If you are a budding entrepreneur, looking to invest in a rewarding venture and grow your business in the world, then UAE is your ideal station. The United Arab Emirates is undoubtedly the best place to start and nurture your business. Cheapest free zones, 100% foreign ownership, and 0% tax are a few of the many business attractions in the UAE. With the increasing number of businesses, UAE freezones have become popular among investors. Business owners and new-age investors now have the option to choose the cheapest freezone license in Dubai or any other freezone across the UAE.
So, let’s dig deep into the information well and discover the best and cheapest freezone license situated in the heart of Dubai.
What are Freezones?
Free zones are special economic areas designated by the UAE government where business owners can open companies at privileged tax and customs rates. Each free zone has its own set of rules and regulations along with specific offers for UAE companies.
The UAE hosts over 30 affordable freezones that accommodate various business activities and different categories of industries. The investors can choose the one that suits their business needs depending on the budget, activity, location, etc. The purpose of freezones is to woo foreign investment and boost the economy of the country.
With every freezone categorized based on business activities, it is important to know your business needs while looking for the cheapest company setup in UAE. The business setup advisor at Shuraa can help you choose the best and cheapest freezone license in Dubai by understanding your business requirements.
Benefits of freezone license in Dubai
There are a plethora of reasons that compel expatriates to go for the cheapest freezone license in Dubai. Therefore, before choosing a location for the company setup, business owners must be mindful of the deal a freezone license can offer.
- 100% Foreign ownership
- Profit and capital repatriation
- Exemption from corporate and personal tax
- Easy and affordable company setup
- Exemption from trade duties
- Empowered business structure
- Effective networking model
- Modern business solutions
- Excellent infrastructure
- Extended support from the government
- Secure banking system
- Ease to open a corporate bank account
- Ease in carrying out industrial activities like manufacturing, storage, packaging, etc.
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Cheapest freezone license in Dubai
Dubai freezones are the popular choice of business setup in UAE due to multiple reasons. World-class infrastructure, strategic location, ease in trade, competitive market, and many other aspects of Dubai charm foreign companies to opt for Dubai as their extensive worksite.
Here are the top few free zones in Dubai which offer the cheapest license along with several other benefits:
International Free zone Authority, Dubai (IFZA)
IFZA is the cheapest and one of the competitive free zones in Dubai. Located in the Silicon Oasis Area in Dubai, IFZA offers a platter of low-cost company setup packages with world-class infrastructure. It provides a wide range of modern office solutions that match international standards.
The Dubai Department of Economic Development(DED) issues the business license for the companies that plan to find their place in the soil of Dubai. DED controls and arranges the series of business activities that are ought to be conducted in this freezone. IFZA allows the company to choose a maximum of seven activities under one license. The types of licenses issued by the DED in the IFZA are:
The added advantage of establishing a business in IFZA is that it can minimize the capital requirements for your company, which as a result can help in saving your annual audit costs. IFZA company policy allows you to set up your office, warehouse, and residential apartment on the same premises.
Dubai International Financial Centre(DIFC)
DIFC is home to premier financial business hubs like fintech, lifestyle, etc. It is ranked among the topmost financial centers in the world.
DIFC is regulated by an independent entity, Dubai Financial Services Authority(DFSA) followed by a separate law system fixed by DIFC courts.
There are several benefits of setting up a company in DIFC. For instance,
- Finance-oriented free zone
- Strong legal framework
- Full ownership of the business
- Zero tax on income
- No restrictions on capital repatriation
At present, DIFC is hosting more than 2000 firms related to various financial sectors such as investment banking, financial consultant, fund management, etc. The other major highlight of DIFC is that it not only supports finance institutions but also lifestyle-related businesses. Salons, cafes, hotels, gyms, etc. also tend to prosper in this locality.
Thus, DIFC presents a financial ecosystem for budding industries where diverse organizations can create, communicate, and grow together.
Dubai Media City(DMC)
If you are into the media business, then Dubai media city is your place. DMC accommodates businesses like news media, advertising, event management, etc. This global media hub offers one of the cheapest freezone licenses in Dubai. Acquiring a business license in DMC provides you the opportunity to operate in and out of Dubai.
Other than an affordable company setup and license, DMC has several other benefits to offer. For example,
- Complete ownership of the business,
- Exemption from taxes and trade duties,
- 24/7 visa services, and many more.
Dubai Healthcare City(DHC)
Home to premier healthcare institutions, pharmaceutical centers, clinics, medical insitutes, etc. Dubai Healthcare City is the world’s first medical freezone. DHC is regulated and controlled by the Dubai Healthcare City Authority(DHCA).
The benefits of acquiring a business license in DHC are:
- Tax exemption
- Foreign ownership
- Administrative support from DHCA
DHCA also welcomes non-medical sectors like luxury hotels, villas, residential apartments, and clubs in the region to complement the amenities provided by the medical sector. This, on the other hand, enhances diversity and growth in the economy of the country.
Steps of Dubai freezone license acquisition
- Choose the preferred freezone in Dubai
- Determine the company structure and business activity
- Select a trading name for the company
- Submit the required documents to the authorities
- Get the initial approvals
- Choose an office space
- Open a corporate bank account for business transaction
- Receive the license from the concerned department
With the immense support provided by the government, starting a business in Dubai is much easier now. International entrepreneurs interested in doing cross-country businesses can unhesitantly choose Dubai freezone as their first and primary option.
However, searching for the cheapest free zone license in Dubai can be a tedious task. Before heading on to this license hunt, prior knowledge about Dubai free zones and the license application process is required. Business consultants in Dubai can offer you extended help in taking the best decision for your entrepreneurial journey.
The professionals at Shuraa Business Setup are compliant with economic substance requirements for cheapest company setup in UAE. They assist you to compare and choose among the various jurisdiction and laws of different freezones. Shuraa specialists ensure an error-free documentation and registration process to speed up the company formation process of the client.
To get more information about the cheapest freezone license in Dubai and other emirates, book a free consultation with Shuraa experts. Call on +971 44081900 or drop a message on WhatsApp for a chat query on +971 50 777 5554. You can also email us at [email protected]