Gone are the days when marketers used to step back whenever it comes to establishing a free zone company in Dubai, UAE. The reason might be known to you. Investing in UAE was a headache as there was a compulsion of having a UAE citizen as a business partner. Not just that, the partner should own 51% of the shares while the rest 49% belonged to the other party.
However, the picture changed and so the view of the marketers. UAE presents a free zone for traders to settle down with their business. These trade zones are completely tax free with low trade barriers, allowing the marketers to start up with their business at their convenience.
Are you excited to know how to open a free zone company in Dubai? But before that you have to be aware of certain things.
Benefits of free trade zone in Dubai
- 100% foreign ownership
- Exemption of taxes, import-export duties
- Inexpensive workforce
- Inexpensive resources
- Liberal government policies
- Free to transfer funds.
- Convenient licensing procedures
- Low charges on freight
- Multiple trading zones
- Ready-made furnished offices
How to open a free zone company in Dubai?
- Different types of entities are allowed to set up in these free trade zones. Your first priority is to determine the type of entity you want to set up in UAE.
- Once you have decided with your trade entity you can easily decide a name for your company. The name of your trade is the brand that you need to promote worldwide.
- Once you have decided your trade name, your next step would be to apply for a trade license. In UAE free trade zones, multiple trade licenses are accepted. These include general trading license, manufacturing license, industrial license, service license, warehousing license, and commercial license. Apply for the license that fits your business and then proceed to the next step.
- Free zone trade area is quite huge. Just choose the space that supports all your requirements. You can either buy an office space or take rent to perform your business.
- Finally it’s time to register your business officially. Once you have submitted all your documents and have a certified license you are ready to register your business in UAE. It will hardly take 2-4 weeks and then you are free to carry on with your business.
What are the necessary documents required to start up with your business?
General documents – These documents include Xerox of your business plan, business card, passport copies, filed license form, bank reference letter, and attested Memorandum of Association
Documents related to your consultancy license and industrial license.
Documents related to the branches of your company, if any. These include a bank statement for 3 months, registration certificate, incorporation certificate, documents related to power of attorney, Memorandum and Articles of Association.
Have you decided to establish your business in the UAE? Have you completed submitting all your documents and obtained a trade license from the UAE government? Well, then it’s time to open a bank account in any bank of UAE.
The Central Bank of the UAE has recently introduced a Dormant Accounts Regulation to maintain a secure funding system for the customers. Through this regulation, UAE ensures a proper banking environment to the consumers having dormant funds. Having a dormant account in UAE banks keeps your funds safe and secure for business.
The Bottom Line
Setting up a business in the UAE is not as difficult as it seems. If you have gone through the steps regarding how to open a free zone company in Dubai, probably the picture is clearer to you.
Find the best consultant who can help you in establishing your business in Dubai and kick start your venture.