Complete foreign ownership without additional permissions, low business setup cost and expenses, full customs tax exemption, innovative office solutions, zero currency restrictions and the freedom to repatriate capital and profits. No wonder, a business setup in Dubai Freezone is the most popular route amongst most entrepreneurs who are interested in doing imports, exports or re-exports worldwide and want to start their company in Dubai on a budget. Although the process of freezone business setup in Dubai is easier compared to mainland business setup, the process becomes a lot easier with one of the best freezone business setup advisors in Dubai such as Adam Global. Read on to know everything you should know before setting up a company in the Dubai Freezone.
List of Major Free Zones in Dubai, We Cover?
- Dubai Internet City
- Dubai Media City
- Dubai Production City
- Dubai Studio City
- Dubai Outsource City
- Dubai Knowledge Park
- Dubai International Academic City
- Dubai Science Park
- Dubai Design District
Under Dubai Multi Commodities Centre Authority:
- Jebel Ali Free Zone (Jebel Ali Free Zone Authority)
- Dubai Airport Free Zone (Dubai Airport Free Zone Authority)
- Dubai Silicon Oasis – (Dubai Silicon Oasis Authority)
- Dubai HealthCare City – (Dubai Healthcare City Authority)
- International Humanitarian City
- Dubai Maritime City – (Dubai Maritime City Authority)
- Gold and Diamond Park
- Dubai South
- Dubai International Financial Centre
- National Industries Park
Easy Steps for Business Setup in Dubai Freezone
A Dubai Freezone company can be established quickly with minimum effort. Thanks to the free zone authorities that don’t demand hefty paperwork and time in the name of business inception formalities. The key steps to set up a business in a Dubai Freezone are as follows.
- Pick the type of legal entity: Choose your company’s legal form out of the two – Free Zone Limited Liability Company (FZ LLC) or Free Zone Company (FZ Co.) and Free Zone Establishment (FZE)
- Finalise a trade name: Check either with the respective free zone authority or the respective Department of Economic Development about the permitted trade names to ensure the name you have decided doesn’t get rejected.
- Choose the business activities you want to conduct: Choose your primary as well as related business activity smartly so that you don’t need to obtain another visa. In DMCC, world’s #1 Free Trade Zone specialising in commodity trading, you can choose from over 600 business activities ranging from over 20 sectors. Here’s the list.
- Choose an office space: Buy or lease office spaces in the selected free zone as per your budget. Remember that the office requirements rely on the employees to be hired and the type of business activity to be carried out.
- Apply for a business licence: File an application for the relevant business licence. Your intended business activity decides whether you need a service aka professional licence, commercial licence or industrial licence. Educational, Media, eCommerce, Offshore, Freelancer, Non-Profit, Warehousing and Manufacturing are some other licence types you may consider.
- Obtain pre-approvals, register your business and collect the licence: Establishments registered under free zone jurisdiction are governed by the rules of the respective free zones. Gather the relevant documents to receive the necessary approvals. All the submitted documents must be in line with the type of chosen business activity and company and the requirements of the free zone authority.
Cost of Business Setup in Dubai Freezone
Setting up a business in Dubai free zone can be both economical and expensive, depending on the choices you make every step of the way. When it comes to low-cost ways to set up a company in Dubai Freezone, choosing the cheapest Free Zone can work like a charm. However, as they say, you get what you pay for, the best way to figure out the right Dubai Free Zone for your company setup in Dubai is – to weigh your requirements against the additional perks and value (for your money to be spent) you are about to receive from a free zone, you have your heart set on. Location decision is the fundamental one and you can’t afford to pick the wrong one. It is highly advisable you take into account various factors such as administrative fees, workspace options, office rent, accessibility to ports, etc. while choosing a free zone for company formation in Dubai. It is important to bear in mind that, in some Free Zones, visa costs are higher, although other costs are lower while in some others, licence costs might be lower but office costs higher. Here, one important thing to be noted is – some freezones offer myriad attractive workspace choices to choose from as per your budget. From plug-and-play flexi-desks, co-working space and serviced offices to multi-storey offices for lease or sale and even custom-build options, the sky is the only limit. Furthermore, some Free Zones offer beneficial packages that include many of the above characteristics like registration, licences and office space bundled together at competitive rates, and these packages can vary greatly from Free Zone to Free Zone. Some Free Zones also propose special rates for start-ups or residents of their community.
The cost of Dubai Freezone company setup varies significantly from Free Zone to Free Zone and depends on what type of company you want to incorporate. Below are the associated expenses that contribute to the overall cost of business setup in Dubai Freezone: