When you desire to register your company, you desire the process to be easygoing and not have enormous restrictions and tax to pay especially as a foreigner. Well, if you intend to set up a company in Dubai and you want it to have an uncomplicated registration process and have access to intriguing benefits that comes with it then this post is for you.
One is allowed to set up and register a company anywhere in Dubai but there are some jurisdictions where the UAE mainland taxes employment, import-export restrictions on business do not apply and administrative requirements are lowered concerning these kinds of companies that are registered in the Dubai free zone areas. All these and more makes this areas to be desired by people who want to set up business and these areas are known a Free Trade Zones(FTZ).
The free zone is territorially different from the mainland in the UAE. There are many free zones where you can set up your company, but in this post, we will be able to discuss a few which are;
Jebel Ali Free Zone: This zone is known to be costly free for the formation of a company in the UAE . It is one of the first zones in the country.
Dubai Internet City: This includes the top internet and communication technology agencies in the world.
Dubai Media City: This area of free zone is a center for worldwide media ventures that comprises online media, news agencies, publishing homes, broadcasting companies, advertising, and a host of others.
PERKS OF COMPANY REGISTRATION IN DUBAI FREE ZONE
- Your company if registered in a free zone will enjoy logistics benefits.
- A company in a free zone area is furnished with full-fledged offices and working space.
- If you successfully register your company in a free zone, your company will be exempted from paying taxes which are corporate tax, income tax, and personal tax.
- If you are an overseas investor and is intending to set up a company in a free zone area, then you will be entitled to 100% overseas ownership.
- Companies in the free zone do not have overseas exchange limit.
- You will also be entitled to simple import, export policies.
- Your company will also not have restrictions on hiring expatriates.
- There are no trade barriers or quotas.
- Access to UAE residence visa.
- You will also be on the edge of having 100% repatriation of capital and profit.
How to Register a UAE free zone company
Before starting a business in any UAE free zone, there are general steps you need to take, but before that there are three main steps you need to complete which are;
- You have to obtain your business license
- Get your UAE Residence visa
- Open a corporate bank account
You should also note that a company within a UAE free zone is required to first obtain a business license which is also known as a trade license which is valid for a period of one year and must be renewed annually.
The company registration process are provided below;
- You are to first select a license type and business activity. The rule is that one license for one business activity which invariably means that no commercial activity can be mixed with another activity. For instance, anything that has to do with trading must be in a trading/commercial license.
- Pick from among the free zone the most suitable zone that resonates with your intended business.
- Choose a corporate structure and this corporate structure varies from a new company with individual shareholders, a joint venture company, branch of a local or a foreign company, subsidiary company.
- Deciding a name for your company and preparing legal documents is the next step in the formation process of your company. You are to provide 3 options of names which will be picked from after due search has been conducted that such a name is not already in use. The documents to be provided are passport, visa, proof of residential address, professional curriculum vitae and others.
- Authorization of legal documents for company incorporation. At this stage, documents such as the Articles of Association (AOA), Board resolution, specimen signature form are signed.
- The next step is to decide on a business location within the chosen free zone.
- License will then be issued once the registration documents are signed, all approvals are obtained and all payments are made. The registration process takes a period of 1-4 weeks to complete.
This post is to provide you with an insight of the benefits of registering your company in Dubai free zone and the formation process. The Dubai government in a bid to keep attracting foreign investors has established this area with enormous benefits. This is not an exhaustive information on all you need to know about Dubai free zone but we are more than willing to provide you with more information and see you through a hitch-free process of registering your company anywhere in Dubai.
For more information about registering your business in any country in Europe and all your business needs, advise, compliance and legal requirements in UK, Middle East, Asia and Africa please feel free to contact us for a free consultation. We are just a click away. We also assure you that we will tend to your requests.
We at eLegal consultants look forward to meeting you and ready to journey with you to realize your dreams. Contact us today.