Dubai World Trade Centre (DWTC) free zone was started with a view to provide an effective, competitive, and well-regulated business ecosystem to compete effectively in local and international markets. The free zone is under the jurisdiction of the Dubai World Trade Center Authority (DWTCA), and enjoys corporate body status, financial and administrative autonomy and full legal power to carry out its duties and activities. The World Trade Center free zone has a strategic location like the iconic World Trade Center and the adjoining Dubai Trade Center District. From an investor’s point of view, this free zone provides strong incentives for businesses to use Dubai as a springboard to enter a local or the international market. Its primary focus on hospitality, entertainment, and amenities within a periphery makes Dubai World Trade Center free zone a complete, convenient, and connected business environment.
Benefits of Setting Up a Business in DWTC Free Zone
- Zero income tax and corporate tax for 50 years, and renewable after that
- No export tax
- 100% foreign ownership
- 100% repatriation of capital
- No restraints over capital nationality
- Freedom of choosing from multiple options for legal operating structures
- Flexibility to determine the price of services or products and the profit margin desired
- Stable and clear regulation
- No restriction on currency and repatriation of funds
- No restriction on hiring foreign employees
- One-stop shop service that provides business partners with a variety of government services, including company registration, licensing, visa and other services
- Simplified incorporation process
Services Provided by the DWTC Authority
1. Registration Services
For forming a new legal entity.
2. Licensing Services
Issuance and renewal of license and business operating permits.
3. Immigration Services
Issuance of entry permits and renewal of visas.
4. General and Administrative Services
Issuance of certificates for any purpose, including no-objection certificate.
Types of Business Entities Allowed in DWTC Free Zone
The authority allows 3 types of business company types or business entities within its premises:
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 2 or more shareholders. Such a shareholder can be an individual or a company.
3. Branch Office of an Existing Company
Here, no minimum share capital is required and the company can be from the UAE or outside.
How to Set Up a Business in DWTC Free Zone?
Dubai World Trade Centre (DWTC) is the region’s largest venue known for hosting many of the world’s high-profile events and offering every type of service under one roof.
With over a million square feet of multi-purpose space, DWTC has hosted more than 500 events across international trade fairs, mega consumer shows and prestigious conventions, and welcomes over 2.74 million visitors from 160 global markets every year. The authority provides such enormous opportunities to the investors so that they can set up a business in Dubai free zone. The procedure to start a business is plain and simple with a minimal number of documents required for the same.
Procedure to Set Up a Business in DWTC Free Zone
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 business activity. DWTC allows for multiple business activities so you have many options to explore.
2. Choose a Company Name
Before finalizing a name, you need to ensure that your business name is available to be registered in the Dubai World Trade Center free zone authority portal. There are also certain standards that the name must adhere to, including avoiding any blasphemous language or references to religious or political organizations.
3. Gather All the Documents and Apply for a License
After deciding 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 the business activity. To apply for the same, you need to first fill the application form and gather documents, as mentioned in the form. Also, you can make a visa application during this process.
4. Pay Fees
You are required to pay the fees for registration and licensing to the DWTC authority. After the payment, the process will be started and the license will be approved within a few weeks.
Documents Required to Set Up a Business in DWTC Free Zone
- DWTCA application form
- Business plan or brief project summary
- Passport copies of the shareholders, directors, and general manager
- Emirates ID copies of the shareholders, directors, and general manager (only for UAE residents)
- Shareholders’ profile (for individual shareholders)
- Board resolution calling for the establishment of the entity
- Letter from the bank confirming deposit of share capital
- Other routine documentation viz. application forms, specimen signatures, etc.
- Notarized power of attorney (attested by the appropriate authority)
- Certified true copy for certificate of incorporation of parent/certificate of registration (attested by the appropriate authority)
- Board/shareholder resolution for establishing FZE in DWTCA and appointing a manager (attested by the appropriate authority)
- Memorandum of Association (MOA) of the parent company (attested by the appropriate authority), in case of a branch office
- Good standing certificate, if applicable
- Copy of license of the parent company, if applicable
Why Set Up a Business in DWTC Free Zone?
Dubai World Trade Centre Authority (DWTCA) provides an effective and well-regulated business ecosystem to establish your business. The free zone is well-connected via the Dubai Metro, road network and Dubai International Airport. With leasing and licensing opportunities available now across the DWTC and DWTC District, the free zone provides an incentive for multinationals to enter the local and regional markets.
The DWTC Authority deploys internationally-benchmarked legislative policies and operational procedures in collaboration with government authorities. The DWTC Authority free zone offers an enhanced incentive for businesses to establish their permanent representation within the free zones. Apart from this, there are other advantages, like:
1. Simplified Registration Process
The DWTC authority provides a simplified company incorporation process for an entrepreneur or an existing firm. Your business can be registered in a matter of weeks.
2. A Thriving Business Hub
Dubai is perfectly situated to access the world’s developing economy, which makes it an ideal location to start a business.
3. Competitive Edge
Dubai World Trade Centre’s location, coupled with its low setup costs can offer businesses a real competitive edge in terms of business growth and profitability.
Business setup in Dubai World Trade Centre is a lucrative choice for entrepreneurs who are looking to capitalize on their investments in the smartest possible way. If you are looking to start a business here, you’d probably need a consultant to guide you through the corporate law and company support services. We at Commitbiz can assist you in setting up a business in DWTC Authority free zone – one of the fastest growing markets with a world-class corporate experience. Commitbiz has the expertise and resources to help you realize your company setup dreams without worrying about the red tape, visa applications, documentation and licensing formalities, residence permits, banking details, etc. as our experts take care of all these requirements.
Contact us for Dubai World Trade free zone company formation, and we’ll be glad to assist you.