serving the clients and we aim at utmost client’s satisfaction. We are registered Auditors under the Ministry of Economy UAE and also registered Tax Agent from Federal Tax Agency UAE, Dubai providing dedicated Audit, Accounting, Tax services and various Business Advisory Services complying regulatory requirements.
Reach us to have a frills free life in your journey in Dubai, UAE. We at Spectrum will assist you in taking care of all the legal procedures involved in the registration and de-registration of your company in freezones of UAE. Call us today for any kind of assistance at +971 4 2699329 or email us at [email protected] to get all your queries addressed. Spectrum is your partner in your success.