UAE Freezone business setup
In the past two decades, UAE has grown to become more renowned for its tourism and real estate sectors, but this wasn’t true two decades ago. The city’s diverse business model drives the economy and has made UAE a global city and a significant business hub in the region. Free zones have been set up in the emirates to attract foreign investment and boost the economy by offering lucrative incentives to foreign entrepreneurs.
The Dubai Free Zone Authority handles registration formalities in UAE and issues business licenses to non-resident companies or foreign-owned businesses for company formation in free zones. UAE free zone business setup offers endless opportunities for networking, collaboration, and substantial growth in the business. UAE is the nation most preferred by investors for company formation due to its tax regime and numerous incentives offered by the free zone authorities.
Benefits of Setting up a Business in UAE Free Zone
With state-of-the-art infrastructure, duty exemptions, and top-notch amenities, Dubai free zones are the most ideal locations for setting up businesses. In addition to those factors, freezone business setup in UAE offer many more benefits, such as:
100% ownership to investors, regardless of nationality,
100% tax exemption on personal or corporate income or gains
100% repatriation of capital and profits
Exclusion from all import and export duties
Handy office and warehouse facilities
Option for a company set up by an individual
Exemption on corporate tax for 15 years, renewable for another 15 years
Complete secrecy of operations
Flexibility to engage in international business
Fewer renewal charges
Flexibility to hold properties, participate in multiple activities, and open a bank account in UAE
The option of liquidating anytime
Assistance in housing facilities, staff visas, and other support services
Documents Required for UAE Freezone Company Formation
For a business license:
- Colour copy of shareholder(s)’ passport and visa, if applicable
- Application form
- Business plan
- Board resolution
- Memorandum and Articles of Association (MAA)
For opening a bank account:
- A corporate account opening form
- A board of directors’ resolution sanctioning the opening of the account, and the signatories to the account
- A copy of your company’s certificate of incorporation
- A copy of your share certificate
- A copy of the company’s Memorandum and Articles of Association (MAA)
- Copies of passports for all partners in the company
Notes:
UAE’s free zones are extremely popular among entrepreneurs and business owners for setting up companies since they are tax-free zones with free trading ports that can be owned solely by the person setting it up (regardless of nationality). The business setup in UAE free zone does not require a local sponsor to act as a point of contact, which acts as a catalyst to increase foreign investment. Free trade zone company formation in UAE is quite simple and requires only that the share capital arrangements are made before applying for a license
