SET UP A COMPANY IN UAE FREE ZONES
Understanding how to decide if a Freezone company set up is right for you, firstly you need to have a better understanding of how free zones works. Free zone in the UAE are special economic trade zones that offer 100% Ownership and most offer Tax Exemptions to foreign & expatriate investors in the country.
Companies within the UAE Mainland require the involvement of an Emirati national, either taking on the role of a Local Partner or Service Agent. Freezone’s provide investors an alternative, allowing them to set up their businesses in Dubai with 100% rights.
With about 37 free zones in the UAE, investors can choose the ones that fit their business activity requirements and financial budget.
Setting up a Free zone entitles you to:
- 100% Ownership.
- To open a business bank account in Dubai.
- 100% Confidentiality.
- 100% Tax Exemption, with some exclusions.
- Engage in business internationally.
- Trade freely within their own Freezone and other free zones within the UAE.
- Lease Property.
THE PROCESS FOR COMPANY FORMATION IN FREE ZONE
Each Free zone has its own requirements for setting up under them. However, the basic process remains as below:
- Firstly, select the right legal structure within the Free zone:
- Freezone Company Establishment (FZE).
- Freezone Company (FZC).
- Branch Office.
- In the meantime, determine the type of license required for business activity:
- Commercial License
- General Trading License
- Consultancy License
- Industrial License
- Trading License
- Further, find an appropriate Free zone that offers the business activity and license your setup requires.
- After that, find office/desk spaces and other facilities within the Free zone.
- Then, understand the costs and fees involved in setup.
- Create a Business Plan for the proposed business in Free zone.
- Submit application to concerned Free zone authority.
- Make payment to Free zone authority on securing approvals.
- Finally, signing agreements and receive a license for your newly formed Free zone company.
Read more about the pros & cons of Free zone setups to find out if it is the right option for you.
For Freezone company set up, you can contact our experts for a free consultation. We will help you in selecting the right free zone based on your business requirement and financial budget.