UAE Free-Zones: A comprehensive guide

UAE Free Zones: It can be really challenging to set up a company in Dubai and carry out its financial, administrative and technical aspects. But at the same time, following simple, but comprehensive process and by availing the support, the process can be made all the more straightforward as well as affordable than imagined. We have managed to provide assistance to a good number of companies to help establish themselves in different free-zones. We also assist to break the entire process into six steps, which are mentioned below:

Select business activity: Nature of business is likely to have bearing on the type of free-zone to set. Some free zones for example, are known to permit only certain activities like transport, medical or media. Besides the restrictions, it does make strong sense to establish within close proximity to other businesses in similar domain. In case, the business relies heavily upon export and import, then a free zone is to be selected close to the port or airport. During the later stage of the preparation process, there can be taken final decision. However, having business activity established does provide the opportunity to steer properly and to eliminate few options much early. Pigeon-holing the business will not be necessary, since multiple business activities can be listed using a single trade license.

Select company name: Stringent naming conventions are to be followed in the UAE. Hence, the company’s name is to conform properly. Any offensive language is forbidden including those referring to the Mafia, Him or Allah, or political, sectarian and religious groups or the FBI. If the plan is have the business named after a person, then no abbreviations or initials. Verse and chapter on all naming conventions will be provided by the business set-up expert. Running proposed name can help to check if it qualifies or not and this process can be speeded up and precious time saved with the help of the professionals.

Finalize incorporation documents and paperwork: An application is to be completed and submitted for the chosen activity and company name. Along with it is to be provided shareholders’ passport copies to concerned government authorities. Additional documentation might be required by some free zones like the NOC (Non-Objection Certificate|) or a business plan, letter from the existing sponsor to confirm being allowed to establish another business setup in the UAE. Among all the tasks that are considered to be the most arduous part is the paperwork, which no more has to be extremely taxing on taking expert assistance. The business set-up partner will be in a position to offer valuable advice about all necessary documentation and also provide assistance to complete the same.

Receive license notification: It is undoubtedly the easiest step. After processing the application, company license will be issued by the government. Clients are notified by Virtuzone with regards to the time pertaining to document collection.

Open up bank account: On return of all paperwork, you will have the necessary documentation to open up a corporate bank account with a local bank. The UAE is considered to be home to several banks, both international and local, including Abu Dhabi Commercial Bank, Commercial Bank of Dubai and Emirates NBD besides popular global names like Barclays, Citibank and HSBC. You can approach your choice of bank or request your business set-up partner to make the necessary arrangements and meetings with several institutions, so as to help choose a suitable option.

Visa processing: In Dubai, this step is regarded to be the final step towards forming a company. It also involves applying for own visa. There are many free zones that do allow you to make applications for staffs and their dependants also. But the exact number to submit depends entirely upon the type free zone chosen to set up the business. hence, if the desire is to avail visa for the child, spouse, driver or maid, then seeking expert advice is something that needs to done as a priority and it is very much possible to perform this task in the chosen free zone. The second aspect is that both you as well as anyone that you pan to sponsor for getting a visa are to meet the necessary entry criteria. It is only after the above points being checked out positively that further processing continues. Four simple stages are present, namely, medical fitness test, status adjustment, entry permit and Emirates ID registration combined with visa stamping.

With free zones having accommodating conditions, company formation is made quite simple. At the same time, having right kind of support from experienced professionals, it is possible to complete the entire process within a week itself.

Tags : SWOT Analysis Unveiling Opportunities Threats for Business Development, Ways to Start a Business in Dubai Airport Free zone

Originally posted 2021-09-29 05:59:03.