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For budding entrepreneurs and business-savvy people out there, the UAE might be one of the best places to build your first (or your next) business. Looking at the solid foothold that the Emirates provides, your business can expand across the Middle East and beyond, and that is a huge market.
With the UAE’s major business jurisdictions being the Mainland, Free Zones, and Offshores, the Free Zones rake in the maximum business. Compiled with the 0% corporate tax privileges, fast and easy business setup procedures, and ease of access to global markets, the 40+ free zones in the Emirates are nothing short of a haven for entrepreneurs and businessmen alike.
With the obvious corporate tax exemption for companies, there are also many other benefits to forming a company in the UAE-free zones. Read ahead to find out.
The first step to setting up your own company is to choose the perfect location for yourself. You can choose from across the 40 free zones available for businesses, but make sure to conduct thorough research to determine the best location for the type of company that you wish to set up.
Some popular choices are usually:
There are also other free zones catering primarily to healthcare, technology, etc., which you might wish to thoroughly research before setting up your company. Do not forget: strategic location is always a game changer!
There are numerous benefits to forming your company in the UAE-free zones. Let’s delve into the nuances of some of them:
The Emirates once restricted foreign ownership of companies based on the mainland, but now it has been lifted. However, the free zones since their inception allow you complete freedom to take full ownership of your company, meaning there is no need for a local partner, which means this gives you complete control over your business decisions and the future of your company as well.
Tax advantages include having to pay 0% corporate income tax and/or value-added tax (VAT) and exemptions from import and export duties as well. The latter is specifically to promote international trade further as well as give existing and aspiring businesspeople the ease to operate a stable business without fear of losing most of their profit percentage in taxes.
But keep in mind that there is a criterion for qualifying to be a company that doesn’t need to pay taxes. If you weren’t aware of this, then we suggest you go through this.
UAE-free zones provide you with an efficient and streamlined company formation process. This means that you do not have to wait for the fulfilment of paperwork and other bureaucratic hurdles during the setup process.
There are many entities to support you in the initial days of setup, one of them being CDA. With streamlined company setup procedures, you do not have to consider a larger time frame to set up shop. With the perfect professional support, you can easily leave the major setup procedures to the professionals and focus on your core business work.
It isn’t just the regional trade connections that are strong in the UAE. Free zones are primarily focused on improving international trade, hence the exemption from all import and export duties. Not only that, there are no currency regulations as well.
Currency regulations may look like any sort of restrictions that are imposed on financial transactions involving foreign currencies. This actually goes on to make financial transactions simpler and easier, thereby aiding global trade relations.
UAE-free zones do not cater to only one specific type of industry. There are multiple facets of companies operating in different niches at the same time. For example, one company may choose to leverage technology for automating manufacturing processes and, at the same time, also invest in medical care devices.
So, it is not a prerequisite to fit into one niche; even if your ideas are quite new, if they appeal to the market, they are bound to grow, especially with the kind of network and support that you may find in the free zones.
Visa processes look different for different countries. In the UAE, with the simplified visa processing for overseas talent, it is easier to bring in and retain employees in a company. Just like in other financial and legal proceedings, there are also entities that cater to this specific requirement.
The primary goal is to promote and foster diverse work professionals in the region, as well as build strong professional organisations that hold the best talent.
Apart from these, when one thinks of starting their own company, the full focus is again on the investment and the profits. The biggest aid that the UAE free zones provide is that by waiving off the taxes, they completely allow established companies’ investors to invest the profits back into the business, thereby encouraging more business in turn. This comes along with having full control over the company’s financial resources as well as future investment decisions.
The UAE’s free zones make a compelling case for people choosing to seek growth in business and entrepreneurship. Starting your company has never been easier, thanks to the UAE’s free zone regulations and the support and network it provides.
If you are someone who has been pushing back your dream of having your own company someday, do not hold back; this is your time. Who knows, you might just be the one to take over your market niche one day!
Setting up a company is hard work, no matter the region or country. However, since it is the UAE, we’re talking about, CDA houses the perfect people to aid you in setting up your own company in the free zones.
Choose your business model, leave us to suggest the best freezone company in UAE to set it up in, and handle the processes that come after that. There is no time to lose on stray decisions when you can outsource the groundwork to well-versed professionals. So, sit back and ponder over your company structures while we take care of the formalities for you.
Here’s how you can learn more about how we can help set up your company.
