Located along the coast of the Arabian Gulf, Dubai was renowned mainly for its oil industry, but the scenario has changed in the last two decades. Dubai is now a global city and a popular business hub at par with western nations.
Get complete information about Dubai Free Zone Company Formation Located along the coast of the Arabian Gulf, Dubai was renowned mainly for its oil industry, but the scenario has changed in the last two decades. Dubai is now a global city and a popular business hub at par with Western nations.
Due to its diverse business model that drives the economy in the region. To attract foreign investment and empower the economy, free zones have been set up in Dubai that reward foreign nationals with lucrative incentives for setting up their business in the Emirates.
A Brief on Freezones
The Free Zone Authority in Dubai is the government organization that handles registration formalities and issues business licenses to non-resident companies or foreign-owned businesses for Company Formation in Dubai Free Zones.
Business in Dubai free zone brings a sea of networking, collaboration, and extensive business growth opportunities. The appealing tax regime and many incentives offered by the free zone authorities make Dubai the most preferred nation by an investor for company formation.
List of Free Zones in Dubai
Dubai has more than 30 free zones offering a wide range of activities for Business Setup in Dubai:
- International Free Zone Authority (IFZA)
- Dubai Academic City
- Dubai Airport Free Zone Authority (DAFZA)
- Dubai Biotechnology & Research Park (DuBiotech)
- Dubai Car and Automotive City Free Zone (DUCAMZ)
- Dubai Design District
- Dubai Gold and Diamond Park
- Dubai Healthcare City
- Dubai Industrial City (DIC)
- Dubai International Academic City
- Dubai International Financial Centre (DIFC)
- Dubai Internet City (DIC)
- Dubai Knowledge Village
- Dubai World Trade Centre Free Zone
- Dubai South Free Zone
- Dubai Logistics City
- Dubai Media City
- Dubai Maritime City
- Dubai Multi Commodities Centre or Jumeirah Lakes Towers Free Zone
- Dubai Outsource Zone
- Dubai Silicon Oasis (DSO)
- Dubai Studio City
- Dubai Creative Clusters Authority (Dubai Technology and Media Free Zone Authority)
- International Media Production Zone
- Jebel Ali Free Zone
- Economic Zones World
- Dubai Flower Centre
- Meydan Free Zone
- International Humanitarian City
- Dubai Techno Park Free Zone
- Dubai Science Park Free Zone
- Dubai Textile City Free Zone
- Dubai CommerCity(DCC FreeZone)
Dubai Free Zone License Types
Be aware of the various incentives that free zones in Dubai provide for license holders. Free zone authorities offer the following licenses for company formation in free zone Dubai:
1. Trading License
This type of license, if acquired, allows one to carry out trading activities like buying, importing & exporting, and selling a limited number of commodities.
2. General Trading Activities
One can deal with the trading of all types of goods, with an exemption on a few banned products which need special approval with this license.
3. Service License
Companies that want to deal with consulting, accountancy, etc., can acquire this license.
4. Industrial License
A company can carry out manufacturing, packaging, and processing activities after obtaining this license.
Types of Business Entities Allowed in Dubai Free Zone
1. Free Zone Establishment (FZE)
This type of company can be registered with one individual or corporate shareholder.
2. Free Zone Company (FZC)
This type of company can be registered with two or more shareholders. A shareholder can be an individual or a company.
3. Branch Office
A business with a company in the UAE or a foreign land can have a branch in one of the free zones of Dubai. Get a complete information about Open A Branch Office in Dubai.
Documents Required for Dubai Free Zone Company Formation
For a Business License in Dubai Free Zone:
- Colour copy of shareholder(s)’ passport and visa, if applicable
- Application form
- Business plan
- Board Resolution
- Memorandum and Articles of Association (MAA)
For Opening A Bank Account in Dubai Free Zone:
- A corporate account opening form
- A board of directors’ resolution sanctioning the opening of the account, and the signatories to the account
- A copy of your company’s certiﬁcate of incorporation
- A copy of your share certiﬁcate
- A copy of the company’s Memorandum and Articles of Association (MAA)
- Copies of passports for all partners in the company
Procedure to Set Up a Business in Dubai Free Zone
There are five simple steps included in the Dubai freezone company setup.
1. Choose a Business Activity
Decide a business activity you wish to carry out, as the type of license you apply for will depend upon the nature of the business activity. Many Dubai zones allow for multiple business activities, so they have many options to explore.
2. Find a Free Zone
Once you have decided on a business activity, the next step is deciding which free zone is right for you. There are sector-specific zones like IT, healthcare, commerce, trading, etc.; therefore, research before choosing one particular zone.
3. Choose a Company Name
Before finalizing a name, you need to ensure that your business name is available to be registered on the Dubai free zone authority portal. There are also specific standards that the name must adhere to, including avoiding any profane language or references to religious or political organizations.
4. Gather all the Documents and Apply for a License
After deciding on the business activity and registering the trade name at the portal, the next crucial step is to apply for a license. The type of license depends on business activity. To apply, you must first fill out the application form and gather the documents, as mentioned in the application. Also, you can make a visa application during this process.
After this, you will get a valid license within 2-4 weeks and are good to go.
5. Open a Corporate Bank Account
Opening a bank account is an easy process. But to do so, you must gather the documents and your business license again and provide them to the chosen financial institution.
Open business in Dubai Free Zone with Commitbiz
Freedom of doing business, substantial tax savings, and favorable government policies lead investors and business people to set up their operations in Dubai’s Free Trade Zones.
Commitbiz has the experience and resources to help you realize your company setup dreams without worrying about the red tape, visa applications, documentation, licensing formalities, residence permits, banking details, etc., as our experts take care of all these requirements.
Contact us for Free Zone Company Registration in Dubai, and our specialized team will gladly assist you with all the details.
What is the procedure to start a company in Dubai Freezone?
It can be done in simple steps
- Choose a business activity
- Find a Suitable Free Zone
- Choose a trading name
- Gather Important Documents
- Apply for a license
- Open a business bank account
However, these simple steps can have elaborate procedures.
What are the types of licenses available for freezone companies in Dubai?
Trading, Service, General trading, Industrial license.
Do Free Zones have currency regulations?
There are no currency regulations of any kind in UAE-free zones. This makes financial transactions easier.
How much does the Dubai free zone visa cost?
It depends on the free zone. A Dubai South zone visa costs AED 2500.
Which is the best Free Zone in Dubai?
Dubai Multi Commodity Centre is one of the best free zones.