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UAE Free Zone company Formation ServicesUAE is the second largest Arab economy. And UAE’s foreign policy geared towards creating greater commercial opportunities with various partners. The UAE’s fast-developing position as a financial hub for the region has further solidified and strengthened its position as a member of the global community. The law now requires foreigners to have an Emirati as a sponsor and limits them to a maximum 49 per cent ownership of businesses. With the number of zones increasing, their impact on the UAE economy has deepened. Total investment is estimated to be more than $4000 million. And the value of exports from the Free Zones reached to 16.5 billion in 1998. The UAE Free Trade Zones saw a 16.4 per cent increase in exports, which reached Dh97.46 billion in 2008. And re-exports reached Dh345.78 billion, a rise of 33.4 per cent. Rising domestic demand due to increases in population and income levels, together with a positive growth in the re-export trade, helped to push the value of imports up by 33.4 per cent to reach Dh735.70 billion. Setting up a company in one of the numerous UAE Free Trade Zones (FTZs) can be an attractive option for foreign investors and businesses alike. Infact All seven Emirates already have and are developing more such economic zones. All because free zones contribute and stimulate the economy by attracting foreign direct investment, generating thousands of jobs, stimulating non-oil exports, encouraging the setting up of ancillary industries, and helping in the transfer of knowledge, expertise and technology to United Arab Emirates. The exceptions are free zones, where foreign companies can have 100 per cent ownership. The general incentives offered by the UAE Free Trade Zones are more or less the same. All grant up to 100% foreign ownership, complete exemption of taxes from customs & commercial levies, full repatriation of capital & profits, & extended leases. They also have a minimum of red tape & quick approval procedures. Thus, keeping the engine of industrial diversification rolling by attracting a foreign investment in the private sector is central to the region's overall plan to reduce its economic dependence on oil, while creating employment for its nationals. The major advantages in operating in a free zone are:
ProceduresAn independent Free Zone Authority governs each free zone and is responsible for issuing Free Trade Zone operating licenses and assisting companies with establishing their business in the free zone. Each free zones have specific requirements, but general steps involved are:
LicensesAfter business formation, the company will need to lease premises or land and acquire an operating license from the concerned Free Zone Authority. Based on the free zones the types of licenses apply will vary, however, it is important to understand that companies with trade and industrial licenses can only conduct business within the Free Zone or abroad. To sell products in the UAE other than free zone area, a UAE official agent is required, i.e. a local sponsor or joint partnership is needed. Special Economic ZonesIn UAE we also have, established strategic frameworks for increasing the number of small- and medium-sized businesses called Special Economic Zones.
In the field of industrial development during the last decade, there has been a quantum jump in everything that the UAE has been doing & aims at doing in the near future. The most significant of all the success stories of remarkable achievements is the one about the Free Zones. The UAE has become an important destination for investment and this is due to the Free Zones. From start to finish Universal Consultants DMCC will work with you to handle your free zone company formation. We give strategic inputs, help you evaluate and select free zones, work with you on your business plan, handle paperwork and documentation formalities. Our unique selling point
In short, we handle everything you need. We make business incorporation in UAE simple. What are the benefits of UAE Free Trade Zones?
UAE Free Zone company Formation Services+UAE Freezones |
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