JAFZA or Jebel Ali Free Zone has just announced reductions across the board in license registration, as well as administration costs for new and existing businesses. The slash to business registration-related fees is up to seventy percent. The free zone’s latest initiative is set to assist thousands of businesses that are already established in one of UAE’s biggest business parks. Related administrative functions, including registration and licensing, at Jebel Ali Free Zone which is owned by DP World, are now available with fees reduced anywhere between fifty to seventy percent.
JAFZA is among the specialized free economic zones in UAE wherein businesses are able to enjoy a one hundred percent foreign ownership. Businesses that are established in the free zone benefit from various tax exemptions as well. The biggest transshipment port in the Middle East, Jebel Ali Port’s currently being operated by the UAE Region DP World and it’s adjacent to JAFZA.
Fees that were reduced significantly were introduced following the crown prince of Dubai’s most recent call to bring down all the business costs for the free zone and improve the experience of businesses and investors in the emirate. This is according to the chief executive of JAFZA, Mohammed al-Muallem.
The private sector of the UAE has deteriorated in the previous month with output expectations decreasing amid the features of the impact of the coronavirus on supply chains and experts, as shown by surveys.
Read More: Business Setup in Jebel Ali Free Zone
Reduction in Fees to Support Emirate’s Economic Development
According to Mohammed Al Muallem, the slash in business license and registration costs is a timely move that is directed in inspiring clients and customers in pursuing business targets with a much greater purpose and confidence. DP World’s Managing Director and CEO said it is specifically designed in creating opportunities and value for businesses to channel valuable resources in supporting business activities sustainably. DP World, in a statement by the CEO, is seeing the initiative as ‘forward-looking’ and will enable businesses in operating gin the emirate in a smart way. Businesses will also now generate even more business, as well as create job opportunities.
“Trading has always been the driving force for the economic development of Dubai and JAFZA has played an incredibly important role in terms of its support. Activities of flagships, JAFZA and Jebel Ali Port, are closely connected with businesses that are located there in order to take full advantage of world-class facilities and infrastructure; not to mention investment incentives. As wealth generators, economic engines of the DP World’s two flagships are critical assets that underpin success and prosperity for the nation,” said Mohammed Al Muallem.
DP World currently contributes to more than thirty percent of the GDP of Dubai and it believes the significant reduction in fees for registration and licensing will further boost the ease of conducting business in JAFZA. It is also set to continue Dubai’s position as a global center for trade and commerce.
As key employment and economic generator, DP World completely understands the impact a renewed commitment brings to our national economy as well as the community and businesses in Dubai and the rest of the UAE.
You may want to know: JAFZA Offshore Company Formation
JAFZA is suitable for the registration and licensing of businesses that are involved in the following:
- Importing and exporting
- International trading
In the past, it used to be known that JAFZA company formation fees are higher compared to other free zones. However, that is no longer the case and the free zone still remains to be a prestigious economic zone that offers state-of-the-art facilities to businesses that operate in it.
JAFZA has a vast number of facilities and they include:
- Plots of land
- Customized development solutions
- Business park
- On-site residence
- Retail outlets
It can be difficult to acquire flexi-desk options in JAFZA from low availability. If you’re on the lookout for one, we suggest you consider a full office space as will provide more ease in doing business not just in the free zone but in all of Dubai and UAE.
Trading, logistics, and shipping companies are mostly based in JAFZA. If you’re planning of setting up a business in the free trade zone, then now is the best time to do so while fees are reduced.
Also read: 5 stages of Company formation in Jebel Ali Free Zone (JAFZA)
How to Start Conducting Business in JAFZA
JAFZA business setup may be initiated even without your physical presence. However, you need the help of experts as there are documents required to establish your business.
Here is a list of the basic requirements that the free zone authority will request for company registration:
- Application form;
- Passport copy;
- Project summary;
- Declaration of business activities;
- Company name options
The timeframe for JAFZA business setup is two to four weeks, depending on the business facility that the business needs and the activities it intends to conduct in the free zone. If you want to know more about business setup and licensing in JAFZA, call us for a free initial consultation.