Free zone company formation in Dubai is the foremost option for any entrepreneur. Dubai Free Trade Zones (FTZs) are economic areas where goods and services can be traded at preferential tax rates.
These were originally started to boost international business in the region by offering benefits, such as, 100% tax exemption, 100% ownership of the business, 100% repatriation of capital and profits, exclusion of import and export duties, no capital deposit, reasonable renewal fees, and, no personal income tax, among other benefits.
More than 40 Free zones operate in Dubai for different categories, amongst which, some of the most sought after are Dubai Silicon Oasis (DSO), Dubai Internet City, Dubai Media City, and Dubai Airport Free Zone.
Dubai rewards businesses with the choice to set up anywhere in the emirate depending on the type of your business, preferences (100% ownership or local sponsorship) and other such factors.
Business set up in the Dubai free zones is quite straightforward. The exact process depends upon your business activity and the free zone you choose. The whole cycle takes only a few of weeks.
Most free zones offer virtual bundles, permitting you to utilize the free zone address on an impromptu premise. So, if you are looking for free zone company formation in Dubai, you will have to follow these steps:
Select a business entity of your preference
You will need to apply for a license depending on the nature of your business. Many Dubai free zones allow for multiple business activities under one license, so you will have several options to explore.
Select a suitable free zone
Dubai offers entrepreneurs several industry-specific free zones to choose from. Select the one that is best suited for your business activity. For example, Dubai International Academic City is best suited for business activities related to education, Dubai Healthcare City for healthcare and pharmaceutical-related entities, Dubai Media City for media houses, Dubai Design District for designing ventures, Dubai International Financial Centre for financial institutions, and so on.
There are many free zones which allow an enterprise to run multiple related activities under one trade license.
Select a trade name
One of the first tasks is to set a proper name for your organization and register it on the free zone authority portal. Take special measures to avoid names using blasphemous language or any reference to any religious or political organization.
Submission of documents
Every free zone has a different set of rules and thus, the documents required for each also vary. Generally, you need to have:
- Completed application form
- Business plan
- Shareholder’s passport
Some other documents you need to keep handy are:
- Copy of share certificates
- Passport copies of all partners
- Copy of the company’s certification of incorporation
Apply for a license
After deciding the business activity, register your trade name and apply for your license.
You will be notified as soon as your license application is approved.
Open a bank account
Open a corporate bank account with your paperwork. Your chosen free zone will help you find a suitable bank. Alternatively, you can approach any financial institution for the same.
Immigration and visa processing are the final steps in the business setup process. Free zone authorities will take care of this on your behalf. Alternatively, you can reach out to company formation service providers to help you with your business setup in free zones. They will deal with the whole process for you.
Easy, low-cost setup completion, growth potential, geographical benefits, world-class infrastructure, secure environment, minimum tax, and an open trade system make business setup in Dubai Free Trade Zone ideal for entrepreneurs.
Widen your horizon and enhance the level of your entrepreneurial activities. Dubai Free Zone is welcoming you to set up your own company.