List of free-trade zones in Dubai

Free trade zones (FTZs) are special economic zones set up with the objective of offering tax concessions and customs duty benefits to expatriate investors. There are more than 30 Free Zones operating in Dubai. FTZs in Dubai and the UAE are governed pursuant to a special framework of rules and regulations. A Free Zone Authority offers business licenses to foreign-owned businesses. Each Free Zone is designed around one or more industry categories and only offers licenses (e.g. for a Free Zone Enterprise (FZE)), to companies within those categories. Most of the free zones in Dubai broadly offer trading, services, and industrial licenses to investors looking to set up their businesses.

Details

Free zones in Dubai are managed and operated by the relevant authority. For instance, the Jebel Ali Free Zone Authority in Dubai is responsible for managing, operating and supervising the Jebel Ali Free Zone, one of the largest sea port free zones in Dubai. It has a subsidized rate of 32 percent on the country’s Foreign Direct Investment (FDI). As for other Free Zones in Dubai, the Dubai Multi Commodities Centre (DMCC) has 7,330 active registered companies (as per 2013), offers a retention rate of 94 percent, and estimates an application of over 200 companies every year.[1] the Dubai International Financial Centre (DIFC) is another jurisdiction demonstrating the growth of expansion. It contributes 12 percent to the GDP of Dubai and has an estimated a growth rate of 27 percent (as per 2015).[2] The authorities speculate that the region will triple in size by 2024.[3] Others include the Dubai Airport Freezone (DAFZA; the Dubai internet City; and the Dubai Media city.[4]

Benefits

A company set up in a Free Zone offers benefits to owners:

  • 100% ownership. A single individual is required for setting up (no sponsor required).[5]
  • Tax exemption
  • Owning properties is allowed (25 years lease options, warehouse facilities, availability of areas for production and assembling etc.)
  • Fair renewal fees
  • Confidentiality of your business is maintained
  • Allowed to open bank account in Dubai
  • No restriction for doing more than one activity
  • Can wind up at your discretion
  • Free Trade Zone are free from custom duty, the custom duty apply only if importing goods in mainland.

List

There are more than 30 Free Zones operating in Dubai.

See also

References

  1. ↑ Sambidge, Andy. "Dubai's DMCC becomes UAE's largest free zone". Arabian Business. Retrieved 21 September 2013.
  2. ↑ Deulgaonkar, Parag. "12% of Dubai GDP from DIFC". Emirates 247.
  3. ↑ "Dubai International Financial Centre Set to Triple in Size by 2024, as Part of Centre's Newly Announced 2024 Strategy". Dubai International Financial Centre. Retrieved 10 June 2015.
  4. ↑ "Dubai Free Zone Development and Bids to Attract Foreign Investors". Shuraa Business Setup. Retrieved 11 August 2016.
  5. ↑ "UAE Free Zone Advantages".
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