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Dubai Freezone
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Registration & Licensing
Dubai Freezone
A Free zone license allows an incredible opportunity for a company with prior presence nationally or internationally to establish a new branch or move operations entirely. With this license, businesses can expand their reach and tap into new markets with ease. This license can be entitled to companies of all sizes.
- 100% repatriation of all capital and profits
- Dual licensing opportunities
- No currency restriction
- 100% foreign ownership
- Ability to hire foreign employees
Advantages of a Dubai Freezone license
Repatriation benefits
The freezone companies are entitled to enjoy the advantages of complete repatriation. This includes more than just the generated profits. Companies that are setup under this license also have the feasibility for the financial assets accumulated throughout the operations. Consequently, foreign individuals are granted the privilege to transfer all the gains acquired within their businesses back to their home countries.
No currency regulations
Currency regulations are not a problem in free zones, making them highly attractive for businesses. Unlike other regions, the UAE free zones have implemented a policy that allows for unrestricted exchange of foreign currencies. This means that businesses operating within these zones can freely convert their funds from one currency to another without any limitations or restrictions. This flexibility in currency exchange is a significant advantage for companies conducting international trade or dealing with multiple currencies. It eliminates the need for complex and time-consuming currency conversion procedures, reducing transaction costs and streamlining financial operations.
100% foreign ownership
Free zones are highly successful business hubs for investors due to the exceptional benefit of foreign ownership. In the UAE, setting up a free zone company allows investors to enjoy 100% ownership without the need for a local sponsor to hold a majority stake. This is in stark contrast to companies located in the mainland jurisdiction, where a UAE national must hold that percentage of ownership, leaving business owners with only 49%. However, in free zones, business owners have the privilege of retaining full ownership, providing them with greater control and flexibility in their operations. This advantage has made free zones in the UAE particularly attractive for international entrepreneurs looking to establish their businesses in the region.
A seamless process to recruit employees
Amongst the many advantages, setting up a freezone company in the UAE also provides the ability to recruit foreign employees effortlessly. However, it is crucial for both the companies and the foreign professionals to ensure they meet all the necessary requirements before starting the hiring process. So, whether you're seeking local talent or expanding your horizons globally, setting up a freezone company in the UAE opens up a world of possibilities for finding the right team to propel your business forward.
Duty exemption for imports and exports.
In addition to the tax exemptions, a freezone company can also enjoy exemptions from import and export duties. This brings in incredible benefits for businesses. Also, with due credit to these exemptions, free zones play a crucial role in promoting international trade within their jurisdictions. This had resulted in many companies opting for free zone licenses. However, it’s important to first comprehend the procedure related to these activities.
Types of Licenses Offered in Free Zone
- Trading license: A freezone company’s trading license allows 100% foreign ownership and no requirement of license from the Economic Department. Companies. Also, foreign companies engaged in import and export activities are eligible for a trade license in the UAE. This also includes retail and wholesale businesses, ensuring that the products reach their extended market without any hassles.
- Service license: Companies are granted the service license, which gives them the permission to provide a wide range of services, including banking and contracting, among others. However, it comes with the condition of complying with all the rules and regulations set by the governing body.
- Industrial license: The industrial license permits activities involving the conversion of natural resources into finished goods. Under this license, ownership can be 100% foreign and no Economic Department License is required.
- Holding license: A holding license is a legal authorization that allows standalone or stakes in other companies, providing a significant level of control over other entities. A holding license can be a strategic move for businesses seeking to expand their operations.
Steps in Setting Up a Business Under Free Zone License
Select the Company Name
While choosing a business name, it is important to keep these considerations in mind. For starters, check with the free zone authority about the permitted trade name and whether the name is registered. It would be a good idea to refer to the Department of Economic Development (DED) list of restricted trade names.
Some of the key requirements for the trade name are:
1. Should not be registered previously
2. Should be compatible with the type of activity
3. Should not contain names of any governing authority or religion
4. Should not violate the public morals of the country.
Get the license & register the business
To register your business with the free zone authorities, it is essential to ensure that you submit all the necessary documents along with the application form. These documents typically include a copy of your passport, visa, and Emirates ID, as well as a business plan, bank reference letter, and lease agreement for your office space in the free zone.
Once you have submitted the complete application, the approval process usually takes between 2 to 4 weeks. After receiving the approval, the free zone authorities will issue you a Certificate of Registration, which serves as official documentation for the business's existence. On obtaining the free zone license, a business can commence operations within the UAE's free zone.
Payment
After completing the necessary paperwork and submitting the required documents, the final step is to pay the applicable fees. These fees cover various aspects of the registration process and are determined based on the type and size of the business. It is important to note that the fees must be paid in full before the registration can be considered complete. Once the payment is made, a confirmation will be provided, along with a timeline for processing the license.
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