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Free Zones are special economic zones set up with the objective of offering tax free, and free customs duty benefits to expatriate investors. Free Zones in Dubai and the UAE are governed pursuant to a special framework of rules and regulations applicable to concerned free zone. Free zones in Dubai are managed and operated by free zone authority. For instance, the Jebel Ali Free Zone Authority in Dubai is responsible to manage, operate and supervise the functioning of the Jebel Ali Free Zone, one of the largest sea port free zones in Dubai. A Free Zone Authority offers business licenses to foreign-owned businesses. Each Free Zone is designed around one or more business industry categories and only offers licenses (e.g. for a Free Zone Enterprise (FZE)), to companies within those categories. Most of the free zones in Dubai broadly offer trading, service, industrial, national industrial, and branch licenses to investors looking to set up their businesses.
A company set up in a Free Zone offers benefits to owners:
- 100% ownership (A single individual is required for setting up (no sponsor required))
- Tax exemption
- Owning properties is allowed (25 years lease options, warehouse facilities, availability of areas for production and assembling etc.)
- Fair renewal fees
- Confidentiality of your business is maintained
- Allowed to open bank account in Dubai
- No restriction for doing more than one activity
- Can wind up at your discretion
There are more than 20 Free Zones operating in Dubai.
See also
References
[1] [2] [3] [4]
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- ↑ "About Jebel Ali Free Zone", Retrieved on 21 October 2015.
- ↑ "Dubai Free Trade Zones", Retrieved on 21 October 2015.
- ↑ "DMCC Free Zone, Dubai", Retrieved on 21 October 2015.
- ↑ "Free Zone, Dubai", Retrieved on 22 December 2015.
