The UAE offers more than 40 multidisciplinary free zones, in which expatriates and foreign investors can have full ownership of companies, according to the Ministry of Economy.
A free trade zone is an economic jurisdiction earmarked for exchanging certain goods and services with preferable import and export customs with other operational benefits. Each free zone is subject to a unique legal and regulatory structure that monitors business operations. The UAE has over 45 free zones that ensure an influx of international investors and entrepreneurs for specific industrial sectors. Thus, free zones provide a flexible business set up for foreign investors with international standards and a dynamic regulatory framework.
The ease of business setup with the favourable tax environment offered by the Free Zone makes it an even more proficient place for a company.
Here we list reasons to set up business in the free zones:
- Zero personal income and corporate taxes
- Fast and seamless business setup process
- Free zones exemption for import and export duties
- Many Free zones such as Meydan and IFZA Free Zone, RAK, E-commerce City, SHAMS, SPC, Humriyah, DMCC, Kizad, and TwoFour54 offer business setup options that allow 3 to 6 visas without renting a physical space.
Besides, each free zone has various regulatory authorities for approval, processing, and hassle-free company formation. Moreover, certain free zones cater to specific industry sectors and business types.
With over 40+ free zones, the popular free zones to consider for business setup in the UAE: are Dubai Airport Free zone, Dubai CommerCity Free Zone, International Free Zone Authority (IFZA), Sharjah Media City, Dubai Silicon Oasis, SPC Free zone, Ajman Free zone, RAK Economic zone, Khalifa Port Free Trade Zone, Hamriyah Free Zone, Jebel Ali Free Zone, Dubai World Trade Centre, Dubai Multi Commodities Centre, Dubai International Financial Centre.
The Emirates is also offering incentives to attract digital companies to set up operations in the country. An industry leader in business consultancy and company formation in the UAE for over a decade, UAE Freezones (an established online platform for Global Resources) has been designed for entrepreneurs that have a business idea but don’t have the knowledge, resources or the experience to move their concept forward and kickstart their business in the UAE.
UAE Freezones offers a bespoke advisory service that gives clear direction and guidance to savvy investors who want to set up their operations in the Emirates, whether onshore or offshore.
With the UAE’s “established reputation as an innovation hub”, the free zone will deliver a unique offering to global entrepreneurs, according to Sameer Al Ansari, chief executive of RAK ICC and Digital Assets Oasis.
Companies and entrepreneurs who want to straddle the best from both Sharjah and Dubai together now have a single-stop solution to set up their business. The Sharjah Research and Technology Innovation Park Accelerator, established to incubate businesses in certain focus areas, has opened an office in Dubai to cater to growing demand.
The UAE free zones offer the most prosperous environment for launching firms, with first-rate facilities, a beneficial tax structure, lax government restrictions, and other conveniences that make running a company easy.