Procedures and benefits of starting a business in the Free Zones in the United Arab Emirates

Procedures and benefits of starting a business in the Free Zones in the United Arab Emirates

Setting up your company in Mainland Dubai, require a local sponsor (UAE National), who is required to own at least 51% of your mainland company. However, you benefit from a business license that allows you to operate anywhere across Dubai. The Emirate offers a variety of low-cost as well as high-end locations that are suitable for all budgets and business activities.

If you wish to have a 100 percent ownwership of your investment, and do not want to share the ownership with anyone, it is advisable to establish your company in any of the free zones.

It also gives you the opportunity to repatriate all your profits and capital back to your country when you feel like returning

Enjoy 100% tax reliefs (both Corporate & Personal),

No foreign ownership restrictions&business established are governed by IFZA, which is responsible for issuing operating licences&regulating the activities of companies within the Free Zone,

100% foreign ownership,

100% repatriation of capital&profits,

No currency restrictions,

Abundant variety of licensable activities,

Sufficient&less expensive energy,

Efficient communications,

Serviced desks&offices for SMEs and start-ups enjoy an amazing support services and

Enables its shareholders, directors and employees to obtain residency visas in the UAE.

Setting up a business in a free zone is relatively easier but also has its own shortcomings as you would require a trade license in Dubai to transact within, and would have to produce your goods and services at the Free Zones with onward transportation to the nooks and crannies of Dubai.

However, Free zone authorities require minimum paperwork and duration.

Here are the key steps to set up a business in a free zone.

1. Determine the type of legal entity to be formed

2. Choose a trade name for your proposed Company

3. Apply for a business licence

4. Choose an office space

5. Get pre-approvals, register your business and get your licence

To determine the type of legal entity your business would take up. In a free zone, you can set up one of the two types of companies:

Free Zone Limited Liability Company (FZ LLC) also called

Free Zone Company (FZ Co.)

or

Free Zone Establishment (FZE)

The differences lie in the number of shareholders and whether the shareholder is a natural person or a legal person.

All free zones might not register both types of companies. You need to check with individual free zone authorities about the type of company they can register.

We would guide you from beginning till you receive your license.

For Further enquiries, kindly send us an enquiry, and our team of specialists would be available to respond adequately to your enquiry.

Email: angoldbiz@gmail.com

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