Dubai is designed to be the centre of business and economic activity in the region. Part of the blueprint for achieving that vision is to create investment areas that offer appealing concessions and corporate incentives to both international companies and local businesses. Thus, Free Zones were established in Dubai, making the city the pioneering body of the Free Zone model.
Currently, Dubai has developed 22 of these economic areas in the city, each designed to cater to different economic sectors and industries. The following are some of the currently established economic hubs in Dubai:
- Jebel Ali Free Zone
- Jumeirah Lakes Towers Free Zone
- Internet City
- International Financial Centre
- Media City
- Multi Commodities Centre
- Silicon Oasis
- Healthcare City
- International Academic City
Benefits of Forming a Business in a Freezone
These economic hubs implement their own unique regulatory by-laws. As such, the benefits and limitations of these areas are different from one another. However, all of these areas share a number of corporate incentives and advantages, as per design of the model such as:
- Opportunity for 100 per cent foreign company ownership
- Complete repatriation of capital and profits
- Exclusion from corporate and personal income tax
- Exemption from import and export duties
- Access to high-quality, low-cost energy resources
- Availability of diverse workforce options
- Centralized office for administrative services
- No work limitations on work hours
Typically, each area is designed to enhance the business operations of a particular industry. As such, it would be important to first understand the incentives and by-laws of each area before deciding making a final decision. If you need help determining the best combination of incentives, rules and regulations for your business, contact Smart Zones UAE, your experts in business setup in Dubai.
We have business setup experts who can help analyse your business and identify the district that will benefit your business the most. We can help you process and submit the required documents to qualify your company for a location in any of these economic districts. We can also provide a wide range of services to ensure that your transition into 100 per cent operation goes smoothly. To have a better understanding of our Dubai Freezone company setup services, talk to one of our sales executives today!