If you want to start a new business in the UAE, want to take advantage of a free zone? Or, trying to find out how difficult or easy is it to start a business in the zone?
It’s no secret that the United Arab Emirates has developed like a ball of fire in terms of business development around the world.
It has attracted the attention of business enthusiasts and market experts around the world.
The free zone they are offering to attract foreign investment is a revolution, no exaggeration. It is therefore very useful to discuss the UAE free zone and everything that is related to it.
The UAE Free Zone
Free Zones in the UAE are known as free trade zones where large-scale business is conducted.
Trade-in goods and services take place here. The free zone has contributed to the economic growth of UAE companies.
Investors in these areas receive various benefits that facilitate their business activities. These benefits make the free zones business-friendly and therefore attract investors from all over the world.
Available free zones
Due to the growing demand for free zones, many of them have been established in the UAE through the efforts of the business community in partnership with the government.
There are 45 free zones operating in different parts of the UAE It has been seen that free zones are available in the UAE’s metropolitan cities such as Abu Dhabi and Dubai. Here are few of them:-
- Jebel Ali Free Zone.
- Dubai Megacity Free Zones.
- Dubai International Financial System Free Zones.
- Dubai Airport Free Zones.
Cost of opening a free zone business in the UAE
To open a business in free zones in Dubai, you will need to pay a comprehensive fee as a licensing package. This package starts from AED 30,000.This is the licensing price for starting a business in Dubai. If you are looking for cheaper options, you can consider Sharjah and Fujairah. BesTaxCA offers its services to the newbie in setting up their business in free zones in Dubai at an affordable consultation fee.
So there is a fundamental question that is on the minds of investors about setting up business in these countries. On the mainland, comas only get about 51% of the shares, but in these free zones, companies get 100% of the total ownership.
Necessary steps to be taken to start a business in the Dubai Free Zone
If you are planning to start a business in the UAE, you need to follow certain steps or guidelines. You need to take help from the Business Incorporation Zone.
- Determine your type of business
You need to know that there are specific Business Zones that are entirely dedicated to certain business sectors.
You need to decide what type of business you want to do. However, there are mostly free zones that allow a variety of businesses to operate.
- Name of the company
You better choose the suitable and desired location to start your business in the UAE’s free zones. The most important aspect of this is the naming conventions.
You cannot openly use the names of already established organizations. You must sign away any language or words in the name that are highly offensive and blasphemous.
- Applying for a business license
You must now apply for a business license and have the relevant public authorities take charge of your business affairs. At this stage, you are required to submit certain information and the documentation that includes:
- A completed application form.
- A copy of the passport of the proposed owners.
- Two passport-size color photographs.
- Opening a bank account for the company
After obtaining a trading license from the government, you must open a company bank account. The company bank account you need to open can be either local or international.
- Visa applications
You now need to apply for a visa for your stay in the company. All this visa processing takes into account different situations such as biometrics, medical tests and others.
Once you have a valid Trade Visa, you will be able to sponsor visas for other persons, such as spouses and fathers.
Once you have obtained copies of all the documents you need to obtain a business permit, submit them to the relevant places where they are required.
Types of licenses you need to obtain
In order to trade in the free zones, a trader must obtain licenses such as a general trade license, a commercial trade license, a service license, a warehouse license, an investment license and a production license.
So what do you think?
There is no exaggeration to say that business aspirants heavily depend on these free trade zones. They even tend to avail the advantages of the various opportunities which are provided by the UAE’s business regulatory authorities.
BestaxCA is the only trusted and most reliable company with a decade of professional experience and is ready to assist you in the whole process of business registration and VISA application. You can rely on us, sit relaxed and let our team of highly-skilled, dedicated, and tarried chartered accountants complete the assigned task. Do not feel hesitant to contact us at any time. We are available 24/7/365.