Source:Gulf News Writer: Dona Cherian, Guides Writer
There are over 20 free zones in Dubai alone and each caters to a specific business category.
Establishing your business in a free zone gives you 100 per cent ownership and repatriation of revenues as well as profits.
If you want to have 100 per cent ownership of your company, regardless of type of business, you need to opt for a license and location in one of the many free zones of UAE.
They are designed to encourage foreign investment with easier start-up processes, labour and immigration procedures, 100 per cent ownership for all nationalities and other legal services. Each free zone has its own authority and its own rules, which are applicable to investors looking to set up firm in those zones.
1. Allows 100 per cent foreign national ownership of firm with no requirement of local sponsor or local service agent.
2. Waiver of corporate taxes (time-bound and renewable for further periods).
3. Exemption from personal taxes as well as import and export taxes.
4. 100 per cent repatriation of revenue and profits.
5. Documentation is less and more suited to foreign investors.
6. Long-term leasing options (up to 25 years) available at great terms to investors.
7. Recruitment and workforce processes are simplified, faster and cheaper.
8. Easy availability of legal, housing, immigration, labour and other facilities.
9. Incorporation is faster than when done outside free zones
10. 100 per cent free transfer of funds
Click here to check the complete list of Free zones in UAE under each Emirate.