Dubai has recently gained a reputation of a business friendly place due to the presence of free trade zones. Free trade zones are special economic zones that are set up with the basic objective of attracting foreign investors to the land. This is possible because they provide a lot of facilities, benefits and developed infrastructure to the investors investing in such zones. There are more than 20 free trade zones in Dubai already.
Benefits of free zones:
- One of the most important benefit is tax exemption. The companies investing in such free trade zones are exempted from tax for a long period of time.
- They get complete foreign ownership.
- They also get exemption from import and export duties.
- There are few legal processes and formalities to get through the free trade zone.
- Procuring resources and loans to set up business in such zones is easier.
- Confidentiality of all business transactions is ensured.
- Apart from investing in the free trade zones, it is also legal to invest in other properties in Dubai that aids in the development of business.
- The investors have the complete right to wind up their business at any point of time as per their choice.
To be able to invest in the free trade zones, a company needs to register itself with the UAE trade and commerce centre. The process of registration generally involves a few formalities and submission of the necessary documents. At times a few people face difficulties at the time of registration. To assist people at such times, there are special companies that help in the following ways-
- Legal consultation to help setup a company in the free trade zone
- Verification process for visa and work permits
- PR activities
- Help to set up bank accounts
- Maintaining accounts and auditing them
- Drafting and submission of documents and files as and when required
- Getting approvals from the concerned authorities and ministries of the free trade zones
Some free zones in Dubai:
- Dubai multi commodities centre
- Dubai airport free zone
- Dubai auto zone
- Dubai healthcare city
- Dubai international academic city
- Dubai internet city
- Dubai international financial centre
- Dubai knowledge village
- Dubai media city
- Dubai gold and diamond park
- Dubai silicon oasis
- International media production zone
- Jebel Ali free zone
- Dubai world central business park