There will be a reduction of 50-70 percent in business-related activities for companies operating in JAFZA and for new investors. The activities include registration, licensing and related administrative functions and certain online services will be offered free of cost.

According to Mohammed Al Muallem, CEO & Managing Director, DP World, UAE Region and CEO of Jafza,”It’s specifically designed to create value and opportunities for the companies to channel their resources to support their activities sustainably. We believe this forward-looking initiative will enable companies to do business in a smarter way and generate more business and create new jobs.”

“Trade has always powered Dubai’s economic development and DP World has played a central role in supporting it. The activities of our flagships Jebel Ali Port and Jebel Ali Free Zone are very closely connected with companies located there to take advantage of the world class infrastructure facilities and investment incentives and to connect to global markets.

The twin economic growth engines are examples to the world and serve as models DP World is rolling out in other locations across our network worldwide. As wealth generators, they are critical infrastructure assets that underpin prosperity and success for our nation,” said Al Muallem.

JAFZA is owned by DP world, which contributes over 33.4 percent of Dubai’s GDP. The new initiative will further enhance the ease of doing business at JAFZA along with elevating Dubai’s status as one of the global centres for commerce and trade.

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Dubai

Dubai is home to more than 30 free zones. It is the high standards of living, excellent infrastructure and flexible regulations that makes Dubai one of the most preferred free zone destinations in UAE. Dubai free zone company formation is relatively easier and economical. Some of the notable free zones in Dubai are Jebel Ali Free Zone(JAFZA), Dubai Multi Commodities Centre(DMCC), Dubai Airport Free Zone(DAFZA), Dubai Media City, Dubai Silicon Oasis, Dubai Internet City and Dubai South.

A leading business hub in the Middle East is one of the most service driven and customer oriented free zones. The free zone contributes largely to the foreign direct investment of the country.Dubai is the largest free zone in UAE, with more than 15000 registered businesses from a wide range of industries and sectors. The main industry sectors in DMCC are gold, Diamond, pearl, tea, agro and base metals.

Dubai South, previously known as Dubai World Central offers complete turnkey business services and cost-effective office solutions to its investors. The free zone is perfectly designed to suit global business needs.

Abudhabi

Abu Dhabi offers a plethora of opportunities to foreign investors. There are currently five free zones in Abu and company formation in these free zones is a hassle-free process. Abu Dhabi free zones are specialized in industrial, trading, logistics, sustainable energy, communication, media, and IT sectors.

Ras Al Khaimah

Ras Al Khaimah is home to more than 14, 000 companies that represents more than 50 sectors. The strategic location of the free zone, that provides easy access to the markets of Middle East, North Africa, Europe as well as South and Central Asia, makes RAK free zone unique. The various zones within RAK free zone are customized to meet the specific requirements of investors and it is undoubtedly the best destination to form your company.

Umm Al Quwain

Often regarded as the ‘free zone of the future’, Umm Al Quwain is one of the latest entries in the list of free trade zones in the UAE. UAQ promises a stable economy, open investment climate and low costs of living and labour. One can avail cost-effective leasing options for office space and warehousing at Umm Al Quwain free zone. The advantageous set-up costs at UAQ are extremely beneficial to forward-thinking SMEs and micro-businesses.

Sharjah Free Zones

Business set up in Sharjah free zones come with enormous opportunities. Compared to other free zones in UAE, the cost of setting up a company in Sharjah free zones is reasonably moderate. Some of the renowned free trade zones in Sharjah are Hamriyah Free Zone(HFZ), Sharjah Airport International Free Zone(SAIF) and Sharjah Media City Free Zone(SHAMS). SAIF Zone is the world’s first ISO certified Airport Free zone.

Fujairah Free Zone

Located adjacent to the port of Fujairah, Fujairah Free Zone(FFZ) has easy access to all Arabian Gulf Ports, the Red Sea, Iran, India, and Pakistan. FFZ is an ideal spot to setup your business; thanks to its strategic location and streamlined company formation procedures. Creative City is another free zone in Fujairah.

Ajman Free Zone

Ajman Free Zone offers a complete range of custom-made business solutions to its stakeholders. Some of the many benefits of Ajman free zone business setup are complete foreign ownership, repatriation of capital and profits, no corporate tax, single window clearances and cheap energy to businesses. Free zones are one of the best business initiatives by the government of UAE, that has helped the country emerge as a favorable destination globally.

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Benefits of Setting up a Free Zone Company

The main objective of setting up free trade zones is to attract foreign investors. Setting up a free zone company is one of the easiest ways to start a business in Dubai as the laws and the custom regulations in a free zone are much more relaxed. Here are some of the major benefits enjoyed by free zone companies in Dubai-

They enjoy 100% ownership and there is no need to find a local sponsor. It is important to note that every company located outside of the free zone must have a local sponsor.

They are exempted from paying any kind of tax

They enjoy 100% repatriation of capital and profits.

There are no restrictions on currency movement.

They get access to state-of-the-art infrastructure and communication systems.

Business support services are easily available.

The workforce is inexpensive and the recruitment process is simple and hassle-free.

Setting up a Company in a Free Zone

The first step that a business needs to take is to determine the kind of company it wants to set up. Depending on the nature of a business, you may want to set up a new company or open a branch office of the company. It is essential to get the business plan approved by the concerned authorities. Every business needs to submit the required documents.

Challenges of Setting up a Free Zone Company

Although the process of the free zone company set up in Dubai is simple and hassle-free, there are several obstacles that a business must overcome-

A business needs to identify a suitable area in the free zone. However, most foreign businesses lack local knowledge and find it difficult to select the right area.

The process of getting name approval and other ministerial approval can be difficult and complicated.

A business may feel difficulty in opening bank accounts.

Many businesses need assistance on feasibility and project reports on new incorporations.

To overcome these challenges, a business may need the guidance and assistance provided by a reliable business setup consultancy. There are many reliable consultancies that specialize in the business setup in Dubai free zone. Equipped with the local knowledge and understanding, these consultancies provide the best guidance to all types of businesses.

While choosing a business setup consultants in Dubai, it is important to ensure that the consultancy is equipped with the best resources and has a team of experienced consultants who can handle all aspects of business set up in a Dubai free zone and offer guidance throughout the process.

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