Business Setup in Dubai Free Zone
Considering applying for Golden Visa Passport Program UAE? A Business setup in Dubai Free Zone can be a great alternative instead as it allows founders and their family to live and settle in the UAE. Here in this article, we will tell you everything about business setup in Dubai free zone. Let’s get started!
What Is a Freezone In Dubai?
Free zones in Dubai are geographically delineated areas where foreign investors can engage in trade. By offering various benefits to investors, these Dubai free trade zones aim to foster international trade in the region. There are more than 40 free zones in the UAE for foreign investors, of which over 30 are in Dubai.
Free zones in Dubai are special economic zones where investors can benefit from special tax status and trade conditions that permit them to manufacture or trade in goods and services. There are no Customs duties or value-added tax (VAT) applicable to import/export goods for the free zone companies. In Dubai’s free zones, business owners own 100% of their organizations.
Dubai’s free zone ecosystem offers more opportunities to investors. A number of free zones have been established in Dubai, each devoted to a particular type of business activity.
Business Setup In Dubai Freezone
Every investor has access to investing in Dubai, and the emirate has made its laws friendlier so that anyone can start a business here.
With the different provisions the government has introduced from time to time, the whole process of setting up a Dubai Freezone company has been made very easy and smooth. You only need a trustworthy guidance from a reputable service, and we at mygoldenpass.com are here to help!
The investor has to choose a local partner to start the business in Dubai. But the scenario is different for Dubai Free Zone Company. Having 100% ownership and total tax exemption, business owners can easily register and run their businesses.
Company Formation in Dubai Free Zones
The Free Zone Authority, which governs the free zones, has its own regulations.
Free zone authorities are responsible for granting trade licenses. Free zone companies are only allowed to do business outside the UAE and within the free zone. For incorporating a free company in Dubai, an investor needs to provide several documents, in order to receive requisite approvals
The following are the critical steps to setting up a company in the Dubai free trade zone:
- Decide on the type of legal entity.
- Choose a trading name for your business.
- Get a license for your business.
- Find suitable office space.
- Prepare your business for pre-approval, register it and obtain a permit.
The moment your license application is approved, you’ll be notified and can collect your corporate documents. You can open your corporate account and start trading as soon as you have this paperwork. To ease the outlay process for investors, the government made it simple and easy. It will take no longer than four weeks to complete and pave the way for the investor to set up a free zone company in Dubai.
What is a Free Zone Company in UAE?
Free zone companies are formed under the jurisdiction of a particular Emirate of the United Arab Emirates. Tax concessions and 100% foreign ownership are the distinguishing features of UAE-free zone companies. A company registered in a free zone only conducts business within the free zone or outside the UAE.
What is the Number of Visas/Work Permits a Free Zone Company Can Get?
Most free zone residence visas are issued through employment contracts with free zone companies.
Applicants of this type of UAE residency visa can stay in the UAE for three years. Entrepreneurs who want to register a company in Dubai can obtain a residency visa through an employment visa or an investor visa.
What are the Different Free Zone Companies in Dubai, UAE?
There are many types of free zone companies that run their business in Dubai, including logistics and shipping companies, multinational companies, banks & financial services, fintech firms, electric equipment companies, etc.
The Dubai free zones offer exclusive benefits to SMEs, large corporations, and professionals alike. Taxes are entirely (or mostly) exempt from these free trade zones, and they allow foreign companies to own 100% of their stock. Click here to read about benefits of starting a business in the UAE.