A free zone is a dedicated area in the UAE where businesses and services are free of duty. Free zones have their own set of rules for establishing and operating businesses and companies. They permit complete ownership of businesses too. These amenities make free zones a desirable destination for establishing new businesses or opening branches of existing enterprises. There are several free zones spread across the UAE with at least one free zone in each emirate. This allows entrepreneurs several options to choose from, depending on their location, type of business, and the facilities each free zone offers. However, selecting the best Free Zone to setup business can be a confusing process sometimes.
This article describes the best Free Zone to Setup Business and what makes us think that they are the best choice.
Selecting the Best Free Zone
All free zones offer attractive facilities and easy setup steps to businesses. However, not all free ones have similar policies. Different businesses and companies are looking for policies and rules that suit their scope of work. A Free Zone that offers what they are looking for will be the best one. However, three free zones offer a business-centered approach and have facilities feasible for both existing companies and new setups. We discuss these free zones in detail:
1. Dubai Multi Commodities Center (DMCC)
The Dubai Multi Commodities Center lies at the center of the Jumeirah Lake Towers, in Dubai. The very name “Dubai” opens up countless doors of opportunity and extravagant lifestyle, and the DMCC lives up to this perception. The endless opportunities, dreamy lifestyle, and sustainability have earned DMCC the title of being the world’s no. 1 free zone, and winner of the “Global Free Zone of the Year” by Financial Times’ fDi Magazine seven times consecutively. Currently the DMCC s home to over 19,000 companies with about 170 companies joining every month.
If you are a business or trading company in the field of gold, cryptocurrency, tea, precious stones, coffee, agro-commodities, and metal, DMCC is your destination. Members of the DMCC get exclusive access to seminars and workshops to boost their business. The DMCC shares valuable insights and knowledge with its member companies to make sure every enterprise gets the most out of its organization.
2. Dubai Airport Free Zone (DAFZA)
The Dubai Airport Free Zone is also located in Dubai. The free zone has emerged as an attraction due to the benefits and services it offers. DAFZA takes pride in being a tax-free zone. The free zone spreads over a mighty 106,396 square meters of warehouse space and 190,000 square meters of office area. Currently, the DAFZA has over 18,000 registered companies providing employment opportunities to more than 18,000 people. Situated near the Dubai airport provides DAFZA with a strategic location most beneficial for logistic transportation.
DAFZA welcomes businesses from a wide range of sectors. Electronics, pharmaceuticals, aerospace, food and beverage, jewelry and precious stones, and IT are some of the many industries that can be established in DAFZA.
DAFZA provides all-encompassing cargo handling facilities with a devoted logistics center. This not only reduces the cost of transportation of goods but also makes it easier for trading companies to send and receive consignments. Speaking of consignment, DAFZA offers complete ownership of profits and capital. With the exemption of taxes, the business gets all the profit to itself without having it to divide with the free zone. DAFZA businesses can operate with currencies of their choice and initiate a start-up with the number of employees they deem appropriate.
3. Ras Al-Khaimah Economic Zone (RAKEZ)
The third free zone perfect for setting-up business is the Ras Al-Khaimah Economic Zone. Seated in the heart of Ras Al-Khaimah emirate, the RAKEZ is home to over 14,500 small, medium and corporate enterprises. Businesses from over 100 countries have called RAKEZ home because of its business-centered policies and infrastructure. The RAKEZ has 5 zones dedicated only for the flourishment of companies. What makes Ras Al-Khaimah different from other free zones is its accommodation for small and medium businesses. Ras Al-Khaimah is a safe haven for small setups and encourages entrepreneurs to pursue their dreams by providing the simplest and most efficient plans and policies.
RAKEZ offers easy steps for establishing a business. What makes RAKEZ different from other economic zones is its facilitation of small and medium-sized setups. RAKEZ has the option of Flexi desks, which are a requirement for several businesses. RAKEZ promises 100% ownership to the businesses and has a fast setup process. The free zone also allows businesses to construct accommodations for labor, not to mention the free zone being tax-free.
Conclusion
UAE has emerged as a haven for new and existing business setups and organizations. Today, it is every company’s dream to have at least one set up in UAE. Understanding this wish, and the economic benefits it can offer the country, the UAE has established a network of free zones throughout the state to provide equal business opportunities to every organization. Each free zone has its exclusive laws and regulations pertaining to business setup.
Companies need expert consultation and incorporation guidelines to go about the entire process. BS Auditing of Accounts provides exactly that. The professional team members suggest just the right free zone that not only best suits individual business scale but will cater to your business needs.
Book your consultation today for best interpretation and guidance related to internal risk assessments and other legal and accounting processes. Feel free to contact us:
• Office # 0641, Tamani Arts Offices, Business Bay, P.O. Box 111390, Dubai, UAE
• +971 4 570 7357
• +971 58 108 5690
