Dubai is at the heart of commercial success as it has become a preferred destination for businesses of all kinds. The market is pretty dynamic in the Dubai Free Zone and thus, the preferred option for setting up a company in Dubai. There are multiple advantages to setting up a company in the Dubai Free Zone. Here are the details that you should know to open a new business in the free zone.
What is a Dubai Free Zone?
The Zone is an earmarked area where businesses get to enjoy favourable conditions to operate and grow their business. Some of the features of a Dubai Free Zone are –
- 100% Foreign ownership.
- Personal and corporate taxes do not apply.
- No customs duty on imports and exports.
- Earnings and investments can be transferred back home without restrictions.
Dubai has numerous free zones and each zone is customized for specific industries. Common examples of Dubai Free Zones are Jebel Ali Free Zone, Dubai Silicon Oasis, Dubai Media City, etc.
Company Setup in Dubai Free Zone: Steps to Follow
Follow these steps for company registration in Dubai –
Step 1 – Pick a Free Zone
Dubai has 30+ free zones. Each of these zones caters to different industrial segments. You need to thoroughly each of the zones before selecting one that suits your business model and needs. For example, the Dubai Internet City is the best place for companies in the tech sector.
Step 2 – Determine the Business Activity
For the company set up in the Dubai Free Zone, you need to choose the business activity. All the free zones allow different kinds of commercial activities. Once you have selected the zone, you need to choose a business activity that is aligned with the company’s goals. For example, you need to choose if you will be in the trading business, in the service sector or in the industrial sector.
Step 3 – Select a Legal Structure
Next, you need to choose the company’s legal structure. The establishment can be either a branch office, a Free Zone Company (FZC), or a Free Zone Establishment (FZE). The legal structure is decided based on the size of the business and the future expansion plans of your business,
Step 4 – Submit the Necessary Documents for Company Registration
Some of the documents required for company registration are the completed applicabtion form, residence proof, applicable business plan, and the passport copies of the directors and shareholders. In certain free zones, extra documents are required for opting for the legal structure of the business.
Step 5 – Obtain Licenses and Visas
The business license can be obtained once your documents get approved. With this license, companies can operate legally in your chosen free zone. This is the time to apply for residency visas for your employees, family members and shareholders..
Conclusion
Company setup in a Dubai Free Zone is an attractive proposition for entrepreneurs who are looking at setting up their business in the Middle East and looking for a sure footing. Since the process is streamlined with tax and operational benefits, businesses can thrive.
source:https://graph.org/Company-Setup-in-Dubai-Free-Zone-What-You-Need-to-Know-09-26
