Freezone Business Setup in UAE
Entering into one of the Free Zones of the United Arab Emirates is a very attractive and lucrative business proposition for many entrepreneurs and foreign investors offering certain advantages and benefits. Every Free Zone is established to serve a specific industry segment with facilities/services to these businesses. The following steps will guide you through the procedure about establishing your business in a UAE Free Zone along with its benefits.
One of the most crucial advantages is that the foreigner investor is allowed to establish or own a 100% business, without the traditional requirement of a local sponsor or partner.
Import and export tariffs and corporate and personal income taxes are waived for Free Zone companies for a period of time, which can be usually be renewed.
Corporations may import and export with no taxes or tariffs on their profits and dividends.
Currency is not a hindrance in Free Zones as all financial operations are very easy.
The geographic position of UAE makes these products easily accessible to countries in the Middle East, North Africa, Asia, and European markets.
The Free Zones are established with all facilities and services that a company may need for its business activities.
Establishing a business within a free zone is also relatively easier and faster than the normal setup in mainland.
Every Free Zone zone is dedicated to specific activities. Choose one that best suits the current operations and provides optimal benefits to your business.
Determine the type of business incorporation: FZE Free Zone Establishment; FZC Free Zone Company; or Branch office of foreign company.
It is recommended that you pick a creative name for your business that meets the naming standards and guidelines set by the Free Zone authority.
Apply for a business license that is suitable for the business activities carried out by your business – Trading license; Service license; Industrial license.
Submit the necessary paperwork such as a company business plan, copies of the passport of the shareholders, and application forms as well as NOCs according to the requirements.
Choose from flexi-desk options, executive offices, or our warehouses depending on your requirement.
Apply for the business license, and complete registration with all the necessary documents and the preliminary approval of the business license.
Once you have registered you company you can open a corporate bank account.
Applying for a visa ensures that you can get staff from overseas or vice versa if you require a visa to run your operations in the UAE.
Benefits of Free Zone Company in UAE; 1: Tax Exemptions: UAE Free Zone companies enjoy tax exemptions for at least 50 years. It is a catchy model for the international business as the process is simplified and investor-friendly. It is also important to select the appropriate Free Zone and to familiarize yourself with the rules and privileges of each Free Zone in order to fully benefit from engaging in a Freezone business in the UAE.
