Introduction
Dubai, a city known for its tall skyscrapers, lavish lifestyle, and amazing location, has drastically transformed into a global business center over the past few decades. A key factor of this transformation is been the formation of several Dubai economic free zones across the emirate.
These economic free zones have become significant in attracting foreign investment, fostering innovation, and motivating economic diversification.
In this blog you will get to know about what is a Dubai economic free zones, various types of licenses available in it, and the requirements for doing your business formation in Dubai economic free zones.
What is Dubai’s economic free zones?
Dubai’s economic free zones are areas throughout the United Arab Emirates (UAE) that gives businesses special advantages.
Types of licenses available in Dubai economic free zones
The type of license given to companies formation in economic free zones based on the type of commercial activity. Each economic free zone gives various types of licenses. The most common one are mentioned below as follows:
- Professional License
- Commercial License
- Industrial License
Professional licenses are generally used for activities such as accounting, legal, and advisory services. Business licenses are given for activities such as retail and wholesale trade, manufacturing of goods, export and import of items. Finally, industrial licenses are given for activities such as production, research, and development.
All of these types of licenses are subject matter to the regulations and laws of the designated economic free zones, so businesses require to understand the several requirements of each type of license. Additionally companies should be aware of all the rates associated with getting the required licenses for their business activities.
Requirements for establishing businesses in Dubai economic free zones
Formation a company in a Dubai economic free zones in the Emirates needs that the business owner get the necessary licenses and authorization from the relatable authorities.
Before applying for these documents, the business owner should ensure that its business model is in adherence with the rules and regulations governing the specific area. Usually, every region has its own set of application necessity, so business owners must be sure to research the information before giving their application.
Additionally to the licenses needed to set up a company in a economic free zones, the business owners should also get approvals from the relatable authorities. These approvals can differ based on the type of business, the type of the business activities, and the size of the business.
Once you get done with your business setup in Dubai, business owners must also get allowance and licenses from other government authorities, such as the Dubai Department of Economic Development (DED) and Dubai Multi Commodities Center (DMCC).
Finally, all businesses formation in economic free zones should also adhere with applicable rules and regulations, such as labor laws, health and safety standards, and environmental rules. Business owners must ensure that they are conscious of all applied rules and regulations in a way to ensure their business is in following it.
Conclusion
Dubai’s economic free zones have been a keystone of the emirate’s fast development, giving a favorable surrounding for businesses to flourish. By giving a wide range of business incentives and tax benefits, these zones have inspired global companies, encouraged economic diversity, and ranked Dubai as a chief global business center.
As Dubai continues to emerge and adapt to global trends, its economic free zones are amazing to play an even more crucial role in forming the city’s economic future. So get your freezone business setup in Dubai, mainland business setup in Dubai or anywhere in UAE along with the expert – Arab Business Consultant.
