With the increase in the media related companies all over the world, the government of Abu Dhabi has also understood the opportunity available to them and have developed a Media Free Zone known as Twofour54. This Free Zone will help the government of Abu Dhabi to reduce its reliance on the revenue only from the oil and gas sector and will also diversify the economy of the country
Let us know more about the Twofour54 media Free Zone in Abu Dhabi.
Twofour54 Media Free Zone
The Twofour54 media Free Zone was established in the year 2008 by the Media Zone Authority (MZA) with the aim to provide state of the art services to the companies that are into media, creative arts or other forms of content creation. This Free Zone will give competition to the different media-related Free Zones in the region such as the Fujairah Creative City, Sharjah Media City (SHAMS) and the Dubai Media City.
The name of this media Free Zone is based upon the coordinates of Abu Dhabi (25-degree North, 54-degree South). A number of national and international companies have set up their branches and headquarters in this Free Zone which include companies like CNN, BBC, Harper Collins, Financial Times, and many more. Not only companies but this Free Zone also caters to several Freelancers and is in possession of almost 4,000 media professionals.
The Three Pillars
All the activities which are conducted in the Free Zone are done with the assistance of three different bodies within the Free Zone. These three bodies form the three main pillars of the Free Zone.
It is the name given to the training facility in the Free Zone. This facility will provide knowledge to the individuals and companies in the free zone and will also take care that the business entities face no difficulty in the future.
This is the name of the facility which is responsible for providing the various amenities to the business entities in the Free Zone. Ibtikar will also help in availing the various business opportunities in the environment.
This is the state of the art infrastructure and is in possession of the latest technologies which will help the business entities to make the most of the business opportunities.
The above three pillars see to the fact that any business entity established in the Free Zone do not face any problem, and in case they do, they take the assistance of the Tawasol. The Tawasol is the business enabler which will provide a solution to the problem faced by the business.
Types of Businesses in Twofour54 Free Zone
The Free Zone provides four different kinds of options of legal business structure to set up a business in the Free Zone, such as:
- Free Zone Limited Liability Company (Free Zone LLC)
The FZ LLC is a legal business structure which includes individual or corporate shareholders or a mixture of both. This type of business structure will allow your company to take advantage of the many opportunities that are presented by the Middle East and North African (MENA) nations.
This business structure is only applicable to individuals and will allow individuals to conduct their own business in the Free Zone.
- Branch Company
A branch company refers to a company which sets up another company under the same name in a different jurisdiction or Free Zone.
If an entrepreneur wants to set up a media company and wants to develop its content for either TV, the silver screen, or in the form of web content, this business structure can be chosen.
Benefits of Setting a Business in Twofour54 Free Zone
Some of the key benefits of establishing a business in the Twofour54 Free Zone are:
- 100% ownership by a foreigner
- Availability of a number of facilities such as Production of video content in High Definition and post-production facility
- Complete repatriation of revenue and capital
- A Cash allowance of 30% for the Production of international Television and Movie
- No taxes levied om income of the entity or any imports
- No personal income tax or corporate tax
- A wholesome business environment which will facilitate business networking
- Presence of an onsite training academy for the professional media present in the Free Zone
These benefits make Twofour54 Free Zone a very lucrative place to set up a business for entrepreneurs and people in the industry from all over the world. If you are looking to set up a business in the United Arab Emirates, do have a look at the services provided by Commitbiz.
Commitbiz is a management consultancy firm which will understand the problem faced by your company and will provide a customized solution accordingly. For more details on the services offered by us, Contact Us. We will be happy to help.