Setting up a business in Dubai free zone is every enterprise’s dream and thus attracts a lot of foreign entrepreneurs. It offers benefits that ranges from zero establishment and personal tax, no currency restraints, 100% company possession, 100% return of capital and incomes, and 100% import and export tax exemption.
But WAIT, there’s more to it.
Setting up the business in Dubai’s free zone also brings together the occasions for interacting, collaborating and sustainable growth. Dubai has various free zones which you can enter according to the enterprise that you own.
Knowing it all, if you want to launch your own enterprise in Dubai, below are the points that you need to know to take the initial step. To walk on this path and open up a business in Dubai’s free zone there are various puzzles you need to solve beforehand.
The type of business and activities that you choose will be the important factor to choose from the various free zones that Dubai offer.
1. DECIDE
This is the basic and foremost step to set up an enterprise in the free zone. Free zone offers an option to start the venture in any of the following kinds
- FZE (Free Zone Establishment)
- FZ Co (Free Zone Company)
The basic difference in the options is that FZE requires one shareholder and FZ Co demands more than one shareholder. Brainstorming and in-depth analysis will help you decide the course for your venture.
2. SELECT
To apply for the license to work in the free zone, it is quintessential that you decide on the business activities that you desire to carry out.
Don’t feel stressed out. There are many free zones which allow an enterprise to run multiple businesses under one licence. After a careful study and observation of free zones, also select name for your enterprise which is not registered in your targeted free zone.
3. SUBMIT
After carefully studying the why, where, how’s now it’s time for the action. The rules of every free zone differ so does the document needed. For acquiring the approvals, the documents depend on the type of license. Generally, the documents you can be asked are –
- Color copy of shareholder(s) passport and visa if applicable
- Application form
- Business plan
- Board resolution
- Memorandum and articles of association
4. OPEN
After registering and before acquiring the license it is an essential step to open up a corporate bank account in the USA. With an in-depth research about banks and their policies you will be ready for opening an account with the financial institution. With correct documentation and business licence, all the other things you will need are –
- A corporate account opening form
- A board of directors’ resolution sanctioning the opening of the account, and the signatories to the account
- A copy of your company’s certificate of incorporation
- A copy of your share certificates
- A copy of the company’s memorandum and articles of association
- Copies of passports for all partners in the company
5. FREE-ZONE READY
Your final step would be the approval. After which you need to pay the license fees and registration fees completing the procedure of setting up a business in Dubai free zone.
YES! Just 5 steps and you are ready for the company formation in Dubai Free Zone without any hassle. That’s it. With the careful study, research and observation, the setting up of your business would complete in just weeks without any major worries.