Freezones in UAE
March 13, 2018
In its pursuit to promote foreign investments the Emirati government has allocated these areas where foreigners will be able to acquire hundred percent ownership of business if they choose to invest in the UAE. The government has shown intent and willingness to help interested investors through the immigration process and getting their business up and running. Having a business in one of these zones means that not only will you have a business in one of the fastest growing regions in the world, but assistance of the government in getting you up to speed. Currently there are a total of 45 of such free zones spread across UAE, most of which are located inside Dubai and Abu Dhabi. Ras Al Khaimah, Sharjah and Fujairah also have a few of these free zones.
Advantages Of Owning A Business In Free Zones
The Emirati government has tried to ensure turbulent free transfer of funds and has decided to incur no charges on the investment brought in by foreigners. The easy long term lease has significantly reduced the initial cost of setting up a business in these zones compared to other areas in the country. Made specially to help foreign investors, tax exemptions combined with leniency in labor and property laws means that it is much easier to acquire land and hire workers if your company is situated in one of these zones.
Choosing The Best Free Zone
Choosing the appropriate free zone is perhaps the most crucial choice that you have to make in order to set up a business in UAE. Governed by separate regulation authorities, the concessions offered vary from zone to zone. The choice boils down to your sector of investment. The target is to have specialized zones and boost economic growth by promoting activities in sectors where the country has not yet reached its true potential or areas essential for raising the quality of life of citizens. Another aim is to help UAE become more technologically advanced and hence future proof. For instance the following free zones are dedicated to a particular industry and serve specific purposes.
Dubai Auto Zone
This zone is specifically set up to promote growth in the automotive industry in the UAE and is a joint venture of the government with the EZW, JAFZA and National Industries Park group.
Dubai Health Care City
To provide better health care to its citizens, this specialized zone is to attract foreign doctors to practice their profession in the UAE. Not only that, corporations are welcomed to set up health care facilities in the UAE. In order for individual to practice in these free zones they need to appear for a Professional Licenses Examination administered by Dubai Health Care City.
Dubai International Academic City
In order to provide top notch higher education, the plan was hatched for the Dubai International Academic City. Currently the zone hosts around 25 internationally acclaimed universities. You can invest in this zone as a shareholder.