Simple Steps to Set up a Business in TwoFour54

by Zaara 27, Nov 2020

Simple Steps to Set up a Business in TwoFour54

There are many reasons why an investor chooses the UAE as their business destination. One of the most important reason is the advantages that the free trade zones in the Emirates offer to its businesses. From full foreign ownership to the exemption in taxes, free zones give the best amenities to the investors. These are just the headline benefits. Each free zone in the UAE also offers many other distinct advantages to the businesses that set up within them. For example, Abu Dhabi’s twofour54 Free Zone, for example, serves up a range of benefits specifically to companies in the publishing, media and related industries such as animation, graphic design, music production, and talent management.

If you’re in the fields of media and publishing and looking to make tracks in this part of the world, there are few better bases than twofour54 in the heart of Abu Dhabi. This free zone offers entrepreneurs a rare opportunity to set up an office in the vicinity of some of the leading names in the media and to publish industry including Financial Times, BBC, CNN, Fox, Sky, and National Geography, etc.

The free zone authority of twofour54 controls the more official matters of the free zone such as the licensing procedures and regulatory development. It is their responsibility to make sure the 2030 economic vision of Abu Dhabi becomes a reality, at least as far as they can help to achieve it from their end.

Types of Business Entities in TwoFour54 Free Zone

The first step that one needs to do when setting up a company within the twofour54 free zone is just what type of corporate entity the individual wishes to form. There are a few types that are available and stated, and these are as follows:

  1. Free Zone Limited Liability Company (FZ-LLC): This includes the registration of a legal entity in the media zone
  2. Branch: This could either be a branch of an Abu Dhabi mainland entity or an object incorporated in another jurisdiction (foreign or UAE)
  3. Sole Proprietor (Freelancer): This permits an individual to work in their capacity as a media professional
  4. Startups - This option is only offered to content creation entrepreneurial startups which are in the business of digital content creation (mobile, online, device content) and A/V content production for TV, web, and cinema

Advantages of Starting a Business in TwoFour54 Free Zone

Registering an agency in Twofour54 free zone in Abu Dhabi offers many benefits to overseas business people. Amongst these, there are financial benefits which include:

  • Complete foreign ownership and no taxes on company income and repatriation of earnings
  • No taxes on imports
  • No taxes on non-public incomes
  • 30% cash allowance for international movie and TV productions
  • Strong IP protection regime
  • Excellent infrastructure, uplink, and fiber connectivity
  • Access to online Briefing Room

List of Business Activities Permitted in TwoFour54 Free Zone

Advertising

Animation

Branding

Content Production – Corporate

Content Production – Digital

Content Production – Publications

Location Management Services

Marketing and Communications

Media Research Services

Post-Production Services

Pre-Production Services

Production Equipment Hire

Rights Management – Music

Set Design

Software Development

Content Management and Monitoring Services

Content Portal Management

Content Production – Audio Visual

Event Management

Gaming Development

Graphic Design

Media Training

Music Production and Recording

News Gathering Services

Production Services

Public Relations

Rights Management – Content

Talent Management Services

 

 

How to Open a Company in TwoFour54 Free Zone?

Just like any other free zone, the business registration procedure in twofour54 is simple and straight-forward. The steps include –

  1. Submitting the Business Form
  2. Approval of Proposed Name & Activity
  3. Submitting the first installment of Security Deposit
  4. Completing Legal & Regulatory Signature with MZA
  5. Issuance of License

To complete this process, you need to submit the necessary documents. They are –

  • Business form or plan
  • Passport copy and UAE visa (if applicable) of appointed general manager of the company, who should be sponsored by twofour54 once the license is issued (if the GM is an ex-pat)
  • Application Fee

The towfour54 free zone has been around for many years no, and it has plenty of experience. This should deliver comfort to any who may wish to open a new company or branch of a company there. At the same time, the costs of setting up, such as requirements and office space are very practical, and the facilities provided are top of the range.

If you wish to set up your business in the twofour54 free zone, then we at Commitbiz can help you with it. We have years of experience in this field and can make the process hassle-free. Contact us today for more information.