Wondering how to start your business in the land of opportunities? As we know, the United Arab Emirates is one of the favored destinations to start your entrepreneurial journey. There are plenty of reasons why one should start their business here.
In this blog, we will explore why and how one should choose UAE to start their dream business. Why should you choose free zones, what benefits does it include, and how to proceed further. Let’s explore these details in greater depth.
Also, with this analysis, you will be in a better position to ascertain which free zone is good for your business.
What are Free Zones?
Free zones are the locations in Dubai that offer unique opportunities and business support to entrepreneurs. Many business zones are designed for business owners but the free zones are the most preferred options in all.
The UAE has over 40 free zones, each with its own set of advantages for ventures in a variety of sectors. From 100% foreign ownership to tax advantages and tax-free imports, UAE-free zones offer a business-friendly environment for startups, SMEs, and large businesses alike.
However, choosing a suitable free zone for your firm can have a substantial impact on business productivity, regulation, and cost savings.
Here are a Few Quick Advantages of UAE Free Zones
As mentioned above, there are plenty of benefits to starting a business in the free zones. These zones are independent regulatory authorities and incentives designed for specific industries- thus ideal for global and regional businesses.
1- Complete Foreign Ownership: Free zones offer 100% foreign ownership and do not require any local sponsorship. Whereas other zones don’t allow complete foreign ownership.
2- Tax Redemption: Businesses running in the free zones are cost-effective. Companies can enjoy zero corporate tax and VAT advantages.
3- Duty Exemptions for Exports and Imports: There is no import and export duty in the free zone areas. However, companies are bound to duties on the UAE’s mainland.
4- Hassle-free Business Setup: Free zones offer hassle-free business setup so that entrepreneurs can kick off their business in no time. Also, it eases the visa and licensing formalities compared to non-free zones.
Let's take a look at the top ten free zones in the United Arab Emirates.
- Dubai Multi Commodities Centre (DMCC)
DMCC is the top free zone in the United Arab Emirates. It is a business hub that focuses on many fields including financing and technology. Thus, one of the greatest advantages of the zone is that it offers many facilities and business networks.
- Dubai Internet City (DIC)
Dubai Internet City is a technical hub among other free zones. DIC collaborates with top tech firms and offers a great ecosystem for growth. Hi-tech infra and government-initiated programs are the major benefits of starting a business in DIC.
- Jebel Ali Free Zone Authority (JAFZA)
JAFZA, located near the Jebel Ali Port, is one of the UAE's oldest free zones and a vital choice for logistics, manufacturing, and distribution industries because of its proximity to a major port.
- Abu Dhabi Global Market (ADGM)
A financial center, ADGM is headquartered on Al Maryah Island in Abu Dhabi. The ADGM opens up these markets to banking solutions and has a regulatory environment that is quite friendly. It is most popular for business-friendly governance aligning international standards.
- Sharjah Media City (Shams)
Sharjah Media City is more focused on media activities and other cultural programs. It focuses on the media, entertainment, and creative business, making it perfect for content creators, media houses, and artists.
- Ras Al Khaimah Economic Zone (RAKEZ)
To that aim, RAKEZ has made its business setup solutions affordable, with a particular focus on most industrial manufacturing, commerce, and service sectors. Each licensing plan available is intended for SMEs. It is well-known for its strong backing.
- Dubai International Financial Centre (DIFC)
DIFC is built as a kind of premier global financial hub driving through the contested sea of financial institutions, wealth management firms, and investment banks. It has a robust regulatory framework upon which it has been built that is based on common law.
- Sharjah Research Technology and Innovation Park (SRTIP)
This free zone is dedicated to promoting innovation in multiple advanced new-age areas. SRTI Park certainly provides modern laboratories, upskilling initiatives, and opportunities for finance to all its member corporations.
- SPC Free Zone
This free zone has different competitive advantages for businesses. SPCFZ, a subsidiary of the Sharjah Book Authority, is the better, easier, and faster option for entrepreneurs and investors willing to start their businesses in the UAE.
- Meydan Free Zone
Meydan Free Zone provides a renowned location with adaptable business solutions. Meydan Free Zone allows you to establish a company as conveniently as possible, with great features, including $0 paid-up capital and visa flexibility.
It is the ideal solution for any businessman or enterprise wanting to start a business in Dubai, allowing 2,500 companies around the clock for office facilities, including digital IBAN solutions, and a competitive tax-friendly environment.
Markai Corporate Services is the one-stop solution for all your business needs. Whether you are approaching to kick-start your venture in free zones or any other spaces, our experts guide you through the right solutions for your business.
