How To Start A Business In Dubai Free Zones


 

 

Things to keep in mind before starting a business in Dubai free zones.

  • Examine the legal entity your company would be
  • Select a company name
  • Apply for a business license
  • Choose an office space to open a business in Dubai free zones
  • Get pre-approvals, register your business and get your license
  • Arrange for the deeds of establishment and the articles of association
  • Get a corporate bank account opened, and inject the minimum paid-up share capital to receive the bank statement confirmation
  • Allocate budget for the translation and notarization costs of due diligence
  • Secure the appropriate business license, granted by the relevant Free Zone Authority

Free-trade zone exemptions are:

  • 100% foreign ownership of the enterprise
  • 100% import and export tax exemptions
  • 100% repatriation of capital and profits
  • Corporate tax exemptions for up to 50 years
  • No personal income taxes

TYPES OF FREE ZONES IN DUBAI 

Free Zones in Dubai are of two types:


  1. Free Zone Limited Liability Company (FZ LLC) or Free Zone Company (FZ Co.)
  2. Free Zone Establishment (FZE)

The difference between the two is in the number of shareholders and their legal status. Each Dubai free zone has a unique set of rules and business owners must ensure that the company’s position matches the legal requirements of the particular zone they are targeting. Before you are granted permission to run a business in the Dubai free zone, you have to meet the legal requirements.

Documents Required to start a Business.

First, you need to make sure you have the correct documentation in place. As well as your business license, you’re likely to need:
  • 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 certificates
  • A copy of the company’s memorandum and articles of association
  • Copies of passports for all partners in the company
  • Memorandum and Articles of Association (Notarized and attested)
  • Specimen signature of Manager/Director (Notarized and attested)
  • Passport-size photo of Manager/Director against white background
  • Share capital information.
     

Get the Expert Advise to setup business in Dubai free zone.

Benefits for Starting a business in Dubai Free zone

1.Full Foreign Ownership - This means that the foreign investor need not find a UAE national sponsor for company formation. Foreign ownership is possible irrespective of the nationality of the investor.

2. No Currency Restrictions - There are no currency regulations of any kind in UAE free zones. This makes financial transactions easier.

3.Import/Export Exemption - Import and Export duties are not applicable to the free zone jurisdictions in the UAE. This helps in promoting international trade.

4.Full Repatriation of Capital and Profits - The companies are eligible for full repatriation benefits. And this includes profits and financial assets.

5.Easy Labor Recruitment - The Free zone companies can conduct labor recruitment formalities easily and in a cost-effective manner. The companies are allowed to recruit foreign nationals.

6.Hassle-Free Company Incorporation - The free zone company incorporation procedures are simple and straightforward. You may accomplish the licensing procedures in less number of days compared to other jurisdictions.

7.Easy Immigration Process - Immigration facilities connected with UAE Free zones are efficient and therefore saves time.

  • Other benefits include –100% tax exemption on personal or corporate income or gains
  • Exemption from corporate tax for 15 years, with an additional renewal option for 15 years
  • No capital deposit required
  • Easy access to air, rail, and road transport systems
  • Ready consumer market across MENA and Asia regions
  • Provision of world-class infrastructure with an efficient communication system
  • Low start-up and operational cost

HOW TO OPEN YOUR CORPORATE BANK ACCOUNT?

To open a business in Dubai free zones, you would need a corporate bank account. You would require the following to open a company account:
  • Corporate bank account opening form
  • A board of directors’ resolution sanctioning the opening of the account, and the signatories to the account
  • Share certificates (copy)
  • Company’s incorporation certificate (copy)
  • Company’s memorandum and articles of association (copy)
  • Passports for all company partners (copies)
  • Each bank has set eligibility criteria. Some banks also have a minimum cash balance which can range from AED 5k to 200k.



 

 

 


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    Key takeaways:
    - Consider legal entity and company name before starting a business in Dubai free zones.
    - Apply for a business license and select an office space.
    - Obtain pre-approvals and register your business.
    - Free zone benefits include 100% foreign ownership, import/export tax exemptions, repatriation of capital and profits, and corporate tax exemptions for up to 50 years.
    - There are two types of free zones: FZ LLC or FZ Co. and FZE, each with different legal requirements.
    - Required documents include company incorporation certificate, share certificates, passports, and memorandum/articles of association.
    - Benefits of starting a business in Dubai free zones include full foreign ownership, no currency restrictions, import/export exemptions, easy labor recruitment, and hassle-free company incorporation.
    - Other benefits are 100% tax exemption, no capital deposit required, world-class infrastructure, and low start-up and operational costs.
    - Opening a corporate bank account requires specific documents and may have minimum cash balance requirements.

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