In the new world of globalization, numerous of investors are setting up their businesses as a part of their growth of their business or just as a new start. Whatever the reason may be, but free zone businesses have been on a boom since quite some time, making the world interconnected day by day.
Dubai has become an eye candy for investors as they are attracting more and more of foreign business set ups through their large scale economy and with positive laws and regulations. Business setup in Dubai free zones is easy if you follow the procedure and for sure you will reap uncountable benefits of opening it up in free zone.
Benefits of a free zone business
If you are interested in setting up a business in free zone then you should recognize some appealing benefits that are attached to it.
- 100% ownership of the business. Although you may require a local sponsor for the process of setting up a business but after a particular services payment to sponsor, the business is all yours.
- Exemption from taxes like corporate, import and export, so that more investors are motivated and invest in a free zone company.
- Exemption from personal income tax, which honestly is the best advantage that any investor can acquire
- Reparation of profits and capital. A foreign investor has the right to take back the profit and the company belonging back to his country.
- State of the art infrastructure. Providing with the best infrastructure and strong business platforms is the key to successful free zone economy.
Steps to set up a free zone business
There are some measures and steps you have to take to actually form a free zone business.
- Choose the type of company. If you want to create a fresh new start up business then you may require minimum of one shareholder and a fixed capital but if you are establishing a business of an existing chain of a foreign company then you may require none.
- Acquire a license. There are two types of licenses, trade license for trading and service license for services and professionals.
- Lease an office according to your needs and requirements.
Though a free zone business have limited locations and are not allowed in the mainland, but still location matters a lot for the growth of a business. Even if you chose a wrong location, there are countless of corporate relocation specialist that can assist you in choosing the right location for your firm to thrive abundantly.