Free Zone Company Formation in Dubai
Free Zone Company Formation in Dubai
Introduction
For both aspiring entrepreneurs and well-established companies, Dubai now boasts one of the greatest marketplaces available. Dubai provides equal access to all investors and has improved its legal framework to make it easier for investors to launch businesses there. Due to various measures that the government occasionally adds, the procedure of setting up a Dubai free-zone firm has been made quite simple and uncomplicated.
Dubai free zone company formation provides hassle-free access to various resources, tax benefits, and much more for starting a business in a free zone Dubai. Free zones in Dubai have been established at places of transit like seaports, and airports in order to help the investor to increase their trading opportunities. 100% foreign ownership has been allowed, making them a big hit among investors. In this blog, we will be looking at how BRS helps you with Free Zone services.
Steps to be Taken for Free Zone Company Formation in Dubai
1. CHOOSE THE LEGAL FORM OF YOUR BUSINESS: Choose the business or legal entity you want by being aware of the Free Zone jurisdiction's business category.
2. CHOOSE A TRADE NAME THAT IS APPROPRIATE AND PERTINENT: Choose a trade name that is acceptable for your company. Verify the trade name by getting in touch with the relevant Free Zone Jurisdiction’s Free Zone Authority. One is not permitted to choose a trade name that is already on the list. Utilize the concerned Free Zone Authority to register the business name.
3. REQUEST FOR LICENCE: Choose the category of license your company needs based on your business's activities. Depending on the type of license, several forms of documents are needed, so applications need to be submitted accordingly.
4. OBTAIN ENOUGH OFFICE SPACE: The size of the office depends on the number of employees and the type of business. For startup investors, there are several possibilities available, such as flexible spaces and office space for leasing.
5. FIRST APPROVAL: You may now submit an application for Initial Approval. Obtain the necessary clearances from all the departments and organizations.
6. REGISTRATION: One can register their business on the official website of the respective Free Zone Authority once they have received all necessary permissions.
7. OBTAIN A BUSINESS LICENSE: If all of the necessary requirements are completed on schedule, one might receive their company license within a few weeks or a month.
Types of Free Zones in Dubai
Dubai has two different sorts of free zones.
- Free Zone Company or Free Zone Limited Liability Company
- Free Zone Establishment (FZE)
The number of stockholders and their legal status distinguish the two. Business owners must make sure that their company's stance complies with the legal criteria of the specific Dubai free zone they are pursuing. Each Dubai free zone has its own set of restrictions. In order to operate a business in the Dubai Free Zone, you must comply with all legal criteria. In Dubai, there are already over 30 separate free zones, and that number is steadily increasing.
Documents Needed to Register and Establish Your Company in Free Zone, Dubai
The business must be properly registered by filing an application. Dubai-free zones have particular requirements for each license. However, generally speaking, the following documentation is needed for pre-approval:
DOCUMENTS NEEDED FOR PRE-APPROVALS TO REGISTER A COMPANY IN A FREE ZONE IN DUBAI
- A color photocopy of the shareholder's passport and, if necessary, a visa
- Application form
- Business model
- A duplicate of the current trade license or registration document (if you are an existing company, applicable for a local company only)
- Sample signatures of the company's shareholders and the newly appointed manager or director
- 2 years of audited financial statements or a letter of recommendation from the shareholder's personal bank
- The current sponsor's NOC (for individuals)
- Title to the unit
- Statement of Intent
- Manager/Director Registry Identification Code Form (RIC) (Original and notarized)
Different standards apply to freelancers. Only the application form, RIC, CV, and bank reference letter must be sent.
GENERAL DOCUMENTS NEEDED FOR FREE ZONE BUSINESS REGISTRATION IN DUBAI
The following documents must be presented to register your business in a Dubai Free Zone after the pre-approval is received. Documents are required before establishing a company in the Dubai Free Zone.
The following papers must be submitted by the investor and authorized by the Arab embassy or the Gulf Cooperation Council:
- A license application form.
- A calling card.
- Budget for business plans.
- Passport copies; MOAs and AOAs
- Banking references and, if necessary, a business license for the partners' current operation.
Benefits of Operating in a Free Zone in Dubai
- Absolute foreign ownership as no local partners is necessary.
- All Free zones have very reasonable energy costs.
- Simple process for obtaining a business license.
- The option exists to repatriate the entire earnings.
- Tax-free zones with investors are not required to pay any taxes.
- There are no restrictions placed on the exchange of foreign currencies.
- There are no tariffs imposed on any sort of product.
- Because there are no time constraints in effect, one can run the offices around the clock.
- There are several options for both buying and renting offices.
- Visas for qualified employees are simple to get because they are now extremely reasonably priced.
Conclusion
With increasing market opportunities and many other benefits, investors are considering starting their businesses in free zones in Dubai. It is very important to find the best service provider to assist you in the Business setup in Dubai Free Zone.
If you are looking for services related to Free Zone Company Formation in Dubai, contact us without thinking twice!
