A pool of opportunities lies ahead of you in Dubai and the Emirates with its welcoming economic and diverse business model. Dubai is a flourished business hub ideal for your business plans to take execution. Free zones are your go-to options to quick-start and grow if you are a foreign investor or businessman.
Free trade zones allow foreign investment in Dubai with tax concessions, tax exemptions, custom duty benefits, incentives, and many others. Therefore, free zone company formation in Dubai is an ideal business choice.
To capture the business opportunities lying in the Emirates, let’s understand more about the process of company setup in Dubai free zone.
Process of Free Zone Company Formation in Dubai
Free zone company setup is relatively easy as compared to mainland and offshore company formation. It is due to affordability, economic trade zone, less paperwork, and various other benefits like no sponsor needed. Critical steps of the company formation are stated; however, guidance and professional assistance from business setup services are advisable. The process is listed below step by step for the glance and rules related to starting a business in Dubai free zone.
Steps to how to set up company in Dubai free zone:
- Choose a business activity
- Look for ideal free zone
- Choose the company name
- Incorporate paperwork and apply for a license
- Obtain license
- Open bank account
- Apply for visas
Benefits of setting up business in Dubai free zone
- Ideal space for startups offering ease of doing business
- Tax concessions and free-trade economy
- Advanced infrastructure, logistics, and network
- Accessible location from different parts of the world
- Ever-expanding economy and high standard of living
Types of business allowed in free zone Dubai
- Free zone establishment
- Free zone company
- Branch office
Types of activities allowed and license given
- Trading activity license related to buying, import, and export
- General trading activity license for goods trading
- Service license
- Industrial license
For the company formation, you need to choose your business activity and look for a free zone apt for it. The zone allows your business activity and location, which is favorable for you. There are numerous free zones in Dubai, and each one allows a different type of establishment or combination of some. They have different sets of rules, regulations, and are operated by a relevant authority.
After ascertaining business activity and ideal free zone, choose your company name and confirm availability and comply with the regulation of the same, which has limitations like no use of the religious or political name and more. After finalizing the name of your business, the primary step is incorporating paperwork and related documents. There will be several applications, certificates, NOC’s, and more to be written, submitted, and obtained for proper paperwork and passing of your business license.
Your paperwork will be submitted for obtaining a license for your business. After getting the same, you can apply for the opening of your corporate bank accounts — further visa applications of you, your employees, partner, spouse, and more can be made.
These steps of the free zone company setup in Dubai go through various phases and various challenges that may arise with your business activity nature, its name, paperwork, and more. Therefore, it becomes crucial to be aware of the related laws, rules, and regulations beforehand. Moreover, seek professional help from local professionals thorough in these processes and providers of such services like PRO service or business service providers for company formation in Dubai free zones.
Also, Dubai free zone company formation cost differs from zone to zone and includes various refundable payments. The fee also depends upon the number of shareholders and business activity you carry out. Get an estimated quote from professional services or PRO services.
Advantages of company formation in Dubai free zone
- 100% ownership of your company, its capital, and profit
- No corporate taxes and no duties on import and export
- A limited tax imposed on personal income and capital gains
- Allows recruitment from all over the world along with liberal labor laws
Though seen simple, the process of setting up a business in Dubai free zone is cumbersome. Being foreign effects as you are not aware of the process and working pattern of the country and the concerned department. Thus, hiring a professional or seeking guidance and advice will gear up the process without delays, problems, and confusion. So, take your papers and set up a business in Dubai and the UAE.
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