Free zones in UAE come with great advantages as they offer a number of services including zero taxation, full ownership, free custom duty benefits and so much more. This is the reason why free zones are considered to be very appealing for expat investors. Free zone company formation in UAE fascinates people especially expats to a great extent.
If a person goes for a business set up in any of the UAE based free zones, his business will not be subjected to the commercial law in UAE. The free zones in the UAE are not considered to be inside the UAE’s rules and regulation. That’s the reason why they are named as free zones because they have their own different set of rules and regulations. The companies that are established in the free zones are maintained as well as regulated by the rules and regulations of free zone authorities.
There are a number of excellent business services that are provided to the investors for their business set up in UAE. There are a lot of business service providers who help the investors in decreasing their troubles of business set up to a huge extent. They also make sure that they complete the business set up procedures in the fastest possible ways. Expat investors who are new in the UAE market should surely consider taking the help of UAE business consultants.
Company types that can be registered in UAE free zones
Free Zone Establishment (FZE): only one individual or one corporate shareholder can open FZE
Free Zone Company (FZCO): a minimum of 2 or more shareholders can go for free zone company formation in UAE. The shareholders allowed can either be corporate companies or individuals as well.
Branch Office: the branch of any parent company
Note that every free zone in the UAE has its own rules and regulations. All of the above-mentioned company types may not be allowed in all of the free zones in UAE.
Starting a business in Free Trade Zone?
There are a number of free zones in the UAE. All of them have their own distinguished properties which are unique n their own ways. Also, there are different procedures for setting up a business in different free zones. The leading in all of the free zones are Jebel Ali free zone (JAFZA), Dubai Airport free zones (DAFZA), DMCC, DCCA and more.
the basic purpose behind the creation f the free zones is to support different activities and business investments. There are different facilities that are provided in different free zones which make them different from the rest. For business set up in UAE, you must first understand the qualities you need to run your business effectively. These qualities will help you in choosing the free zone that you should carry your activities in.
Steps your Free zone business in UAE.
It is quite easier to set up a business in any of the free zones in UAE. The paperwork and duration are comparatively less as well.
For a business set up in free zones in UAE, you must;
- First, determine the legal entity you want to provide your services in
- Choose a trade name for your business
- Apply for the business license as per your business requirements
- Choose the best location as per your business
- Get all the required re-approvals, get registered for your business and get the license
- 100% Ownership
You will not be requiring a sponsor or a representative if you start your business in Dubai free zone.
- Can be formed by only one individual
Only one individual can also form the business. It is not necessary to have a number of people for carrying out the business activities in a free zone (Dubai)
- you can open a bank account
You can easily open your bank account to ease the transactions
- 100% Secrecy maintained
You get to carry out your activities easily while keeping the essence of privacy above all
- 0% Tax
You will not have to pay VAT if you start your business in free zones
- Fewer Renewal Charges
The renewal charges are very less so you can renew your permit or license after it reaches its expiry date
- Can be liquidated anytime
You can liquidate your Dubai free zone-based company anytime you want.
Those were some of the benefits of opening a business in free zones based in UAE. To grow your business in an effective and legal manner, get help from the experts. FAR Consulting Middle East are great service providers when it comes to company registration and a lot more. You can count on them with all your business needs. They would be there for you with the best pieces of advice. So, do not delay and make your dreams come true.