Free zones are special economic zones in Dubai which are specially established to appeal the foreign in depositor. Free zone based business are entirely Possessed by the depositor and there are loads of options to choose with. In Dubai, every free zone has a governing authority or free zone authority. Free zone offers various attractive options for foreign depositor as in you are given 100% of the ownership of your business.
If you are establishing a new business then you can go for:
- Free zone Company that can have two to five business partners.
- Free zone establishment that can be possessed by an individual proprietor.
Each of these businesses can be treated for company registration in UAE free zone by the foreign depositor, who will not require any local business partners, which are otherwise needed to start a company in UAE outside the free zone boundaries. Business setups in free zones are allowed to perform international trades.There is less paperwork includes when it comes to ending your business from a free zone. Business established in the free zone is fully possessed by the depositor and there are various options to choose with.
There is no personal income tax or corporate tax (There are no taxes levied by the Federal Government on income or wealth of companies and individuals,
- There are no withholding taxes on outward remittances, whether of dividends, interest, royalties or fees for technical services etc. from businesses operating in the United Arab Emirates.
- UAE free zones, which permit 100% foreign ownership, grant specific tax exemptions ranging from 15 to 50 years to companies operating in the free zones.
Double Taxation Avoidance:
Agreements are signed between countries to avoid double taxation for reasons which might include the following
- Individuals are not paying income tax to two governments on income earned in one country.
- Individuals are not paying income tax on investments to more than one government.
- Reduction or elimination of taxes paid on dividends and tax-exempt deposits.
- Exemptions from capital gains taxes (CGT)
- Agreements can be intended to boost bilateral economic relations.
- Government investment in another country can take advantage of tax breaks generated by tax agreements.
- Attract foreign investment and capital inflows to the UAE.
- Exemption of freight taxes for national airlines and shipping companies.
Once you go through with registration process, you would be ready to move on to UAE free zone company formation. This process can further include a number of parts, such as:
- Submission of essential documentation
- Business plan approval
- Issuance of residence VISA along with Emirates ID.
- Tenancy contract approval
There are around 30 free zones in Dubai. The main free zones in Dubai are as mentioned as below:-
- Dubai Silicon Oasis
- Dubai Airport free zone
- Dubai South
- Dubai Multi commodities Center
- Jebel Ali Free zone
- Dubai Creative clusters Authority
- Dubai logistics City
- Dubai Maritime City
- Dubai biotech Research Park
- Dubai International financial Centre
- Dubai Flower Centre
- Heavy Equipment and Trucks Zone (HETZ)
- Dubai Health Care City (DHCC)
- Mohammad bin Rashid technology Park—- Jebel Ali area
- Dubai Car and Automotive City (DUCAMZ)
- Dubai Technology and Media
- Dubai Carpet Free zone
- International Humanitarian City
- Dubai Industrial City (DIC)
- International Media and production Zone
- Dubai Textile village
- JLT free zone(JLT)
- Dubai international Arbitration Center (DIAC)
- Economic Zones World (EZW) – Jafza International, Techno Park, Gazeley, Dubai Auto Zone
At standard accountants, we always ready to provide the best service to our esteemed clients. Along with our lengthwise, you can surely get guidance throughout the whole process. Our range of free zone company formation services consist of:-
- Arranging all the essential incorporation documents
- Assistance with all of the auditing and bookkeeping tasks
- Strategic inputs regarding identifying the most viable free zone
- Opening a bank account in UAE
- You get a local partner for aid with business registration as well as continuity
- Assistive services related to payroll, accounting, recruitment and more
If you have any queries related to company formation in UAE free zones, we are there to help you out at the earliest.