Dubai is one of the best places in the world to start a business. This is true for both established and budding businesses, as the city offers equal access to all investors that makes starting a business easier than it has ever been.
To add to this, doing business in the Dubai Freezone comes with a slew of different benefits such as tax exemptions and repatriation of profits and capital. Now, some of you may be interested in doing business in Dubai but don’t exactly know how to go about doing things. To help you on your journey, we thought it would be useful to prepare a quick guide on how to start your business.
If this is something you’re interested in, read on as we breakdown everything you need to know about starting a business in a Dubai Freezone.
Advantages of Doing Business in the Freezone
Before we jump into things, we thought it would be useful to run through the advantages of starting a business in the Freezone. Here are a few of the most significant benefits:
- Complete Foreign Ownership
- Streamlined Application Process
- Tax-Free Business Zones
- Abundance of Office Space
- Easy Work Visa Applications
- Profits Can Be Repatriated
These are all made possible due the Freezone being designated as a special economic area. Because of this, investors are given access to tax free status and favourable trade conditions that make doing business in the Freezone easier and incredibly profitable.
Gather the Required Documents
Before even thinking about starting a business, it’s important that you gather all the required documents to make the process go more smoothly. Here’s a list of what you’ll be needing:
- Application License Form
- Business Card
- Business Plan
- Memorandum of Association and Articles of Association
- Passport Copies
- Banking references
Once you’ve gathered all your documents, it’s time to get approval from the Gulf Cooperation Council or the Arab embassy.
Starting a Business in the Dubai Freezone
The process for starting a business is easy but will require you to put in a decent amount of work. Don’t be discouraged as the entire process will only take around two to four weeks before you are approved.
The first thing you’ll need to do is to decide what type of company you will be starting. You’ll also need to determine which Freezone you’ll be doing business in, as different Freezones have varying requirements for businesses.
Once you’re done figuring out the business type and Freezone requirements, it’s time to decide on a trade name. Be sure to use a name that abides by the naming conventions that have been put in place by the government.
After you figure out your trade name, all that’s left to do is to apply for a business licence. This also differs according to the nature of your business, as different licenses are afforded to businesses depending on the business. Once the licence is approved, you can now begin looking for office space in the Dubai Freezone.
Hopefully this information proves to be useful in helping you get started. While it may seem like a lot of work, it will all be worth it in the end as the opportunities are endless when doing business in the Dubai Freezone. Now, this guide only covers the basics. If you have more specific questions about this process, it would be best to talk to professional consultants that can
Getting your company set up by yourself can be quite a daunting and time-consuming task so you can ask the help of professional business advisers in the Freezone. If you are in need of any form of help, Vigor Business Center has got you covered. Don’t hesitate to reach out to us today, if you are in need of help when it comes to doing business in the Dubai Freezone!