Are you looking to start your business in the heart of Dubai? If so, Meydan Free Zone Company Formation is an excellent choice for you. With various benefits and advantages, Meydan Free Zone is one of the top locations in Dubai for business formation. In this complete guide, we will cover everything you have to understand about setting up a business in Meydan Free Zone. From the reasons why Meydan is the right choice for your company formation to the steps you need to follow, we will cover all the essential information.
What is Meydan Free Zone?
Meydan Free Zone is a business hub located in Dubai that offers a range of advantages for entrepreneurs looking to set up their companies in the UAE. It was established in 2011 and is spread across an area of 3.67 million square meters. Meydan Free Zone is situated at the heart of Dubai, near the iconic Burj Khalifa, Dubai Mall, and Dubai International Airport.
The free zone is specifically designed for companies in the equestrian industry, sports, and events management, as well as other businesses that are looking for a strategic location in Dubai. It offers a range of facilities, services, and incentives to attract businesses and entrepreneurs from all around the world. The free zone also offers excellent infrastructure, state-of-the-art technology, and modern facilities that help businesses to grow and expand.
Meydan Free Zone offers a range of licensing options to businesses, including commercial, service, and industrial licenses. The free zone also offers flexible office space solutions that are tailored to meet the needs of businesses of all sizes.
The free zone is governed by the Dubai Multi Commodities Centre Authority (DMCC), which ensures that businesses operating in the free zone comply with the local laws and regulations. Meydan Free Zone is an excellent choice for entrepreneurs who are looking to set up their businesses in Dubai, especially in the equestrian, sports, and events management sectors.
The Process of Setting Up a Business in Meydan Free Zone
If you’re looking to start a business in Dubai, Meydan Free Zone is a great choice for many entrepreneurs. It offers a range of benefits that make it an attractive option for startups and established businesses alike. Here’s what you need to know about the process of setting up a business in the Meydan Free Zone –
1. Determine Your Business Activity
Before you begin the process of setting up your business in Meydan Free Zone, you need to determine what type of activity you will be engaging in. This will determine the type of license you need to apply for.
2. Choose the Right Legal Structure
You will need to choose a legal structure for your business, such as a Limited Liability Company (LLC), branch office, or representative office. The structure you choose will depend on your business needs and goals.
3. Decide on Your Business Name
Choosing a business name is an important part of the process. Your name must be unique and in adherence with UAE laws and regulations. Meydan Free Zone has specific guidelines for naming your business, which you can find on their website.
4. Submit Your Application
Once you have finished the above steps, you can present your application to Meydan Free Zone. The application must comprise all the crucial documents, such as your business plan, passport copy, and other legal documents.
5. Obtain Your License
After your application has been approved, you can obtain your Meydan free zone license. Meydan Free Zone offers various types of licenses depending on the nature of your business, such as a commercial license, service license, or industrial license.
6. Renew Your License
Your Meydan Free Zone license will require to be renewed yearly. You will have to present the vital documents and pay the renewal fees to continue operating your business.
Benefits of Setting up a Business in Meydan Free Zone
Meydan Free Zone is an excellent choice for foreign entrepreneurs looking to set up their businesses in Dubai. There are multiple advantages to starting a business in the Meydan Free Zone.
1. 100% foreign ownership
Meydan Free Zone allows foreign entrepreneurs to own 100% of their business. This means that you don’t need a local sponsor or partner to set up your business. You can hold and run your business without any restrictions.
2. Tax exemptions
Meydan Free Zone offers significant tax exemptions to corporations that function within the free zone. Companies operating in the Meydan Free Zone are exempt from corporate tax, income tax, and customs duties. This means that your business can enjoy a lower cost of operation, which can help you to increase profits.
3. Easy setup process
Meydan Free Zone offers a streamlined setup process, making it easy for entrepreneurs to start their businesses. The setup process is straightforward, and the free zone provides all the necessary support and guidance to help you get started.
4. Access to world-class infrastructure
Meydan Free Zone is a state-of-the-art development that offers world-class infrastructure and facilities. The free zone is home to some of the most advanced technology and communication systems, making it an ideal location for businesses in the technology sector.
5. Strategic location
Meydan Free Zone is strategically located in the heart of Dubai, providing easy access to major transportation hubs, including the airport and seaports. This creates it effortless for corporations to import and export goods, and conduct business with partners in other countries.
6. Business-friendly policies
Meydan Free Zone is known for its business-friendly policies, which include streamlined licensing procedures, low setup costs, and flexible visa regulations. The free zone also provides a range of business support services, including legal and financial advice, to help entrepreneurs succeed.
Documents Required for Setting up a Business in Meydan Free Zone
Here are some of the essential documents required for setting up a business in the Meydan Free Zone –
- Business Plan – A comprehensive business plan is essential to present to Meydan Free Zone Authority during the application process. The business plan should detail your business concept, market analysis, financial projections, marketing strategies, and management structure.
- Passport Copy – A clear copy of the passport of all shareholders and directors is required for setting up a business in Meydan Free Zone.
- Visa Copy – A copy of the UAE entry visa and Emirates ID is required for shareholders and directors who are already residing in the UAE.
- No Objection Certificate – If the shareholder or director is employed in the UAE, a No Objection Certificate (NOC) from the employer is needed.
- Power of Attorney – If a representative is appointed to complete the company formation process on behalf of the shareholders or directors, a Power of Attorney (POA) document is required.
- Memorandum of Association (MOA) – The MOA outlines the company’s objectives, business activities, shareholders, and capital structure.
- Articles of Association (AOA) – The AOA outlines the internal management structure of the company, comprising the functions and duties of the directors and shareholders. It should be notarized by the UAE embassy in your country of origin.
- Bank Reference Letter – A bank reference letter indicating the good standing of the company’s shareholders is required.
- Address Proof – Proof of address is required, which can be a utility bill or a tenancy agreement.
- Trade License – Once the company is formed, a Meydan free zone license is required to operate a business in Meydan Free Zone.
The Cost of Setting up a Business in Meydan Free Zone
The Meydan free zone cost of business formation is relatively lower compared to other free zones in Dubai. However, the cost relies on numerous aspects, like the type of business activity and the size of the office space required.
The initial cost includes registration fees, visa processing fees, and office space rental fees. The registration fees for a Meydan Free Zone company range from AED 8,000 to AED 15,000, depending on the type of company and business activity.
The visa processing fee for each employee costs around AED 3,200, and the office space rental fee varies depending on the size of the space and the location. The cost of renting an office space in the Meydan Free Zone ranges from AED 18,000 to AED 30,000 per year.
In addition to the initial costs, there are also annual renewal fees for the company’s trade license, visa fees, and office space rental fees. The renewal fees for the trade license and visa cost around AED 10,000 per year, and the annual rental fee for the office space varies depending on the size of the space and location.
How Start Any Business Can Help
If you’re planning to set up a business in Meydan Free Zone, working with a business setup consultant like Start Any Business can make the process smoother and faster. We comprehend that every business is exceptional, and we deliver tailored solutions to fulfill your precise requirements. With your help, we will identify your business requirements and provide solutions accordingly.
We at Start Any Business understands that time is of the substance pertaining to setting up a business. With our knowledge and specialization, we can help you set up your business quickly and efficiently. Our services don’t end with setting up your business. We offer ongoing support and guidance to assist you to navigate the lawful and regulatory necessities of running a business in the Meydan Free Zone.
