Dubai’s free zones are immensely famous among traders and business people for company formation because of their status of being tax-free zones with an available trading harbour that can be completely controlled by the individual who establishes it up. Along with this, free zone companies in Dubai do not have a limitation that directives the presence of a local partner to act as a point of an alliance, which acts as an incentive for increased overseas investment.
Free zones are designed for boosting foreign business by providing full ownership to overseas entrepreneurs. Free zones in Dubai and the UAE are governed agreeable to a special framework of laws and regulations applicable to the concerned free zone. In Dubai, free zone companies are managed and run by the free zone authority. Setting up a Free zone Companies in Dubai brings many opportunities for networking, collaboration, and substantial development in the business. Free zones are the most favorable locations for business setup equipped with modern infrastructure, amazing facilities, duty and tax exemptions, and flexible government policies.
The government of UAE has established several free zones in the Emirates, each created for certain business ventures. UAE free trade zones provide profitable non-resident corporates such as the availability of single-window management, no bureaucratic red tape, and complete ownership. There are many free zones located across the UAE that has drawn overseas direct investment in companies offering GDP growth. The free trade zones depend on their center, setup charges, and documents required; however, the basic needs are the same.
Benefits of Setting up a Free zone Company in Dubai
There are several benefits of Setting up a Freezone Company in Dubai. However, the UAE free zones provide some additional traders to establish a business in one of the free zones. They are:
- Complete overseas ownership
- 100 % release from corporate, private, and income taxes.
- Freedom from all import and export taxes
- Sufficient and reasonable energy
- Low-priced workforce and prosperous recruitment method
- Efficient communication process and single-window management.
- Liberal government organizations and statutory framework
- Sponsorship and visas for a reasonably skilled workforce
- The timely and streamlined immigration procedure
- Flexibility to hold, participate in several activities, and open a bank account in Dubai
- Full secrecy of operations
- Handy offices and warehouse amenities
Step By Step Guide to Setup free zone companies in Dubai
Dubai provides rewarding choices for company setup to traders, to set up their business anywhere in the Emirates, varying on the type of their business, place, budget, ownership decisions, and other such determinants. There are particular conventions and procedures to be performed to start a business in Dubai free zones. These require the right preparation, understanding of local culture and government standards, and extensive decision-making by unique business setup conditions.
- Select a business activity:- Determine a business activity you want to move out of because the kind of business license you apply for will vary upon the business activity’s nature. Most of the free zone in Dubai permits several business activities, so there are many choices to explore.
- Search a free zone:- When you have determined a business enterprise, the next step is determining which free zone is perfect for you. Normally there are many sector-specific zones such as healthcare, trading, commerce, trading, IT, and many more, hence research before selecting one particular zone.
- Select a trade name:- You require to make sure that your trade name is accessible to be registered on the Dubai free zone jurisdiction platform, before settling the trade name. There are also specific standards that the name must stick to, comprising ignoring any irreverent language or recommendations to spiritual or political organizations.
- Collect all the documents and apply for a license:- After determining the business enterprise and registering the business name at the gateway, the next vital step is to apply for a license. The kind of license varies on business activity. To apply for the same, you must first fill the application form and collect the documents as specified in the form. You can also make a visa application throughout this procedure.
- Open a corporate bank account:- Opening a bank account is a smooth procedure. However, to do so, you have to again collect the documents and your trade license and offer it to the opted financial institution.
How much does it cost to set up a free zone company in Dubai?
Starting a business in Dubai is highly lucrative, also for its demographical benefit. But, when it comes to a company setup in Dubai, knowing the business startup costs is a vital scenario. Dubai business setup costs are altered from time to time, so a fixed rate for several approvals and documentation is unlikely. Therefore, it is perfect for reaching out to well-informed and reasonable business setup consultants in Dubai, which assists traders in getting familiarized with the charges levied at the initial stage, offer updates on fluctuation in judicial prices and other governmental services.
The cost of setting up a company in Dubai also varies on the kind of business activity, the opted jurisdiction, the approvals, and certifications comprised, and so on.
Can a foreigner set up free zone companies in Dubai?
Yes, a foreigner can set up free zone companies in Dubai, and many do. Dubai actively welcomes traders and entrepreneurs through the license, visa, and business incorporation procedures. As an overseas trader starting out in the UAE, your first task should be to familiarize yourself with local business customs and practices. There are many setups to the company formation process out here that will be unfamiliar to many.
Read More, Everything You Need To Know About Dubai Free Zones
