Among various locations in the world, Dubai ranked 16th in a survey named Ease of Doing Business of 2020 conducted by the World Bank. Bit what are the reasons behind it? You may be astonished to know that Dubai has an exciting 0% tax policy in some cases. Apart from this exceptional 0% tax policy, the location of the city plays a pivotal role in attracting numerous foreign and local investors. Whether you are planning to enlarge the business prospect or launch a new one, you find numerous freezone business setup in Dubai.
These free cones are one of the main reasons behind the excellent growth of the UAE as an extraordinary business hub that is recognized globally. With the developing business rate in Dubai, free zones are receiving more popularity and fame.
To know about the best cheapest free zones for opening a new business, it’s obligatory to obtain a precise idea about what is a free zone and what are the benefits of setting up your business in these free zones. Getting early about the free zones can help you understand the importance of these places. Keep studying this article to get a better idea of the concept of free zone company formation.
What are Free Zones
Free zones are nothing but a special sort of economical region in the UAE where any new start-up businesses can be launched at reduced tax and customs rates. Each free zone is interpreted by a geographical region within the specific emirates. Apart from these, each free zone has its own rules and jurisdiction for regulating the businesses.
When it comes to the matter of the purposes of these free zones, free zones are notable for enhancing the possibilities of foreign investments by delivering numerous advantages including 100% business ownership. The entire UAE contains a total of 40 free zones that are categorised as per their business categories.
Therefore, if you also are looking for some effective freezone company setup in Dubai, you need to evaluate the requirements of the business you have chosen to launch well to maximise the profit. Below are the facts that convey why free zones are significant in opening a new start-up business.
Benefits of Starting A Business in Free Zones
As we cited earlier that free zones are extremely profitable to start a new business set up. So as an owner of your business, you need to be knowledgeable of the facts why you should set up your business in free zones. Here the facts are illustrated below.
100% Foreign Possession
The first benefit of starting your business in a free zone is it offers 100% ownership right. If the business owner doesn’t hold the citizenship of the UAE, it doesn’t affect the ownership right in free zones. Therefore, anyone can get business permission without any help from any permanent citizen of the country.
Liberty of Personal and Corporate Tax
Another biggest advantage of free zone company setups in Dubai is liberty from any sort of personal and corporate tax. As a new business owner, you don’t need to pay hefty charges for acquiring a business license in the free zones since free zones propose 100% impunity from corporate and personal taxes.
Exemption From Export and Import Obligations
If you select free zones for opening a new business you can get a 100% exemption from all the export and import obligations. This is undoubtedly an incredibly helpful attribute of selecting free zones for launching a new business.
The next big thing in selecting free zones for company registration in Dubai is nothing but the easiest and simplest process of forming any business. However, the formation of any business completely depends upon the category of business you have chosen to start. But in the majority of the cases, basic documentation and paperwork are sufficient to launch a new business.
For shaping a new business, it’s important to have the support of the local government. In this context, the UAE government is remarkably supportive when it comes to the matter of giving consent to new investors or those who are willing to start a business.
Top 4 Places That Are Perfect For Free Zone Company Setup in Dubai
Now you may get a clear idea of why these free zones are perfect for company registration in Dubai. Here we are providing some of the best free zones in the UAE that you can select to form your new business setup.
Sharjah Media City Free Zone
freezone business setup in Dubai – The most popular and eminent free zone of the UAE which we would discuss at first is none other than the Sharjah Media City free zone or SHAMS. Sharjah Media City is an enthusiastic and fast-developing environment for flourishing business holders. For this reason, Sharjah Media City house some renowned business organisations.
It has been said now that Sharjah Media City is one of the best suitable places for free zone company formation for both the new-age entrepreneurs and existing business owners. SHAMS offers a broad range of business activities for which you can take the license and start your own venture. The sectors that are offered by SHAMS are the following.
- Holding and other categories
- Social Media Influencer
One of the notable facts about the Sharjah Media City free zone is it’s an appropriate place for setting up a business distantly without travelling to the UAE personally.
Ajman Media City
If you are searching for a free zone that proposes a rapid and straightforward company formation procedure. Then Ajman Media City is the best solution you can have. Ajman Media City or AMC is one of the cheapest free zones in the UAE which is famous for its less costly and easy company formation method.
AMC includes an extensive range of media and entertainment-related recreations. AMC also delivers Flexi-desks and small sharing offices. The cost of a trade license at AMC starts from 1500 AED which makes it a perfect choice for medium and large businesses. Apart from media and entertainment, AMC also allows various business categories that are cite below.
- Media related training
- Service and consultancy
Raz Al Khaimah Free Zone
The next most popular free zone is Raz Al Khaimah free zone or RAKEZ. This free zone is so much prominent because it houses more than 14k companies with 50+ business niches. RAKEZ is notable for its customizable warehouse solutions. You can get low to medium and even elevated sized warehouse solutions as per the activities of your business. The readily accessible workers, labour housing, RAK airport and seaport are the additional benefits. RAKEZ permit the below-mentioned business activities.
International Free Zone Authority Dubai
Situated in the Silicon Oasis Area in Dubai, International Free Zone Authority Dubai or IFZA is one of the greatest free zones. That offers freezone business setup in Dubai. One of the fascinating factors of IFZA is one can choose 7 business activities under one license. The business undertakings which are allow in IFZA are the following.
So these are some of the notable free zones where you can form your business at the cheapest rate with an easier process. Follow this article to launch your new start-up and make your dreams fly high.