In Dubai, a free zone is every enterprise’s dream and thus attracts a lot of foreign entrepreneurs. It offers benefits that range from zero establishment and personal tax, no currency restraints, 100% company possession, 100% return of capital and incomes, and 100% import and export tax exemption.
The sort of business and exercises that you pick will be the significant factor to look over the different free zones that Dubai offer.
1. DECIDE YOUR WAY
This is the basic and foremost step to set up an enterprise in the free zone. The free zone offers an option to start the venture in any of the following kinds
· FZE (Free Zone Establishment)
· FZ Co (Free Zone Company)
The basic difference in the options is that FZE requires one shareholder and FZ Co demands more than one shareholder. Brainstorming and in-depth analysis will help you decide the course for your venture or we can help you to find investors.
2. SELECT THE INDUSTRY
To apply for the license to work in the free zone, it is quintessential that you decide on the business activities that you desire to carry out.
Don’t feel stressed out. Many free zones allow an enterprise to run multiple businesses under one license those are considered business activities. After a careful study and observation of free zones, and also select a name for your enterprise/business which is not registered in your targeted free zones.
3. SUBMIT YOUR APPLICATION
After carefully studying the why, where, how’s now it’s time for the action. The rules of every free zone differ so does the document needed. For acquiring the approvals, the documents depend on the type of license. Generally, the documents you can be asked are –
· Color copy of shareholder(s) passport and visa if applicable
· Application form
· Business plan
· Board resolution
· Memorandum and articles of association, etc.
In this step, Abel global will help to complete the whole documentation. We will analyze your business plan identifies the right business activities for your business. And Abel global’s client engagement manager will be with you at every step you move in this process.
4. OPEN A BANK ACCOUNT IN YOUR BUSINESS NAME.
After registering and before acquiring the license it is an essential step to open up a corporate bank account in the UAE. With in-depth research about banks and their policies, you will be ready for opening an account with the financial institution. Even if your need we will give our suggestion for Banks which is suitable for your business activities. With correct documentation and business license, all the other things you will need are –
· A corporate account opening form
· A board of directors’ resolution sanctioning the opening of the account, and the signatories to the account
· A copy of your company’s certificate of incorporation
· A copy of your share certificates
· A copy of the company’s memorandum and articles of association
· Copies of passports for all partners in the company
That’s it. Your Free zone company is ready for launch in UAE.
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