Free Zone Of UAE – Everything To Know For Your Business

• Interested in operating a new business in the UAE?
• Want to leverage the Free Zone there?
• How difficult or easy is it to start a business there?

It is no secret that the United Arab Emirates evolved like a fireball in the reign of business development globally.

It has caught the attention of business enthusiasts and market Pundits worldwide.

The free Zone that they offer to woo foreign investment is a revolution, not exaggerating. Therefore it is quite fitting to discuss the Free Zone in the UAE and everything related to it.

Free Zone In The UAE

Free Zones are known as the Free Trade Zones in the UAE, where wide-scale businesses are done.

Here goods and services are traded. The Free Zone has leveraged economic growth in the businesses in UAE.

In these places, the investors get different kinds of benefits that boost their business. These benefits make Free Zones amicable to businesses, and hence they attract investors from around the world.

The Available Free Zones 

Looking at the increasing demand for Free Zones, many of them evolved in the UAE through efforts by the business community in partnership with the Government.

45 Free Zones are operating in different parts of the UAE. Notable Free Zones are available in the UAE cities, like Abu Dhabi and Dubai. Some of the following zones are put.

• Jebel Ali Free Zone.
• Dubai Megacity Free Zones.
• Dubai International Financial System Free Zones.
• Dubai Airport Free Zones.

Cost Of Opening Free Zone Company In The UAE

In order to open a business, you will have to pay a comprehensive fee as a Licensing Package. The package starts from AED 30 000.

This is the licensing price for setting up business in Dubai. Well, if you are searching for cheaper options, you could consider Sharjah and Fujairah.

Therefore, a pertinent question that revolves in the Investors’ minds regarding setting up a business there. In the mainland, the coma companies obtain only around 51% of the share, but in these Free Zones, the companies get 100% of their total share of proprietorship.

Steps That Are Required To Start A Business In The Dubai Free Zone

You need to comply with certain steps or guidelines if you intend to start your own business activity in the UAE. What you need is to take the assistance of the Business Incorporation Zone (BIZ).

1. Determine Your Business Activity

You need to know there are specific Business Zones dedicated completely to certain industries’ business activities.

You need to decide on which kind of business you would like to operate. However, there are mostly the Free Zones that allow scope for a variety of businesses to operate.

2. Company Name 

Now you will need to choose a suitable place for establishing a company in the UAE Free Zones. The most important aspect of this thing is naming conventions.

You cannot openly use the names of already established organizations. You need to sign away from any language or words in the name that is highly offensive and blasphemous.

3. Applying For Business Licence

You now need to apply for a business license and apply it before the concerned government authorities take charge of business affairs. At this stage, you need to submit certain details, and the documentation includes:

1. Complete Application Form.
2. Copy of Passport of the proposed Owners.
3. Two colored Passport Size Photos.

4. Opening A Corporate Bank Account 

After you obtain the trading license from the Government, you need to open a corporate account with a bank. This Corporate bank account that you are to open could be both local or International.

5. Visa Applications 

You now need to apply for a residency Visa in the business. This entire processing of Visa takes into account different situations like Biometry, Medical Tests, and others.

When you hold a valid Trading Visa, you will be able to sponsor visas for other people like Spouses and fathers.

After you have got all the copies of the documents, for your business permission, submit them to the apposite places where they are to submit.

Types of Licences That You Need To Obtain 

To trade in the Free Zones, a trader needs to prepare licenses like General Trading Licence, Commercial Trading Licence, Service Licence, Warehousing Licence, Investment Licence, and Manufacturing.

So, What Do You Think?

There is not an iota of doubt about the fact that business enthusiasts depend a lot on these Free Trading Zones to avail the various facilities provided by the business regulating bodies operating in the UAE.

We hope that you will be benefited from this informative article and form a clear idea of the prerequisites to starting a business in the UAE.