Free Zones are the Land of Opportunities
There are ample business opportunities knocking on your door and if you are sensible and possess general awareness then you can become the exclusive one, shining bright and living a purposeful life. The business arena in the UAE is categorised under three different zones, known as: Mainland (Onshore), Freezone and Offshore
In this blog, we will be discussing free zones and how fruitful the actual scenario is?
In the entire UAE, Dubai free zones are immensely popular for several reasons.
The best principles of free trade are practised keeping up to the standards of the international forum. Free zones assist in boosting the trade and economy. Acquisition of world-class amenities and facilities make free zones favourable to all. Although all free zones have to abide by the law and regime declared by the government of the UAE yet each free zone is free to design some specific laws and protocols depending on the types of business established in their territory.
Sharjah Airport International Free Zone for instance chose a 24hrs licensing service to assist an entrepreneur during the business setup thus making it a super accessible zone for promising investors.
In a similar way, Meydan Free Zone has incorporated certain unique features to develop a transparent and amicable business environment. The unique and innovative features of the Meydan free zone makes it stand out from the rest.
The Meydan free zone has three types of licenses to offer
MFZ is also called the heart of Dubai. Similarly, each free zone has the liberty of framing its own policies to enable the investors to obtain the optimum benefits and contribute to overall growth.
Dubai has the maximum free zones and each one is outstanding with some uniqueness to offer. Some are enlisted below:
Some Common Features of Free Zones
Documents Required in General
If you have plans to set up a business let’s take Dubai as an example, then majorly the following documents have to be presented for approval by the Arab embassy or Gulf Cooperation Council.
Permission of Three Types of Business Entities:
Nature of Licenses in Different Free Zones:
Each free zone has its own business environment, structure and jurisdiction. There are certain business activities that may be permitted in one and may not be permitted in another.
Simple Procedures for Business Setup
Type of Business Entity
Decide upon the business setup that is feasible for you and which zone will serve the purpose. As each free zone has a nomenclature of its own. It may also vary from place to place depending on the type of business.
Selecting the Name of the Business
There are guidelines for selecting the name of the business and the respective authorities of a particular free zone can be contacted for it. Abbreviations or similar names are not permitted. Religious or offending names are strictly prohibited and there are other rules to be followed. Procure the guideline before selecting the name.
Business License is Next
If the name has been unanimously agreed then apply for the business license. The activities that you have selected will categorize the type of license you can obtain. In order to apply for the license, certain documents are required to be submitted.
Look Out for the Office Space
Plenty of facilities are offered by free zones amongst which the most popular is Flexi-Desk. You can choose from the physical office space or Flexi-desk. You can either rent or occupy office space on lease.
Finally, you are done with the primary stage of business setup and ready to execute your business plan.
This is an overview of the subject matter for general guidance only. Please seek the advice of an expert or a business consultant to save time and resources. Feel free to contact us via phone or mail.