UAE is known as a tax-free nation; hence it attracts tons of business entrepreneurs every year. From launching restaurants to investing in the business, there’s a lot you can do as an Entrepreneur in the UAE. And if you are planning to set up your business in Dubai, here’s everything you must know about Free Zones, why it’s beneficial for you and more.
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What Are Free Zones?
Free Zones in Dubai are those zones where businesses get all tax exemptions. It is a free trade zone where one doesn’t have to pay any Value Added Tax (VAT), Income Tax, Corporate Tax and Customs. Entrprenuers having business in these free zones have 100 per cent ownership of the business. These free zones promote foreign investments and encourage more people to have businesses in the emirates. You also get Independent Laws and Regulations, Easy Regional, Global Market Access and more.
And while these zones help you work and establish your business without paying any tax, the best thing about doing business in these zones in Dubai is that you don’t need any partner to set up a business here and get 100 per cent ownership of your business. Besides, the free zones offer varied packages that suit the budget of entrepreneurs. You can get in touch with business consultant companies in Dubai to understand the best free zone area for your business.
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Things To Know About Free Zone Before Setting Up A Business There
Yes, you get tons of tax benefits in these zones, but before setting up your business here, make sure you have all your paperwork in place. First and foremost, register the business, apply for a licence, look for an office space that fits your budget and obtain other pre-approvals you need to run a business.
Free Zones List In Dubai
At present, there are 24 free zones in Dubai and each of them cater to different industries.
If you are starting your business in creative and knowledge-based space, then you fall under Dubai Creatve Clusters Authority (DCCA). And the free zones in DCCA include- Dubai Internet City, Dubai Media City, Dubai Production City, Dubai Studio City, Dubai Outsource City, Dubai Knowledge Park, Dubai International Academic City, and Dubai Science Park.
If you are setting up a business in healthcare, gold and other industries, you fall under other trade zones and can set up business in- Jebel Ali Free Zone Authority (JAFZA), Dubai Airport Free Zone Authority (DAFZA), Dubai Silicon Oasis Authority, Dubai Healthcare City Authority, International Humanitarian City, Dubai World Trade Centre, Dubai Maritime City Authority, Gold and Diamond Park and more. You can find the complete list of free zones on UAE’s Ministry of Economy website.
For e-commerce businesses, there’s a free zone called Dubai CommerCity. It is also the first ever e-Commerce free zone which offers a flourishing e-commerce ecosystem to various brands regionally and globally to help them establish and operate their e-commerce business in the Middle East, North Africa and South Asia (MENASA) region.
So if you are planning to set up a business in Dubai, you know where to start your business.
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