With a lot of business opportunities, Dubai is definitely one of the most successful and affluent Emirates among all United Arab Emirates. When it comes to business in Dubai, it’s more like a hotspot. Dubai fosters all kinds of businesses in its geographical location enabling it to connect with nearby countries like Asia and Africa. Dubai has more than 45 free zones for all the categories of business you might have.
Being a hotspot of trade and market, it’s a life-changing thing for startups and small time businesses to be set up in Dubai. It provides a zero-tax environment allowing your business in Dubai to grow and prosper outstandingly.
Setting up your business in free zone certainly has some amazing benefits that you might already be aware of.
- It gives 100% foreign ownership, which you can’t get in mainland Dubai.
- Also, you get hundred percent corporate, import and personal tax exemption for more than 15 years.
- Last but not the least; doing business in Dubai let you have 100% repatriation of capital and profits.
Coming with so many benefits, setting a free zone company has also some hitches.
- You will need to rent office premises within the free zone.
- Free zone means, you won’t be able to conduct business nor engage in business activities with Dubai mainland’s clients or suppliers.
There are a few more! But let’s get to the good part.
With these easy steps, you can now launch your business in a short period of time:
Register your company
Registering a Free zone company is pretty simple and it typically takes only 3 weeks to fit in. After you thoughtful consideration to setup the business in Free zone:
- You will need to reserve the company name and rent office premises.
- For the legal proceedings, you will have to prepare the deeds of establishment and the articles of association.
Open your corporate bank account
Next step is to open the corporate bank account and add minimum paid-up share capital so that you can receive the bank statement confirmation ASAP.
Moreover, allocating budget for the translation and notarization costs of the required due diligence will be the next.
Finally you will get the appropriate business license, granted by the relevant Free Zone Authority. And you are ready to rock!
Most importantly, if you are on the way to set up the business, a local agent is must; to deal with the UAE authorities otherwise it will be little struggling to understand the local language and customs.
Apart from all these, the free zone cost will be highly dependent on your visa package. If you upgrade to visa packages, the cost increases accordingly.
Setting up a business in Dubai Free Zones is quite easy and fast processing, whereas with the proper consultation and guidance of a consultant it can be even more, easier and convenient for individuals or a team trying to launch their company in Dubai Free Zones.
Though, there are many and really many free zones in every part of Dubai but with a proper consultation will get you to the right place and a very cost-effective way. We, at Goldman Consultancy can guide you with the most effective and efficient one, as per your requirement.