Free zone and UAE are two relevant terms that allure entrepreneurs from throughout the world. Dubai is a considerable choice for business due to the low tax benefits and a competitive location that is rapidly emerging at a high pace. Explicit support from Government and other authorities also compliments those nurturing businesses here. Besides these, a major factor for accelerated company set up here is the popular Free Zones.
All about Free Zones!
A more professional term being free to trade zones, these are the economic areas where trading is done at minimal taxes and customs rates. The prime motive of establishing these zones was to enhance the international business by alluring foreign investors with 100% company ownership. And the concept is turning out quite good with presently 45 free zones all over the UAE. Several business types are gaining tax benefits by making a set up in such zones that encourage higher import and exports, leading to the better economic condition of the region.
How beneficial can be a free zone for your company set up?
Are you planning to establish a company set up in UAE? If yes, getting a list of free zones must be your preference. Here is a list of reasons that would allure you to locate the businesses in such zones:
- Simplified procedures-Ensuring a good company set up involves lots of difficulties, but the stress reduces considerably when you pitch onto free zones. A simple process includes applying for the place with basic documents like passport copies and other papers related to your businesses. If you are perfect with your documents, your company can get started within a couple of weeks. Options like Flexi-desk and online packages to provide free-zone address gives better recognition for your business.
- Tax and duty-It can be a major reason to select a free zone. 0% corporate or personal taxation and VAT exemption are the top business reasons set up in these areas. There is no taxation imposed on the import and export of goods and is also free from currency restrictions. With this, you save a large chunk of money otherwise spent on payment of taxes.
- Owning a foreign company-Next up in the list is foreign ownership. Many entrepreneurs across the world wish to locate their company set up in UAE to collaborate with the local partners for work purposes. But in free zones, you can just hold business and retain 100% ownership without merging with local groups or organizations.
- In-country Trade-Free zone business do not own the authority to carry out trade around the local UAE markets, but there’s a solution for this too. Search for a local distributor who can take some fee to display your goods in domestic markets. Later on, you might commence local trades in the country as well. Spreading other branch offices in the UAE could help in undertaking the business across the Dubai regions.
- Assistance for company setup-Authorities of Free zone stretch a helping hand to apply for visas and other dependants like the spouse or the domestic staff. They help in opening immediate corporate bank accounts and advise on the selection of banks and other local assistance.
Free zones are absolutely a smart choice for the business owners who wish to set up a perfect place for commencing overseas business with added financial benefits. Top-level privacy retains for the shareholders of such business, and no public directory of company ownership is available. All this gives you a feasible environment for business growth and generates better prospect