Have you ever heard about the free zone in Dubai? If you are thinking of starting a business there, you might have come across the concept. The favorable business climate and friendly policies of Dubai attract investors from all around the globe. The best thing is that setting up a new business in the city is relatively easy, quick, and hassle-free. To attract more foreign investors, the concept of free zone in Dubai has been introduced. Want to know what it is? Here is everything you need to know about free zone companies in Dubai. Let’s dive in!
What is a Free Zone?
Free zones refer to the geographical regions in UAE where commodities, services, and goods are traded without strict customs and regulations. The core objective of these zones is to attract and benefit foreign investors. The zones offer 100% ownership to the investors and boost international business.
For governing the free zones, there is a special framework of regulations and rules. Respective authorities are engaged in the regulation and management of different operations in the free zones of Dubai.
Popular Free Zones in Dubai
Now that you have a basic idea about free zones, you must know the popular free zones in Dubai. Well, there are nearly 45 free zones. Here is a list of the prominent ones.
- Sharjah Publishing City (SPC)
- Dubai Healthcare City (DHCC)
- Dubai Commerce City
- Dubai Internet City (DIC)
- Dubai Outsource City
- Fujairah Creative City
- Dubai Multi Commodities Center (DMCC)
- Dubai International Academic City
Benefits of Setting Up Free Zone Companies
Establishing a free zone company can provide you with the following benefits:
- No Currency Restrictions
The government usually imposes certain currency-related regulations and restrictions on foreign currency transactions. However, there are no such regulations in the free zones of Dubai. As a result, it allows you to trade in any currency, thereby making transactions easier.
- Tax Benefits
The tax benefit is one of the main reasons why foreign investors are willing to set up their businesses in the free zones in Dubai. The free zones offer tax exemptions to the companies. That means you do not have to pay income or corporate taxes. Moreover, no customs duties are applicable to the free zone companies. It can help in ensuring better savings.
- Complete Ownership
Free zones provide foreign investors with 100% ownership of the businesses. That means you do not have to look for a local sponsor and offer them a share in your business.
- No Trade Barriers
If you choose to set up a free zone company, there will be no trade barriers. You have the complete freedom to trade with companies irrespective of the jurisdiction.
ConclusionBy now, you must have an idea about establishing a free zone company in Dubai. Are you in search of professional assistance to set up your free zone company? If yes, collaborating with the experts of IFZA can be an ideal option. Reach out to the professionals today and share your requirements.