Start a Business Setup in Dubai Freezone

Are you planning to start a freezone business setup in Dubai but are unsure of where to start? You can find detailed information regarding Dubai’s free zone business setup on this blog.

Entrepreneurs from all over the world frequently travel to the United Arab Emirates. Major economic developments have taken place in the nation, which are advantageous to both citizens and visitors.

Particularly Dubai is a highly developed city with several advantages. These advantages include advanced infrastructure, low taxes, worldwide connection, a thriving economy, and many others. As a result, the city is among the greatest areas to operate a business.

What is a freezone firm?

Freezones and offshore businesses are sometimes confused, which is a widespread fallacy. But this couldn’t be further from the truth. Freezone businesses are onshore organizations that, provided they meet certain requirements, are permitted to operate in Dubai. On the other hand, offshore businesses are only created with the intent of conducting business outside of the country in which they were registered or where their major owners reside.

In the United Arab Emirates, there are currently 67 freezones, and more are being added every year. Over 150,000 businesses in the nation are based in freezones. Additionally, as time goes on, this number is increasing.

It’s also important to note that freezone businesses can now establish branches on the mainland. The investor must register his branch with the Department of Economic Development (DED) and Ministry of Economy using the same trade name in order to do this. In contrast to the previous norm, when it was necessary to have a local partner, the branch firm might be owned exclusively by the freezone entity.

General trade, services, and industrial sectors are often covered under freezones. The UAE does, however, have freezones that serve specific industries or sectors. Some of these jurisdictions are:

> Dubai Healthcare City (DHCC) specialises in health and wellness industry

> Dubai CommerCity specialises in e-commerce industry

> Sharjah Publishing City (SPC) specialises in printing and publishing industry

> Dubai Internet City (DIC) specialises in tech industry

> Dubai Knowledge Park specialises in HR and training industry

Freezones give more permits even if these jurisdictions are focused on a specific industry.

The International Free Zone Authority (IFZA) is the best choice if you want to establish a freezone business in Dubai. In the UAE, IFZA has become one of the most well-known freezones over the years. This is due to the numerous benefits that investors can receive when starting a business setup in Dubai freezone.

Because of its distinctive advantages and the prospects it offers investors, IFZA is one of the few free zones in the UAE that distinguishes out.

These consist of:

• The investor is not required to provide an annual audit report.

• There is no need for paid-up share capital.

• for owners and employees, a maximum of three years

• The freezone does not require an employee guarantee deposit.

• approval to operate a virtual office

• There is no necessity for investors to be present in person when a company is formed.

• Current visa sponsor is not required to provide a NOC.

Benefits of Freezone Business Setup in Dubai

• Complete business ownership: Foreign investors that invest in freezones can acquire full ownership of their business.

• Full profit repatriation: Freezone businesses may take all of their profits beyond the United Arab Emirates. This enables them to transfer all of their capital, free of restrictions, to their country of origin.

• 0% corporate tax: According to UAE law, businesses are not required to pay corporate tax on their sales, allowing them to keep all of their profits.

• Import and export procedures are made simpler since, in contrast to the mainland, freezones are not subject to customs taxes.

• Freezones are conveniently situated close to seaports, airports, and international borders. This would unavoidably increase trading benefits.

• Global connectivity: Dubai’s significant seaports and airports make it simple to conduct business both locally and globally. You have quick access to suppliers and manufacturers in South Asia and the MENA area because to the location.

• Successful international businesspeople: As one of the world’s most well-liked transit hubs, Dubai draws millions of visitors and investors. There are opportunities for you to connect with the international business community in the city, which is home to a multi-national community.

• Simple and time-saving registration procedure: The complete license application process is quick and simple. As an investor, you have simple access to administrative conveniences and freezone business establishment.

How can I start a business setup in Dubai Freezone?

A freezone makes it easier to start a business. The paperwork and duration required by freezone authorities are minimal. The main steps to starting a business in a Dubai Freezone are listed below.

• Identify the legal entity type.

• Select a trade name.

• Obtain a business license.

• Select a workspace

• Pre-approvals, business registration, and license issuance are all necessary.

Identify the license type and business activity

You must choose the type of license before starting a business in the Dubai Freezone. Because of this, some freezones might or might not provide the license of your choosing. Because of this, some freezones might or might not provide the license of your choosing.

Depending on the nature of your business and the activities you intend to engage in, you will need to apply for a specific license. Your license will be issued in less than a week, and you will need to renew it once a year.

Select the best freezone for your company

Each freezone serves a particular industry, as was already indicated. You can determine which freezone enables the license and all associated activities based on the nature of your business.

Choose the appropriate corporate structure

In a free zone, the following legal structures can be created:

1. Limited Liability Company Free Zone Company (FZC LLC)
2. Limited Liability Company for a Free Zone Establishment (FZE LLC)
3. Branch Business
4. Free Zone Business
5. Establishment of a Free Zone

Application and submitting all necessary paperwork

After completing the prior phases, you must obtain the following:

1. Implementation

2. Visa for immigration

3. Entry permit

4. Emirates ID, medical exam, and stamping

The following paperwork must be submitted in order to open a business in Dubai Free Zone:

> Copy of passport

> visa copy

> Copy of Emirates ID (if applicable)

> passport photo

> Business strategy

Select a workspace

The majority of freezones will demand that you have an actual office space. You can choose the one that is most appropriate for you based on the nature of your business and the number of visas you need.

Start a bank account

To record your business transactions, you must also register a freezone business bank account. With a freezone bank account, the investor might manage cash flow, easily calculate their company’s expenses, and more.

You can obtain your license and continue with your business endeavors once you have finished the aforementioned stages and received preliminary clearance from the necessary authorities.

Let’s start your freezone business setup in Dubai with Eagle Wings, now

Eagle Wings Dubai is here to help you get started with your freezone business.

Finding the perfect freezone to establish your business among the many in the UAE may seem difficult. But we can make the entire procedure simpler for you.

You can reach us by phone at +97148249940 or +97152420 0436. You can also send an email to info@eaglewingsuae.com and quickly receive responses to your questions.