A Detailed Guide to the Free Zone Business Setup in the UAE
The United Arab Emirates is best known for its petroleum and oil sectors, although that has altered in recent years. Because of its broad and worldwide business approach, it has become a global corporate center. Free Zones in the UAE have been established to attract international investors and entrepreneurs. UAE free zones are considered a blessing for aspiring entrepreneurs and existing firms wanting to develop their operations in the country. More than 45 free zones in the UAE serve a variety of devoted trade and commerce and have their own legal and regulatory framework that oversees corporate activities.
What are free zones in UAE?
The UAE Free Zone, also known as the Free Trade Zone, is an economic jurisdiction in which goods and services are exchanged at a reduced or favourable tax and customs tariff. The goal of free zones in the UAE is to help foreign investors and entrepreneurs.
The Benefits of forming a business in a free zone
The Dubai Free Zone Authority manages registration procedures and issues licenses to investors seeking to setup a business in the Dubai Free Zone. The convenience with which a business can be launched in the UAE, as well as the favourable tax environment provided by the Free Zone, makes it an even more attractive location for business.
- 100% foreign ownership is permissible.
- Capital and profit can be repatriated in their entirety.
- International networking and strategic Location.
- There are no import/export taxes or visa restrictions.
- Many declared Free Zones are free from paying VAT.
- Recruitment of a competent and diversified labor.
- There are no currency limitations or logistical problems.
What are the most strategic free zones in which to establish your business?
The free zones which are suitable for you will be determined by the type of business activity you intend to participate in. The various free zones where we can help you launch a business are listed below.
Jebel Ali Free Zone (JAFZA) is one of Dubai’s most popular free zones, with world-class facilities in general commerce and logistics.
- Ras Al Khaimah Economic Zone (RAKEZ)
RAKEZ free zone in Ras Al Khaimah is committed to assisting both free zone and non-free zone investors by delivering cost-effective solutions as well as world-class services and amenities.
The Dubai International Finance Centre (DIFC) is an autonomous free zone in Dubai that was established to help Dubai improve its revenues and encourage investments.
- Khalifa Industrial Zone (KIZAD)
The Khalifa Industrial Zone Abu Dhabi is a rapidly growing free zone in Abu Dhabi. KIZAD offers a diverse set of business options as well as ample infrastructure to support a variety of company objectives.
- Silicon Oasis in Dubai
The Dubai Silicon Oasis Authority is a government-owned free zone that encourages innovative technology companies.
- Umm Al Quwain Free Trade Zone (UAQ FTZ)
The Umm Al Quwain Free Trade Zone is ideal for aspiring entrepreneurs and micro-enterprises. Along with creative packages, company settings, and minimal restraints, UAQ FTZ fosters development and creativity.
The Dubai Airport Free Zone (DAFZA) is one of the city’s most notable and quickly developing free zones, with numerous firms from a range of industries.
The Dubai Multi Commodities Centre (DMCC), originally known as the Dubai Metals and Commodities Centre, is the proper business centre for Dubai and the United Arab Emirates.
The International Free Zone Authority (IFZA) is a new free zone that supports start-up companies by providing competitive programs with competent registration options.
- Sharjah Airport International Free Zone (SAIF)
One of the world’s largest and fastest-growing free zones, with over 10,000 businesses and world-class facilities.
Documents Needed for Business Setup in UAE Freezone
In order to start a business in the UAE free zone, the following documents from all shareholders/directors of the new firm are required.
- Letter of Intent and completed application form
- A bank letter of recommendation or two years of audited financial statements for a business entity are necessary.
- The Registry Identification Code Form (RIC) and the business plan (original and notarised)
- Copies of business partners’ passports and color pictures
- CV (curriculum vitae) (summary of professional history)
- NOC from the current sponsor, unit title deed, and sample signatures of shareholders
Connect with Jumeira Consultants
The free zone business setup in UAE provides the most flourishing platform for establishing businesses, with topnotch infrastructure, a favorable tax system, liberal government regulations, and other amenities that enable managing a business appear effortless.
Setting up a business in UAE is a simple, quick and seamless process with Jumeira Consultants. As expert advisors, we can assist you in creating, analyzing, and assessing the whole budget of your company setup.