Establishment Of Free Trade Zones Has Done Immense Good To DubaiAuthor businessconsultantsdubai
You want to start a business in Dubai and would prefer 100 percent ownership in your name. Setting up in one of the Dubai’s free zones is the first step you need to take.
What are the key advantages?
- 100% foreign ownership
- 100% repatriation of capital and profits
- 0% corporate, personal tax
- Free transfer of funds
- Customs- free trading zone
- Free zone company formation is quicker than incorporation outside the city
- No restrictions on recruiting foreign labor
- Inexpensive workforce and easy recruitment procedures
- Highly Developed infrastructure
- 25 years lease options, warehouse facilities, availability of areas for production and assembling etc.
- Independent free zone authority and one-stop-shop facility
Free trade zones play crucial role in Dubai economic development
Free zones in Dubai are home to more than 150,000 companies.
Starting with the creation of the Jebel Ali free zone in 1985, Dubai free zones have reflected the reasons for their creation. They were built to diversify the economy by bringing in businesses and foreign expertise from a broad range of sectors. Dubai free zones are largely sector-specific which means that they bring businesses in similar industries – such as aviation – together. Rise in the number of specialist free zones in Dubai has deepened its impact on UAE Economy.
Dubai with its remarkable growth and development has become an excellent place for business setup for many investors around the world. Its free zones have one of the most liberal and attractive operating conditions as far as rules and regulations are concerned. They are hubs of collaboration, learning and expertise.
Jebel Ali free zone has a cargo port Jebel Ali, which is the busiest port in the Middle East and UAE’s most valuable commercial asset. Jafza is home to more than 7,000 companies including approximately 100 of Fortune Global 500 companies. The free zone reportedly contributes a staggering 21% to Dubai’s GDP.
Dubai Multi commodities Exchange DMCC is the biggest free zone of Dubai which was also crowned as world’s top free zone for 3rd year running by the Financial Times’ fDi magazine. You can setup your business in DMCC in just 15 days, down from 31. More than 13,700 companies are based in DMCC and the free zone contributes 10% of Dubai’s GDP.
Dubai Internet City is the MENA’s biggest ICT infrastructure that’s hosts ICT giants such as Microsoft, Oracle, IBM, Dell and many more.
Other major free zones of Dubai are,
- Dubai Airport Free Zone
- Dubai Media City
- Dubai Internet City
- Dubai Healthcare City
- Dubai Design District
- Dubai Silicon Oasis
Dubai Free Zones Limitations
Companies operating in Dubai free zones cannot trade directly with the home UAE market.
In order to undertake local business, they have to establish an ‘onshore’ operation first. This can be achieved through locally appointed distributors. Custom Duty 5% is applicable for the local business.
Welcome to the capital of 21st century, Dubai!
With time, Dubai is becoming a much more ambitious city. It is not merely a playground for attracting global businesses rather it is set to become a regional and global hub of 21st century innovation across society.
Dubai’s airport is a gateway to three regions- Asia, Middle East and Africa. Its Economy is diversified. Biggest sectors in Dubai’s economy include trade, tourism, finance, real-estate and transportation. Dubai free zones are committed to free trade and also drawing top talent from around the world. Dubai is also a cultural hotspot. This is why if you are looking to setup business in UAE, Dubai free zones are the perfect place to start.
How can you form company in Dubai free zone?
If you are a little intimidated by the paperwork and registration that the free zone authority will require for the establishment and registration of business, then you can engage the services of business setup consultants Dubai.
Our team at Business Consultants Dubai offers company formation services in Dubai and across UAE. We have immense experience and an untarnished reputation in the field and we will take care of all company setup procedures in limited time and cost.