Free zones are the most favorable areas for business, whether multinational corporations or startup ventures, to setup their base as they provide state-of-the-art foundation, duty and tax exemptions, world-class business conveniences, adaptable government approaches, and unrivaled facilities. Compared to the Mainland, free zone are preferred due to a relatively relaxed legislative requirements and 100% ownership of the firm to the foreign investor. Most importantly, a free zone enterprise does not need a local investor as a mandatory requirement.
Competition always makes you stronger and better. Competition is feared only by the weak.
-His Highness Sheikh Mohammed Bin Rashid Al Maktoum
“UAE, Vice President
Prime Minister & Ruler of Dubai”
These are not by any means the only factors that encourage business setups in the Dubai free zones. There are many more advantages of forming an organization in Dubai, such as –
Dubai has more than 20 free zones offering a wide variety of activities for company
formation. Each free zone has its own parameters for company formation accompanied
by a unique legislative and regulatory mandates. Milesahead can help you identify the
right free zone for your business.
The complete list of free zones include –
It is crucial for every organization to understand the nuances of different free zones in order to identify the right one for their organization. Free zone authorities in Dubai offer some of the following licenses to companies setup in their freezones –
This kind of permit permits one to conduct trading activities including purchase and sale of goods & commodities, import and exports of specific goods etc.
This license allows the business owner to trade in a wide range of merchandise, with an exception on a few restricted items which need special permissions.
This license is designed for professionals like medical practitioners, chartered accountants, architects etc. who can provide their expert services through consulting or training services
An industrial license is specifically offered to organization that are into activities like manufacturing, processing, assembling, bundling etc.
Free Zone Establishment (FZE), an organization that can be formed with 1 individual or corporate investor.
Free Zone Company (FZC), an organization that can be enlisted with at least 2 individual or corporate shareholders. A corporate shareholder can also be a business entity.
Branch Office, a business entity which is a part of a parent company located within UAE or abroad with the local office located in Dubai free zones.
Setting up a business in Dubai requires some general documentation and formalities that need to be followed. While each entity demands specific paperwork, the overall procedures remain the same. Milesahead works hand in glove with you in every step of the way to ensure a smooth transition.
Choose a venture type
The nature of business is one of the key criterions for identifying the right free zone for your business. So choosing the type of business would be the first step in this process.
Select your ideal free zone
There are specific free zones for various business types, e.g. Information Technology, Business Consulting, Finance & Accounting etc. Once the business venture type is identified, we at Milesahead can advise you on the best options suitable for your needs.
Pick a firm name
Choose your business name wisely. It represents your brand and business for you. But this might not be the only reason for putting more thought into this decision. It is critical to ensure that your business name is available for registration in the free zone. There are some strict norms for choosing the name, including avoiding any disrespectful language or references to strict or political associations in the name etc.
Collate documentation and apply
Once all your preliminary steps are complete, Milesahead team can help you put together a complete documentation list to be sent with your application. We can also help you with your immigration support, which includes visa application
Open a corporate bank account
Once your free zone application is approved, you are ready to start your business operation. The first step in this way is to open a bank account to accept remittances and make payments. Milesahead supports you even in this final step by helping you with the bank account opening process, filling up forms, collating documents for submission etc.
Do you think Free Zone is right for you? If you still need more information, CALL US NOW for your consultation