When it comes to doing business in freezone, Free Zones are particularly popular with foreign entrepreneurs, and for good reason: They offer 0% personal and corporate tax, 100% ownership, the company, 100% capital repatriation and profits and no currency restrictions.
These are the few steps you must follow to doing business in freezone:
Find your commercial activity
The first step to set up your business and get a license is to do the Define the nature of your business there are more than 2100 commercial activities to choose from, belonging to all different groups within the industrial, commercial, professional and tourist sectors. Visit DED’s website for the full list
Decide on a Free Zone
As mentioned above, there are over 30 Free Zones to choose from in Dubai. The nature of your business may affect the free trade zone you choose. In general, it often makes sense to locate close to companies in the same industry.
DMCC, the world’s leading free trade zone and the Dubai government’s agency for trade and resource companies, was named World Free Trade Zone of the Year by the Financial Times. fDi Magazine
Choose a company name.
When choosing your company name, it is important that it conforms to the strict UAE naming convention Forbidden. If you are naming the company after a person, you must provide evidence that the person is a partner or owner of the company (no initials or abbreviations are allowed.)
Naming your company can be a complicated process, Time and effort to consult an expert to help you comply with the conventions and get a permit on your behalf.
Apply for Initial Authorization
You must apply for an Initial Authorization to ensure Dubai DED has no objections to you or open a business for you to do so Begin the next steps for your license. You can apply for this online, in person, or through a third party (e.g. through a law firm). The documents you need to provide depend on the nature of your business, but typically include:
- Business license and registration form
- Copy of your passport or ID card
- Copy of your residence permit/visa
- Company articles of incorporation
- Feasibility of the study project
If you need help submitting your application need one of our experts who can guide you through the process to ensure you have submitted and prepared the documents properly.
Open a corporate account
After you have been approved and received all the necessary documentation, you are now ready to open a corporate account. The UAE has these include Abu Dhabi Commercial Bank, Commercial Bank of Dubai HSBC, Citibank, and many more.
To learn more about this, read our latest blog where we outline a 5-step process to successfully opening your bank account in Dubai.
Set up your office location
It is mandatory for all businesses in Dubai to have a physical address. Luckily, setting up in a vacant zone will help you find your new office space easily.
At DMCC we offer a wide range of commercial real estate, office buildings and business centers for rent, lease or lease to businesses of all sizes and types. All of our offices are well equipped with Wi-Fi, access to meeting rooms, support services and all available utilities . With 68 towers in the area, you’re sure to find the right office space.
Request final approval
You must prepare all your documents, site addresses and legal information to submit for final approval. In certain circumstances, you may need to obtain licensing approval from other authorities. Once you are ready, you will need to submit the following:
Initial Permit Slip and all previously filed documents
Rental Agreement from Real Estate Regulatory Authority (RERA)
Duly Notarized Service Provider Agreement (for civic entities and businesses 100% owned by non-GCC citizens), the UAE involving a local service agent
Approval by other government agencies involved
Finally, you need to pay for the license through various approved payment channels and your business is good to go.