With the rising importance of the media and the creative sector, the number of companies dealing with media and related industries has seen a gradual increase. The people in the business have also understood the importance of this industry, and accordingly, the government of the United Arab Emirates have taken steps to help the companies establish themselves in the country. There has been a cluster of media-related Free Zones that have been developed such as the Fujairah Creative City, Dubai Media City and the Sharjah Media City.
One of the additions to this cluster of media and related creative industries is a Free Zone called Twofour54 in Abu Dhabi.
Twofour54 Free Zone
Twofour54 is a media-related Free Zone located in Abu Dhabi and was established in the year 2008. It is also located very near to the Abu Dhabi International Airport, making it a very lucrative place to set up business for the media-related industries. The name of the Free Zone is based upon the coordinates of Abu Dhabi which are 25-degree North, 54-degree South.
The Abu Dhabi government bankrolled the complete project of establishing this Free Zone and this Free Zone aims to provide services and amenities to the new and budding media-related companies as well as the companies which are internationally established such as BBC, CNN, Random House, Harper Collins, Reuters Thompson Foundation and many more.
The main aim of the Free Zone is to create a supportive and collaborative community of such media and creativity houses and also strives to instigate new professional and creative partnerships among each other. The Free Zone will achieve this aim by implementing the three fundamental principles which are considered as the pillars of business in Twofou54, which are:
This is the name of the training facility in the Twofour54 Free Zone. This will help impart knowledge to the growing companies and individuals who are into the field of creative arts.
This branch of the Free Zone provides opportunities and other amenities to the companies and also familiarize the companies with the latest innovations.
Intaj is the name of the state of the art infrastructure and production facilities in the Free Zone.
These three pillars play a significant role in helping a business but to provide an extra layer of support, and all the companies are further taken care of by a business enabler known as Tawasol. A Tawasol will not only offer its services to the companies but will also take care that the company faces no hindrance on its path to growth.
The Media Authority Zone is held responsible if there is any oversight in the regulatory and the licencing aspects of a company registered in the Free Zone. The Free Zone not only helps in the development of growing companies but will also take care of entrepreneurs and individuals who want to build a business in the media and the creative arts sector.
Key Benefit of the Twofour54 Free Zone
Housing over 400 local and international media and entertainment companies such as Sky News Arabia, Ubisoft, CNN, FOX, etc. as well as over 500 freelancers, setting up a business in the Twofour54 Free Zone is a delightful and lucrative opportunity. Some of the key benefits of the Twofour54 Free Zone are:
● Complete Ownership
The Free Zone offers 100% ownership of a company for the foreign national without the assistance of a local sponsor.
● Wide Range of Activities
A business can pursue a range of business activities in the Free Zone. Having a variety of activities available is beneficial for both the companies and the Free zone, as there can be a diverse group of companies in a location.
● Quick and Easy Business Setup
The Twofour54 Free zone is a comparatively newly formed Free Zone with a digitalized company setup process.
● Strategic Location
The location of the Free Zone near the international airport and in the heart of Abu Dhabi is very lucrative for setting up a company.
● 30% Cash Rebate
If the media company spends an amount of money on international films and TV productions, they are entitled to a cash rebate of 30%.
● Easy availability of Visa
There no security deposit for VISA. A visa can be taken on the spot and can be paid for at that moment.
The benefits as mentioned above are very lucrative for a business to not take advantage of. This is the reason why the number of media-related companies coming into the Free Zones is increasing every day. After your company is set up, you also need to take care of its maintenance and growth. This can be done by availing of the proper bookkeeping and accounting services for the company.
Need for Accounting in Twofour54 Free Zone
Proper bookkeeping and accounting will help the management of the company to understand the present condition of the company and will also allow them to make decisions for the future. Even a minor mistake in recording the transactions or putting in the wrong amount can lead the management of the company to reach a decision that will be unsuitable for the company.